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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating activities    
Net income $ 38,960 $ 21,896
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in net gains from partnerships (3,094) (1,037)
Depreciation and amortization 456 343
Stock based compensation expense 1,263 2,805
Deferred income taxes 1,220 2,934
Tax benefit from exercise of stock options 0 8
Foreign currency translation gain/(loss) 23 (27)
Fair value of donated securities 56 (608)
(Gains) on sales of available for sale securities (584) (13)
Amortization of discount on convertible debt 0 297
Accretion of zero coupon debentures 2,234 0
(Increase) decrease in assets:    
Investments in trading securities (70,979) (59,206)
Investments in partnerships:    
Contributions to partnerships (10,683) (15,807)
Distributions from partnerships 3,226 5,392
Receivable from brokers 4,966 (24,476)
Investment advisory fees receivable 19,044 18,841
Income tax receivable and deferred tax assets 87 0
Other assets (2,312) 667
Increase (decrease) in liabilities:    
Payable to brokers 1,396 2,956
Income taxes payable and deferred tax liabilities (3,108) (13,073)
Compensation payable 5,710 5,313
Mandatorily redeemable noncontrolling interests 35 10
Accrued expenses and other liabilities 12,776 2,972
Total adjustments (38,268) (71,709)
Net cash provided by (used in) operating activities 692 (49,813)
Investing activities    
Purchases of available for sale securities (4,370) (9)
Proceeds from sales of available for sale securities 5,685 2,014
Return of capital on available for sale securities 777 1,306
Increase in restricted cash 0 (29)
Net cash provided by investing activities 2,092 3,282
Financing activities    
Contributions from redeemable noncontrolling interests 12,897 6,213
Redemptions of redeemable noncontrolling interests (839) 0
Issuance of 5.875% Senior notes due June 1, 2021 100,000 0
Issuance costs on the 5.875% Senior notes due June 1, 2021 (934) 0
Repayment of 6% Convertible note due August 14, 2011 0 (20,200)
Proceeds from exercise of stock options 0 40
Dividends paid (1,896) (1,643)
Purchase of treasury stock (19,514) (17,389)
Net cash provided by (used in) financing activities 89,714 (32,979)
Effect of exchange rates on cash and cash equivalents (9) (18)
Net increase (decrease) in cash and cash equivalents 92,489 (79,528)
Cash and cash equivalents, excluding restricted cash, beginning of period 169,601 338,270
Decrease in cash from deconsolidation of partnership (1,251) 0
Cash and cash equivalents, excluding restricted cash, end of period 260,839 258,742
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,267 6,800
Cash paid for taxes $ 23,433 $ 22,441