Consolidation of Sponsored Investment Products (Tables)

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Consolidated Statement of Balance Sheet

The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012 respectively:

As of June 30, 2013
	Balance Before Consolidation of Investment Products			Consolidated Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Current assets	$	190,535		$	44,813	$	(34,523	)	$	200,825
Non-current assets		141,775			—		—			141,775
Total assets	$	332,310		$	44,813	$	(34,523	)	$	342,600
Current liabilities	$	53,287		$	867	$	2		$	54,156
Non-current liabilities		22,642			—		—			22,642
Total liabilities		75,929			867		2			76,798
Redeemable noncontrolling interest		—			—		9,421			9,421
Equity attributable to stockholders of the Company		256,416			43,946		(43,946	)		256,416
Non-redeemable noncontrolling interest		(35	)		—		—			(35	)
Total liabilities and equity	$	332,310		$	44,813	$	(34,523	)	$	342,600
As of December 31, 2012
	Balance Before Consolidation of Investment Products			Consolidated Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Consolidated Balance Sheet
($ in thousands)
Current assets	$	161,286		$	43,924	$	(40,384	)	$	164,826
Non-current assets		167,923			—		—			167,923
Total assets	$	329,209		$	43,924	$	(40,384	)	$	332,749
Current liabilities	$	62,034		$	364	$	13		$	62,411
Other non-current liabilities		22,704			—		—			22,704
Total liabilities		84,738			364		13			85,115
Redeemable noncontrolling interest		—			—		3,163			3,163
Equity attributable to stockholders of the Company		244,474			43,560		(43,560	)		244,474
Non-redeemable noncontrolling interest		(3	)		—		—			(3	)
Total liabilities and equity	$	329,209		$	43,924	$	(40,384	)	$	332,749

(a) Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.

Consolidated Statement of Operation

The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2013:

For the Three Months Ended June 30, 2013
	Balance Before Consolidation of Investment Products			Consolidated Investment Products			Eliminations and Adjustments (a)		Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	96,135		$	—		$	5	$	96,140
Total operating expenses		69,125			128			5		69,258
Operating income (loss)		27,010			(128	)		—		26,882
Total other non-operating (expense) income		(2,321	)		(2,543	)		2,083		(2,781	)
Income (loss) before income tax expense		24,689			(2,671	)		2,083		24,101
Income tax expense		9,318			—			—		9,318
Net income (loss)		15,371			(2,671	)		2,083		14,783
Noncontrolling interests		14			—			588		602
Net income (loss) attributable to the Company	$	15,385		$	(2,671	)	$	2,671	$	15,385
For the Six Months Ended June 30, 2013
	Balance Before Consolidation of Investment Products			Consolidated Investment Products			Eliminations and Adjustments (a)		Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	182,256		$	—		$	52	$	182,308
Total operating expenses		134,010			264			52		134,326
Operating income (loss)		48,246			(264	)		—		47,982
Total other non-operating (expense) income		(1,165	)		(1,691	)		1,610		(1,246	)
Income (loss) before income tax expense		47,081			(1,955	)		1,610		46,736
Income tax expense		17,768			—			—		17,768
Net income (loss)		29,313			(1,955	)		1,610		28,968
Noncontrolling interests		32			—			345		377
Net income (loss) attributable to the Company	$	29,345		$	(1,955	)	$	1,955	$	29,345

(a) Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.