Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 16. Discontinued Operations:

The Company completed the sale of the FBR Funds, a family of mutual funds, in October 2012. Subsequent to the sale closing, the Company has had no continuing involvement in the management of these funds. As a result of this sale transaction, the Company reports the results of its former asset management operations as discontinued operations. As described below, the Company received the final proceeds from this sale in 2013, and accordingly has no activity related to discontinued operations in 2015 or 2014. The results related to the former asset management operations reflected in the consolidated statements of operations are presented in the following table.

	Year Ended December 31,
	2013
Revenues	$	—
Gain on sale of assets		8,944
Expenses		170
Income from discontinued operations before income taxes		8,774
Income tax provision		615
Income from discontinued operations, net of taxes	$	8,159

During the years ended December 31, 2015 and 2014, the Company did not generate any income from discontinued operations. For the year ended December 31, 2013, the Company received $19,294, representing its receipt of the final payment due from the sale of the FBR Funds, and generated $8,159 of net income from discontinued operations. The Company’s 2013 net income from discontinued operations reflects the change in value during the year of the contingent payment that was due from this sale and recorded as a receivable at December 31, 2012. The increase in value during 2013 was due primarily to market appreciation of the funds during the period subsequent to the sale. The tax provision recognized in 2013 relates primarily to state taxes on income that could not be offset by either net operating loss or capital loss carryforwards.