Segment Operating Results (Tables)

9 Months Ended

Sep. 30, 2012

Information Regarding Company's Operations By Segment

The following information provides a reasonable representation of each segment’s contribution.

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Investment Banking
Net Revenues (1)	$	133,415		$	139,166		$	370,364		$	335,521
Operating Expenses		106,897			109,376			304,556			263,037
Other Expenses (2)		12,057			16,969			40,062			37,836
Operating Income		14,461			12,821			25,746			34,648
Income (Loss) from Equity Method Investments		(200	)		256			1,395			1,172
Pre-Tax Income from Continuing Operations	$	14,261		$	13,077		$	27,141		$	35,820
Identifiable Segment Assets	$	519,000		$	569,741		$	519,000		$	569,741
Investment Management
Net Revenues (1)	$	19,614		$	24,015		$	57,960		$	75,962
Operating Expenses		19,152			22,570			58,467			68,719
Other Expenses (2)		678			824			1,942			5,070
Operating Income (Loss)		(216	)		621			(2,449	)		2,173
Income (Loss) from Equity Method Investments		615			(61	)		2,124			(508	)
Pre-Tax Income (Loss) from Continuing Operations	$	399		$	560		$	(325	)	$	1,665
Identifiable Segment Assets	$	509,764		$	500,084		$	509,764		$	500,084
Total
Net Revenues (1)	$	153,029		$	163,181		$	428,324		$	411,483
Operating Expenses		126,049			131,946			363,023			331,756
Other Expenses (2)		12,735			17,793			42,004			42,906
Operating Income		14,245			13,442			23,297			36,821
Income from Equity Method Investments		415			195			3,519			664
Pre-Tax Income from Continuing Operations	$	14,660		$	13,637		$	26,816		$	37,485
Identifiable Segment Assets	$	1,028,764		$	1,069,825		$	1,028,764		$	1,069,825

Other Revenue

(1) Net revenues include Other Revenue, net, allocated to the segments as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Investment Banking (A)	$	(435	)	$	(829	)	$	(2,407	)	$	(2,222	)
Investment Management (B)		(820	)		(708	)		(2,274	)		(2,192	)
Total Other Revenue, net	$	(1,255	)	$	(1,537	)	$	(4,681	)	$	(4,414	)

(A) Investment Banking Other Revenue, net, includes interest expense on the Senior Notes of $1,082 and $3,227 for the three and nine months ended September 30, 2012, respectively, and $1,059 and $3,171 for the three and nine months ended September 30, 2011, respectively.

(B) Investment Management Other Revenue, net, includes interest expense on the Senior Notes of $914 and $2,727 for the three and nine months ended September 30, 2012, respectively, and $894 and $2,678 for the three and nine months ended September 30, 2011, respectively.

Other Expenses

(2) Other Expenses are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
Investment Banking
Amortization of LP Units and Certain Other Awards	$	4,866	$	4,580	$	13,577	$	15,603
Vesting of Event-based Awards		—		—		—		8,906
Acquisition Related Compensation Charges		6,802		7,729		22,799		7,729
Special Charges		—		2,626		662		2,626
Intangible Asset Amortization		389		2,034		3,024		2,972
Total Investment Banking		12,057		16,969		40,062		37,836
Investment Management
Amortization of LP Units and Certain Other Awards		596		741		1,696		2,338
Vesting of Event-based Awards		—		—		—		2,483
Intangible Asset Amortization		82		83		246		249
Total Investment Management		678		824		1,942		5,070
Total Other Expenses	$	12,735	$	17,793	$	42,004	$	42,906

Geographic Information

The Company’s revenues were derived from clients and private equity funds located in the following geographical areas:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
Net Revenues: (1)
United States	$	114,018	$	131,900	$	315,085	$	321,515
Europe and Other		30,860		22,364		90,491		69,313
Latin America		9,406		10,454		27,429		25,069
Total	$	154,284	$	164,718	$	433,005	$	415,897

(1) Excludes Other Revenue and Interest Expense.