XML 41 R31.htm IDEA: XBRL DOCUMENT

Investment in Securities (Tables)

12 Months Ended

Dec. 31, 2013

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

	2013				2012
	Cost		Fair Value		Cost		Fair Value
(In thousands)
Trading securities:
Government obligations		37,986		37,994	$	42,973		42,989
Common stocks		96,225		124,634		125,697		138,478
Mutual funds		21,074		23,285		1,072		1,484
Other investments		287		582		328		630
Total trading securities		155,572		186,495		170,070		183,581

Available for sale securities:
Common stocks		13,389		43,046		14,822		33,560
Mutual funds		843		1,687		1,105		1,702
Total available for sale securities		14,232		44,733		15,927		35,262

Total investments in securities	$	169,804	$	231,228	$	185,997	$	218,843

Securities sold, not yet purchased

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

	2013				2012
	Cost		Fair Value		Cost		Fair Value
(In thousands)
Trading securities:
Common stocks		5,319		6,023	$	2,593	$	2,867
Other		-		155		184		269
Total securities sold, not yet purchased	$	5,319	$	6,178	$	2,777	$	3,136

Investments in sponsored registered investment companies

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

	2013				2012
	Cost		Fair Value		Cost		Fair Value
(In thousands)
Trading securities:
Mutual funds	$	19	$	10	$	19	$	20
Total trading securities		19		10		19		20

Available for sale securities:
Closed-end funds		23,100		40,624		35,868		58,511
Mutual funds		1,951		3,408		2,055		3,341
Total available for sale securities		25,051		44,032		37,923		61,852

Total investments in sponsored registered
investment companies	$	25,070	$	44,042	$	37,942	$	61,872

Reclassifications out of accumulated other comprehensive income

The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2013 (in thousands):

Amount				Affected Line Item in	Reason for
Reclassified				in the Statements	Reclassification
from AOCI				Of Income	from AOCI
Twelve months ended
December 31, 2013

	$	17,688		Net gain from investments	Realized gain / (loss) on sale of AFS securities
		3,650		Other operating expenses	Donation of AFS securities
		(97	)	Net gain from investments	Other than temporary impairment of AFS securities
		21,241		Income before income taxes
		(7,859	)	Income tax provision
	$	13,382		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 Position
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Assets Presented
	Recognized		Statements of		in the Statements		Financial		Cash Collateral
	Assets		Financial Position		of Financial Position		Instruments		Pledged		Net Amount
Swaps:
December 31, 2013	$	275	$	-	$	275	$	(155)	$	-	$	120
December 31, 2012	$	148	$	-	$	148	$	(132)	$	-	$	16

							Gross Amounts Not Offset in the
							Statements of Financial Position
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Liabilities Presented
	Recognized		Statements of		in the Statements		Financial		Cash Collateral
	Liabilities		Financial Position		of Financial Position		Instruments		Pledged		Net Amount
Swaps:
December 31, 2013	$	155	$	-	$	155	$	(155)	$	-	$	-
December 31, 2012	$	132	$	-	$	132	$	(132)	$	-	$	-

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 December 31, 2013 and December 31, 2012:

	December 31, 2013
			Gross			Gross
			Unrealized			Unrealized
	Cost		Gains			Losses			Fair Value
			(In thousands)
Common stocks		13,389			29,657	$	-		$	43,046
Closed-end Funds		23,100			17,654		(130	)		40,624
Mutual funds		2,794			2,325		(24	)		5,095
Total available for sale securities	$	39,283		$	49,636	$	(154	)	$	88,765

	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

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:

	December 31, 2013							December 31, 2012
			Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value
(in thousands)
Closed-end Funds	$	912	$	(130	)	$	782	$	-		-		$	-
Mutual Funds		303		(24	)		279		73		(2	)		71
Total available for sale securities	$	1,215	$	(154	)	$	1,061	$	73	$	(2	)	$	71

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-1

-Paragraph 21

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 19, 20, 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 17

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References+ Details