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UNAUDITED QUARTERLY FINANCIAL DATA (Tables)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
The following sets forth the Company's operating results by quarter (in thousands, except share data):
Quarterly Results for 2013 (1)
March 31
 
June 30
 
September 30
 
December 31
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Revenues
$
15,449

 
$
14,563

 
$
24,422

 
$
22,141

Revenues from consolidated VIE - RSO
30,578

 
21,647

 
23,786

 
14,996

Elimination of consolidated VIE revenues attributed to operating segments
(2,700
)
 
(2,725
)
 
(5,183
)
 
(3,226
)
Total revenues
43,327

 
33,485

 
43,025

 
33,911

Operating income (loss)
14,873

 
10,124

 
12,806

 
(734
)
Income from continuing operations 
12,769

 
9,511

 
27,190

 
2,559

Loss from discontinued operations
(2
)
 
—

 
—

 
—

Net income
12,767

 
9,511

 
27,190

 
2,559

Net loss (income) attributable to noncontrolling interests
43

 
(26
)
 
(40
)
 
3

Net income attributable to noncontrolling interests - RSO
(12,314
)
 
(8,372
)
 
(23,708
)
 
(1,187
)
Net income attributable to common shareholders
496

 
1,113

 
3,442

 
1,375

 
 
 
 
 
 
 
 
Basic earnings per common share:
 

 
 

 
 

 
 

Continuing operations
$
0.02

 
$
0.05

 
$
0.17

 
$
0.07

Discontinued operations
—

 
—

 
—

 
—

Net income
$
0.02

 
$
0.05

 
$
0.17

 
$
0.07

 
 
 
 
 
 
 
 
Diluted earnings per common share:
 

 
 

 
 

 
 

Continuing operations
$
0.02

 
$
0.05

 
$
0.16

 
$
0.06

Discontinued operations
—

 
—

 
—

 
—

Net income
$
0.02

 
$
0.05

 
$
0.16

 
$
0.06


















Quarterly Results for 2012 (2)
March 31
 
June 30
 
September 30
 
December 31
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Revenues
$
14,780

 
$
13,784

 
$
17,208

 
$
15,705

Revenues from consolidated VIE - RSO
28,726

 
26,262

 
35,669

 
33,041

Elimination of consolidated VIE revenues attributed to operating segments
(3,510
)
 
(4,235
)
 
(4,988
)
 
(4,811
)
Total revenues
39,996

 
35,811

 
47,889

 
43,935

Operating income
13,478

 
5,810

 
16,238

 
7,761

Income from continuing operations
11,625

 
46,215

 
15,622

 
13,727

Loss from discontinued operations
(16
)
 
(14
)
 
(8
)
 
(6
)
Net income
11,609

 
46,201

 
15,614

 
13,721

Net loss (income) attributable to noncontrolling interests
39

 
(45
)
 
36

 
(587
)
Net income attributable to noncontrolling interests - RSO
(14,030
)
 
(15,945
)
 
(17,917
)
 
(14,668
)
Net (loss) income attributable to common shareholders
(2,382
)
 
30,211

 
(2,267
)
 
(1,534
)
 
 
 
 
 
 
 
 
Basic (loss) earnings per common share:
 

 
 

 
 

 
 

Continuing operations
$
(0.12
)
 
$
1.53

 
$
(0.11
)
 
$
(0.08
)
Discontinued operations
—

 
—

 
—

 
—

Net (loss) income
$
(0.12
)
 
$
1.53

 
$
(0.11
)
 
$
(0.08
)
 
 
 
 
 
 
 
 
Diluted (loss) earnings per common share:
 
 
 
 
 
 
 
Continuing operations
$
(0.12
)
 
$
1.44

 
$
(0.11
)
 
$
(0.08
)
Discontinued operations
—

 
—

 
—

 
—

Net (loss) income
$
(0.12
)
 
$
1.44

 
$
(0.11
)
 
$
(0.08
)

 
Significant events by quarter within the years ended 2013 and 2012 are presented below (net of tax amounts are calculated excluding discrete tax items):
(1)
2013
•
March 31 – included a gain of $1.6 million ($1.4 million net of tax, or $0.06 per share-diluted) related to sale of a real estate joint venture interest and the reversal of a $1.0 million ($841,000 net of tax, or $0.04 per share-diluted) provision for credit losses related to receivables from that entity as well as the reversal of a $1.5 million ($1.3 million net of tax, or $0.06 per share-diluted) provision related to receivables from other real estate investment entities; these gains were offset, in part, by a $2.9 million ($2.5 million net of tax, or $0.11 per share-diluted) provision for credit losses related to management fees due from three of the commercial finance investment partnerships that, based on changes in estimated cash flows, were not expected to be collectible.
•
June 30 – no significant events.
•
September 30 – included a $2.0 million ($1.7 million net of tax, or $0.08 per share-diluted) structuring and placement fee earned for underwriting a European CLO; offset by an additional provision for credit losses of $1.8 million ($1.5 million net of tax, or $0.07 per share-diluted) related to receivables from the commercial finance investment partnerships.
•
December 31 – no significant events.
(2)
2012
•
March 31 – included a restructuring charge of $365,000 ($234,000 net of tax, or $0.01 per share-diluted) which consisted of severance and benefits for terminated employees.
•
June 30 – included a $54.7 million ($34.5 million net of tax, or $1.64 per share-diluted) gain on the sale of Apidos, offset, in part, by a $5.7 million ($3.6 million net of tax, or $0.17 per share diluted) additional provision for credit losses related to the commercial finance investment entities.
•
September 30 – included a $2.3 million ($1.9 million net of tax, or $0.09 per share-diluted) impairment charge in a legacy real estate investment and an additional provision for credit losses of $6.3 million ($5.1 million net of tax, or $0.24 per share-diluted) related to the commercial finance investment partnerships.
•
December 31 - included an additional provision for credit losses of $4.5 million ($2.4 million net of tax, or $0.11 per share-diluted) related to the commercial finance investment partnerships.