Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of June 30, 2013, December 31, 2012 and June 30, 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		June 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	222,647	$	-	$	-	$	222,647
Investments in partnerships		-		22,513		-		22,513
Investments in securities:
AFS - Common stocks		33,478		-		-		33,478
AFS - Mutual funds		1,484		-		-		1,484
Trading - Gov't obligations		27,996		-		-		27,996
Trading - Common stocks		154,411		8		669		155,088
Trading - Mutual funds		1,675		-		-		1,675
Trading - Other		98		337		284		719
Total investments in securities		219,142		345		953		220,440
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		49,162		-		-		49,162
AFS - Mutual Funds		3,168		-		-		3,168
Trading - Mutual funds		11		-		-		11
Total investments in sponsored
registered investment companies		52,341		-		-		52,341
Total investments		271,483		22,858		953		295,294
Total assets at fair value	$	494,130	$	22,858	$	953	$	517,941
Liabilities
Trading - Common stocks	$	7,381	$	-	$	-	$	7,381
Trading - Other		-		217		-		217
Securities sold, not yet purchased	$	7,381	$	217	$	-	$	7,598

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2012 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2012
Cash equivalents	$	190,475	$	-	$	-	$	190,475
Investments in partnerships		-		26,128		-		26,128
Investments in securities:
AFS - Common stocks		33,560		-		-		33,560
AFS - Mutual funds		1,702		-		-		1,702
Trading - Gov't obligations		42,989		-		-		42,989
Trading - Common stocks		137,796		7		675		138,478
Trading - Mutual funds		1,484		-		-		1,484
Trading - Other		120		148		362		630
Total investments in securities		217,651		155		1,037		218,843
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		58,511		-		-		58,511
AFS - Mutual Funds		3,341		-		-		3,341
Trading - Mutual funds		20		-		-		20
Total investments in sponsored
registered investment companies		61,872		-		-		61,872
Total investments		279,523		26,283		1,037		306,843
Total assets at fair value	$	469,998	$	26,283	$	1,037	$	497,318
Liabilities
Trading - Common stocks	$	2,867	$	-	$	-	$	2,867
Trading - Other		-		269		-		269
Securities sold, not yet purchased	$	2,867	$	269	$	-	$	3,136

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2012 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		June 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2012
Cash equivalents	$	324,156	$	-	$	-	$	324,156
Investments in partnerships		-		23,704		-		23,704
Investments in securities:
AFS - Common stocks		32,815		-		-		32,815
AFS - Mutual funds		2,013		-		-		2,013
Trading - Gov't obligations		50,139		-		-		50,139
Trading - Common stocks		161,956		256		671		162,883
Trading - Mutual funds		1,406		-		-		1,406
Trading - Other		23		-		351		374
Total investments in securities		248,352		256		1,022		249,630
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		56,171		-		-		56,171
AFS - Mutual Funds		3,371		-		-		3,371
Trading - Mutual funds		19		-		-		19
Total investments in sponsored
registered investment companies		59,561		-		-		59,561
Total investments		307,913		23,960		1,022		332,895
Total assets at fair value	$	632,069	$	23,960	$	1,022	$	657,051
Liabilities
Trading - Common stocks	$	6,687	$	-	$	-	$	6,687
Trading - Other		-		323		-		323
Securities sold, not yet purchased	$	6,687	$	323	$	-	$	7,010

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	March		Unrealized Gains or					Included in		and								Transfers
	31, 2013		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	667	$	2		$	-	$	-	$	2		$	-	$	-		$	-	$	669
Trading - Other		299		(3	)		-		-		(3	)		3		(15	)		-		284
Total	$	966	$	(1	)	$	-	$	-	$	(1	)		3	$	(15	)	$	-	$	953

There were no transfers between any Levels during the three months ended June 30, 2013.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2012 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	March		Unrealized Gains or				Included in		and						Transfers
	31, 2012		(Losses) in Income				Other		Unrealized						In and/or
	Beginning				AFS		Comprehensive		Gains or						(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales		Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	647	$	24	$	-	$	-	$	24	$	-	$	-	$	-	$	671
Trading - Other		278		59		-		-		59		14		-		-		351
Total	$	925	$	83	$	-	$	-	$	83	$	14	$	-	$	-	$	1,022

There were no transfers between any Levels during the three months ended June 30, 2012.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	December		Unrealized Gains or					Included in		and								Transfers
	31, 2012		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	675	$	(6	)	$	-	$	-	$	(6	)	$	-	$	-		$	-	$	669
Trading - Other		362		(2	)		-		-		(2	)		3		(79	)		-		284
Total	$	1,037	$	(8	)	$	-	$	-	$	(8	)	$	3	$	(79	)	$	-	$	953

There were no transfers between any Levels during the six months ended June 30, 2013.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2012 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		Unrealized Gains or				Included in		and							Transfer
	31, 2011		(Losses) in Income				Other		Unrealized							In and/or
	Beginning				AFS		Comprehensive		Gains or							(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	670	$	24	$	-	$	-	$	24	$	57	$	(80	)	$	-		671
Trading - Other		284		57		-		-		57		18		(8	)		-		351
Total	$	954	$	81	$	-	$	-	$	81	$	75	$	(88	)	$	-		1,022

There were no transfers between any Levels during the six months ended June 30, 2012.