Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2013, December 31, 2012 and September 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 September 30, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		September 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	244,144	$	-	$	-	$	244,144
Investments in partnerships		-		23,146		-		23,146
Investments in securities:
AFS - Common stocks		36,297		-		-		36,297
AFS - Mutual funds		1,575		-		-		1,575
Trading - Gov't obligations		21,000		-		-		21,000
Trading - Common stocks		165,776		-		667		166,443
Trading - Mutual funds		12,010		-		-		12,010
Trading - Other		32		104		283		419
Total investments in securities		236,690		104		950		237,744
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,272		-		-		40,272
AFS - Mutual Funds		3,404		-		-		3,404
Trading - Mutual funds		12		-		-		12
Total investments in sponsored
registered investment companies		43,688		-		-		43,688
Total investments		280,378		23,250		950		304,578
Total assets at fair value	$	524,522	$	23,250	$	950	$	548,722
Liabilities
Trading - Common stocks	$	7,003	$	-	$	-	$	7,003
Trading - Other		-		722		-		722
Securities sold, not yet purchased	$	7,003	$	722	$	-	$	7,725

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 September 30, 2012 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		September 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2012
Cash equivalents	$	288,450	$	-	$	-	$	288,450
Investments in partnerships		-		24,976		-		24,976
Investments in securities:
AFS - Common stocks		32,239		-		-		32,239
AFS - Mutual funds		1,673		-		-		1,673
Trading - Gov't obligations		28,742		-		-		28,742
Trading - Common stocks		170,159		10		677		170,846
Trading - Mutual funds		1,461		-		-		1,461
Trading - Other		59		77		348		484
Total investments in securities		234,333		87		1,025		235,445
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		60,731		-		-		60,731
AFS - Mutual Funds		3,468		-		-		3,468
Trading - Mutual funds		24		-		-		24
Total investments in sponsored
registered investment companies		64,223		-		-		64,223
Total investments		298,556		25,063		1,025		324,644
Total assets at fair value	$	587,006	$	25,063	$	1,025	$	613,094
Liabilities
Trading - Common stocks	$	3,816	$	-	$	-	$	3,816
Trading - Other		-		40		-		40
Securities sold, not yet purchased	$	3,816	$	40	$	-	$	3,856

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 September 30, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	June		Unrealized Gains or					Included in		and							Transfers
	30, 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	$	669	$	(2	)	$	-	$	-	$	(2	)	$	-	$	-	$	-	$	667
Trading - Other		284		(1	)		-		-		(1	)		-		-		-		283
Total	$	953	$	(3	)	$	-	$	-	$	(3	)		-	$	-	$	-	$	950

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

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

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	June		Unrealized Gains or				Included in		and							Transfers
	30, 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	$	671	$	6	$	-	$	-	$	6	$	-	$	-		$	-	$	677
Trading - Other		351		15		-		-		15		-		(18	)		-		348
Total	$	1,022	$	21	$	-	$	-	$	21	$	-	$	(18	)	$	-	$	1,025

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

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 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	$	(8	)	$	-	$	-	$	(8	)	$	-	$	-		$	-	$	667
Trading - Other		362		(3	)		-		-		(3	)		3		(79	)		-		283
Total	$	1,037	$	(11	)	$	-	$	-	$	(11	)	$	3	$	(79	)	$	-	$	950

There were no transfers between any Levels during the nine months ended September 30, 2013.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 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	$	30	$	-	$	-	$	30	$	57	$	(80	)	$	-		677
Trading - Other		284		72		-		-		72		18		(26	)		-		348
Total	$	954	$	102	$	-	$	-	$	102	$	75	$	(106	)	$	-		1,025

There were no transfers between any Levels during the nine months ended September 30, 2012.