Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Categorization of Investments and Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012:

	June 30, 2013
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	33,781	$	—	$	33,781
Securities Investments (1)	14,465		4,782		—		19,247
Mutual Funds	8,364		—		—		8,364
Financial Instruments Owned and Pledged as Collateral at Fair Value	78,887		—		—		78,887
Total Assets Measured At Fair Value	$	101,716	$	38,563	$	—	$	140,279
	December 31, 2012
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	38,482	$	—	$	38,482
Securities Investments	9,138		2,442		—		11,580
Mutual Funds	11,346		—		—		11,346
Financial Instruments Owned and Pledged as Collateral at Fair Value	120,594		—		—		120,594
Total Assets Measured At Fair Value	$	141,078	$	40,924	$	—	$	182,002

(1) Includes $25,000 and $24,863 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 2013 and December 31, 2012, respectively.

Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value

The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition are listed in the tables below.

			June 30, 2013
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	122,435	$	122,435	$	—	$	—	$	122,435
Securities Purchased Under Agreements to Resell	3,879		—		3,879		—		3,879
Accounts Receivable	114,243		—		114,243		—		114,243
Receivable from Employees and Related Parties	9,111		—		9,111		—		9,111
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	20,968	$	—	$	20,968	$	—	$	20,968
Securities Sold Under Agreements to Repurchase	82,930		—		82,930		—		82,930
Payable to Employees and Related Parties	16,772		—		16,772		—		16,772
Notes Payable	102,282		—		128,381		—		128,381
			December 31, 2012
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	234,568	$	234,568	$	—	$	—	$	234,568
Accounts Receivable	89,098		—		89,098		—		89,098
Receivable from Employees and Related Parties	5,166		—		5,166		—		5,166
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	17,909	$	—	$	17,909	$	—	$	17,909
Securities Sold Under Agreements to Repurchase	120,787		—		120,787		—		120,787
Payable to Employees and Related Parties	12,964		—		12,964		—		12,964
Notes Payable	101,375		—		136,860		—		136,860