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Restructuring
 12 Months Ended
Dec. 31, 2013
Restructuring  
Restructuring

NOTE 21. Restructuring

Investment Banking and Fixed Income Businesses

        The Company's Board of Directors approved plans to discontinue operations in its Investment Banking division on May 30, 2013 and Fixed Income businesses on April 5, 2013. Exiting these businesses impacted approximately 150 employees. Refer to Note 22 herein for additional information.

ClearPoint—Homeward Transaction

        On February 14, 2013, the Company entered into an agreement to sell substantially all of ClearPoint's assets to Homeward. This transaction closed on February 22, 2013, and all remaining business activities of ClearPoint have been substantially wound down. Refer to Note 22 herein for additional information.

Equities Business—Exit on August 22, 2011

        On August 22, 2011, the Board of Directors of the Company approved a plan to exit the Equities business, effective immediately. Exiting the Equities business impacted 62 employees. Refer to Note 22 herein for additional information.

        The following table summarizes the restructuring charges incurred by the Company for the years ended December 31, which have been recorded as a component of discontinued operations:

(In thousands of dollars)
  2013   2012   2011  

Cash Charges:

                    

Investment Banking

                    

Severance compensation

   $ 1,417   $ —   $ —  

Third party vendor contracts and other costs

     332     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Investment Banking (cash charges):

     1,749     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Income businesses

                    

Severance compensation

     8,323     —     —  

Third party vendor contracts and other costs

     6,134     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Fixed Income (cash charges):

     14,457     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ClearPoint

                    

Severance and other compensation

     1,263     —     —  

Third party vendor contracts and other costs

     201     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—ClearPoint (cash charges):

     1,464     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equities

                    

Severance and other compensation

     —     —     2,578  

Third party vendor contracts and other costs

     —     (222 )   2,208  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Equities (cash charges):

     —     (222 )   4,786  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other

                    

Severance compensation

     712     —     —  

Reserve for lease commitments

     19,957     (133 )   597  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Other (cash charges):

     20,669     (133 )   597  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total—Cash Charges:

   $ 38,339   $ (355 ) $ 5,383  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Non-Cash Charges:

                    

Investment Banking

                    

Intangible asset impairment

   $ 2,932   $ —   $ —  

Stock-based compensation vesting

     254     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Investment Banking (non-cash charges):

     3,186     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Income businesses

                    

Goodwill & intangible asset impairment

     388     —     —  

Stock-based compensation vesting

     3,681     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Fixed Income (non-cash charges):

     4,069     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ClearPoint

                    

Intangible asset impairment

     587     —     —  

Deferred compensation and other charges

     448     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—ClearPoint (non-cash charges):

     1,035     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equities

                    

Stock-based compensation vesting

     —     (92 )   1,395  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Equities (non-cash charges):

     —     (92 )   1,395  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other

                    

Stock-based compensation vesting

     195     —     —  

Impairment of fixed assets and leasehold improvements

     4,006     —     316  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Other (non-cash charges)

     4,201     —     316  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total—Non-Cash Charges:

   $ 12,491   $ (92 ) $ 1,711  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Restructuring expenses—Total:

   $ 50,830   $ (447 ) $ 7,094  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

        The following table summarizes the changes in the Company's liability related to the restructurings for the years ended December 31:

(In thousands of dollars)
  2013   2012   2011  

Balance—January 1

   $ 108   $ 1,427   $ —  

Restructuring expense

     50,830     (447 )   7,094  

Plus: Deferred rent obligation, prior to restructuring

     2,160     —     —  

Less: Non-cash charges

     (12,491 )   92     (1,711 )

Payment for lease termination—Company headquarters

     (19,500 )   —     —  

Payments for severance and other compensation

     (11,715 )   —     (2,578 )

Payments for third party vendor contracts and other costs

     (4,908 )   (747 )   (1,131 )

Payments for lease commitments, net of sublease income

     (1,993 )   (217 )   (247 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Restructuring reserve—December 31

   $ 2,491   $ 108   $ 1,427  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

        As previously mentioned, on September 27, 2013, the Company entered into an agreement terminating the lease for its headquarters at 1290 Avenue of the Americas, New York, New York. The Company's total termination obligation was $19.5 million, satisfied by a cash payment of approximately $15.6 million and retention by the landlord of approximately $3.9 million previously deposited by the Company with the landlord as security under the lease. Refer to Note 17 "Leases" herein for additional information.

        The Company's remaining obligation associated with these exits at December 31, 2013 was approximately $2.5 million and was primarily related to costs associated with the termination of third party vendor contracts, and to a lesser extent, lease commitments. The Company expects the majority of its remaining liability to be settled within the next six months. No other material charges are expected to be incurred.