Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations

Discontinued Operations

24.  Discontinued Operations

The Company has classified the results of ClearPoint as discontinued operations due to the sale of substantially all of ClearPoint’s assets to Homeward on February 22, 2013.  The Company recorded a loss of approximately $1.1 million on ClearPoint assets sold to Homeward.

Discontinued operations also include residual profits and losses related to the Equities division due to the Company’s decision to exit this business on August 22, 2011.

Amounts reflected in the Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012, related to these discontinued operations are presented in the following table.

	March 31,
(In thousands of dollars)	2013			2012
Net revenues
ClearPoint	$	4,408		$	15,545
Equities division	76			37
Total net revenues	4,484			15,582
Total expenses (excluding interest expense)
ClearPoint	8,711			18,469
Equities division	81			(73		)
Total expenses	8,792			18,396
Loss from discontinued operations before income taxes	(4,308		)*	(2,814		)
Income tax expense/(benefit)	—			(1,162		)
Loss from discontinued operations, net of taxes	$	(4,308	)	$	(1,652	)

* Included within the table above for the three months ended March 31, 2013 is (i) a ClearPoint restructuring charge of approximately $2.8 million and (ii) a loss of approximately $1.1 million on ClearPoint assets sold in the Homeward Transaction.