Investment in Securities (Tables)

9 Months Ended

Sep. 30, 2013

Investment in Securities [Abstract]

Investments in securities

Investments in securities at September 30, 2013, December 31, 2012 and September 30, 2012 consisted of the following:

	September 30, 2013				December 31, 2012				September 30, 2012
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Government obligations	$	20,993	$	21,000	$	42,973	$	42,989	$	28,731	$	28,742
Common stocks		143,731		166,443		125,697		138,478		160,027		170,846
Mutual funds		11,073		12,010		1,072		1,484		1,064		1,461
Other investments		406		419		328		630		382		484
Total trading securities		176,203		199,872		170,070		183,581		190,204		201,533
Available for sale securities:
Common stocks		16,372		36,297		14,822		33,560		14,931		32,239
Mutual funds		843		1,575		1,105		1,702		1,105		1,673
Total available for sale securities		17,215		37,872		15,927		35,262		16,036		33,912
Total investments in securities	$	193,418	$	237,744	$	185,997	$	218,843	$	206,240	$	235,445

Securities sold, not yet purchased

Securities sold, not yet purchased at September 30, 2013, December 31, 2012 and September 30, 2012 consisted of the following:

	September 30, 2013				December 31, 2012				September 30, 2012
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Trading securities:	(In thousands)
Common stocks	$	6,411	$	7,003	$	2,593	$	2,867	$	3,044	$	3,816
Other investments		526		722		184		269		-		40
Total securities sold, not yet purchased	$	6,937	$	7,725	$	2,777	$	3,136	$	3,044	$	3,856

Investments in sponsored registered investment companies

Investments in sponsored registered investment companies at September 30, 2013, December 31, 2012 and September 30, 2012 consisted of the following:

	September 30, 2013				December 31, 2012				September 30, 2012
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Mutual funds	$	19	$	12	$	19	$	20	$	19	$	24
Total trading securities		19		12		19		20		19		24
Available for sale securities:
Closed-end funds		23,850		40,272		35,868		58,511		36,721		60,731
Mutual funds		2,031		3,404		2,055		3,341		2,080		3,468
Total available for sale securities		25,881		43,676		37,923		61,852		38,801		64,199
Total investments in sponsored
registered investment companies	$	25,900	$	43,688	$	37,942	$	61,872	$	38,820	$	64,223

Reclassifications out of accumulated other comprehensive income

The following table identifies all reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2013  (in thousands):

Amount								Affected Line Item in	Reason for
Reclassified								in the Statements	Reclassification
from AOCI								Of Income	from AOCI
Three months ended				Nine months ended
September 30, 2013				September 30, 2013
	$	5,745			$	16,191		Net gain from investments	Realized gain / (loss) on sale of AFS securities
		3,112				3,443		Other operating expenses	Donation of AFS securities
		-				(14	)	Net gain from investments	Other than temporary impairment of AFS securities
		8,857				19,620		Income before income taxes
		(3,277	)			(7,259	)	Income tax provision
	$	5,580			$	12,361		Net income

Master netting arrangements for swaps

The Company is a party to enforceable master netting arrangements for swaps entered into as part of the Company's investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires.

							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Assets Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Assets		Financial Condition		Financial Condition		Instruments			Received		Net Amount
Swaps:	(in thousands)
September 30, 2013	$	101	$	-	$	101	$	(101	)	$	-	$	-
December 31, 2012		148		-		148		(132	)		-		16
September 30, 2012	$	197	$	-	$	197	$	(197	)	$	-	$	-
							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Liabilities Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments			Pledged		Net Amount
Swaps:	(in thousands)
September 30, 2013	$	135	$	-	$	135	$	(101	)	$	-	$	34
December 31, 2012		132		-		132		(132	)		-		-
September 30, 2012	$	200	$	-	$	200	$	(197	)	$	-	$	3

Summary of Available-for-sale Securities

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of September 30, 2013, December 31, 2012 and September 30, 2012:

	September 30, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	16,372	$	19,925	$	-		$	36,297
Closed-end Funds		23,850		16,545		(123	)		40,272
Mutual funds		2,874		2,141		(36	)		4,979
Total available for sale securities	$	43,096	$	38,611	$	(159	)	$	81,548

	December 31, 2012
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	14,822	$	18,738	$	-		$	33,560
Closed-end Funds		35,868		22,645		(2	)		58,511
Mutual funds		3,160		1,883		-			5,043
Total available for sale securities	$	53,850	$	43,266	$	(2	)	$	97,114

	September 30, 2012
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Common stocks	$	14,931	$	17,308	$	-	$	32,239
Closed-end Funds		36,721		24,010		-		60,731
Mutual funds		3,185		1,956		-		5,141
Total available for sale securities	$	54,837	$	43,274	$	-	$	98,111

Investments classified as available for sale unrealized loss position

Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following:

	September 30, 2013							December 31, 2012							September 30, 2012
			Unrealized							Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value		Cost		Losses		Fair Value
(in thousands)
Cosed-end funds	$	941	$	(123	)	$	818	$	73	$	(2	)	$	71	$	-	$	-	$	-
Mutual Funds		365		(36	)		329		-		-			-		-		-		-
Total	$	1,306	$	(159	)	$	1,147	$	73	$	(2	)	$	71	$	-	$	-	$	-