Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2013

12. Goodwill and Intangible Assets

Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for a detailed discussion of the accounting policy related to goodwill and intangible assets.

Goodwill

The Company has designated November 1st as its annual impairment testing date for the goodwill related to the acquisition of certain assets and assumption of certain liabilities of RangeMark. The Company’s initial annual impairment testing date related to this goodwill is scheduled to be on November 1, 2013, absent a triggering event. The following table sets forth the roll-forward of goodwill for the three months ended March 31, 2013.

(In thousands of dollars)
Goodwill — RangeMark acquisition
Balance at December 31, 2012	$	1,212
Increases/(decreases)	—
Balance at March 31, 2013	$	1,212

Intangible Assets

(In thousands of dollars)	March 31, 2013			December 31, 2012
Intangible assets (amortizable):
MBS & Rates segment — Customer relationships
Gross carrying amount	$	641		$	641
Accumulated amortization	(476		)	(463		)
Net carrying amount	165			178
RangeMark — Intellectual Property
Gross carrying amount	1,050			1,050
Accumulated amortization	(87		)	(35		)
Net carrying amount	963			1,015
RangeMark — Trade Name
Gross carrying amount	480			480
Accumulated amortization	(20		)	(8		)
Net carrying amount	460			472
Credit Products segment - Customer relationships
Gross carrying amount	795			795
Accumulated amortization	(795		)	(768		)
Net carrying amount	—			27
Investment Banking segment — Trade name
Gross carrying amount	4,066			4,066
Accumulated amortization	(1,103		)	(1,057		)
Net carrying amount	2,963			3,009
ClearPoint segment — Customer relationships
Gross carrying amount	803			803
Accumulated amortization	(216		)	(201		)
Impairment of intangible asset — February 22, 2013	(587		)	—
Net carrying amount	—			602
Total Intangible assets	$	4,551		$	5,303

During the three months ended March 31, 2013, the Company fully impaired the ClearPoint customer relationship intangible asset of approximately $0.6 million in connection with the Homeward Transaction. This impairment charge has been classified as part of discontinued operations.

Trademark assets are being amortized over 10 to 20 years and intellectual property is being amortized over 5 years. Excluding the ClearPoint amortization and impairment charge discussed above, total amortization expense from continuing operations for the three months ended March 31, 2013 and 2012 was approximately $0.2 million and $0.1 million, respectively and is recorded within Other in the Consolidated Statements of Operations.

Future amortization expense is estimated as follows:

(In thousands of dollars)
2013 (remaining)	$	371
2014	495
2015	495
2016	459
2017	406
Thereafter	2,325
Total	$	4,551

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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