Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 and 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 December 31, 2014 (in thousands)

	Quoted Prices
	in Active		Significant
	Markets for		Other Observable		Significant		Balance as of
	Identical Assets		Inputs		Unobservable		Decembr 31,
Assets	(Level 1)		(Level 2)		Inputs (Level 3)		2014
Cash equivalents		297,971	$	-	$	-	$	297,971
Investments in partnerships		-		23,803		-		23,803
Investments in securities:
AFS - Common stocks		38,942		-		-		38,942
AFS - Mutual funds		1,368		-		-		1,368
Trading - Gov't obligations		18,996		-		-		18,996
Trading - Common stocks		193,735		1		1,293		195,029
Trading - Mutual funds		3,498		-		-		3,498
Trading - Other		513		897		294		1,704
Total investments in securities		257,052		898		1,587		259,537
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		36,323		-		-		36,323
AFS - Mutual Funds		3,213		-		-		3,213
Trading - Mutual funds		1		-		-		1
Total investments in sponsored registered investment companies		39,537		-		-		39,537
Total investments		296,589		24,701		1,587		322,877
Total assets at fair value Liabilities	$	594,560	$	24,701	$	1,587	$	620,848
Liabilities
Trading - Common stocks	$	9,960	$	-	$	-	$	9,960
Trading - Other		-		635		-		635
Securities sold, not yet purchased	$	9,960	$	635	$	-	$	10,595

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands)

	Quoted Prices
	in Active
	Markets for		Significant		Significant		Balance as of
	Identical Assets		Other Observable		Unobservable		Decembr 31,
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 Liabilities	$	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

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 Measured at Fair Value on a Recurring Basis for the year ended December 31, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized							Net
	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		41	$	-	$	-	$	41	$	-		(343	)	$	895	$	1,293
Trading - Other		284		-		-		-		-		10		-			-		294
Total	$	984	$	41	$	-	$	-	$	41	$	10	$	(343	)	$	895	$	1,587

During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 holdings.  During the year ended December 31, 2014, the Company reclassed approximately $895,000 of investments from Level 1 to Level 3.  The reclassifications were due to decreased availability of market price quotations and were based on the values at the beginning of the period in which the reclass occurred.

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis for the year ended December 31, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized								Net
	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	$	25		$	-	$	-	$	25		$	-	$	-		$	-	$	700
Trading - Other		362		(2	)		-		-		(2	)		3		(79	)		-		284
Total	$	1,037	$	23		$	-	$	-	$	23		$	3	$	(79	)	$	-	$	984

There were no transfers between any Levels during the year ended December 31, 2013.