x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2013 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Delaware | 14-1904657 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
280 Park Avenue New York, NY | 10017 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | o | Accelerated Filer | x | |||
Non-Accelerated Filer | o (Do not check if a smaller reporting company) | Smaller Reporting Company | o |
Page | ||
Part I. | Financial Information | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 107,465 | $ | 95,412 | |||
Securities owned ($26,002)* ($12,357 and $849)** | 99,638 | 97,155 | |||||
Equity investments | 7,532 | 8,106 | |||||
Investments, available-for-sale | 14,010 | 25,322 | |||||
Accounts receivable | 45,762 | 44,397 | |||||
Due from broker ($12,358)* | 31,561 | 17,617 | |||||
Property and equipment—net | 9,264 | 9,103 | |||||
Goodwill | 19,950 | 20,122 | |||||
Intangible assets—net | 1,746 | 1,790 | |||||
Deferred income tax asset—net | 8,978 | 10,171 | |||||
Other assets ($103)* | 7,295 | 8,120 | |||||
Total assets | $ | 353,201 | $ | 337,315 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accrued compensation | $ | 13,356 | $ | 25,845 | |||
Securities sold but not yet purchased ($14,685)* | — | 14,685 | |||||
Income tax payable | 9,746 | 8,836 | |||||
Other liabilities and accrued expenses ($335)* | 23,078 | 18,181 | |||||
Total liabilities | 46,180 | 67,547 | |||||
Commitments and contingencies (See Note 11) | |||||||
Redeemable noncontrolling interest | 72,609 | 53,188 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 47,717,465 and 47,002,117 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively | 477 | 470 | |||||
Additional paid-in capital | 443,623 | 429,377 | |||||
Accumulated deficit | (105,670 | ) | (117,889 | ) | |||
Accumulated other comprehensive income, net of tax | 1,603 | 2,341 | |||||
Less: Treasury stock, at cost, 3,480,161 and 3,239,093 shares at June 30, 2013 and December 31, 2012 respectively | (105,621 | ) | (97,719 | ) | |||
Total stockholders’ equity | 234,412 | 216,580 | |||||
Total liabilities and stockholders’ equity | $ | 353,201 | $ | 337,315 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue: | |||||||||||||||
Investment advisory and administration fees | $ | 70,353 | $ | 59,687 | $ | 135,747 | $ | 117,842 | |||||||
Distribution and service fees | 3,741 | 2,747 | 7,175 | 5,248 | |||||||||||
Portfolio consulting and other | 3,702 | 4,998 | 7,333 | 8,072 | |||||||||||
Total revenue | 77,796 | 67,432 | 150,255 | 131,162 | |||||||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 24,895 | 22,927 | 48,272 | 44,595 | |||||||||||
Distribution and service fees | 9,677 | 6,535 | 24,758 | 12,772 | |||||||||||
General and administrative | 12,517 | 9,923 | 23,696 | 18,460 | |||||||||||
Depreciation and amortization | 1,340 | 1,438 | 2,687 | 2,834 | |||||||||||
Amortization, deferred commissions | 810 | 545 | 1,575 | 1,041 | |||||||||||
Total expenses | 49,239 | 41,368 | 100,988 | 79,702 | |||||||||||
Operating income | 28,557 | 26,064 | 49,267 | 51,460 | |||||||||||
Non-operating income: | |||||||||||||||
Interest and dividend income—net | 743 | 669 | 1,289 | 1,290 | |||||||||||
Loss from trading securities—net | (10,963 | ) | (2,469 | ) | (9,339 | ) | (748 | ) | |||||||
Gain (loss) from available-for-sale securities—net | 837 | (84 | ) | 1,328 | 603 | ||||||||||
Equity in (losses) earnings of affiliates | (427 | ) | (129 | ) | 109 | 643 | |||||||||
Other | (368 | ) | 21 | (639 | ) | (763 | ) | ||||||||
Total non-operating (loss) income | (10,178 | ) | (1,992 | ) | (7,252 | ) | 1,025 | ||||||||
Income before provision for income taxes | 18,379 | 24,072 | 42,015 | 52,485 | |||||||||||
Provision for income taxes | 9,870 | 9,045 | 18,005 | 19,200 | |||||||||||
Net income | 8,509 | 15,027 | 24,010 | 33,285 | |||||||||||
Less: Net loss attributable to redeemable noncontrolling interest | 6,773 | 1,052 | 6,413 | 848 | |||||||||||
Net income attributable to common shareholders | $ | 15,282 | $ | 16,079 | $ | 30,423 | $ | 34,133 | |||||||
Earnings per share attributable to common shareholders: | |||||||||||||||
Basic | $ | 0.34 | $ | 0.37 | $ | 0.69 | $ | 0.78 | |||||||
Diluted | $ | 0.34 | $ | 0.36 | $ | 0.68 | $ | 0.77 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 44,306 | 43,808 | 44,222 | 43,705 | |||||||||||
Diluted | 45,002 | 44,393 | 44,942 | 44,390 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income attributable to common shareholders | $ | 15,282 | $ | 16,079 | $ | 30,423 | $ | 34,133 | |||||||
Foreign currency translation gain (loss), net of tax of zero | 319 | (1,953 | ) | (343 | ) | (814 | ) | ||||||||
Net unrealized (loss) gain from available-for-sale securities, net of tax of zero | (863 | ) | 65 | 933 | 1,992 | ||||||||||
Reclassification to statements of operations of (gain) loss from available-for-sale securities, net of tax of zero | (837 | ) | 84 | (1,328 | ) | (603 | ) | ||||||||
Total comprehensive income attributable to common shareholders | $ | 13,901 | $ | 14,275 | $ | 29,685 | $ | 34,708 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders’ Equity | Redeemable Noncontrolling Interest | Shares of Common Stock, Net | ||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 462 | $ | 402,573 | $ | (83,063 | ) | $ | (225 | ) | $ | (89,235 | ) | $ | 230,512 | $ | 4,796 | 43,168 | |||||||||||||
Dividends | — | — | (16,159 | ) | — | — | (16,159 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 7 | 284 | — | — | — | 291 | — | 822 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (8,389 | ) | (8,389 | ) | — | (249 | ) | ||||||||||||||||||||
Tax benefits associated with restricted stock units—net | — | 2,842 | — | — | — | 2,842 | — | — | |||||||||||||||||||||||
Issuance of restricted stock units | — | 1,112 | — | — | — | 1,112 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 9,007 | — | — | — | 9,007 | — | — | |||||||||||||||||||||||
Net income (loss) | — | — | 34,133 | — | — | 34,133 | (848 | ) | — | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 575 | — | 575 | — | — | |||||||||||||||||||||||
Distributions to redeemable noncontrolling interest | — | — | — | — | — | — | (1,121 | ) | — | ||||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 30,064 | — | |||||||||||||||||||||||
Foreign currency translation adjustment on redeemable noncontrolling interest | — | — | — | — | — | — | 33 | — | |||||||||||||||||||||||
Ending balance, June 30, 2012 | $ | 469 | $ | 415,818 | $ | (65,089 | ) | $ | 350 | $ | (97,624 | ) | $ | 253,924 | $ | 32,924 | 43,741 | ||||||||||||||
Beginning balance, January 1, 2013 | $ | 470 | $ | 429,377 | $ | (117,889 | ) | $ | 2,341 | $ | (97,719 | ) | $ | 216,580 | $ | 53,188 | 43,763 | ||||||||||||||
Dividends | — | — | (18,204 | ) | — | — | (18,204 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 7 | 286 | — | — | — | 293 | — | 715 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (7,902 | ) | (7,902 | ) | — | (241 | ) | ||||||||||||||||||||
Tax benefits associated with restricted stock units—net | — | 2,122 | — | — | — | 2,122 | — | — | |||||||||||||||||||||||
Issuance of restricted stock units | — | 1,140 | — | — | — | 1,140 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 10,708 | — | — | — | 10,708 | — | — | |||||||||||||||||||||||
Forfeitures of vested restricted stock units | — | (10 | ) | — | — | — | (10 | ) | — | — | |||||||||||||||||||||
Net income (loss) | — | — | 30,423 | — | — | 30,423 | (6,413 | ) | — | ||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (738 | ) | — | (738 | ) | — | — | |||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 36,498 | — | |||||||||||||||||||||||
Redemptions of redeemable noncontrolling interest | — | — | — | — | — | — | (10,664 | ) | — | ||||||||||||||||||||||
Ending balance, June 30, 2013 | $ | 477 | $ | 443,623 | $ | (105,670 | ) | $ | 1,603 | $ | (105,621 | ) | $ | 234,412 | $ | 72,609 | 44,237 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 24,010 | $ | 33,285 | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Stock compensation expense | 10,752 | 9,041 | |||||
Amortization, deferred commissions | 1,575 | 1,041 | |||||
Depreciation and amortization | 2,687 | 2,834 | |||||
Deferred rent | 969 | (267 | ) | ||||
Loss from trading securities - net | 9,339 | 748 | |||||
Equity in earnings of affiliates | (109 | ) | (643 | ) | |||
Gain from available-for-sale securities - net | (1,328 | ) | (603 | ) | |||
Deferred income taxes | 1,092 | 3,316 | |||||
Foreign currency loss | 930 | 564 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (2,296 | ) | (7,986 | ) | |||
Due from broker | (13,088 | ) | (7,474 | ) | |||
Deferred commissions | (1,746 | ) | (1,415 | ) | |||
Securities owned | (12,532 | ) | (47,405 | ) | |||
Other assets | 996 | 431 | |||||
Accrued compensation | (12,011 | ) | (9,239 | ) | |||
Securities sold but not yet purchased | (14,685 | ) | 1,662 | ||||
Income tax payable | 1,145 | 1,392 | |||||
Other liabilities and accrued expenses | 3,885 | 4,245 | |||||
Net cash used in operating activities | (415 | ) | (16,473 | ) | |||
Cash flows from investing activities: | |||||||
Proceeds from redemptions (purchases) of equity investments | 683 | (43 | ) | ||||
Purchases of investments, available-for-sale | (5,464 | ) | (13,904 | ) | |||
Proceeds from sales of investments, available-for-sale | 17,756 | 17,067 | |||||
Purchases of property and equipment | (2,826 | ) | (1,559 | ) | |||
Net cash provided by investing activities | 10,149 | 1,561 | |||||
Cash flows from financing activities: | |||||||
Excess tax benefits associated with restricted stock units | 1,981 | 2,817 | |||||
Issuance of common stock | 250 | 255 | |||||
Repurchase of common stock | (7,902 | ) | (8,389 | ) | |||
Dividends to stockholders | (17,703 | ) | (15,747 | ) | |||
Redemptions of redeemable noncontrolling interest | (10,664 | ) | (1,121 | ) | |||
Contributions from redeemable noncontrolling interest | 36,498 | 30,064 | |||||
Net cash provided by financing activities | 2,460 | 7,879 | |||||
Net increase (decrease) in cash and cash equivalents | 12,194 | (7,033 | ) | ||||
Effect of foreign exchange rate changes | (141 | ) | (518 | ) | |||
Cash and cash equivalents, beginning of the period | 95,412 | 127,824 | |||||
Cash and cash equivalents, end of the period | $ | 107,465 | $ | 120,273 |
Remaining Amortization Period (In Months) | Gross Carrying Amount | Accumulated Amortization | Intangible Assets, Net | ||||||||||
June 30, 2013: | |||||||||||||
Amortized intangible assets: | |||||||||||||
Client relationships | 66 | $ | 1,543 | $ | (1,047 | ) | $ | 496 | |||||
Non-amortized intangible assets: | |||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | |||||||||
Total | $ | 2,793 | $ | (1,047 | ) | $ | 1,746 | ||||||
December 31, 2012: | |||||||||||||
Amortized intangible assets: | |||||||||||||
Client relationships | 72 | $ | 1,543 | $ | (1,003 | ) | $ | 540 | |||||
Non-amortized intangible assets: | |||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | |||||||||
Total | $ | 2,793 | $ | (1,003 | ) | $ | 1,790 |
Periods Ending December 31, | Estimated Amortization Expense | ||
2013 | $ | 45 | |
2014 | 89 | ||
2015 | 89 | ||
2016 | 89 | ||
2017 | 89 | ||
Thereafter | 95 | ||
Total | $ | 496 |
June 30, 2013 | December 31, 2012 | ||||||
Securities owned | $ | 99,638 | $ | 97,155 | |||
Equity investments | 7,532 | 8,106 | |||||
Investments, available-for-sale | 14,010 | 25,322 |
December 31, 2012 | |||
Assets: | |||
Securities owned | $ | 26,002 | |
Due from broker | 12,358 | ||
Other assets | 103 | ||
Total assets | $ | 38,463 | |
Liabilities: | |||
Securities sold but not yet purchased | $ | 14,685 | |
Other liabilities | 335 | ||
Total liabilities | $ | 15,020 |
June 30, 2013 | December 31, 2012 | ||||||||||||||
Securities Owned | Equity Investments | Securities Owned | Equity Investments | ||||||||||||
ACOM | $ | 8,500 | $ | — | $ | — | $ | — | |||||||
GRP-CIP | 2,210 | — | 2,142 | — | |||||||||||
GRP-TE | — | 96 | — | 89 | |||||||||||
Offshore Fund | — | 7,436 | — | 8,017 | |||||||||||
Onshore Fund | 413 | — | 26,002 | — | |||||||||||
RAP | 88,515 | — | 69,011 | — | |||||||||||
Total | $ | 99,638 | $ | 7,532 | $ | 97,155 | $ | 8,106 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
ACOM | $ | (626 | ) | $ | — | $ | (626 | ) | $ | — | |||||
GLIF | — | 121 | — | 142 | |||||||||||
GRP-CIP | (23 | ) | 9 | (23 | ) | 9 | |||||||||
Onshore Fund | (1,100 | ) | (282 | ) | 521 | 1,854 | |||||||||
RAP | (9,214 | ) | (2,317 | ) | (9,211 | ) | (2,753 | ) | |||||||
Total loss from trading securities—net | $ | (10,963 | ) | $ | (2,469 | ) | $ | (9,339 | ) | $ | (748 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
GRP-TE | $ | — | $ | — | $ | — | $ | — | |||||||
Offshore Fund | (427 | ) | (129 | ) | 109 | 643 | |||||||||
Total equity in (losses) earnings of affiliates | $ | (427 | ) | $ | (129 | ) | $ | 109 | $ | 643 |
June 30, 2013 | |||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses < 12 months | Fair Value | ||||||||||||
Preferred securities | $ | 4,119 | $ | 33 | $ | (80 | ) | $ | 4,072 | ||||||
Common stocks | 8,748 | 1,267 | (285 | ) | 9,730 | ||||||||||
Company-sponsored mutual funds | 199 | 9 | — | 208 | |||||||||||
Total investments, available-for-sale | $ | 13,066 | $ | 1,309 | $ | (365 | ) | $ | 14,010 |
December 31, 2012 | |||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses < 12 months | Fair Value | ||||||||||||
Preferred securities | $ | 4,351 | $ | 70 | $ | (82 | ) | $ | 4,339 | ||||||
Common stocks | 9,490 | 1,147 | (249 | ) | 10,388 | ||||||||||
Company-sponsored mutual funds | 10,100 | 495 | — | 10,595 | |||||||||||
Total investments, available-for-sale | $ | 23,941 | $ | 1,712 | $ | (331 | ) | $ | 25,322 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Proceeds from sales | $ | 13,984 | $ | 5,005 | $ | 17,756 | $ | 17,161 | |||||||
Gross realized gains | 1,024 | 289 | 1,563 | 1,142 | |||||||||||
Gross realized losses | (187 | ) | (373 | ) | (235 | ) | (539 | ) |
• | Level 1—Unadjusted quoted prices for identical instruments in active markets. |
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
• | Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents* | $ | 45,335 | $ | — | $ | — | $ | 45,335 | |||||||
Due from broker* | $ | 5,387 | $ | — | $ | — | $ | 5,387 | |||||||
Securities owned | |||||||||||||||
Preferred securities | $ | 2,826 | $ | 1,767 | $ | — | $ | 4,593 | |||||||
Common stocks | 54,835 | 555 | 413 | 55,803 | |||||||||||
Fixed income securities | — | 37,032 | — | 37,032 | |||||||||||
Limited partnership interests | — | — | 2,210 | 2,210 | |||||||||||
Total securities owned | $ | 57,661 | $ | 39,354 | $ | 2,623 | $ | 99,638 | |||||||
Equity investments ** | $ | — | $ | 7,436 | $ | 96 | $ | 7,532 | |||||||
Investments, available-for-sale | |||||||||||||||
Preferred securities | $ | 980 | $ | — | $ | 3,092 | $ | 4,072 | |||||||
Common stocks | 9,730 | — | — | 9,730 | |||||||||||
Company-sponsored mutual funds | 208 | — | — | 208 | |||||||||||
Total investments, available-for-sale | $ | 10,918 | $ | — | $ | 3,092 | $ | 14,010 | |||||||
Derivatives - assets | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 159 | $ | — | $ | 159 | |||||||
Commodity contracts | 826 | — | — | 826 | |||||||||||
Total derivatives - assets | $ | 826 | $ | 159 | $ | — | $ | 985 | |||||||
Derivatives - liabilities | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 132 | $ | — | $ | 132 | |||||||
Commodity contracts | 2,905 | — | — | 2,905 | |||||||||||
Total derivatives - liabilities | $ | 2,905 | $ | 132 | $ | — | $ | 3,037 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents* | $ | 20,204 | $ | — | $ | — | $ | 20,204 | |||||||
Due from broker* | $ | 3,950 | $ | — | $ | — | $ | 3,950 | |||||||
Securities owned | |||||||||||||||
Preferred securities | $ | 1,418 | $ | 1,505 | $ | — | $ | 2,923 | |||||||
Common stocks | 51,354 | 16,744 | 1,168 | 69,266 | |||||||||||
Fixed income securities | — | 22,824 | — | 22,824 | |||||||||||
Limited partnership interests | — | — | 2,142 | 2,142 | |||||||||||
Total securities owned | $ | 52,772 | $ | 41,073 | $ | 3,310 | $ | 97,155 | |||||||
Equity investments ** | $ | — | $ | 8,017 | $ | 89 | $ | 8,106 | |||||||
Investments, available-for-sale | |||||||||||||||
Preferred securities | $ | 1,254 | $ | 5 | $ | 3,080 | $ | 4,339 | |||||||
Common stocks | 10,388 | — | — | 10,388 | |||||||||||
Company-sponsored mutual funds | 10,595 | — | — | 10,595 | |||||||||||
Total investments, available-for-sale | $ | 22,237 | $ | 5 | $ | 3,080 | $ | 25,322 | |||||||
Derivatives - assets | |||||||||||||||
Equity contracts | $ | 51 | $ | 52 | $ | — | $ | 103 | |||||||
Foreign exchange contracts | — | 616 | — | 616 | |||||||||||
Commodity contracts | 336 | — | — | 336 | |||||||||||
Total derivatives - assets | $ | 387 | $ | 668 | $ | — | $ | 1,055 | |||||||
Derivatives - liabilities | |||||||||||||||
Equity contracts | $ | 4 | $ | 111 | $ | — | $ | 115 | |||||||
Commodity contracts | 492 | — | — | 492 | |||||||||||
Credit contracts | — | 20 | — | 20 | |||||||||||
Total derivatives - liabilities | $ | 496 | $ | 131 | $ | — | $ | 627 | |||||||
Securities sold but not yet purchased - common stocks | $ | 14,685 | $ | — | $ | — | $ | 14,685 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||
Securities Owned | Equity Investments | Investments, available-for-sale | Securities Owned | Equity Investments | Investments, available-for-sale | ||||||||||||||||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE | Preferred Securities | Common Stocks | Limited Partnership Interests | GRP-TE | Preferred Securities | ||||||||||||||||||||||||
Balance at beginning of period | $ | 1,075 | $ | 2,292 | $ | 95 | $ | 3,079 | $ | 1,168 | $ | 2,142 | $ | 89 | $ | 3,080 | |||||||||||||||
Purchases / contributions | — | 53 | 1 | — | — | 203 | 7 | — | |||||||||||||||||||||||
Sales / distributions | (419 | ) | (113 | ) | — | — | (419 | ) | (113 | ) | — | — | |||||||||||||||||||
Realized losses | (211 | ) | — | — | — | (211 | ) | — | — | — | |||||||||||||||||||||
Unrealized (losses) gains * | (32 | ) | (22 | ) | — | 13 | (125 | ) | (22 | ) | — | 12 | |||||||||||||||||||
Balance at end of period | $ | 413 | $ | 2,210 | $ | 96 | $ | 3,092 | $ | 413 | $ | 2,210 | $ | 96 | $ | 3,092 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||
Securities Owned | Equity Investments | Investments, available-for-sale | Securities Owned | Equity Investments | Investments, available-for-sale | |||||||||||||||||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE | Preferred Securities | Common Stocks | Limited Partnership Interests | GRP-TE | Preferred Securities | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,903 | $ | 811 | $ | 36 | $ | 3,244 | $ | 1,275 | $ | — | $ | — | $ | 4,150 | ||||||||||||||||
Purchases / contributions | — | 167 | 7 | 22 | 628 | 978 | 43 | 112 | ||||||||||||||||||||||||
Sales / distributions | — | — | — | (38 | ) | — | — | — | (1,213 | ) | ||||||||||||||||||||||
Realized gains | — | — | — | — | — | — | — | 100 | ||||||||||||||||||||||||
Unrealized gains ** | 68 | 16 | — | 578 | 68 | 16 | — | 657 | ||||||||||||||||||||||||
Transfers out of level 3 investments | (628 | ) | * | — | — | (53 | ) | ^ | (628 | ) | * | — | — | (53 | ) | ^ | ||||||||||||||||
Balance at end of period | $ | 1,343 | $ | 994 | $ | 43 | $ | 3,753 | $ | 1,343 | $ | 994 | $ | 43 | $ | 3,753 |
^ | Transfered from level 3 to level 1 because securities started trading actively on an exchange during the six months ended June 30, 2012. |
Fair Value | Fair Value | Significant | |||||||
(in thousands) | Methodology | Unobservable Inputs | Range | ||||||
Common shares of privately-held company | $ | 413 | Market comparable companies | Price / tangible book ratio Liquidity discount | 1.07x 30.2% | ||||
Limited partnership interests - direct investments in real estate | $ | 2,101 | Discounted cash flows | Discount rate Exit capitalization rates Market rental rates | 8.5% - 15% 8% - 9% $14.50 - 21.00 psf |
Fair Value | Fair Value | Significant | |||||||
(in thousands) | Methodology | Unobservable Inputs | Range | ||||||
Common shares of privately-held company | $ | 1,168 | Market comparable companies | Price / tangible book ratio | 1.02x - 1.1x | ||||
Limited partnership interests | $ | 2,142 | Transaction value | Recent transaction price |
June 30, 2013 | |||||||||||||||
Assets | Liabilities | ||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||
Total foreign exchange contracts | $ | 10,764 | $ | 159 | $ | 6,433 | $ | 132 | |||||||
Total commodity contracts | 23,480 | 826 | 50,608 | 2,905 | |||||||||||
Total derivatives | $ | 34,244 | $ | 985 | $ | 57,041 | $ | 3,037 |
December 31, 2012 | |||||||||||||||
Assets | Liabilities | ||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||
Total equity contracts | $ | 9,608 | $ | 103 | $ | 4,942 | $ | 115 | |||||||
Total foreign exchange contracts | 13,584 | 616 | — | — | |||||||||||
Total commodity contracts | 17,817 | 336 | 10,954 | 492 | |||||||||||
Total credit contracts | — | — | 1,500 | 20 | |||||||||||
Total derivatives | $ | 41,009 | $ | 1,055 | $ | 17,396 | $ | 627 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Equity contracts | $ | (184 | ) | $ | 115 | $ | (584 | ) | $ | 80 | |||||
Foreign exchange contracts | 27 | — | 1,329 | 591 | |||||||||||
Commodity contracts | (3,747 | ) | (1,022 | ) | (3,840 | ) | (1,120 | ) | |||||||
Credit contracts | (10 | ) | 18 | (21 | ) | (7 | ) | ||||||||
Total derivatives | $ | (3,914 | ) | $ | (889 | ) | $ | (3,116 | ) | $ | (456 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 8,509 | $ | 15,027 | $ | 24,010 | $ | 33,285 | |||||||
Less: Net loss attributable to redeemable noncontrolling interest | 6,773 | 1,052 | 6,413 | 848 | |||||||||||
Net income attributable to common shareholders | $ | 15,282 | $ | 16,079 | $ | 30,423 | $ | 34,133 | |||||||
Basic weighted average shares outstanding | 44,306 | 43,808 | 44,222 | 43,705 | |||||||||||
Dilutive potential shares from restricted stock units | 696 | 585 | 720 | 685 | |||||||||||
Diluted weighted average shares outstanding | 45,002 | 44,393 | 44,942 | 44,390 | |||||||||||
Basic earnings per share attributable to common shareholders | $ | 0.34 | $ | 0.37 | $ | 0.69 | $ | 0.78 | |||||||
Diluted earnings per share attributable to common shareholders | $ | 0.34 | $ | 0.36 | $ | 0.68 | $ | 0.77 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Investment advisory and administration fees | $ | 49,054 | $ | 37,492 | $ | 93,121 | $ | 72,846 | |||||||
Distribution and service fees | 3,741 | 2,747 | 7,175 | 5,248 | |||||||||||
$ | 52,795 | $ | 40,239 | $ | 100,296 | $ | 78,094 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Proceeds from sales | $ | 10,613 | $ | — | $ | 10,613 | $ | 103 | |||||||
Gross realized gains | 613 | — | 613 | 4 | |||||||||||
Dividend income | — | — | — | 2 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Institutional Accounts | |||||||||||||||
Assets under management, beginning of period | $ | 26,081 | $ | 26,608 | $ | 24,850 | $ | 25,380 | |||||||
Inflows | 277 | 296 | 523 | 1,366 | |||||||||||
Outflows | (1,366 | ) | (1,785 | ) | (1,956 | ) | (4,218 | ) | |||||||
Net outflows | (1,089 | ) | (1,489 | ) | (1,433 | ) | (2,852 | ) | |||||||
Market (depreciation) appreciation | (454 | ) | 480 | 1,121 | 3,071 | ||||||||||
Total (decrease) increase | (1,543 | ) | (1,009 | ) | (312 | ) | 219 | ||||||||
Assets under management, end of period | $ | 24,538 | $ | 25,599 | $ | 24,538 | $ | 25,599 | |||||||
Average assets under management for period | $ | 26,082 | $ | 25,496 | $ | 25,727 | $ | 25,690 | |||||||
Open-End Mutual Funds | |||||||||||||||
Assets under management, beginning of period | $ | 14,447 | $ | 11,588 | $ | 12,962 | $ | 9,619 | |||||||
Inflows | 1,789 | 1,077 | 3,297 | 2,759 | |||||||||||
Outflows | (1,430 | ) | (784 | ) | (2,279 | ) | (1,528 | ) | |||||||
Net inflows | 359 | 293 | 1,018 | 1,231 | |||||||||||
Market (depreciation) appreciation | (364 | ) | 233 | 462 | 1,264 | ||||||||||
Total (decrease) increase | (5 | ) | 526 | 1,480 | 2,495 | ||||||||||
Assets under management, end of period | $ | 14,442 | $ | 12,114 | $ | 14,442 | $ | 12,114 | |||||||
Average assets under management for period | $ | 15,019 | $ | 11,543 | $ | 14,404 | $ | 11,055 | |||||||
Closed-End Mutual Funds | |||||||||||||||
Assets under management, beginning of period | $ | 8,793 | $ | 6,694 | $ | 7,985 | $ | 6,285 | |||||||
Inflows | 281 | — | 739 | — | |||||||||||
Outflows | — | — | — | — | |||||||||||
Inflows | 281 | — | 739 | — | |||||||||||
Market (depreciation) appreciation | (231 | ) | (16 | ) | 119 | 393 | |||||||||
Total increase (decrease) | 50 | (16 | ) | 858 | 393 | ||||||||||
Assets under management, end of period | $ | 8,843 | $ | 6,678 | $ | 8,843 | $ | 6,678 | |||||||
Average assets under management for period | $ | 9,053 | $ | 6,608 | $ | 8,652 | $ | 6,583 | |||||||
Total | |||||||||||||||
Assets under management, beginning of period | $ | 49,321 | $ | 44,890 | $ | 45,797 | $ | 41,284 | |||||||
Inflows | 2,347 | 1,373 | 4,559 | 4,125 | |||||||||||
Outflows | (2,796 | ) | (2,569 | ) | (4,235 | ) | (5,746 | ) | |||||||
Net (outflows) inflows | (449 | ) | (1,196 | ) | 324 | (1,621 | ) | ||||||||
Market (depreciation) appreciation | (1,049 | ) | 697 | 1,702 | 4,728 | ||||||||||
Total (decrease) increase | (1,498 | ) | (499 | ) | 2,026 | 3,107 | |||||||||
Assets under management, end of period | $ | 47,823 | $ | 44,391 | $ | 47,823 | $ | 44,391 | |||||||
Average assets under management for period | $ | 50,154 | $ | 43,647 | $ | 48,783 | $ | 43,328 |
Three Months Ended June 30, | |||||||
(in thousands) | 2013 | 2012 | |||||
Results of operations | |||||||
Total revenue | $ | 77,796 | $ | 67,432 | |||
Total expenses | (49,239 | ) | (41,368 | ) | |||
Total non-operating loss | (10,178 | ) | (1,992 | ) | |||
Income before provision for income taxes | $ | 18,379 | $ | 24,072 |
Six Months Ended June 30, | |||||||
(in thousands) | 2013 | 2012 | |||||
Results of operations | |||||||
Total revenue | $ | 150,255 | $ | 131,162 | |||
Total expenses | (100,988 | ) | (79,702 | ) | |||
Total non-operating (loss) income | (7,252 | ) | 1,025 | ||||
Income before provision for income taxes | $ | 42,015 | $ | 52,485 |
2013 | 2014 | 2015 | 2016 | 2017 | 2018 and after | Total | |||||||||||||||||||||
Operating leases | $ | 4,102 | $ | 7,873 | $ | 8,965 | $ | 8,729 | $ | 8,447 | $ | 55,768 | $ | 93,884 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||
April 1 through April 30, 2013 | 818 | (1) | $ | 39.58 | — | — | ||||||
May 1 through May 31, 2013 | 646 | (1) | $ | 38.75 | — | — | ||||||
June 1 through June 30, 2013 | 1,284 | (1) | $ | 36.02 | — | — | ||||||
Total | 2,748 | $ | 37.72 | — | — |
(1) | Purchases made by us to satisfy the income tax withholding obligations of certain employees. |
Exhibit No. | Description | ||
3.1 | —Form of Amended and Restated Certificate of Incorporation of the Registrant(1) | ||
3.2 | —Form of Amended and Restated Bylaws of the Registrant(2) | ||
4.1 | —Specimen Common Stock Certificate(1) | ||
4.2 | —Form of Registration Rights Agreement among the Registrant, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust(1) | ||
10.1 | —Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (3) | ||
10.2 | —Amended and Restated Cohen & Steers, Inc. Annual Incentive Plan (3) | ||
10.3 | —Amended and Restated Cohen & Steers, Inc. Employee Stock Purchase Plan (3) | ||
31.1 | —Certification of the Co-Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
31.2 | —Certification of the Co-Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
31.3 | —Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
32.1 | —Certification of the Co-Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). | ||
32.2 | —Certification of the Co-Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). | ||
32.3 | —Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). | ||
101 | The following financial statements from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 are furnished herewith, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition as of June 30, 2013 and December 31, 2012, (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2012, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2013 and 2012, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest for the six months ended June 30, 2013 and 2012, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012, and (vi) the Notes to the Condensed Consolidated Financial Statements. |
(1) | Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (Registration No. 333-114027), as amended, originally filed with the Securities and Exchange Commission on March 30, 2004. |
(2) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2008. |
(3) | Incorporated by reference to the Registrant's Current Report on Form 8-K (Commission File No. 001-32236) filed with the Securities and Exchange Commission on May 13, 2013. |
Date: | August 8, 2013 | Cohen & Steers, Inc. | ||
/s/ Matthew S. Stadler | ||||
Name: Matthew S. Stadler | ||||
Title: Executive Vice President & Chief Financial Officer (Principal Financial and Accounting Officer) |
Date: | August 8, 2013 | Cohen & Steers, Inc. | ||
/s/ Elena Dulik | ||||
Name: Elena Dulik | ||||
Title: Senior Vice President & Chief Accounting Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2013 of Cohen & Steers, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | August 8, 2013 | /s/ Martin Cohen | |
Martin Cohen | |||
Co-Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2013 of Cohen & Steers, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | August 8, 2013 | /s/ Robert H. Steers | |
Robert H. Steers | |||
Co-Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2013 of Cohen & Steers, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | August 8, 2013 | /s/ Matthew S. Stadler | |
Matthew S. Stadler | |||
Executive Vice President & Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 8, 2013 | /s/ Martin Cohen | |
Martin Cohen | |||
Co-Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 8, 2013 | /s/ Robert H. Steers | |
Robert H. Steers | |||
Co-Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 8, 2013 | /s/ Matthew S. Stadler | |
Matthew S. Stadler | |||
Executive Vice President & Chief Financial Officer |
Regulatory Requirements
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Regulatory Requirements [Abstract] | |
Regulatory Requirements | Regulatory Requirements Securities, a registered broker/dealer in the U.S., is subject to the SEC’s Uniform Net Capital Rule 15c3-1 (the “Rule”), which requires that broker/dealers maintain a minimum level of net capital, as defined. As of June 30, 2013, Securities had net capital of approximately $1,180,000, which exceeded its requirements by approximately $1,121,000. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker/dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. Securities does not carry customer accounts and is exempt from the SEC’s Rule 15c3-3 pursuant to provisions (k)(1) of such rule. The non-U.S. subsidiaries of the Company (collectively, the “Foreign Regulated Entities”) are regulated outside the U.S. by the Hong Kong Securities and Futures Commission, the United Kingdom Financial Conduct Authority (formerly known as the United Kingdom Financial Securities Authority), and the Belgium Financial Services and Markets Authority. As of June 30, 2013, the Foreign Regulated Entities had aggregate regulatory capital of approximately $51,066,000, which exceeded requirements by approximately $49,566,000. In February 2013, the Company completed a reorganization of Cohen & Steers Europe S.P.R.L. which resulted in funds moving to the U.S. |
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenue: | ||||
Investment advisory and administration fees | $ 70,353 | $ 59,687 | $ 135,747 | $ 117,842 |
Distribution and service fees | 3,741 | 2,747 | 7,175 | 5,248 |
Portfolio consulting and other | 3,702 | 4,998 | 7,333 | 8,072 |
Total revenue | 77,796 | 67,432 | 150,255 | 131,162 |
Expenses: | ||||
Employee compensation and benefits | 24,895 | 22,927 | 48,272 | 44,595 |
Distribution and service fees | 9,677 | 6,535 | 24,758 | 12,772 |
General and administrative | 12,517 | 9,923 | 23,696 | 18,460 |
Depreciation and amortization | 1,340 | 1,438 | 2,687 | 2,834 |
Amortization, deferred commissions | 810 | 545 | 1,575 | 1,041 |
Total expenses | 49,239 | 41,368 | 100,988 | 79,702 |
Operating income | 28,557 | 26,064 | 49,267 | 51,460 |
Non-operating income: | ||||
Interest and dividend income—net | 743 | 669 | 1,289 | 1,290 |
Loss from trading securities—net | (10,963) | (2,469) | (9,339) | (748) |
Gain (loss) from available-for-sale securities—net | 837 | (84) | 1,328 | 603 |
Equity in (losses) earnings of affiliates | (427) | (129) | 109 | 643 |
Other | (368) | 21 | (639) | (763) |
Total non-operating (loss) income | (10,178) | (1,992) | (7,252) | 1,025 |
Income before provision for income taxes | 18,379 | 24,072 | 42,015 | 52,485 |
Provision for income taxes | 9,870 | 9,045 | 18,005 | 19,200 |
Net income | 8,509 | 15,027 | 24,010 | 33,285 |
Less: Net loss attributable to redeemable noncontrolling interest | 6,773 | 1,052 | 6,413 | 848 |
Net income attributable to common shareholders | $ 15,282 | $ 16,079 | $ 30,423 | $ 34,133 |
Earnings per share attributable to common shareholders: | ||||
Basic | $ 0.34 | $ 0.37 | $ 0.69 | $ 0.78 |
Diluted | $ 0.34 | $ 0.36 | $ 0.68 | $ 0.77 |
Weighted average shares outstanding: | ||||
Basic | 44,306 | 43,808 | 44,222 | 43,705 |
Diluted | 45,002 | 44,393 | 44,942 | 44,390 |
Basis of Presentation and Significant Accounting Policies
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company’s condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Accounting Estimates—The preparation of the condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. The amounts related to these reclassifications are not material to the Company’s condensed consolidated financial statements. Consolidation—The Company consolidates operating entities deemed to be voting interest entities if the Company owns a majority of the voting interest. The equity method of accounting is used for investments in non-controlled affiliates in which the Company’s ownership ranges from 20 to 50 percent, or in instances in which the Company is able to exercise significant influence but not control. The Company also consolidates any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company provides for noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether entities in which it has an interest are VIEs upon initial involvement and at each reporting date. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. See Note 4 for further discussion about the Company’s investments. Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. Due from Broker—The Company conducts business, primarily through its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to agreements with prime brokers. The due from broker balance represents cash and cash equivalents balances at brokers and net receivables and payables for unsettled security transactions. Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Securities owned and securities sold but not yet purchased are classified as trading securities and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading securities—net reported in the Company’s condensed consolidated statements of operations. Investments classified as equity investments are accounted for using the equity method, under which the Company recognizes its respective share of the investee’s net income or loss for the period. As of June 30, 2013, the Company's equity investments consisted of interests in funds which measure their underlying investments at fair value and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end and closed-end mutual funds. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, the loss will be recognized in the Company’s condensed consolidated statements of operations. An other than temporary impairment is generally presumed to have occurred if the available-for-sale investment has an unrealized loss continuously for 12 or more months. From time to time, the funds consolidated by the Company enter into derivative contracts to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading securities—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end mutual funds. This revenue is earned pursuant to the terms of the underlying advisory contract, and is based on a contractual investment advisory fee applied to the assets in the client’s portfolio, net of applicable waivers. The Company also earns revenue from administration fees paid by certain Company-sponsored open-end and closed-end mutual funds, based on the average assets under management of such funds. This revenue is recognized as such fees are earned. Distribution and Service Fees—Distribution and service fee revenue is earned as the services are performed, based on contractually-predetermined percentages of the average assets under management of the Company-sponsored open-end load mutual funds. Distribution and service fee revenue is recorded gross of any third-party distribution and service fee expense arrangements. The expenses associated with these third-party distribution and service fee arrangements are recorded as incurred. During the first quarter of 2013, the Company made payments of approximately $7.2 million associated with an additional compensation agreement entered into in connection with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., a closed end mutual fund. These payments were reflected as expenses in distribution and service fees on the accompanying condensed consolidated statements of operations for the six months ended June 30, 2013. Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: i) providing portfolio consulting services in connection with model-based strategies accounts; ii) earning a licensing fee for the use of the Company's proprietary indices; and iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments granted to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods represents the Company’s best estimate of the effective tax rate expected to be applied to the full fiscal year. Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the condensed consolidated statements of operations. Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common shareholders, unrealized gains and losses from available-for-sale securities (net of tax), foreign currency translation gains and losses (net of tax) and reclassification to statements of operations of gains and losses from available-for-sale securities (net of tax). Recently Issued Accounting Pronouncements—In July 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryfoward exists. An entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward unless a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available as of the reporting date or the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). This new guidance will be effective for the Company's first quarter of 2014. The Company does not anticipate that the adoption of this new guidance will have a material impact on the Company's condensed consolidated financial statements. In February 2013, the FASB issued new guidance requiring an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This new guidance was effective for the Company's first quarter of 2013. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. In January 2013, the FASB issued new guidance to clarify the scope of the offsetting disclosures associated with derivative and hedging transactions, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This new guidance was effective for the Company's first quarter of 2013. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. In October 2012, the FASB issued new guidance to make certain technical corrections to the FASB Accounting Standards Codification ("Codification"), which identifies when the use of fair value should be linked to the definition of fair value in Codification Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). The amendments affect various Codification topics and include source literature amendments, guidance clarification and reference corrections and relocated guidance. The amendments that will not have transition guidance were effective upon issuance and the amendments that are subject to the transition guidance were effective for the Company's first quarter of 2013. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. In July 2012, the FASB issued new guidance to simplify how entities test indefinite-lived intangible assets for impairment. The new guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the second step to measure the amount of the impairment loss, if any. This new guidance was effective for the Company's first quarter of 2013. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. In December 2011, the FASB issued new guidance to create new disclosure requirements about the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. This new guidance was effective for the Company's first quarter of 2013. The adoption of this new guidance did not have a material impact on the Company's condensed consolidated financial statements. |
Goodwill and intangible Assets (Tables)
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Schedule of Intangible Assets [Table Text Block] | The following table details the gross carrying amounts and accumulated amortization for the intangible assets at June 30, 2013 and December 31, 2012 (in thousands):
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Schedule Future Amortization Expense [Table Text Block] | Estimated future amortization expense is as follows (in thousands):
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Related Party Transactions
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Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administrative agreements with, affiliated open-end and closed-end mutual funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the three and six months ended June 30, 2013 and 2012 (in thousands):
For the six months ended June 30, 2012, the Company had investment advisory agreements with certain affiliated closed-end mutual funds, pursuant to which the Company contractually waived approximately $299,000 of advisory fees it was otherwise entitled to receive. There were no such fees waived for the three and six months ended June 30, 2013 or for the three months ended June 30, 2012. These investment advisory agreements contractually require the Company to waive a portion of the advisory fees the Company otherwise would charge for up to 10 years from the respective fund's inception date. The board of directors of these mutual funds must approve the renewal of the advisory agreements each year, including any reduction in advisory fee waivers scheduled to take effect during that year. As of June 30, 2013, there were no additional scheduled reductions in advisory fee waivers for any fund. Sales proceeds, gross realized gains and dividend income from investments, available-for-sale in Company-sponsored mutual funds for the three and six months ended June 30, 2013 and 2012 are summarized below (in thousands):
The Company has agreements with certain affiliated open-end and closed-end mutual funds to reimburse certain fund expenses. For the three months ended June 30, 2013 and 2012, expenses of approximately $2,663,000 and $2,000,000, respectively, were incurred by the Company pursuant to these agreements and are included in general and administrative expenses. For the six months ended June 30, 2013 and 2012, expenses of approximately $4,724,000 and $3,521,000, respectively, were incurred. Included in accounts receivable at June 30, 2013 and December 31, 2012 are receivables due from Company-sponsored mutual funds of approximately $19,451,000 and $18,133,000, respectively. |
Regulatory Requirements (Details) (USD $)
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Jun. 30, 2013
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Securities Registered Domestically [Member]
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Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Net Capital | $ 1,180,000 |
Excess Capital | 1,121,000 |
Foreign Country [Member]
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Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Net Capital | 51,066,000 |
Excess Capital | $ 49,566,000 |
Derivatives (Tables)
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The notional amount represents the absolute value amount of all outstanding derivative contracts at June 30, 2013 (in thousands):
The notional amount represents the absolute value amount of all outstanding derivative contracts at December 31, 2012 (in thousands):
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Fair Value (Tables)
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Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table presents fair value measurements as of December 31, 2012 (in thousands):
_________________________ * Comprised of investments in money market funds. ** Comprised of investments accounted for using the equity method of accounting. Transfers among levels, if any, are recorded at the beginning of the reporting period. Approximately $16,744,000 of securities owned classified as level 2 at December 31, 2012 were transfered to level 1 securities during the six months ended June 30, 2013. These securities were primarily comprised of investments in foreign common stocks valued at foreign exchange closing prices with no adjustments required for subsequent events or market movements. The following table presents fair value measurements as of June 30, 2013 (in thousands):
_________________________ * Comprised of investments in money market funds. ** Comprised of investments accounted for using the equity method of accounting. |
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Fair Value, Valuation Technique, Unobservable Inputs [Table Text Block] | The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of June 30, 2013 were:
|
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and six months ended June 30, 2013 (in thousands):
_________________________ * Pertains to unrealized (losses) gains from securities held at June 30, 2013. The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and six months ended June 30, 2012 (in thousands):
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Fair Value (Details) (USD $)
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6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Jun. 30, 2013
Level 3 [Member]
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Jun. 30, 2013
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
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Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
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Jun. 30, 2013
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
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Jun. 30, 2013
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
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Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
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Jun. 30, 2013
Fair Value, Measurements, Recurring [Member]
Total [Member]
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Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Total [Member]
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Jun. 30, 2013
Preferred securities
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Dec. 31, 2012
Preferred securities
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Jun. 30, 2013
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Preferred securities
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Preferred securities
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Preferred securities
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Common Stocks [Member]
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Dec. 31, 2012
Common Stocks [Member]
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Jun. 30, 2013
Common Stocks [Member]
Level 3 [Member]
|
Dec. 31, 2012
Common Stocks [Member]
Level 3 [Member]
|
Mar. 31, 2013
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
|
Jun. 30, 2013
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Common Stocks [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Fixed income [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Limited partnership interest [Member]
Level 3 [Member]
|
Dec. 31, 2012
Limited partnership interest [Member]
Level 3 [Member]
|
Jun. 30, 2013
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Limited partnership interest [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Company-sponsored mutual funds
|
Dec. 31, 2012
Company-sponsored mutual funds
|
Jun. 30, 2013
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Company-sponsored mutual funds
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
GRP-TE
|
Dec. 31, 2012
GRP-TE
|
Jun. 30, 2013
GRP-TE
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
GRP-TE
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
GRP-TE
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
GRP-TE
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Equity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Equity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Equity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Equity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Foreign Exchange Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Jun. 30, 2013
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Jun. 30, 2013
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Jun. 30, 2013
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Commodity Contracts [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Dec. 31, 2012
Credit Risk Contract [Member]
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Dec. 31, 2012
Credit Risk Contract [Member]
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Dec. 31, 2012
Credit Risk Contract [Member]
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Dec. 31, 2012
Credit Risk Contract [Member]
Fair Value, Measurements, Recurring [Member]
Total [Member]
|
Jun. 30, 2013
Minimum [Member]
Level 3 [Member]
|
Dec. 31, 2012
Minimum [Member]
Level 3 [Member]
|
Jun. 30, 2013
Maximum [Member]
Level 3 [Member]
|
Dec. 31, 2012
Maximum [Member]
Level 3 [Member]
|
|||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 16,744,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 45,335,000 | 20,204,000 | 0 | 0 | 0 | 0 | 45,335,000 | [1] | 20,204,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due from broker | 5,387,000 | 3,950,000 | 0 | 0 | 0 | 0 | 5,387,000 | [1] | 3,950,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities owned | 99,638,000 | [2],[3] | 97,155,000 | [2],[3] | 57,661,000 | 52,772,000 | 39,354,000 | 41,073,000 | 2,623,000 | 3,310,000 | 99,638,000 | 97,155,000 | 2,826,000 | 1,418,000 | 1,767,000 | 1,505,000 | 0 | 0 | 0 | 4,593,000 | 2,923,000 | 54,835,000 | 51,354,000 | 555,000 | 16,744,000 | 413,000 | 413,000 | 1,168,000 | 55,803,000 | 69,266,000 | 0 | 0 | 37,032,000 | 22,824,000 | 0 | 0 | 37,032,000 | 22,824,000 | 0 | 0 | 0 | 0 | 2,210,000 | 2,210,000 | 2,142,000 | 2,210,000 | 2,142,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments | 7,532,000 | 8,106,000 | 0 | 0 | 7,436,000 | 8,017,000 | 96,000 | 89,000 | 7,532,000 | [4] | 8,106,000 | [4] | 96,000 | 89,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, available-for-sale | 14,010,000 | 25,322,000 | 10,918,000 | 22,237,000 | 0 | 5,000 | 3,092,000 | 3,080,000 | 14,010,000 | 25,322,000 | 4,072,000 | 4,339,000 | 980,000 | 1,254,000 | 0 | 5,000 | 3,092,000 | 3,092,000 | 3,080,000 | 4,072,000 | 4,339,000 | 9,730,000 | 10,388,000 | 9,730,000 | 10,388,000 | 0 | 0 | 0 | 0 | 0 | 9,730,000 | 10,388,000 | 208,000 | 10,595,000 | 208,000 | 10,595,000 | 0 | 0 | 0 | 0 | 208,000 | 10,595,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative - assets | 826,000 | 387,000 | 159,000 | 668,000 | 0 | 0 | 985,000 | 1,055,000 | 51,000 | 52,000 | 0 | 103,000 | 0 | 0 | 159,000 | 616,000 | 0 | 0 | 159,000 | 616,000 | 826,000 | 336,000 | 0 | 0 | 0 | 0 | 826,000 | 336,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative - liabilities | 2,905,000 | 496,000 | 132,000 | 131,000 | 0 | 0 | 3,037,000 | 627,000 | 4,000 | 111,000 | 0 | 115,000 | 0 | 132,000 | 0 | 132,000 | 2,905,000 | 492,000 | 0 | 0 | 0 | 0 | 2,905,000 | 492,000 | 0 | 20,000 | 0 | 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold not yet purchased | 14,685,000 | 0 | 0 | 14,685,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | 3,079,000 | 3,244,000 | 3,080,000 | 4,150,000 | 1,075,000 | 1,903,000 | 1,168,000 | 1,275,000 | 2,292,000 | 811,000 | 2,142,000 | 0 | 95,000 | 36,000 | 89,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 0 | 22,000 | 0 | 112,000 | 0 | 0 | 0 | 628,000 | 53,000 | 167,000 | 203,000 | 978,000 | 1,000 | 7,000 | 7,000 | 43,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 0 | (38,000) | 0 | (1,213,000) | (419,000) | 0 | (419,000) | 0 | (113,000) | 0 | (113,000) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gains | 0 | 0 | 0 | 100,000 | (211,000) | 0 | (211,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains | 13,000 | [5] | 578,000 | [6] | 12,000 | [5] | 657,000 | [6] | (32,000) | [5] | 68,000 | [6] | (125,000) | [5] | 68,000 | [6] | (22,000) | [5] | 16,000 | [6] | (22,000) | [5] | 16,000 | [6] | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | 3,092,000 | 3,753,000 | 3,092,000 | 3,753,000 | 413,000 | 1,343,000 | 413,000 | 1,343,000 | 2,210,000 | 994,000 | 2,210,000 | 994,000 | 96,000 | 43,000 | 96,000 | 43,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 Fair Value | 413,000 | 1,168,000 | 2,101,000 | 2,142,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 Ratio Ranges | 1.07 | 1.02 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Liquidity Discount | 30.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
fair value inputs, exit capitalization | 0.00% | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Price Per Square Foot | 14.50 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ (53,000) | [7] | $ (53,000) | [7] | $ (628,000) | [8] | $ (628,000) | [8] | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Related Party Transactions (Narrative) (Details) (Affiliated Fund [Member], USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Related Party Transaction [Line Items] | |||||
Advisory fees waived | $ 299,000 | ||||
Fund expenses, included in general and administrative expenses | 2,663,000 | 2,000,000 | 4,724,000 | 3,521,000 | |
Receivables, company sponsored mutual funds | $ 19,451,000 | $ 19,451,000 | $ 18,133,000 | ||
Maximum [Member]
|
|||||
Related Party Transaction [Line Items] | |||||
Investment advisory agreement term | 10 years |
Concentration of Credit Risk Concentration of Credit Risk (Details)
|
Jun. 30, 2013
financial_institution
|
---|---|
Concentration of Credit Risk [Abstract] | |
Number Of Financial Institutions | 3 |
Investments (Tables)
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Jun. 30, 2013
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Investment Holdings | The following is a summary of the Company's investments as of June 30, 2013 and December 31, 2012 (in thousands):
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Schedule of Variable Interest Entities | The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated Onshore Fund as of December 31, 2012. As of December 31, 2012, the following assets were available only to settle obligations of the Onshore Fund and these liabilities were only the obligations of the Onshore Fund for which the creditors do not have recourse to the general credit of the Company (in thousands):
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Schedule of Fair Value of Securities Owned and Equity Investments | The following is a summary of the fair value of securities owned and equity investments as of June 30, 2013 and December 31, 2012 (in thousands):
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Trading Securities | Gain (loss) from trading securities—net for the three and six months ended June 30, 2013 and 2012 are summarized below (in thousands):
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Schedule of Equity in Earnings (Losses) of Affiliates | Equity in earnings (losses) of affiliates for the three and six months ended June 30, 2013 and 2012 are summarized below (in thousands):
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Schedule of Available-for-sale Securities Reconciliation | The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of investments, available-for-sale as of June 30, 2013 and December 31, 2012 (in thousands):
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Realized Gain (Loss) on Investments | Sales proceeds, gross realized gains and losses from investments, available-for-sale for the three and six months ended June 30, 2013 and 2012 are summarized below (in thousands):
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Condensed Consolidated Statements of Cash Flows - (Continued) (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
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Jun. 30, 2013
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Jun. 30, 2012
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Income Taxes Paid, Net | $ 13,784 | $ 11,644 |
Fully Vested Restricted Stock Units Issued | 639 | 701 |
Dividend Equivalents Declared | $ 501 | $ 412 |
Goodwill and intangible Assets
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Jun. 30, 2013
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Goodwill and Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets Goodwill Goodwill represents the excess of purchase price over the net tangible assets and identifiable intangible assets of an acquired business. At June 30, 2013 and December 31, 2012, goodwill was approximately $19,950,000 and $20,122,000, respectively. The Company’s goodwill decreased by $172,000 in the six months ended June 30, 2013 as a result of foreign currency revaluation. Intangible Assets The following table details the gross carrying amounts and accumulated amortization for the intangible assets at June 30, 2013 and December 31, 2012 (in thousands):
Amortization expense related to the intangible assets was approximately $22,000 for both the three months ended June 30, 2013 and 2012, respectively, and approximately $44,000 for both the six months ended June 30, 2013 and 2012, respectively. Estimated future amortization expense is as follows (in thousands):
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Organization and Description of Business
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6 Months Ended |
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Jun. 30, 2013
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Organization and Description of Business [Abstract] | |
Organization and Description of Business [Text Block] | Organization and Description of Business Cohen & Steers, Inc. (“CNS”) was organized as a Delaware corporation on March 17, 2004. CNS was formed to be the holding company for Cohen & Steers Capital Management, Inc. (“CSCM”), a New York corporation, and to allow for the issuance of common stock to the public. The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. CNS’s wholly-owned subsidiaries are CSCM, Cohen & Steers Securities, LLC (“Securities”), Cohen & Steers Asia Limited and Cohen & Steers UK Limited; Cohen & Steers Europe S.P.R.L. (formerly known as Cohen & Steers Europe S.A.) is a wholly-owned subsidiary of Cohen & Steers UK Limited (collectively, the “Company”). All material intercompany balances and transactions have been eliminated in consolidation. Through CSCM, a registered investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”), the Company serves institutional and individual investors around the world. Founded in 1986, the Company is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities. Its clients include Company-sponsored open-end and closed-end mutual funds, U.S. and non-U.S. pension plans, endowment funds, foundations and subadvised funds for other financial institutions. Through Securities, its registered broker/dealer, the Company provides distribution services for certain of its funds. |
(Sales Proceeds and Realized Gain (Loss) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Gain (Loss) on Investments [Line Items] | ||||
Proceeds from sales | $ 17,756 | $ 17,067 | ||
Gross realized gains | 1,024 | 289 | 1,563 | 1,142 |
Company-sponsored mutual funds
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Gain (Loss) on Investments [Line Items] | ||||
Proceeds from sales | 10,613 | 0 | 10,613 | 103 |
Gross realized gains | 613 | 0 | 613 | 4 |
Dividend income | $ 0 | $ 0 | $ 0 | $ 2 |
Earnings Per Share Earnings Per Share (Tables)
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and six months ended June 30, 2013 and 2012 (in thousands, except per share data):
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Investments Trading and equity investments (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Assets: | ||||||||||||
Securities owned | $ 99,638,000 | [1],[2] | $ 99,638,000 | [1],[2] | $ 97,155,000 | [1],[2] | ||||||
Due from broker | 31,561,000 | [2] | 31,561,000 | [2] | 17,617,000 | [2] | ||||||
Other assets | 7,295,000 | [2] | 7,295,000 | [2] | 8,120,000 | [2] | ||||||
Total assets | 353,201,000 | 353,201,000 | 337,315,000 | |||||||||
Liabilities: | ||||||||||||
Other liabilities | 23,078,000 | [2] | 23,078,000 | [2] | 18,181,000 | [2] | ||||||
Total liabilities | 46,180,000 | 46,180,000 | 67,547,000 | |||||||||
Equity Investments | 7,532,000 | 7,532,000 | 8,106,000 | |||||||||
Total loss from trading securities—net | (10,963,000) | (2,469,000) | (9,339,000) | (748,000) | ||||||||
Total equity in (losses) earnings of affiliates | (427,000) | (129,000) | 109,000 | 643,000 | ||||||||
Equity Investments | 7,532,000 | 7,532,000 | 8,106,000 | |||||||||
Investments, available-for-sale | 14,010,000 | 14,010,000 | 25,322,000 | |||||||||
ACOM
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Assets: | ||||||||||||
Securities owned | 8,500,000 | 8,500,000 | 0 | |||||||||
Liabilities: | ||||||||||||
Equity Investments | 0 | 0 | 0 | |||||||||
Total loss from trading securities—net | (626,000) | 0 | (626,000) | 0 | ||||||||
GLIF
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Liabilities: | ||||||||||||
Total loss from trading securities—net | 0 | 121,000 | 0 | 142,000 | ||||||||
GRP-CIP
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Assets: | ||||||||||||
Securities owned | 2,210,000 | 2,210,000 | 2,142,000 | |||||||||
Liabilities: | ||||||||||||
Equity Investments | 0 | 0 | 0 | |||||||||
Total loss from trading securities—net | (23,000) | 9,000 | (23,000) | 9,000 | ||||||||
GRP-TE
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Assets: | ||||||||||||
Securities owned | 0 | 0 | 0 | |||||||||
Liabilities: | ||||||||||||
Equity Investments | 96,000 | 96,000 | 89,000 | |||||||||
Total equity in (losses) earnings of affiliates | 0 | 0 | 0 | 0 | ||||||||
Offshore Fund
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Assets: | ||||||||||||
Securities owned | 0 | 0 | 0 | |||||||||
Liabilities: | ||||||||||||
Equity Investments | 7,436,000 | 7,436,000 | 8,017,000 | |||||||||
Total equity in (losses) earnings of affiliates | (427,000) | (129,000) | 109,000 | 643,000 | ||||||||
Onshore Fund
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Assets: | ||||||||||||
Securities owned | 413,000 | 413,000 | 26,002,000 | |||||||||
Liabilities: | ||||||||||||
Equity Investments | 0 | 0 | 0 | |||||||||
Total loss from trading securities—net | (1,100,000) | (282,000) | 521,000 | 1,854,000 | ||||||||
RAP
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Assets: | ||||||||||||
Securities owned | 88,515,000 | 88,515,000 | 69,011,000 | |||||||||
Liabilities: | ||||||||||||
Equity Investments | 0 | 0 | 0 | |||||||||
Total loss from trading securities—net | (9,214,000) | (2,317,000) | (9,211,000) | (2,753,000) | ||||||||
Onshore Fund
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Assets: | ||||||||||||
Securities owned | 26,002,000 | |||||||||||
Due from broker | 12,358,000 | |||||||||||
Other assets | 103,000 | |||||||||||
Total assets | 38,463,000 | |||||||||||
Liabilities: | ||||||||||||
Securities sold but not yet purchased | 14,685,000 | |||||||||||
Other liabilities | 335,000 | |||||||||||
Total liabilities | $ 15,020,000 | |||||||||||
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Income Taxes (Details) (U.S. Federal, State, local and foreign taxes [Member])
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3 Months Ended | 6 Months Ended | |
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Jun. 30, 2013
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Jun. 30, 2013
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Jun. 30, 2012
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U.S. Federal, State, local and foreign taxes [Member]
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Income Taxes [Line Items] | |||
Effective income tax rate, continuing operations | 39.00% | 37.00% | 36.00% |
Effective Income Tax Rate, Adjusted | 38.00% | ||
Effective income tax rate, expected for fiscal year | 38.00% |