Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014, December 31, 2013 and June 30, 2013 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, 2014 (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)		2014
Cash equivalents	$	307,154	$	-	$	-	$	307,154
Investments in partnerships		-		24,855		-		24,855
Investments in securities:
AFS - Common stocks		39,334		-		-		39,334
AFS - Mutual funds		1,516		-		-		1,516
Trading - Gov't obligations		23,998		-		-		23,998
Trading - Common stocks		155,805		1		716		156,522
Trading - Mutual funds		3,532		-		-		3,532
Trading - Other		243		157		294		694
Total investments in securities		224,428		158		1,010		225,596
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		37,138		-		-		37,138
AFS - Mutual Funds		3,639		-		-		3,639
Trading - Mutual funds		14		-		-		14
Total investments in sponsored
registered investment companies		40,791		-		-		40,791
Total investments		265,219		25,013		1,010		291,242
Total assets at fair value	$	572,373	$	25,013	$	1,010	$	598,396
Liabilities
Trading - Common stocks	$	13,861	$	-	$	-	$	13,861
Trading - Other		-		468		-		468
Securities sold, not yet purchased	$	13,861	$	468	$	-	$	14,329

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (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)		2013
Cash equivalents	$	209,913	$	-	$	-	$	209,913
Investments in partnerships		-		25,253		-		25,253
Investments in securities:
AFS - Common stocks		43,046		-		-		43,046
AFS - Mutual funds		1,687		-		-		1,687
Trading - Gov't obligations		37,994		-		-		37,994
Trading - Common stocks		123,927		7		700		124,634
Trading - Mutual funds		23,285		-		-		23,285
Trading - Other		23		275		284		582
Total investments in securities		229,962		282		984		231,228
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,624		-		-		40,624
AFS - Mutual Funds		3,408		-		-		3,408
Trading - Mutual funds		10		-		-		10
Total investments in sponsored
registered investment companies		44,042		-		-		44,042
Total investments		274,004		25,535		984		300,523
Total assets at fair value	$	483,917	$	25,535	$	984	$	510,436
Liabilities
Trading - Common stocks	$	6,023	$	-	$	-	$	6,023
Trading - Other		-		155		-		155
Securities sold, not yet purchased	$	6,023	$	155	$	-	$	6,178

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

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, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	March		Unrealized Gains or				Included in		and						Transfers
	31, 2014		(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	$	700	$	16	$	-	$	-	$	16	$	-	$	-	$	-	$	716
Trading - Other		284		-		-		-		-		10		-		-		294
Total	$	984	$	16	$	-	$	-	$	16		10	$	-	$	-	$	1,010

There were no transfers between any Levels during the three months ended June 30, 2014.

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 Six Months Ended June 30,2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		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	$	700	$	16	$	-	$	-	$	16	$	-	$	-	$	-	$	716
Trading - Other		284		-		-		-		-		10		-		-		294
Total	$	984	$	16	$	-	$	-	$	16		10	$	-	$	-	$	1,010

There were no transfers between any Levels during the six months ended June 30, 2014.

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.