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Segment Information
9 Months Ended
Sep. 30, 2011
Segment Information [Abstract] 
Segment Reporting Disclosure [Text Block]
SEGMENT INFORMATION

The Company provides services through three segments: Financial Advisory, Alternative Asset Advisory (formerly Corporate Finance Consulting) and Investment Banking. Effective January 1, 2011, the Company renamed its Corporate Finance Consulting segment Alternative Asset Advisory to more appropriately define the services offered by this segment. In addition, our Alternative Asset Advisory segment previously included services associated with Strategic Value Advisory. This service line was primarily integrated into Financial Advisory. As a result, prior period results have been restated to reflect this change.

The Financial Advisory segment provides services associated with valuation advisory, tax, and dispute and legal management consulting. The Alternative Asset Advisory segment provides services related to portfolio valuation, complex asset solutions and due diligence. The Investment Banking segment provides merger and acquisition advisory services, transaction opinions and restructuring advisory services.
 
Three Months Ended
 
Nine Months Ended
 
September 30,
2011
 
September 30,
2010
 
September 30,
2011
 
September 30,
2010
Financial Advisory
 
 
 
 
 
 
 
Revenues (excluding reimbursables)
$
61,778

 
$
55,741

 
$
181,112

 
$
169,898

Segment operating income
$
10,995

 
$
6,568

 
$
30,364

 
$
22,205

Segment operating income margin
17.8
%
 
11.8
%
 
16.8
%
 
13.1
%
 
 
 
 
 
 
 
 
Alternative Asset Advisory
 
 
 
 
 
 
 
Revenues (excluding reimbursables)
$
13,371

 
$
10,008

 
$
41,271

 
$
32,222

Segment operating income
$
2,821

 
$
1,929

 
$
9,345

 
$
6,438

Segment operating income margin
21.1
%
 
19.3
%
 
22.6
%
 
20.0
%
 
 
 
 
 
 
 
 
Investment Banking
 
 
 
 
 
 
 
Revenues (excluding reimbursables)
$
16,879

 
$
18,678

 
$
42,577

 
$
60,213

Segment operating income
$
1,614

 
$
3,665

 
$
946

 
$
13,772

Segment operating income margin
9.6
%
 
19.6
%
 
2.2
%
 
22.9
%
 
 
 
 
 
 
 
 
Totals
 
 
 
 
 
 
 
Revenues (excluding reimbursables)
$
92,028

 
$
84,427

 
$
264,960

 
$
262,333

 
 
 
 
 
 
 
 
Segment operating income
$
15,430

 
$
12,162

 
$
40,655

 
$
42,415

Net client reimbursable expenses
(20
)
 
73

 
(123
)
 
(60
)
Equity-based compensation associated with Legacy Units and IPO Options
232

 
(391
)
 
(241
)
 
(2,968
)
Depreciation and amortization
(2,878
)
 
(2,567
)
 
(7,934
)
 
(7,410
)
Acquisition retention expenses
(221
)
 
—

 
(600
)
 
—

Restructuring charges
(3,091
)
 
—

 
(3,995
)
 
—

Merger and acquisition costs
(335
)
 
(76
)
 
(801
)
 
(397
)
Charge from realignment of senior management
—

 
—

 
—

 
(3,040
)
Charge from impairment of certain intangible assets
—

 
—

 
—

 
(674
)
Operating income
$
9,117

 
$
9,201

 
$
26,961

 
$
27,866


Revenues attributable to geographic area is summarized as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
2011
 
September 30,
2010
 
September 30,
2011
 
September 30,
2010
North America
$
85,630

 
$
77,331

 
$
243,734

 
$
233,248

Europe
5,508

 
6,226

 
18,172

 
26,308

Asia
890

 
870

 
3,054

 
2,777

Revenues (excluding reimbursables)
$
92,028

 
$
84,427

 
$
264,960

 
$
262,333


There was no intersegment revenues during the periods presented. The Company does not maintain separate balance sheet information by segment.

For segment reporting purposes, management uses certain estimates and assumptions to allocate revenues and expenses. Revenues and expenses attributable to reportable segments are generally based on which segment and product line a client service professional is a dedicated member. As a result, revenues recognized that relate to the cross utilization of client service professionals across reportable segments occur each period depending on the expertise required for each engagement. In the three months ended September 30, 2011 and 2010, the Financial Advisory segment (primarily Valuation Advisory services) recognized revenues of $3,015 and $2,950 from the cross utilization of its client service professionals on engagements from the Alternative Asset Advisory segment (primarily Portfolio Valuation services), respectively. In the nine months ended September 30, 2011 and 2010, the Financial Advisory segment (primarily Valuation Advisory services) recognized revenues of $9,073 and $7,142 from the cross utilization of its client service professionals on engagements from the Alternative Asset Advisory segment (primarily Portfolio Valuation services), respectively.