Segment information

6 Months Ended

Jun. 30, 2011

10. Segment information

The table below presents information about the reported revenue and profit before income taxes of the Company for the periods noted. The Company’s segments are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. The Company has allocated all revenue and expenses to its segments and has eliminated the “Other” category. Previously reported segment information has been revised to reflect this change. The Company’s business is conducted primarily in the United States with additional operations in the United Kingdom, Israel, Asia, and South America.

The table below presents information about the reported revenue and profit before income taxes of the Company for the three and six months ended June 30, 2011 and 2010. Asset information by reportable segment is not reported, since the Company does not produce such information for internal use. Substantially all assets are located in the United States.

Expressed in thousands of dollars.


	Three months ended					Six months ended
	June 30,					June 30,
	2011			2010		2011			2010
Revenue:
Private Client (1)	$	136,092		$	138,684	$	283,157		$	277,019
Capital Markets		88,929			102,078		177,017			193,006
Asset Management (1)		19,497			16,237		37,761			33,146

Total	$	244,518		$	256,996	$	497,935		$	503,171


Profit before income taxes:
Private Client (1)	$	741		$	3,552	$	4,139		$	10,329
Capital Markets		(4,077	)		9,012		(2,712	)		13,850
Asset Management (1)		5,040			3,582		10,106			7,827

Total	$	1,704		$	16,146	$	11,533		$	32,006


(1)		Asset management revenue is allocated 77.5% to the Private Client segment and 22.5% to the Asset Management segment.

Revenues, classified by the major geographic areas in which they were earned for the three and six months ended June 30, 2011 and 2010, were as follows:

Expressed in thousands of dollars.


	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
United States	$	232,272	$	242,099	$	471,562	$	476,913
Europe / Middle East		6,554		8,010		14,787		14,291
Asia		3,246		4,895		6,385		8,165
South America		2,446		1,992		5,201		3,802

Total	$	244,518	$	256,996	$	497,935	$	503,171

The effective tax rate for the three-month period ended June 30, 2011 was negatively impacted by remeasurements of deferred tax assets arising from net operating losses related to the Company’s Israeli subsidiary, resulting in tax expense of $466,000, and from state net operating losses and gross timing differences, resulting in net tax expense of $188,000.