Investment in Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investment in Securities [Abstract]

Investments in securities

Investments in securities at March 31, 2015, December 31, 2014 and March 31, 2014 consisted of the following:

	March 31, 2015				December 31, 2014				March 31, 2014
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Government obligations	$	9,998	$	9,998	$	18,994	$	18,996	$	25,989	$	25,999
Common stocks		84,646		105,190		170,977		195,029		113,508		141,276
Mutual funds		2,505		3,596		2,432		3,498		21,131		23,404
Other investments		549		762		743		1,704		544		749
Total trading securities		97,698		119,546		193,146		219,227		161,172		191,428
Available for sale securities:
Common stocks		13,609		37,954		13,637		38,942		15,003		41,538
Mutual funds		627		1,288		681		1,368		700		1,448
Total available for sale securities		14,236		39,242		14,318		40,310		15,703		42,986
Total investments in securities	$	111,934	$	158,788	$	207,464	$	259,537	$	176,875	$	234,414

Securities sold, not yet purchased

Securities sold, not yet purchased at March 31, 2015, December 31, 2014 and March 31, 2014 consisted of the following:

	March 31, 2015				December 31, 2014				March 31, 2014
	Proceeds		Fair Value		Proceeds		Fair Value		Proceeds		Fair Value
Trading securities:	(In thousands)
Common stocks	$	8,485	$	8,530	$	9,835	$	9,960	$	8,837	$	10,469
Other investments		3		39		1		635		85		319
Total securities sold, not yet purchased	$	8,488	$	8,569	$	9,836	$	10,595	$	8,922	$	10,788

Investments in sponsored registered investment companies

Investments in sponsored registered investment companies at March 31, 2015, December 31,2014 and March 31, 2014 consisted of the following:

	March 31, 2015				December 31, 2014				March 31, 2014
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Mutual funds	$	37,097	$	39,871	$	1	$	1	$	19	$	12
Total trading securities		37,097		39,871		1		1		19		12
Available for sale securities:
Closed-end funds		63,538		77,663		21,962		36,323		22,565		38,980
Mutual funds		1,891		3,297		1,898		3,213		1,939		3,441
Total available for sale securities		65,429		80,960		23,860		39,536		24,504		42,421
Total investments in sponsored
registered investment companies	$	102,526	$	120,831	$	23,861	$	39,537	$	24,523	$	42,433

Reclassifications out of accumulated other comprehensive income

The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three months ended March 31, 2015 and 2014 (in thousands):

Amount							Affected Line Items	Reason for
Reclassified							in the Statements	Reclassification
from AOCI							Of Income	from AOCI
Three months ended March 31,
2015				2014
	$	25		$	1,612		Net gain/(loss) from investments	Realized gain on sale of AFS securities
		-			3,141		Other operating expenses/net gain from investments	Realized gain on donation of AFS securities
		25			4,753		Income before income taxes
		(9	)		(1,759	)	Income tax provision
	$	16		$	2,994		Net income

Master netting arrangements for swaps

							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)
March 31, 2015	$	128	$	-	$	128	$	(23	)	$	-	$	105
December 31, 2014		896		-		896		(634	)		-		262
March 31, 2014	$	198	$	-	$	198	$	(198	)	$	-	$	-
							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)
March 31, 2015	$	23	$	-	$	23	$	(23	)	$	-	$	-
December 31, 2014		634		-		634		(634	)		-		-
March 31, 2014	$	277	$	-	$	277	$	(198	)	$	-	$	79

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 March 31, 2015, December 31, 2014 and March 31, 2014:

	March 31, 2015
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	13,609	$	24,345	$	-		$	37,954
Closed-end Funds		63,538		14,150		(25	)		77,663
Mutual funds		2,518		2,101		(34	)		4,585
Total available for sale securities	$	79,665	$	40,596	$	(59	)	$	120,202

	December 31, 2014
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	13,637	$	25,305	$	-		$	38,942
Closed-end Funds		21,962		14,398		(37	)		36,323
Mutual funds		2,579		2,030		(28	)		4,581
Total available for sale securities	$	38,178	$	41,733	$	(65	)	$	79,846

	March 31, 2014
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	15,003	$	26,535	$	-		$	41,538
Closed-end Funds		22,565		16,477		(62	)		38,980
Mutual funds		2,639		2,250		-			4,889
Total available for sale securities	$	40,207	$	45,262	$	(62	)	$	85,407

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:

	March 31, 2015							December 31, 2014							March 31, 2014
			Unrealized							Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value		Cost		Losses			Fair Value
(in thousands)
Cosed-end funds	$	149	$	(25	)	$	124	$	812	$	(37	)	$	775	$	828	$	(62	)	$	766
Mutual Funds		303		(34	)		269		303		(28	)		275		-		-			-
Total	$	452	$	(59	)	$	393	$	1,115	$	(65	)	$	1,050	$	828	$	(62	)	$	766