Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2012

Information Regarding Operations By Segment

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

	For the Years Ended December 31,
	2012			2011			2010
Investment Banking
Net Revenues(1)	$	565,219		$	428,124		$	301,847
Operating Expenses		444,510			337,886			240,312
Other Expenses(2)		50,774			55,591			19,408
Operating Income		69,935			34,647			42,127
Income from Equity Method Investments		2,258			1,101			16
Pre-Tax Income from Continuing Operations	$	72,193		$	35,748		$	42,143
Identifiable Segment Assets	$	624,977		$	530,008		$	370,329
Investment Management
Net Revenues(1)	$	77,154		$	96,140		$	74,058
Operating Expenses		78,876			89,269			75,704
Other Expenses(2)		2,678			5,706			3,621
Operating Income (Loss)		(4,400	)		1,165			(5,267	)
Income (Loss) from Equity Method Investments		2,594			(182	)		(573	)
Pre-Tax Income (Loss) from Continuing Operations	$	(1,806	)	$	983		$	(5,840	)
Identifiable Segment Assets	$	520,241		$	513,584		$	527,756
Total
Net Revenues(1)	$	642,373		$	524,264		$	375,905
Operating Expenses		523,386			427,155			316,016
Other Expenses(2)		53,452			61,297			23,029
Operating Income		65,535			35,812			36,860
Income (Loss) from Equity Method Investments		4,852			919			(557	)
Pre-Tax Income from Continuing Operations	$	70,387		$	36,731		$	36,303
Identifiable Segment Assets	$	1,145,218		$	1,043,592		$	898,085

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

	For the Years Ended December 31,
	2012			2011			2010
Investment Banking(A)	$	(3,019	)	$	(2,473	)	$	(84	)
Investment Management(B)		(2,636	)		(3,021	)		(552	)
Total Other Revenue, net	$	(5,655	)	$	(5,494	)	$	(636	)

(A) Investment Banking Other Revenue, net, includes interest expense on the Senior Notes of $4,312, $4,238 and $4,169 for the years ended December 31, 2012, 2011 and 2010, respectively.

(B) Investment Management Other Revenue, net, includes interest expense on the Senior Notes of $3,643, $3,579 and $3,525 for the years ended December 31, 2012, 2011 and 2010, respectively.

(2) Other Expenses are as follows:

	For the Years Ended December 31,
	2012		2011		2010
Investment Banking
Amortization of LP Units and Certain Other Awards	$	18,601	$	21,328	$	17,532
Vesting of Event-based Awards		—		8,906		—
Acquisition Related Compensation Charges		28,163		14,618		—
Special Charges		662		3,894		—
Intangible Asset Amortization		3,348		6,845		1,876
Total Investment Banking		50,774		55,591		19,408
Investment Management
Amortization of LP Units and Certain Other Awards		2,350		2,892		3,289
Vesting of Event-based Awards		—		2,483		—
Intangible Asset Amortization		328		331		332
Total Investment Management		2,678		5,706		3,621
Total Other Expenses	$	53,452	$	61,297	$	23,029

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

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

	For the Years Ended December 31,
	2012		2011		2010
Net Revenues:(1)
United States	$	452,594	$	387,063	$	290,693
Europe and Other		151,261		112,049		60,605
Latin America		44,173		30,646		25,243
Total	$	648,028	$	529,758	$	376,541

(1) Excludes Other Revenue and Interest Expense.