Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The following table presents the composition of our segments, which include the operations of our consolidated subsidiaries, as well as income or loss from equity method investments and other investments. Our segments are managed separately and offer different products and services.

Diversified Industrial	Energy	Financial Services	Corporate and Other
Handy & Harman Ltd. ("HNH") (1)	Steel Excel Inc. ("Steel Excel") (1)	WebBank (1)	SPH Services, Inc. ("SPH Services") (1)
CoSine Communications, Inc. ("CoSine")(1)			DGT Holdings Corp. ("DGT") (1)
SL Industries, Inc. ("SLI") (2)			BNS Holdings Liquidating Trust ("BNS Liquidating Trust") (1)
JPS Industries, Inc. ("JPS") (2)			Modus Link Global Solutions, Inc. (2)
			SPII Liquidating Trust (2)
			Other Investments (3)

(1) Consolidated subsidiary

(2) Equity method investment

(3) Other investments classified in Corporate and Other include various investments in available-for-sale securities in the Aerospace/Defense and Manufacturing industries.

Diversified Industrial

The Diversified Industrial segment consists of the operations of HNH, a diversified holding company that owns a variety of manufacturing operations encompassing joining materials, tubing, engineered materials, electronic materials and cutting replacement products and services businesses as well as the operations of CoSine beginning in the second quarter of 2015. CoSine, through its subsidiary API, is a manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging. See Note 4 - "Investments" for additional information on the equity method investments classified within this segment.

Energy

Steel Excel's Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., Steel Excel focuses on providing event-based sports and entertainment services and other health-related services, including baseball facility services, baseball and soccer camps and leagues, and strength and conditioning services. Steel Excel also continues to identify other new business acquisition opportunities. The operations of Steel Sports are not considered material and are included in the Energy segment.

Financial Services

The Financial Services segment primarily consists of our wholly owned subsidiary WebFinancial Holding Corporation, which conducts financial operations through its wholly-owned subsidiary, WebBank. WebBank operates in niche banking markets and provides commercial and consumer loans and services. WebBank’s deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") up to current limits, and the bank is examined and regulated by the FDIC and Utah Department of Financial Institutions.

Corporate and Other

Corporate assets, revenues and overhead expenses are not allocated to the segments. Corporate revenues primarily consist of investment and other income, investment gains and losses and rental income. See Note 4 - "Investments" for additional information on the equity method investments and other investments classified within this segment.

SPH services provides legal, tax, accounting, treasury, consulting, auditing, administration, compliance, environmental health and safety, human resources, marketing, investor relations and similar services, to other affiliated companies. SPH Services charged the Diversified Industrial, Energy and Financial Services segments approximately $2,500, $2,000, and $560, for the three months ended June 30, 2015 and approximately $2,200, $2,000 and $62, for the three months ended June 30, 2014. SPH Services charged the Diversified Industrial, Energy and Financial Services segments approximately $4,750, $4,000, and $1,100, for the six months ended June 30, 2015 and approximately $4,400, $4,000 and $125, for the six months ended June 30, 2014.

DGT's operations currently consist of a real estate business from the rental of a building retained from the sale of its Medical Systems Group on November 3, 2011. Continuing operations consist of the real estate business, investments, and general and administrative expenses.

Cosine was included in the Corporate and Other segment in the first quarter of 2015, since it had no operations, and it is part of the Diversified Industrial segment in the second quarter of 2015 due to its recent acquisition of API (see Note - 2 - "Acquisitions" to the SPLP financial statements included elsewhere in this Form 10-Q for additional information).

Segment information is presented below:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenue:
Diversified industrial	$	193,271		$	168,546		$	331,253		$	304,033
Energy	35,610			51,924			74,495			97,083
Financial services	15,484			8,023			27,660			14,989
Corporate and other	7,289			(490		)	32,827			(245		)
Total	$	251,654		$	228,003		$	466,235		$	415,860
Income (Loss) from continuing operations before income taxes:
Diversified industrial	$	15,853		$	20,215		$	25,422		$	24,989
Energy	(15,921		)	9,183			(23,013		)	12,576
Financial services	10,479			5,172			17,823			9,250
Corporate and other	2,403			(9,254		)	19,309			(34,688		)
Income from continuing operations before income taxes	12,814			25,316			39,541			12,127
Income tax provision	3,660			7,743			11,580			8,911
Net income from continuing operations	$	9,154		$	17,573		$	27,961		$	3,216
Income (loss) from equity method investments:
Diversified industrial	$	(459	)	$	4,714		$	5,041		$	5,404
Energy	5,445			2,874			3,335			1,441
Corporate and other	(5,844		)	(3,838		)	(4,186		)	(21,355		)
Total	$	(858	)	$	3,750		$	4,190		$	(14,510	)