Piper Sandler Companies (PIPR) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PJC
Entity Registrant Name	Piper Jaffray Companies
Entity Central Index Key	1,230,245
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		15,052,049

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 18,879	$ 41,359
Cash and cash equivalents segregated for regulatory purposes	53,022	29,015
Receivables:
Customers	23,488	31,917
Brokers, dealers and clearing organizations	194,286	212,730
Securities purchased under agreements to resell	227,011	159,697
Financial instruments and other inventory positions owned	567,210	464,610
Financial instruments and other inventory positions owned and pledged as collateral	451,083	594,361
Total financial instruments and other inventory positions owned	1,018,293	1,058,971
Fixed assets (net of accumulated depreciation and amortization of $57,859 and $58,308, respectively)	25,402	25,343
Goodwill	196,218	196,218
Intangible assets (net of accumulated amortization of $73,839 and $70,017, respectively)	33,412	37,234
Investments	159,675	168,057
Other assets	163,471	164,962
Total assets	2,113,157	2,125,503
Liabilities and Shareholders’ Equity
Short-term financing	297,146	418,832
Senior notes	175,000	175,000
Payables:
Customers	41,594	29,352
Brokers, dealers and clearing organizations	204,063	40,842
Securities sold under agreements to repurchase	10,457	15,046
Financial instruments and other inventory positions sold, but not yet purchased	404,539	299,357
Accrued compensation	117,821	288,255
Other liabilities and accrued expenses	40,581	42,553
Total liabilities	1,291,201	1,309,237
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at March 31, 2017 and December 31, 2016; Shares issued: 19,509,951 at March 31, 2017 and 19,535,307 at December 31, 2016; Shares outstanding: 12,784,865 at March 31, 2017 and 12,391,970 at December 31, 2016	195	195
Additional paid-in capital	784,739	788,927
Retained earnings	272,706	257,188
Less common stock held in treasury, at cost: 6,725,086 at March 31, 2017 and 7,143,337 shares at December 31, 2016	(277,099)	(284,461)
Accumulated other comprehensive loss	(2,376)	(2,599)
Total common shareholders’ equity	778,165	759,250
Noncontrolling interests	43,791	57,016
Total shareholders’ equity	821,956	816,266
Total liabilities and shareholders’ equity	$ 2,113,157	$ 2,125,503

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 57,859	$ 58,308
Accumulated amortization on intangible assets	$ 73,839	$ 70,017
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,509,951	19,535,307
Common stock, shares outstanding	12,784,865	12,391,970
Common stock held in treasury, shares	6,725,086	7,143,337

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Investment banking	$ 132,250	$ 103,938
Institutional brokerage	39,136	32,049
Asset management	16,007	13,848
Interest	7,719	8,829
Investment income	10,375	937
Total revenues	205,487	159,601
Interest expense	4,958	6,045
Net revenues	200,529	153,556
Non-interest expenses:
Compensation and benefits	134,378	104,436
Outside services	10,328	8,451
Occupancy and equipment	8,462	7,718
Communications	7,616	7,330
Marketing and business development	7,547	7,004
Trade execution and clearance	1,811	1,762
Restructuring and integration costs	0	6,773
Intangible asset amortization expense	3,822	3,296
Back office conversion costs	866	0
Other operating expenses	2,890	3,344
Total non-interest expenses	177,720	150,114
Income before income tax expense/(benefit)	22,809	3,442
Income tax expense/(benefit)	(395)	256
Net income	23,204	3,186
Net income applicable to noncontrolling interests	2,929	749
Net income applicable to Piper Jaffray Companies	20,275	2,437
Net income applicable to Piper Jaffray Companies’ common shareholders	$ 16,828	$ 2,124
Earnings per common share
Basic	$ 1.33	$ 0.16
Diluted	1.31	0.16
Dividends declared per common share	$ 0.3125	$ 0
Weighted average number of common shares outstanding
Basic	12,594	13,160
Diluted	12,922	13,172

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 23,204	$ 3,186
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	223	(403)
Comprehensive income	23,427	2,783
Comprehensive income applicable to noncontrolling interests	2,929	749
Comprehensive income applicable to Piper Jaffray Companies	$ 20,498	$ 2,034

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities:
Net income	$ 23,204	$ 3,186
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets	1,703	1,458
Deferred income taxes	13,916	6,436
Stock-based and deferred compensation	4,676	10,064
Amortization of intangible assets	3,822	3,296
Amortization of forgivable loans	1,820	2,051
Decrease/(increase) in operating assets:
Cash and cash equivalents segregated for regulatory purposes	(24,007)	33,980
Receivables:
Customers	8,428	12,748
Brokers, dealers and clearing organizations	18,444	(36,899)
Securities purchased under agreements to resell	(71,423)	17,899
Net financial instruments and other inventory positions owned	145,860	(85,486)
Investments	8,382	(12,878)
Other assets	(14,170)	(12,732)
Payables:
Customers	12,242	7,277
Brokers, dealers and clearing organizations	163,221	122,800
Securities sold under agreements to repurchase	(480)	2,809
Accrued compensation	(153,843)	(133,238)
Other liabilities and accrued expenses	(1,993)	(17,075)
Net cash provided by/(used in) operating activities	139,802	(74,304)
Investing Activities:
Business acquisitions, net of cash acquired	0	70,230
Purchases of fixed assets, net	(1,756)	(1,331)
Net cash used in investing activities	(1,756)	(71,561)
Financing Activities:
Increase/(decrease) in short-term financing	(121,686)	12,853
Increase in securities sold under agreements to repurchase	0	5,416
Payment of cash dividend	(4,746)	0
Increase/(decrease) in noncontrolling interests	(16,154)	7,262
Repurchase of common stock	(19,788)	(19,445)
Reduced tax benefit from stock-based compensation	0	(895)
Proceeds from stock option exercises	1,703	0
Net cash provided by/(used in) financing activities	(160,671)	5,191
Currency adjustment:
Effect of exchange rate changes on cash	145	(96)
Net decrease in cash and cash equivalents	(22,480)	(140,770)
Cash and cash equivalents at beginning of period	41,359	189,910
Cash and cash equivalents at end of period	18,879	49,140
Supplemental disclosure of cash flow information –
Interest	4,464	6,067
Income taxes	7,710	19,827
Non-cash investing and financing activities –
25,525 shares for the three months ended March 31, 2016	0	1,074
198,981 shares and 843,889 shares for the three months ended March 31, 2017 and 2016, respectively	$ 16,187	$ 35,089

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Issuance of common stock related to the acquisition of Simmons & Company International:	0	25,525
Issuance of restricted common stock for annual equity award:	198,981	843,889

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Piper Jaffray Companies is the parent company of Piper Jaffray & Co. ("Piper Jaffray"), a securities broker dealer and investment banking firm; Piper Jaffray Ltd., a firm providing securities brokerage and mergers and acquisitions services in Europe headquartered in London, England; Simmons & Company International Limited ("SCIL"), a firm providing mergers and acquisitions services to the energy industry headquartered in Aberdeen, Scotland; Advisory Research, Inc. ("ARI"), which provides asset management services to separately managed accounts, closed-end and open-end funds and partnerships; Piper Jaffray Investment Group Inc., which consists of entities providing alternative asset management services; Piper Jaffray Financial Products Inc. and Piper Jaffray Financial Products II Inc., entities that facilitate derivative transactions; and other immaterial subsidiaries. Piper Jaffray Companies and its subsidiaries (collectively, the "Company") operate in two reporting segments: Capital Markets and Asset Management. A summary of the activities of each of the Company’s business segments is as follows: Capital Markets The Capital Markets segment provides investment banking services and institutional sales, trading and research services. Investment banking services include management of and participation in underwritings, financial advisory services and public finance activities. Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, and profits and losses from trading these securities. Also, the Company generates revenue through strategic trading and investing activities, which focus on investments in municipal bonds, U.S. government agency securities, and merchant banking activities involving equity or debt investments in late stage private companies. The Company has created alternative asset management funds in merchant banking, energy and senior living in order to invest firm capital and to manage capital from outside investors. The Company receives management and performance fees for managing these funds. Asset Management The Asset Management segment provides traditional asset management services with product offerings in equity securities and master limited partnerships to institutions and individuals. Revenues are generated in the form of management and performance fees. Revenues are also generated through investments in the partnerships and funds that the Company manages. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Pursuant to this guidance, certain information and disclosures have been omitted that are included within complete annual financial statements. Except as disclosed herein, there have been no material changes in the information reported in the financial statements and related disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . The consolidated financial statements include the accounts of Piper Jaffray Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. Noncontrolling interests include the minority equity holders’ proportionate share of the equity in the Company's alternative asset management funds. All material intercompany balances have been eliminated. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

Accounting Policies and Pronoun

Accounting Policies and Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Policies and Pronouncements	Accounting Policies and Pronouncements Summary of Significant Accounting Policies Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 for a full description of the Company's significant accounting policies. Changes to the Company's significant accounting policies are described below. Stock-Based Compensation Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 718, "Compensation — Stock Compensation," ("ASC 718") requires all stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair value of the award. Compensation expense related to stock-based awards that do not require future service are recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service are amortized over the relevant service period. Forfeitures of awards with service conditions are accounted for when they occur. See Note 16 for additional information on the Company's accounting for stock-based compensation. Adoption of New Accounting Standards Stock-Based Compensation In March 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 made targeted amendments to the accounting for share-based payments to employees. It became effective for the Company as of January 1, 2017. There was no impact to the Company’s retained earnings upon adoption of ASU 2016-09. Under ASU 2016-09, the Company recognizes the income tax effects of stock awards in the income statement when the awards vest or are settled. In the first quarter of 2017, this accounting change resulted in the recording of a $7.0 million tax benefit for stock awards vesting during the period. Prior to the adoption of this ASU, this amount would have been recorded directly to additional paid-in capital. In addition, the Company has elected to account for forfeitures of awards with service conditions as they occur. This will result in dividends originally charged against retained earnings for forfeited, unvested stock-based payment awards to be reclassified to compensation expense in the period in which the forfeiture occurs. Furthermore, tax impacts from the vesting of stock-based compensation are presented as an operating activity on the consolidated statements of cash flows on a prospective basis. Future Adoption of New Applicable Accounting Standards Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," ("ASU 2014-09") which supersedes current revenue recognition guidance, including most industry-specific guidance. ASU 2014-09 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services, and also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue that is recognized. The FASB has subsequently issued various ASUs which amend specific areas of guidance in ASU 2014-09. The Company’s implementation efforts include the identification of revenue within the scope of the guidance, and the potential impact on its consolidated results of operations and disclosures. The current broker dealer industry treatment of netting deal expenses with investment banking revenues, the timing of performance fee recognition related to consolidated alternative asset management entities, and fees received for equity research may be impacted by the new guidance. The Company is also evaluating whether certain asset management contract costs can be capitalized on the consolidated statements of financial position. The Company will adopt this guidance effective as of January 1, 2018. The two permitted transition methods under ASU 2014-09 are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, under which the cumulative effect of applying the standard would be recognized at the date of initial application. The Company is in the process of determining its method of adoption, which depends, in part, upon the completion of further analysis. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). The amendments in ASU 2016-01 address certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for annual and interim periods beginning after December 15, 2017. Except for the early application guidance outlined in ASU 2016-01, early adoption is not permitted. The adoption of ASU 2016-01 is not expected to have a material impact on the Company's results of operations or financial position, but may impact the Company's disclosures. Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability on the consolidated statements of financial position and disclose key information about leasing arrangements. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current U.S. GAAP. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. As of December 31, 2016, the Company had approximately 65 operating leases for office space with aggregate minimum lease commitments of $78.4 million . The Company is evaluating other service contracts which may include embedded leases. Upon adoption of ASU 2016-02, the Company does not expect material changes to the recognition of rent expense in its consolidated statements of operations. The impact of the new guidance on Piper Jaffray’s net capital is expected to be minimal. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). The new guidance requires an entity to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts as opposed to delaying recognition until the loss was probable of occurring. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The amendments in ASU 2016-15 are effective for annual and interim periods beginning after December 31, 2017 and should be applied retrospectively. Early adoption is permitted. The Company expects that only a limited number of amendments will impact the presentation of its consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). Under ASU 2016-18, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the consolidated statements of cash flows. ASU 2016-18 is effective for annual and interim periods beginning after December 15, 2017 and should be applied retrospectively. Early adoption is permitted. Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (i.e., perform a hypothetical purchase price allocation) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 is effective for the Company’s annual and any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied prospectively. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017.

Acquisition of Simmons & Compan

Acquisition of Simmons & Company International	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisition of Simmons & Company International	Acquisition of Simmons & Company International On February 26, 2016 , the Company completed the acquisition of Simmons & Company International ("Simmons"), an employee-owned investment bank and broker dealer focused on the energy industry. The economic value of the acquisition was approximately $140.0 million . The Company acquired net assets with a fair value of $119.3 million . As part of the purchase price, the Company issued 1,149,340 restricted shares valued at $48.2 million as equity consideration on the acquisition date. Employees must fulfill service requirements in exchange for the rights to the shares. Compensation expense will be amortized on a straight-line basis over the requisite service period of one or three years (a weighted average service period of 2.7 years ). The fair value of the restricted stock was determined using the market price of the Company's common stock on the date of the acquisition. The Company also entered into acquisition-related compensation arrangements with certain employees of $20.6 million which consisted of cash ( $9.0 million ) and restricted stock ( $11.6 million ) for retention purposes. Compensation expense related to these arrangements will be amortized on a straight-line basis over the requisite service period of three years . Additional cash compensation may be available to certain investment banking employees subject to exceeding an investment banking revenue threshold during the three year post-acquisition period to the extent they are employed by the Company at the time of payment. Amounts estimated to be payable related to this performance award plan will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period of three years . As of March 31, 2017 , the Company had accrued $5.6 million related to this performance award plan. The acquisition was accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets within the Capital Markets segment. The Company recorded $60.7 million of goodwill on its consolidated statements of financial condition, of which $59.4 million is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of Simmons. Identifiable intangible assets purchased by the Company consisted of customer relationships and the Simmons trade name with acquisition-date fair values of $17.5 million and $9.1 million , respectively. Transaction costs of $0.5 million were incurred for the three months ended March 31, 2016 , and are included in restructuring and integration costs on the consolidated statements of operations. Simmons’ results of operations have been included in the Company's consolidated financial statements prospectively beginning on the date of acquisition. The acquisition has been fully integrated with the Company's existing operations. Accordingly, post-acquisition revenues and net income are not discernible. The following unaudited pro forma financial data assumes the acquisition had occurred on January 1, 2015, the beginning of the prior annual period in which the acquisition occurred. Pro forma results have been prepared by adjusting the Company's historical results to include Simmons' results of operations adjusted for the following changes: amortization expense was adjusted to account for the acquisition-date fair value of intangible assets; compensation and benefits expenses were adjusted to reflect such expenses based on the Company’s compensation arrangements and the restricted stock issued as equity consideration; and the income tax effect of applying the Company's statutory tax rates to Simmons’ results of operations. The Company's unaudited pro forma information presented does not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period presented, does not contemplate anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future periods. Three Months Ended (Dollars in thousands) March 31, 2016 Net revenues $ 161,353 Net loss applicable to Piper Jaffray Companies (656 )

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	3 Months Ended
	Mar. 31, 2017
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, Not Yet Purchased	Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased March 31, December 31, (Dollars in thousands) 2017 2016 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 45,160 $ 6,363 Convertible securities 53,781 103,486 Fixed income securities 36,882 21,018 Municipal securities: Taxable securities 66,284 63,090 Tax-exempt securities 380,799 559,329 Short-term securities 62,163 35,175 Mortgage-backed securities 5,492 5,638 U.S. government agency securities 342,669 205,685 U.S. government securities 521 29,970 Derivative contracts 24,542 29,217 Total financial instruments and other inventory positions owned 1,018,293 1,058,971 Less noncontrolling interests (1) — (57,700 ) $ 1,018,293 $ 1,001,271 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 81,707 $ 89,453 Fixed income securities 22,508 17,324 U.S. government agency securities 21,790 6,723 U.S. government securities 273,030 180,650 Derivative contracts 5,504 5,207 Total financial instruments and other inventory positions sold, but not yet purchased 404,539 299,357 Less noncontrolling interests (2) — (631 ) $ 404,539 $ 298,726 (1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $1.3 million of taxable municipal securities, $55.2 million of tax-exempt municipal securities, and $1.2 million of derivative contracts as of December 31, 2016 . (2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of U.S. government securities as of December 31, 2016 . At March 31, 2017 and December 31, 2016 , financial instruments and other inventory positions owned in the amount of $451.1 million and $594.4 million , respectively, had been pledged as collateral for short-term financings and repurchase agreements. Financial instruments and other inventory positions sold, but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated statements of financial condition. The Company economically hedges changes in the market value of its financial instruments and other inventory positions owned using inventory positions sold, but not yet purchased, interest rate derivatives, credit default swap index contracts, U.S. treasury bond futures and exchange traded options. Derivative Contract Financial Instruments The Company uses interest rate swaps, interest rate locks, credit default swap index contracts, U.S. treasury bond futures and equity option contracts as a means to manage risk in certain inventory positions. The Company also enters into interest rate swaps to facilitate customer transactions. The following describes the Company’s derivatives by the type of transaction or security the instruments are economically hedging. Customer matched-book derivatives: The Company enters into interest rate derivative contracts in a principal capacity as a dealer to satisfy the financial needs of its customers. The Company simultaneously enters into an interest rate derivative contract with a third party for the same notional amount to hedge the interest rate and credit risk of the initial client interest rate derivative contract. In certain limited instances, the Company has only hedged interest rate risk with a third party, and retains uncollateralized credit risk as described below. The instruments use interest rates based upon either the London Interbank Offer Rate ("LIBOR") index or the Securities Industry and Financial Markets Association ("SIFMA") index. Trading securities derivatives: The Company enters into interest rate derivative contracts and uses U.S. treasury bond futures to hedge interest rate and market value risks associated with its fixed income securities. These instruments use interest rates based upon either the Municipal Market Data ("MMD") index, LIBOR or the SIFMA index. The Company also enters into credit default swap index contracts to hedge credit risk associated with its taxable fixed income securities and option contracts to hedge market value risk associated with its convertible securities. Derivatives are reported on a net basis by counterparty (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of offset exists and on a net basis by cross product when applicable provisions are stated in master netting agreements. Cash collateral received or paid is netted on a counterparty basis, provided a legal right of offset exists. The total absolute notional contract amount, representing the absolute value of the sum of gross long and short derivative contracts, provides an indication of the volume of the Company's derivative activity and does not represent gains and losses. The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: March 31, 2017 December 31, 2016 (Dollars in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 276,781 $ 261,052 $ 3,314,630 $ 288,955 $ 272,819 $ 3,330,207 Trading securities 1,633 4,011 402,650 13,952 1,707 423,550 Credit default swap index Trading securities — — — — 127 7,470 $ 278,414 $ 265,063 $ 3,717,280 $ 302,907 $ 274,653 $ 3,761,227 (1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition. The Company’s derivative contracts do not qualify for hedge accounting, therefore, unrealized gains and losses are recorded on the consolidated statements of operations. The gains and losses on the related economically hedged inventory positions are not disclosed below as they are not in qualifying hedging relationships. The following table presents the Company’s unrealized gains/(losses) on derivative instruments: Three Months Ended (Dollars in thousands) March 31, Derivative Category Operations Category 2017 2016 Interest rate derivative contract Investment banking $ (292 ) $ (1,172 ) Interest rate derivative contract Institutional brokerage (14,738 ) 1,744 Credit default swap index contract Institutional brokerage 255 389 Futures and equity option derivative contracts Institutional brokerage — 29 $ (14,775 ) $ 990 Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. Credit exposure associated with the Company’s derivatives is driven by uncollateralized market movements in the fair value of the contracts with counterparties and is monitored regularly by the Company’s financial risk committee. The Company considers counterparty credit risk in determining derivative contract fair value. The majority of the Company’s derivative contracts are substantially collateralized by its counterparties, who are major financial institutions. The Company has a limited number of counterparties who are not required to post collateral. Based on market movements, the uncollateralized amounts representing the fair value of the derivative contract can become material, exposing the Company to the credit risk of these counterparties. As of March 31, 2017 , the Company had $22.1 million of uncollateralized credit exposure with these counterparties (notional contract amount of $183.1 million ), including $15.1 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Based on the nature of the Company’s business and its role as a "dealer" in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. The Company’s processes are designed to ensure that the fair values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, unobservable inputs are developed based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations and other security-specific information. Valuation adjustments related to illiquidity or counterparty credit risk are also considered. In estimating fair value, the Company may utilize information provided by third party pricing vendors to corroborate internally-developed fair value estimates. The Company employs specific control processes to determine the reasonableness of the fair value of its financial instruments. The Company’s processes are designed to ensure that the internally-estimated fair values are accurately recorded and that the data inputs and the valuation techniques used are appropriate, consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. Individuals outside of the trading departments perform independent pricing verification reviews as of each reporting date. The Company has established parameters which set forth when the fair value of securities are independently verified. The selection parameters are generally based upon the type of security, the level of estimation risk of a security, the materiality of the security to the Company’s financial statements, changes in fair value from period to period, and other specific facts and circumstances of the Company’s securities portfolio. In evaluating the initial internally-estimated fair values made by the Company’s traders, the nature and complexity of securities involved (e.g., term, coupon, collateral, and other key drivers of value), level of market activity for securities, and availability of market data are considered. The independent price verification procedures include, but are not limited to, analysis of trade data (both internal and external where available), corroboration to the valuation of positions with similar characteristics, risks and components, or comparison to an alternative pricing source, such as a discounted cash flow model. The Company’s valuation committee, comprised of members of senior management and risk management, provides oversight and overall responsibility for the internal control processes and procedures related to fair value measurements. The following is a description of the valuation techniques used to measure fair value. Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their net asset value and classified as Level I. Financial Instruments and Other Inventory Positions Owned The Company records financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased at fair value on the consolidated statements of financial condition with unrealized gains and losses reflected on the consolidated statements of operations. Equity securities – Exchange traded equity securities are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level I. Non-exchange traded equity securities (principally hybrid preferred securities) are measured primarily using broker quotations, prices observed for recently executed market transactions and internally-developed fair value estimates based on observable inputs and are categorized within Level II of the fair value hierarchy. Convertible securities – Convertible securities are valued based on observable trades, when available. Accordingly, these convertible securities are categorized as Level II. Corporate fixed income securities – Fixed income securities include corporate bonds which are valued based on recently executed market transactions of comparable size, internally-developed fair value estimates based on observable inputs, or broker quotations. Accordingly, these corporate bonds are categorized as Level II. Taxable municipal securities – Taxable municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Certain illiquid taxable municipal securities are valued using market data for comparable securities (maturity and sector) and management judgment to infer an appropriate current yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of the individual security and are therefore categorized as Level III. Tax-exempt municipal securities – Tax-exempt municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Certain illiquid tax-exempt municipal securities are valued using market data for comparable securities (maturity and sector) and management judgment to infer an appropriate current yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of the individual security and are therefore categorized as Level III. Short-term municipal securities – Short-term municipal securities include auction rate securities, variable rate demand notes, and other short-term municipal securities. Variable rate demand notes and other short-term municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Auction rate securities with limited liquidity are categorized as Level III and are valued using discounted cash flow models with unobservable inputs such as the Company’s expected recovery rate on the securities. Mortgage-backed securities – Mortgage-backed securities are valued using observable trades, when available. Certain mortgage-backed securities are valued using models where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data. These mortgage-backed securities are categorized as Level II. Other mortgage-backed securities, which are principally collateralized by residential mortgages, have experienced low volumes of executed transactions resulting in less observable transaction data. Certain mortgage-backed securities collateralized by residential mortgages are valued using cash flow models that utilize unobservable inputs including credit default rates, prepayment rates, loss severity and valuation yields. As judgment is used to determine the range of these inputs, these mortgage-backed securities are categorized as Level III. U.S. government agency securities – U.S. government agency securities include agency debt bonds and mortgage bonds. Agency debt bonds are valued by using either direct price quotes or price quotes for comparable bond securities and are categorized as Level II. Mortgage bonds include bonds secured by mortgages, mortgage pass-through securities, agency collateralized mortgage-obligation ("CMO") securities and agency interest-only securities. Mortgage pass-through securities, CMO securities and interest-only securities are valued using recently executed observable trades or other observable inputs, such as prepayment speeds and therefore are generally categorized as Level II. Mortgage bonds are valued using observable market inputs, such as market yields ranging from 187 - 573 basis points ("bps") on spreads over U.S. treasury securities, or models based upon prepayment expectations ranging from 0% - 21% conditional prepayment rate ("CPR"). These securities are categorized as Level II. U.S. government securities – U.S. government securities include highly liquid U.S. treasury securities which are generally valued using quoted market prices and therefore categorized as Level I. The Company does not transact in securities of countries other than the U.S. government. Derivatives – Derivative contracts include interest rate swaps, interest rate locks, credit default swap index contracts, U.S. treasury bond futures and equity option contracts. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. The Company's equity option derivative contracts are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these contracts are actively traded and valuation adjustments are not applied, they are categorized as Level I. The Company’s credit default swap index contracts are valued using market price quotations and are classified as Level II. The majority of the Company’s interest rate derivative contracts, including both interest rate swaps and interest rate locks, are valued using market standard pricing models based on the net present value of estimated future cash flows. The valuation models used do not involve material subjectivity as the methodologies do not entail significant judgment and the pricing inputs are market observable, including contractual terms, yield curves and measures of volatility. These instruments are classified as Level II within the fair value hierarchy. Certain interest rate locks transact in less active markets and were valued using valuation models that included the previously mentioned observable inputs and certain unobservable inputs that required significant judgment, such as the premium over the MMD curve. These instruments are classified as Level III. Investments The Company’s investments valued at fair value include equity investments in private companies and partnerships, investments in registered mutual funds, warrants of public and private companies and private company debt. Investments in registered mutual funds are valued based on quoted prices on active markets and classified as Level I. Company-owned warrants, which have a cashless exercise option, are valued based upon the Black-Scholes option-pricing model and certain unobservable inputs. The Company applies a liquidity discount to the value of its warrants in public and private companies. For warrants in private companies, valuation adjustments, based upon management’s judgment, are made to account for differences between the measured security and the stock volatility factors of comparable companies. Company-owned warrants are reported as Level III assets. Investments in private companies are valued based on an assessment of each underlying security, considering rounds of financing, third party transactions and market-based information, including comparable company transactions, trading multiples (e.g., multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA")) and changes in market outlook, among other factors. These securities are generally categorized as Level III. Fair Value Option – The fair value option permits the irrevocable fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The fair value option was elected for certain merchant banking and other investments at inception to reflect economic events in earnings on a timely basis. Merchant banking and other equity investments of $13.1 million and $19.7 million , included within investments on the consolidated statements of financial condition, are accounted for at fair value and are classified as Level III assets at March 31, 2017 and December 31, 2016 , respectively. The realized and unrealized net gains from fair value changes included in earnings as a result of electing to apply the fair value option to certain financial assets were $0.5 million and $0.3 million for the three months ended March 31, 2017 and 2016 , respectively. The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s Level III financial instruments as of March 31, 2017 : Valuation Weighted Technique Unobservable Input Range Average Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Expected recovery rate (% of par) (2) 5 - 60% 19.4% Short-term securities Discounted cash flow Expected recovery rate (% of par) (2) 66 - 94% 91.0% Mortgage-backed securities: Collateralized by residential mortgages Discounted cash flow Credit default rates (3) 0 - 6% 0.9% Prepayment rates (4) 1 - 35% 17.4% Loss severity (3) 0 - 100% 21.6% Valuation yields (3) 0 - 7% 4.8% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 2 - 5 bps 3.4 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 2 - 5 times 4.1 times EBITDA multiple (2) 10 - 15 times 12.2 times Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 1 - 49 bps 13.3 bps Sensitivity of the fair value to changes in unobservable inputs: (1) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly lower/(higher) fair value measurement. (2) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly higher/(lower) fair value measurement. (3) Significant changes in any of these inputs in isolation could result in a significantly different fair value. Generally, a change in the assumption used for credit default rates is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally inverse change in the assumption for valuation yields. (4) The potential impact of changes in prepayment rates on fair value is dependent on other security-specific factors, such as the par value and structure. Changes in the prepayment rates may result in directionally similar or directionally inverse changes in fair value depending on whether the security trades at a premium or discount to the par value. The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of March 31, 2017 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 524 $ 44,636 $ — $ — $ 45,160 Convertible securities — 53,781 — — 53,781 Fixed income securities — 36,882 — — 36,882 Municipal securities: Taxable securities — 66,284 — — 66,284 Tax-exempt securities — 379,682 1,117 — 380,799 Short-term securities — 61,419 744 — 62,163 Mortgage-backed securities — — 5,492 — 5,492 U.S. government agency securities — 342,669 — — 342,669 U.S. government securities 521 — — — 521 Derivative contracts — 276,781 1,633 (253,872 ) 24,542 Total financial instruments and other inventory positions owned 1,045 1,262,134 8,986 (253,872 ) 1,018,293 Cash equivalents 1,058 — — — 1,058 Investments at fair value 37,087 — 110,693 (2) — 147,780 Total assets $ 39,190 $ 1,262,134 $ 119,679 $ (253,872 ) $ 1,167,131 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 80,795 $ 912 $ — $ — $ 81,707 Fixed income securities — 22,508 — — 22,508 U.S. government agency securities — 21,790 — — 21,790 U.S. government securities 273,030 — — — 273,030 Derivative contracts — 261,157 3,906 (259,559 ) 5,504 Total financial instruments and other inventory positions sold, but not yet purchased $ 353,825 $ 306,367 $ 3,906 $ (259,559 ) $ 404,539 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $40.2 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2016 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 82 $ 6,281 $ — $ — $ 6,363 Convertible securities — 103,486 — — 103,486 Fixed income securities — 21,018 — — 21,018 Municipal securities: Taxable securities — 60,404 2,686 — 63,090 Tax-exempt securities — 558,252 1,077 — 559,329 Short-term securities — 34,431 744 — 35,175 Mortgage-backed securities — 273 5,365 — 5,638 U.S. government agency securities — 205,685 — — 205,685 U.S. government securities 29,970 — — — 29,970 Derivative contracts — 288,955 13,952 (273,690 ) 29,217 Total financial instruments and other inventory positions owned 30,052 1,278,785 23,824 (273,690 ) 1,058,971 Cash equivalents 768 — — — 768 Investments at fair value 32,783 — 123,319 (2) — 156,102 Total assets $ 63,603 $ 1,278,785 $ 147,143 $ (273,690 ) $ 1,215,841 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 89,453 $ — $ — $ — $ 89,453 Fixed income securities — 17,324 — — 17,324 U.S. government agency securities — 6,723 — — 6,723 U.S. government securities 180,650 — — — 180,650 Derivative contracts — 273,166 1,487 (269,446 ) 5,207 Total financial instruments and other inventory positions sold, but not yet purchased $ 270,103 $ 297,213 $ 1,487 $ (269,446 ) $ 299,357 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $45.1 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The Company’s Level III assets were $119.7 million and $147.1 million , or 10.3 percent and 12.1 percent of financial instruments measured at fair value at March 31, 2017 and December 31, 2016 , respectively. The value of transfers between levels are recognized at the beginning of the reporting period. There were no significant transfers between Level I, Level II or Level III for the three months ended March 31, 2017 . The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ March 31, March 31, (Dollars in thousands) 2016 Purchases Sales in out (losses) (1) (losses) (1) 2017 2017 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Taxable securities $ 2,686 $ — $ (2,703 ) $ — $ — $ 716 $ (699 ) $ — $ — Tax-exempt securities 1,077 — — — — — 40 1,117 40 Short-term securities 744 — — — — — — 744 — Mortgage-backed securities 5,365 996 (790 ) — — 314 (393 ) 5,492 (71 ) Derivative contracts 13,952 240 (10,885 ) — — 10,645 (12,319 ) 1,633 (347 ) Total financial instruments and other inventory positions owned 23,824 1,236 (14,378 ) — — 11,675 (13,371 ) 8,986 (378 ) Investments at fair value 123,319 6,587 (24,469 ) — — 8,656 (3,400 ) 110,693 6,493 Total assets $ 147,143 $ 7,823 $ (38,847 ) $ — $ — $ 20,331 $ (16,771 ) $ 119,679 $ 6,115 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,487 $ (719 ) $ — $ — $ — $ 719 $ 2,419 $ 3,906 $ 3,061 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,487 $ (719 ) $ — $ — $ — $ 719 $ 2,419 $ 3,906 $ 3,061 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ March 31, March 31, (Dollars in thousands) 2015 Purchases Sales in out (losses) (1) (losses) (1) 2016 2016 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Taxable securities $ 5,816 $ — $ (611 ) $ — $ (5,216 ) $ 11 $ — $ — $ — Tax-exempt securities 1,177 — — — — — — 1,177 — Short-term securities 720 — — — — — 28 748 28 Mortgage-backed securities 121,124 26,519 (27,213 ) — — 1,067 (3,606 ) 117,891 (730 ) Derivative contracts — — — — — — 5 5 5 Total financial instruments and other inventory positions owned 128,837 26,519 (27,824 ) — (5,216 ) 1,078 (3,573 ) 119,821 (697 ) Investments at fair value 109,444 14,131 — — (9,088 ) — 2,354 116,841 2,354 Total assets $ 238,281 $ 40,650 $ (27,824 ) $ — $ (14,304 ) $ 1,078 $ (1,219 ) $ 236,662 $ 1,657 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 7,148 $ — $ (9,882 ) $ — $ — $ 9,882 $ (1,740 ) $ 5,408 $ 4,534 Total financial instruments and other inventory positions sold, but not yet purchased $ 7,148 $ — $ (9,882 ) $ — $ — $ 9,882 $ (1,740 ) $ 5,408 $ 4,534 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income on the consolidated statements of operations. The carrying values of the Company’s cash, securities either purchased or sold under agreements to resell, receivables and payables either from or to customers and brokers, dealers and clearing organizations and short-term financings approximate fair value due to their liquid or short-term nature.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Determination Methodology and Factors [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") The Company has investments in and/or acts as the managing partner of various partnerships, limited liability companies, and registered mutual funds. These entities were established for the purpose of investing in securities of public or private companies, or municipal debt obligations, or providing financing to senior living facilities, and were initially financed through the capital commitments or seed investments of the members. VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities. The determination as to whether an entity is a VIE is based on the structure and nature of each entity. The Company also considers other characteristics such as the power through voting rights or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance and how the entity is financed. The Company is required to consolidate all VIEs for which it is considered to be the primary beneficiary. The determination as to whether the Company is considered to be the primary beneficiary is based on whether the Company has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidated VIEs The Company’s consolidated VIEs at March 31, 2017 include certain alternative asset management funds in which the Company has an investment and, as the managing partner, is deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The following table presents information about the carrying value of the assets and liabilities of the VIEs which are consolidated by the Company and included on the consolidated statements of financial condition at March 31, 2017 . The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. Alternative Asset (Dollars in thousands) Management Funds Assets: Receivables from brokers, dealers and clearing organizations $ 59,509 Financial instruments and other inventory positions owned and pledged as collateral 194,621 Investments 94,082 Other assets 6,584 Total assets $ 354,796 Liabilities: Short-term financing $ 101,281 Payables to brokers, dealers and clearing organizations 106,751 Financial instruments and other inventory positions sold, but not yet purchased 20,051 Other liabilities and accrued expenses 8,785 Total liabilities $ 236,868 The Company has investments in a grantor trust which was established as part of a nonqualified deferred compensation plan. The Company is the primary beneficiary of the grantor trust. Accordingly, the assets and liabilities of the grantor trust are consolidated by the Company on the consolidated statements of financial condition. See Note 16 for additional information on the nonqualified deferred compensation plan. Nonconsolidated VIEs The Company determined it is not the primary beneficiary of certain VIEs and accordingly does not consolidate them. These VIEs had net assets approximating $0.7 billion and $0.8 billion at March 31, 2017 and December 31, 2016 , respectively. The Company’s exposure to loss from these VIEs is $6.6 million , which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at March 31, 2017 . The Company had no liabilities related to these VIEs at March 31, 2017 and December 31, 2016 , respectively. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of March 31, 2017 .

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	3 Months Ended
	Mar. 31, 2017
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations March 31, December 31, (Dollars in thousands) 2017 2016 Receivable arising from unsettled securities transactions $ 59,509 $ 132,724 Deposits paid for securities borrowed 38,096 27,573 Receivable from clearing organizations 25,600 3,293 Deposits with clearing organizations 48,636 35,713 Securities failed to deliver 7,494 975 Other 14,951 12,452 Total receivables from brokers, dealers and clearing organizations $ 194,286 $ 212,730 March 31, December 31, (Dollars in thousands) 2017 2016 Payable arising from unsettled securities transactions $ 201,114 $ 13,948 Payable to clearing organizations 25 15,893 Securities failed to receive 1,214 3,043 Other 1,710 7,958 Total payables to brokers, dealers and clearing organizations $ 204,063 $ 40,842 Deposits paid for securities borrowed approximate the market value of the securities. Securities failed to deliver and receive represent the contract value of securities that have not been delivered or received by the Company on settlement date.

Collateralized Securities Trans

Collateralized Securities Transactions	3 Months Ended
	Mar. 31, 2017
Disclosure of Repurchase Agreements [Abstract]
Collateralized Securities Transactions	Collateralized Securities Transactions The Company’s financing and customer securities activities involve the Company using securities as collateral. In the event that the counterparty does not meet its contractual obligation to return securities used as collateral (e.g., pursuant to the terms of a repurchase agreement), or customers do not deposit additional securities or cash for margin when required, the Company may be exposed to the risk of reacquiring the securities or selling the securities at unfavorable market prices in order to satisfy its obligations to its customers or counterparties. The Company seeks to control this risk by monitoring the market value of securities pledged or used as collateral on a daily basis and requiring adjustments in the event of excess market exposure. The Company also uses unaffiliated third party custodians to administer the underlying collateral for the majority of its short-term financing to mitigate risk. In a reverse repurchase agreement the Company purchases financial instruments from a seller, typically in exchange for cash, and agrees to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest in the future. In a repurchase agreement, the Company sells financial instruments to a buyer, typically for cash, and agrees to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. Even though repurchase and reverse repurchase agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at maturity of the agreement. In a securities borrowed transaction, the Company borrows securities from a counterparty in exchange for cash. When the Company returns the securities, the counterparty returns the cash. Interest is generally paid periodically over the life of the transaction. In the normal course of business, the Company obtains securities purchased under agreements to resell, securities borrowed and margin agreements on terms that permit it to repledge or resell the securities to others, typically pursuant to repurchase agreements. The Company obtained securities with a fair value of approximately $273.6 million and $192.2 million at March 31, 2017 and December 31, 2016 , respectively, of which $260.1 million and $185.2 million , respectively, had been pledged or otherwise transferred to satisfy its commitments under financial instruments and other inventory positions sold, but not yet purchased. The following is a summary of the Company’s securities sold under agreements to repurchase ("Repurchase Liabilities"), the fair market value of collateral pledged and the interest rate charged by the Company’s counterparty, which is based on LIBOR plus an applicable margin, as of March 31, 2017 : Repurchase Fair Market (Dollars in thousands) Liabilities Value Interest Rate On demand maturities: U.S. government agency securities $ 5,986 $ 6,249 1.30 - 1.40% U.S. government securities 10,457 10,141 0.50% $ 16,443 $ 16,390 Reverse repurchase agreements, repurchase agreements and securities borrowed and loaned are reported on a net basis by counterparty when a legal right of offset exists. The following table provides information about the offsetting of these instruments and related collateral amounts at March 31, 2017 : Gross Amount Net Amounts Gross Amounts Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Assets Financial Condition Financial Condition Instruments Received (1) Amount Reverse repurchase agreements $ 232,997 $ (5,986 ) $ 227,011 $ — $ (227,011 ) $ — Securities borrowed (3) 38,096 — 38,096 — (38,096 ) — Gross Amount Net Amount Gross Amount Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Liabilities Financial Condition Financial Condition Instruments Pledged (2) Amount Repurchase agreements $ 16,443 $ (5,986 ) $ 10,457 $ — $ (10,457 ) $ — (1) Includes securities received by the Company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. (2) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the consolidated statements of financial condition unless the Company defaults. (3) Deposits paid for securities borrowed are included in receivables from brokers, dealers and clearing organizations on the consolidated statements of financial condition. See Note 7 for additional information on receivables from brokers, dealers and clearing organizations. The following table provides information about the offsetting of these instruments and related collateral amounts at December 31, 2016 : Gross Amount Net Amounts Gross Amounts Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Assets Financial Condition Financial Condition Instruments Received (1) Amount Reverse repurchase agreements $ 161,574 $ (1,877 ) $ 159,697 $ — $ (159,697 ) $ — Securities borrowed (3) 27,573 — 27,573 — (27,573 ) — Gross Amount Net Amount Gross Amount Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Liabilities Financial Condition Financial Condition Instruments Pledged (2) Amount Repurchase agreements $ 16,923 $ (1,877 ) $ 15,046 $ — $ (15,046 ) $ — (1) Includes securities received by the Company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. (2) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the consolidated statements of financial condition unless the Company defaults. (3) Deposits paid for securities borrowed are included in receivables from brokers, dealers and clearing organizations on the consolidated statements of financial condition. See Note 7 for additional information on receivables from brokers, dealers and clearing organizations. The Company had no outstanding securities lending arrangements as of March 31, 2017 or December 31, 2016 . See Note 4 for information related to the Company's offsetting of derivative contracts.

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments, All Other Investments [Abstract]
Investments	Investments The Company’s investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. March 31, December 31, (Dollars in thousands) 2017 2016 Investments at fair value $ 147,780 $ 156,102 Investments at cost 2,205 2,755 Investments accounted for under the equity method 9,690 9,200 Total investments 159,675 168,057 Less investments attributable to noncontrolling interests (1) (40,222 ) (45,123 ) $ 119,453 $ 122,934 (1) Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds. At March 31, 2017 , investments carried on a cost basis had an estimated fair market value of $3.8 million . Because valuation estimates were based upon management’s judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value. Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle’s net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in the Company's capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets March 31, December 31, (Dollars in thousands) 2017 2016 Net deferred income tax assets $ 83,917 $ 97,833 Income tax receivables 20,712 — Fee receivables 17,107 22,840 Accrued interest receivables 7,669 9,259 Forgivable loans, net 10,707 9,307 Prepaid expenses 5,976 6,363 Secured loan receivables 2,975 6,236 Other 14,408 13,124 Total other assets $ 163,471 $ 164,962

Short-Term Financing

Short-Term Financing	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing Outstanding Balance Weighted Average Interest Rate March 31, December 31, March 31, December 31, (Dollars in thousands) 2017 2016 2017 2016 Commercial paper (secured) $ 124,865 $ 147,021 2.49 % 2.12 % Prime broker arrangements 101,281 271,811 1.72 % 1.49 % Bank lines (secured) 71,000 — 1.82 % N/A Total short-term financing $ 297,146 $ 418,832 The Company issues secured commercial paper to fund a portion of its securities inventory. The commercial paper notes ("CP Notes") can be issued with maturities of 27 days to 270 days from the date of issuance. The CP Notes are issued under three separate programs, CP Series A, CP Series II A and CP Series III A, and are secured by different inventory classes. As of March 31, 2017 , the weighted average maturity of CP Series A, CP Series II A and CP Series III A was 25 days , 9 days and 15 days , respectively. The CP Notes are interest bearing or sold at a discount to par with an interest rate based on LIBOR plus an applicable margin. CP Series III A includes a covenant that requires the Company’s U.S. broker dealer subsidiary to maintain excess net capital of $120 million . The Company has established arrangements to obtain financing with prime brokers related to its municipal bond fund and convertible securities. Financing under these arrangements is primarily secured by municipal securities, and collateral limitations could reduce the amount of funding available under the arrangements. Prime broker financing activities are recorded net of receivables from trading activity. The funding is at the discretion of the prime brokers subject to a notice period. The Company has committed short-term bank line financing available on a secured basis and uncommitted short-term bank line financing available on both a secured and unsecured basis. The Company uses these credit facilities in the ordinary course of business to fund a portion of its daily operations and the amount borrowed under these credit facilities varies daily based on the Company’s funding needs. The Company’s committed short-term bank line financing at March 31, 2017 consisted of a one -year $200 million committed revolving credit facility with U.S. Bank, N.A., which was renewed in December 2016. Advances under this facility are secured by certain marketable securities. The facility includes a covenant that requires the Company’s U.S. broker dealer subsidiary to maintain minimum net capital of $120 million , and the unpaid principal amount of all advances under this facility will be due on December 16, 2017 . The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At March 31, 2017 , the Company had $46.0 million in advances against this line of credit. The Company’s uncommitted secured lines at March 31, 2017 totaled $185 million with two banks and are dependent on having appropriate collateral, as determined by the bank agreement, to secure an advance under the line. The availability of the Company’s uncommitted lines are subject to approval by the individual banks each time an advance is requested and may be denied. At March 31, 2017 , the Company had $25.0 million in advances against these lines of credit.

Senior Notes

Senior Notes	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Senior Notes	Senior Notes The Company has entered into variable and fixed rate senior notes with certain entities advised by Pacific Investment Management Company ("PIMCO"). The following table presents the outstanding balance by note class: Outstanding Balance March 31, December 31, (Dollars in thousands) 2017 2016 Class A Notes $ 50,000 $ 50,000 Class C Notes 125,000 125,000 Total senior notes $ 175,000 $ 175,000 On October 8, 2015 , the Company entered into a second amended and restated note purchase agreement ("Second Amended and Restated Note Purchase Agreement") under which the Company issued $125 million of fixed rate Class C Notes. The Class C Notes bear interest at an annual fixed rate of 5.06 percent , payable semi-annually and mature on October 9, 2018 . The variable rate Class A Notes bear interest at a rate equal to three -month LIBOR plus 3.00 percent , adjusted and payable quarterly and mature on May 31, 2017 . The unpaid principal amounts are due in full on the respective maturity dates and may not be prepaid by the Company. The Second Amended and Restated Note Purchase Agreement includes customary events of default and covenants that, among other things, require the Company to maintain a minimum consolidated tangible net worth and regulatory net capital, limit the Company's leverage ratio and require the Company to maintain a minimum ratio of operating cash flow to fixed charges. At March 31, 2017 , the Company was in compliance with all covenants. The senior notes are recorded at amortized cost. As of March 31, 2017 , the carrying value of the variable rate Class A Notes approximated fair value. As of March 31, 2017 , the fair value of the fixed rate Class C Notes was approximately $126.2 million .

Legal Contingencies

Legal Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	Legal Contingencies The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse judgments, settlement, penalties, fines or other relief. The Company has established reserves for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations and regulatory proceedings. Reasonably possible losses in excess of amounts accrued at March 31, 2017 are not material. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of reserves and ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the foregoing, management of the Company believes, based on currently available information, after consultation with outside legal counsel and taking into account its established reserves, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the consolidated statements of financial condition, results of operations or cash flows of the Company. However, if during any period a potential adverse contingency should become probable or resolved for an amount in excess of the established reserves, the results of operations and cash flows in that period and the financial condition as of the end of that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been brought to the Company’s attention or are not yet determined to be reasonably possible.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company incurred the following pre-tax restructuring charges within the Capital Markets segment primarily in conjunction with the Simmons acquisition discussed in Note 3 . Three Months Ended (Dollars in thousands) March 31, 2016 Severance, benefits and outplacement costs $ 5,401 Contract termination costs 604 Total pre-tax restructuring charges $ 6,005

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchases Effective August 14, 2015, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares through September 30, 2017 . During the three months ended March 31, 2017 , the Company repurchased 27,530 shares at an average price of $72.63 per share for an aggregate purchase price of $2.0 million related to this authorization. During the three months ended March 31, 2016 , the Company repurchased 351,791 shares at an average price of $35.14 per share for an aggregate purchase price of $12.4 million related to this authorization. The Company has $69.8 million remaining under this authorization. The Company also purchases shares of common stock from restricted stock award recipients upon the award vesting as recipients sell shares to meet their employment tax obligations. The Company purchased 230,097 shares and 169,282 shares, or $17.8 million and $7.1 million of the Company’s common stock for this purpose during the three months ended March 31, 2017 and 2016 , respectively. Issuance of Shares The Company issues common shares out of treasury stock as a result of employee restricted share vesting and exercise transactions as discussed in Note 16 . During the three months ended March 31, 2017 and 2016 , the Company issued 650,155 shares and 476,062 shares, respectively, related to these obligations. Dividends Beginning in 2017, the Company initiated the payment of a quarterly cash dividend to holders of its common stock. The Company's board of directors determines the declaration and payment of dividends on a quarterly basis, and is free to change the Company's dividend policy at any time. On February 2, 2017, the board of directors declared a cash dividend of $0.3125 per share that was paid on March 13, 2017 to shareholders of record as of the close of business on February 20, 2017. On April 27, 2017, the board of directors declared a cash dividend of $0.3125 per share to be paid on June 15, 2017, to shareholders of record as of the close of business on May 26, 2017. Noncontrolling Interests The consolidated financial statements include the accounts of Piper Jaffray Companies, its wholly owned subsidiaries and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. Noncontrolling interests include the minority equity holders’ proportionate share of the equity in a merchant banking fund of $35.8 million and a senior living fund aggregating $8.0 million as of March 31, 2017 . As of December 31, 2016 , noncontrolling interests included the minority equity holders’ proportionate share of the equity in a merchant banking fund of $35.0 million , a municipal bond fund with employee investors of $9.2 million and a senior living fund aggregating $12.8 million . Ownership interests in entities held by parties other than the Company’s common shareholders are presented as noncontrolling interests within shareholders’ equity, separate from the Company’s own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company’s common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income applicable to noncontrolling interests is deducted from consolidated net income to determine net income applicable to the Company. There was no other comprehensive income or loss attributed to noncontrolling interests for the three months ended March 31, 2017 and 2016 , respectively. The following table presents the changes in shareholders' equity for the three months ended March 31, 2017 : Common Common Total Shares Shareholders’ Noncontrolling Shareholders’ (Amounts in thousands, except share amounts) Outstanding Equity Interests Equity Balance at December 31, 2016 12,391,970 $ 759,250 $ 57,016 $ 816,266 Net income — 20,275 2,929 23,204 Dividends — (4,757 ) — (4,757 ) Amortization/issuance of restricted stock (1) — 21,233 — 21,233 Issuance of treasury shares for options exercised 26,149 1,703 — 1,703 Issuance of treasury shares for restricted stock vestings 624,006 — — — Repurchase of common stock through share repurchase program (27,530 ) (1,999 ) — (1,999 ) Repurchase of common stock for employee tax withholding (230,097 ) (17,789 ) — (17,789 ) Shares reserved/issued for director compensation 367 26 — 26 Other comprehensive income — 223 — 223 Fund capital distributions, net — — (16,154 ) (16,154 ) Balance at March 31, 2017 12,784,865 $ 778,165 $ 43,791 $ 821,956 (1) Includes amortization of restricted stock as part of deal consideration for the acquisition of Simmons. See Note 3 for further discussion.

Compensation Plans

Compensation Plans	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation Plans The Company maintains two stock-based compensation plans, the Piper Jaffray Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive Plan") and the 2016 Employment Inducement Award Plan (the "Inducement Plan"). The Company’s equity awards are recognized on the consolidated statements of operations at grant date fair value over the service period of the award less forfeitures. The following table provides a summary of the Company’s outstanding equity awards (in shares or units) as of March 31, 2017 : Incentive Plan Restricted Stock Annual grants 926,894 Sign-on grants 276,193 1,203,087 Inducement Plan Restricted Stock 269,491 Total restricted stock related to compensation 1,472,578 Simmons Deal Consideration (1) 855,929 Total restricted stock outstanding 2,328,507 Incentive Plan Restricted Stock Units Leadership grants 410,441 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisition of Simmons. See Note 3 for further discussion. Incentive Plan The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified stock options, to the Company’s employees and directors for up to 8.2 million shares of common stock ( 0.9 million shares remained available for future issuance under the Incentive Plan as of March 31, 2017 ). The Company believes that such awards help align the interests of employees and directors with those of shareholders and serve as an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, a change in control of the Company (as defined in the Incentive Plan), in the event of a participant’s death, and at the discretion of the compensation committee of the Company’s board of directors. Restricted Stock Awards Restricted stock grants are valued at the market price of the Company’s common stock on the date of grant and are amortized over the requisite service period. The Company grants shares of restricted stock to employees as part of year-end compensation ("Annual Grants") and upon initial hiring or as a retention award ("Sign-on Grants"). The Company’s Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. The Annual Grants provide for continued vesting after termination of employment, so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreements entered into upon termination. The Company determined the service inception date precedes the grant date for the Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by ASC 718. Accordingly, restricted stock granted as part of the Annual Grants is expensed in the one -year period in which those awards are deemed to be earned, which is generally the calendar year preceding the February grant date. For example, the Company recognized compensation expense during fiscal 2016 for its February 2017 Annual Grant. If an equity award related to the Annual Grants is forfeited as a result of violating the post-termination restrictions, the lower of the fair value of the award at grant date or the fair value of the award at the date of forfeiture is recorded within the consolidated statements of operations as a reversal of compensation expense. Sign-on Grants are used as a recruiting tool for new employees and are issued to current employees as a retention tool. These awards have both cliff and ratable vesting terms, and the employees must fulfill service requirements in exchange for rights to the awards. Compensation expense is amortized on a straight-line basis from the grant date over the requisite service period, generally one to five years. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded. Annually, the Company grants stock to its non-employee directors. The stock-based compensation paid to non-employee directors is fully expensed on the grant date and included within outside services expense on the consolidated statements of operations. Restricted Stock Units The Company grants restricted stock units to its leadership team ("Leadership Grants"). 2017 Leadership Grant Restricted stock units granted in 2017 will vest and convert to shares of common stock at the end of the performance period only if the Company satisfies predetermined performance and/or market conditions over the 36 -month performance period from January 1, 2017 through December 31, 2019. Under the terms of the award, the number of units that will actually vest and convert to shares will be based on the extent to which the Company achieves specified targets during the performance period. The maximum payout leverage under this grant is 150 percent . Up to 75 percent of the award can be earned based on the Company achieving certain average adjusted return on equity targets, as defined in the terms of the award agreement. The fair value of this portion of the award was based on the closing price of the Company's common stock on the grant date. If the Company determines that it is probable that the performance condition will be achieved, compensation expense is amortized on a straight-line basis over the 36 -month performance period. The probability that the performance condition will be achieved is reevaluated each reporting period with changes in estimated outcomes accounted for using a cumulative effect adjustment to compensation expense. Compensation expense will be recognized only if the performance condition is met. Employees forfeit unvested share units upon termination of employment with a corresponding reversal of compensation expense. As of March 31, 2017 , the Company has determined that the performance condition is probable of achieving 50 percent of the grant award. Up to 75 percent of the award can be earned based on the Company’s total shareholder return relative to members of a predetermined peer group. The market condition must be met for the award to vest and compensation cost will be recognized regardless if the market condition is satisfied. Compensation expense is amortized on a straight-line basis over the 36 -month requisite service period. Employees forfeit unvested share units upon termination of employment with a corresponding reversal of compensation expense. For this portion of the award, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2017 1.62% 35.9% Because the market condition portion of the award vesting depends on the Company’s total shareholder return relative to a peer group, the valuation modeled the performance of the peer group as well as the correlation between the Company and the peer group. The expected stock price volatility assumption was determined using historical volatility, as correlation coefficients can only be developed through historical volatility. The risk-free interest rate was determined based on the three -year U.S. Treasury bond yield. Leadership Grants Prior to 2017 Restricted stock units granted prior to 2017 contain market condition criteria and will vest and convert to shares of common stock at the end of each 36 -month performance period only if the Company's stock performance satisfies predetermined market conditions over the performance period. Under the terms of the grants, the number of units that will vest and convert to shares will be based on the Company's stock performance achieving specified targets during each performance period. Compensation expense is recognized over each 36 -month performance period. Up to 50 percent of these awards can be earned based on the Company’s total shareholder return relative to members of a predetermined peer group and up to 50 percent of the awards can be earned based on the Company’s total shareholder return. The fair value of the awards on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% 2015 0.90% 29.8% 2014 0.82% 41.3% The expected stock price volatility assumptions were determined using historical volatility, as correlation coefficients can only be developed through historical volatility. The risk-free interest rates were determined based on three -year U.S. Treasury bond yields. Stock Options The Company previously granted options to purchase Piper Jaffray Companies common stock to employees and non-employee directors in fiscal years 2004 through 2008. Employee and director options were expensed by the Company on a straight-line basis over the required service period, based on the estimated fair value of the award on the date of grant using a Black-Scholes option-pricing model. As described above pertaining to the Company’s Annual Grants of restricted shares, stock options granted to employees were expensed in the calendar year preceding the annual February grant date. For example, the Company recognized compensation expense during fiscal 2007 for its February 2008 option grant. The maximum term of the stock options granted to employees and directors was ten years. The Company has not granted stock options since 2008, and all awards have been exercised or expired as of March 31, 2017 . Inducement Plan The Company established the Inducement Plan in conjunction with the acquisition of Simmons. The Company granted $11.6 million ( 286,776 shares) in restricted stock under the Inducement Plan on May 15, 2016 . These shares cliff vest in three years . Inducement Plan awards are amortized as compensation expense on a straight-line basis over the vesting period. Employees forfeit unvested Inducement Plan shares upon termination of employment and a reversal of compensation expense is recorded. Stock-Based Compensation Activity The Company reduced compensation expense by $0.4 million and recorded compensation expense of $10.0 million for the three months ended March 31, 2017 and 2016 , respectively, related to employee restricted stock and restricted stock unit awards. Forfeitures were $1.7 million for the three months ended March 31, 2017 and immaterial for the three months ended March 31, 2016 . The tax benefit related to stock-based compensation totaled $5.9 million and $3.9 million for the three months ended March 31, 2017 and 2016 , respectively. The following table summarizes the changes in the Company’s unvested restricted stock: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2016 2,874,117 $ 43.12 Granted 203,140 81.35 Vested (623,520 ) 45.32 Canceled (125,230 ) 42.04 March 31, 2017 2,328,507 $ 45.92 The following table summarizes the changes in the Company’s unvested restricted stock units: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2016 374,460 $ 21.63 Granted 35,981 84.10 Vested — — Canceled — — March 31, 2017 410,441 $ 27.11 As of March 31, 2017 , there was $39.1 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.0 years . The following table summarizes the changes in the Company’s outstanding stock options: Weighted Average Weighted Remaining Options Average Contractual Term Aggregate Outstanding Exercise Price (in Years) Intrinsic Value December 31, 2016 30,613 $ 65.86 0.3 $ 203,291 Granted — — Exercised (26,149 ) 65.13 Canceled — — Expired (4,464 ) 70.13 March 31, 2017 — $ — 0.0 $ — As of March 31, 2017 , there was no unrecognized compensation cost related to stock options expected to be recognized over future years. The intrinsic value of options exercised was $0.3 million and the resulting tax benefit realized was $0.1 million for the three months ended March 31, 2017 . There were no options exercised during the three months ended March 31, 2016 . Deferred Compensation Plans The Company maintains various deferred compensation arrangements for employees. The nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, at their election, to defer a percentage of their base salary, commissions and/or cash bonuses. The deferrals vest immediately and are non-forfeitable. The amounts deferred under this plan are held in a grantor trust. The Company invests, as a principal, in investments to economically hedge its obligation under the nonqualified deferred compensation plan. Investments in the grantor trust, consisting of mutual funds, totaled $28.4 million and $24.4 million as of March 31, 2017 and December 31, 2016 , respectively, and are included in investments on the consolidated statements of financial condition. The compensation deferred by the employees is expensed in the period earned. The deferred compensation liability was $28.4 million and $24.5 million as of March 31, 2017 and December 31, 2016 , respectively. Changes in the fair value of the investments made by the Company are reported in investment income and changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations. The Piper Jaffray Companies Mutual Fund Restricted Share Investment Plan is a fully funded deferred compensation plan which allows eligible employees to elect to receive a portion of the incentive compensation they would otherwise receive in the form of restricted stock, instead in restricted mutual fund shares ("MFRS Awards") of investment funds. MFRS Awards are awarded to qualifying employees in February of each year, and represent a portion of their compensation for performance in the preceding year similar to the Company's Annual Grants. MFRS Awards vest ratably over three years in equal installments and provide for continued vesting after termination of employment so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreement entered into upon termination. Forfeitures are recorded as a reduction of compensation and benefits expense within the consolidated statements of operations. MFRS Awards are owned by employee recipients (subject to aforementioned vesting restrictions) and as such are not included on the consolidated statements of financial condition. The Company has also granted MFRS Awards to new employees as a recruiting tool. Employees must fulfill service requirements in exchange for rights to the awards. Compensation expense from these awards are amortized on a straight-line basis over the requisite service period of two to five years .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company calculates earnings per share using the two-class method. Basic earnings per common share is computed by dividing net income applicable to Piper Jaffray Companies’ common shareholders by the weighted average number of common shares outstanding for the period. Net income applicable to Piper Jaffray Companies’ common shareholders represents net income applicable to Piper Jaffray Companies reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. All of the Company’s unvested restricted shares are deemed to be participating securities as they are eligible to share in the profits (e.g., receive dividends) of the Company. The Company’s restricted stock units are not participating securities as they are not eligible to receive dividends, or the dividends are forfeitable until vested. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options and restricted stock units. The computation of earnings per share is as follows: Three Months Ended March 31, (Amounts in thousands, except per share data) 2017 2016 Net income applicable to Piper Jaffray Companies $ 20,275 $ 2,437 Earnings allocated to participating securities (1) (3,447 ) (313 ) Net income applicable to Piper Jaffray Companies’ common shareholders (2) $ 16,828 $ 2,124 Shares for basic and diluted calculations: Average shares used in basic computation 12,594 13,160 Stock options 1 12 Restricted stock units 327 — Average shares used in diluted computation 12,922 13,172 Earnings per common share: Basic $ 1.33 $ 0.16 Diluted $ 1.31 $ 0.16 (1) Represents the allocation of earnings to participating securities. Losses are not allocated to participating securities. Participating securities include all of the Company’s unvested restricted shares. The weighted average participating shares outstanding were 2,630,742 and 1,938,759 for the three months ended March 31, 2017 and 2016 , respectively. (2) Net income applicable to Piper Jaffray Companies’ common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options and restricted stock units to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies’ common shareholders and participating securities for purposes of calculating diluted and basic EPS. The anti-dilutive effects from stock options and restricted stock units were immaterial for the three months ended March 31, 2017 and 2016 , respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Basis for Presentation The Company structures its segments primarily based upon the nature of the financial products and services provided to customers and the Company’s management organization. The Company evaluates performance and allocates resources based on segment pre-tax operating income or loss and segment pre-tax operating margin. Revenues and expenses directly associated with each respective segment are included in determining their operating results. Other revenues and expenses that are not directly attributable to a particular segment are allocated based upon the Company’s allocation methodologies, including each segment’s respective net revenues, use of shared resources, headcount or other relevant measures. Segment assets are based on those directly associated with each segment, and include an allocation of certain assets based on the most relevant measures applicable, including headcount and other factors. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S. Reportable segment financial results are as follows: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Capital Markets Investment banking Financing Equities $ 23,382 $ 6,566 Debt 16,408 15,972 Advisory services 92,882 81,629 Total investment banking 132,672 104,167 Institutional sales and trading Equities 20,106 19,669 Fixed income 23,240 17,054 Total institutional sales and trading 43,346 36,723 Management and performance fees 1,997 965 Investment income 10,508 2,086 Long-term financing expenses (2,238 ) (2,292 ) Net revenues 186,285 141,649 Operating expenses (1) 164,060 138,855 Segment pre-tax operating income $ 22,225 $ 2,794 Segment pre-tax operating margin 11.9 % 2.0 % Continued on next page Three Months Ended March 31, (Dollars in thousands) 2017 2016 Asset Management Management and performance fees Management fees $ 14,010 $ 12,883 Performance fees — — Total management and performance fees 14,010 12,883 Investment income/(loss) 234 (976 ) Net revenues 14,244 11,907 Operating expenses (1) 13,660 11,259 Segment pre-tax operating income $ 584 $ 648 Segment pre-tax operating margin 4.1 % 5.4 % Total Net revenues $ 200,529 $ 153,556 Operating expenses (1) 177,720 150,114 Pre-tax operating income $ 22,809 $ 3,442 Pre-tax operating margin 11.4 % 2.2 % (1) Operating expenses include intangible asset amortization expense as set forth in the table below: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Capital Markets $ 2,544 $ 1,909 Asset Management 1,278 1,387 Total intangible asset amortization expense $ 3,822 $ 3,296 Reportable segment assets are as follows: March 31, December 31, (Dollars in thousands) 2017 2016 Capital Markets $ 1,925,170 $ 1,934,528 Asset Management 187,987 190,975 $ 2,113,157 $ 2,125,503

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	3 Months Ended
	Mar. 31, 2017
Regulatory Capital Requirements [Abstract]
Net Capital Requirements and Other Regulatory Matters	Net Capital Requirements and Other Regulatory Matters Piper Jaffray is registered as a securities broker dealer with the SEC and is a member of various SROs and securities exchanges. The Financial Industry Regulatory Authority, Inc. ("FINRA") serves as Piper Jaffray’s primary SRO. Piper Jaffray is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. Piper Jaffray has elected to use the alternative method permitted by the SEC rule, which requires that it maintain minimum net capital of the greater of $1.0 million or 2 percent of aggregate debit balances arising from customer transactions, as such term is defined in the SEC rule. Under its rules, FINRA may prohibit a member firm from expanding its business or paying dividends if resulting net capital would be less than 5 percent of aggregate debit balances. Advances to affiliates, repayment of subordinated debt, dividend payments and other equity withdrawals by Piper Jaffray are subject to certain notification and other provisions of SEC and FINRA rules. At March 31, 2017 , net capital calculated under the SEC rule was $208.4 million , and exceeded the minimum net capital required under the SEC rule by $207.4 million . The Company’s committed short-term credit facility and its senior notes include covenants requiring Piper Jaffray to maintain minimum net capital of $120 million . CP Notes issued under CP Series III A include a covenant that requires Piper Jaffray to maintain excess net capital of $120 million . Piper Jaffray Ltd. and SCIL, broker dealer subsidiaries registered in the United Kingdom, are subject to the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. Piper Jaffray Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the Securities and Futures Ordinance.

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax benefit of $0.4 million for the three months ended March 31, 2017. Income tax expense was reduced by a tax benefit of $7.0 million related to stock-based compensation awards vesting at values greater than the grant price. See Note 2 regarding the adoption of ASU 2016-09. The Company had income tax expense of $0.3 million for the three months ended March 31, 2016, resulting in an effective tax rate, excluding noncontrolling interests, of 9.5 percent . The effective tax rate was low due to the impact of tax-exempt municipal interest income representing a larger proportion of pre-tax income.

Accounting Policies and Prono28

Accounting Policies and Pronouncements Accounting Policies and Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Stock-Based Compensation	Stock-Based Compensation Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 718, "Compensation — Stock Compensation," ("ASC 718") requires all stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair value of the award. Compensation expense related to stock-based awards that do not require future service are recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service are amortized over the relevant service period. Forfeitures of awards with service conditions are accounted for when they occur. See Note 16 for additional information on the Company's accounting for stock-based compensation.

Acquisition of Simmons & Comp29

Acquisition of Simmons & Company International (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Unaudited pro forma information	The Company's unaudited pro forma information presented does not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period presented, does not contemplate anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future periods. Three Months Ended (Dollars in thousands) March 31, 2016 Net revenues $ 161,353 Net loss applicable to Piper Jaffray Companies (656 )

Financial Instruments and Oth30

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)	3 Months Ended
	Mar. 31, 2017
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but not yet Purchased	March 31, December 31, (Dollars in thousands) 2017 2016 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 45,160 $ 6,363 Convertible securities 53,781 103,486 Fixed income securities 36,882 21,018 Municipal securities: Taxable securities 66,284 63,090 Tax-exempt securities 380,799 559,329 Short-term securities 62,163 35,175 Mortgage-backed securities 5,492 5,638 U.S. government agency securities 342,669 205,685 U.S. government securities 521 29,970 Derivative contracts 24,542 29,217 Total financial instruments and other inventory positions owned 1,018,293 1,058,971 Less noncontrolling interests (1) — (57,700 ) $ 1,018,293 $ 1,001,271 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 81,707 $ 89,453 Fixed income securities 22,508 17,324 U.S. government agency securities 21,790 6,723 U.S. government securities 273,030 180,650 Derivative contracts 5,504 5,207 Total financial instruments and other inventory positions sold, but not yet purchased 404,539 299,357 Less noncontrolling interests (2) — (631 ) $ 404,539 $ 298,726 (1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $1.3 million of taxable municipal securities, $55.2 million of tax-exempt municipal securities, and $1.2 million of derivative contracts as of December 31, 2016 . (2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of U.S. government securities as of December 31, 2016
Total Absolute Notional Contract Amount	The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: March 31, 2017 December 31, 2016 (Dollars in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 276,781 $ 261,052 $ 3,314,630 $ 288,955 $ 272,819 $ 3,330,207 Trading securities 1,633 4,011 402,650 13,952 1,707 423,550 Credit default swap index Trading securities — — — — 127 7,470 $ 278,414 $ 265,063 $ 3,717,280 $ 302,907 $ 274,653 $ 3,761,227
Unrealized Gains/(Losses) on Derivative Instruments	The following table presents the Company’s unrealized gains/(losses) on derivative instruments: Three Months Ended (Dollars in thousands) March 31, Derivative Category Operations Category 2017 2016 Interest rate derivative contract Investment banking $ (292 ) $ (1,172 ) Interest rate derivative contract Institutional brokerage (14,738 ) 1,744 Credit default swap index contract Institutional brokerage 255 389 Futures and equity option derivative contracts Institutional brokerage — 29 $ (14,775 ) $ 990

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Information about Significant Unobservable Inputs used in Fair Value Measurement	The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s Level III financial instruments as of March 31, 2017 : Valuation Weighted Technique Unobservable Input Range Average Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Expected recovery rate (% of par) (2) 5 - 60% 19.4% Short-term securities Discounted cash flow Expected recovery rate (% of par) (2) 66 - 94% 91.0% Mortgage-backed securities: Collateralized by residential mortgages Discounted cash flow Credit default rates (3) 0 - 6% 0.9% Prepayment rates (4) 1 - 35% 17.4% Loss severity (3) 0 - 100% 21.6% Valuation yields (3) 0 - 7% 4.8% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 2 - 5 bps 3.4 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 2 - 5 times 4.1 times EBITDA multiple (2) 10 - 15 times 12.2 times Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 1 - 49 bps 13.3 bps Sensitivity of the fair value to changes in unobservable inputs: (1) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly lower/(higher) fair value measurement. (2) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly higher/(lower) fair value measurement. (3) Significant changes in any of these inputs in isolation could result in a significantly different fair value. Generally, a change in the assumption used for credit default rates is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally inverse change in the assumption for valuation yields. (4) The potential impact of changes in prepayment rates on fair value is dependent on other security-specific factors, such as the par value and structure. Changes in the prepayment rates may result in directionally similar or directionally inverse changes in fair value depending on whether the security trades at a premium or discount to the par value.
Valuation of Financial Instruments by Pricing Observability Levels	The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of March 31, 2017 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 524 $ 44,636 $ — $ — $ 45,160 Convertible securities — 53,781 — — 53,781 Fixed income securities — 36,882 — — 36,882 Municipal securities: Taxable securities — 66,284 — — 66,284 Tax-exempt securities — 379,682 1,117 — 380,799 Short-term securities — 61,419 744 — 62,163 Mortgage-backed securities — — 5,492 — 5,492 U.S. government agency securities — 342,669 — — 342,669 U.S. government securities 521 — — — 521 Derivative contracts — 276,781 1,633 (253,872 ) 24,542 Total financial instruments and other inventory positions owned 1,045 1,262,134 8,986 (253,872 ) 1,018,293 Cash equivalents 1,058 — — — 1,058 Investments at fair value 37,087 — 110,693 (2) — 147,780 Total assets $ 39,190 $ 1,262,134 $ 119,679 $ (253,872 ) $ 1,167,131 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 80,795 $ 912 $ — $ — $ 81,707 Fixed income securities — 22,508 — — 22,508 U.S. government agency securities — 21,790 — — 21,790 U.S. government securities 273,030 — — — 273,030 Derivative contracts — 261,157 3,906 (259,559 ) 5,504 Total financial instruments and other inventory positions sold, but not yet purchased $ 353,825 $ 306,367 $ 3,906 $ (259,559 ) $ 404,539 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $40.2 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2016 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 82 $ 6,281 $ — $ — $ 6,363 Convertible securities — 103,486 — — 103,486 Fixed income securities — 21,018 — — 21,018 Municipal securities: Taxable securities — 60,404 2,686 — 63,090 Tax-exempt securities — 558,252 1,077 — 559,329 Short-term securities — 34,431 744 — 35,175 Mortgage-backed securities — 273 5,365 — 5,638 U.S. government agency securities — 205,685 — — 205,685 U.S. government securities 29,970 — — — 29,970 Derivative contracts — 288,955 13,952 (273,690 ) 29,217 Total financial instruments and other inventory positions owned 30,052 1,278,785 23,824 (273,690 ) 1,058,971 Cash equivalents 768 — — — 768 Investments at fair value 32,783 — 123,319 (2) — 156,102 Total assets $ 63,603 $ 1,278,785 $ 147,143 $ (273,690 ) $ 1,215,841 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 89,453 $ — $ — $ — $ 89,453 Fixed income securities — 17,324 — — 17,324 U.S. government agency securities — 6,723 — — 6,723 U.S. government securities 180,650 — — — 180,650 Derivative contracts — 273,166 1,487 (269,446 ) 5,207 Total financial instruments and other inventory positions sold, but not yet purchased $ 270,103 $ 297,213 $ 1,487 $ (269,446 ) $ 299,357 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $45.1 million are attributable to third party ownership in consolidated merchant banking and senior living funds.
Changes in Fair Value Associated with Level III Financial Instruments	The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ March 31, March 31, (Dollars in thousands) 2016 Purchases Sales in out (losses) (1) (losses) (1) 2017 2017 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Taxable securities $ 2,686 $ — $ (2,703 ) $ — $ — $ 716 $ (699 ) $ — $ — Tax-exempt securities 1,077 — — — — — 40 1,117 40 Short-term securities 744 — — — — — — 744 — Mortgage-backed securities 5,365 996 (790 ) — — 314 (393 ) 5,492 (71 ) Derivative contracts 13,952 240 (10,885 ) — — 10,645 (12,319 ) 1,633 (347 ) Total financial instruments and other inventory positions owned 23,824 1,236 (14,378 ) — — 11,675 (13,371 ) 8,986 (378 ) Investments at fair value 123,319 6,587 (24,469 ) — — 8,656 (3,400 ) 110,693 6,493 Total assets $ 147,143 $ 7,823 $ (38,847 ) $ — $ — $ 20,331 $ (16,771 ) $ 119,679 $ 6,115 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,487 $ (719 ) $ — $ — $ — $ 719 $ 2,419 $ 3,906 $ 3,061 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,487 $ (719 ) $ — $ — $ — $ 719 $ 2,419 $ 3,906 $ 3,061 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ March 31, March 31, (Dollars in thousands) 2015 Purchases Sales in out (losses) (1) (losses) (1) 2016 2016 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Taxable securities $ 5,816 $ — $ (611 ) $ — $ (5,216 ) $ 11 $ — $ — $ — Tax-exempt securities 1,177 — — — — — — 1,177 — Short-term securities 720 — — — — — 28 748 28 Mortgage-backed securities 121,124 26,519 (27,213 ) — — 1,067 (3,606 ) 117,891 (730 ) Derivative contracts — — — — — — 5 5 5 Total financial instruments and other inventory positions owned 128,837 26,519 (27,824 ) — (5,216 ) 1,078 (3,573 ) 119,821 (697 ) Investments at fair value 109,444 14,131 — — (9,088 ) — 2,354 116,841 2,354 Total assets $ 238,281 $ 40,650 $ (27,824 ) $ — $ (14,304 ) $ 1,078 $ (1,219 ) $ 236,662 $ 1,657 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 7,148 $ — $ (9,882 ) $ — $ — $ 9,882 $ (1,740 ) $ 5,408 $ 4,534 Total financial instruments and other inventory positions sold, but not yet purchased $ 7,148 $ — $ (9,882 ) $ — $ — $ 9,882 $ (1,740 ) $ 5,408 $ 4,534 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income on the consolidated statements of operations.

Variable Interest Entities Vari

Variable Interest Entities Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Variable Interest Entities	The following table presents information about the carrying value of the assets and liabilities of the VIEs which are consolidated by the Company and included on the consolidated statements of financial condition at March 31, 2017 . The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. Alternative Asset (Dollars in thousands) Management Funds Assets: Receivables from brokers, dealers and clearing organizations $ 59,509 Financial instruments and other inventory positions owned and pledged as collateral 194,621 Investments 94,082 Other assets 6,584 Total assets $ 354,796 Liabilities: Short-term financing $ 101,281 Payables to brokers, dealers and clearing organizations 106,751 Financial instruments and other inventory positions sold, but not yet purchased 20,051 Other liabilities and accrued expenses 8,785 Total liabilities $ 236,868

Receivables from and Payables33

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	3 Months Ended
	Mar. 31, 2017
Brokers and Dealers [Abstract]
Brokers, Dealers and Clearing Organizations	March 31, December 31, (Dollars in thousands) 2017 2016 Receivable arising from unsettled securities transactions $ 59,509 $ 132,724 Deposits paid for securities borrowed 38,096 27,573 Receivable from clearing organizations 25,600 3,293 Deposits with clearing organizations 48,636 35,713 Securities failed to deliver 7,494 975 Other 14,951 12,452 Total receivables from brokers, dealers and clearing organizations $ 194,286 $ 212,730 March 31, December 31, (Dollars in thousands) 2017 2016 Payable arising from unsettled securities transactions $ 201,114 $ 13,948 Payable to clearing organizations 25 15,893 Securities failed to receive 1,214 3,043 Other 1,710 7,958 Total payables to brokers, dealers and clearing organizations $ 204,063 $ 40,842

Collateralized Securities Tra34

Collateralized Securities Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Repurchase Agreements [Abstract]
Summary of Repurchase Liabilities, Fair Market Value of Related Collateral Pledged and Interest Rate Charged	The following is a summary of the Company’s securities sold under agreements to repurchase ("Repurchase Liabilities"), the fair market value of collateral pledged and the interest rate charged by the Company’s counterparty, which is based on LIBOR plus an applicable margin, as of March 31, 2017 : Repurchase Fair Market (Dollars in thousands) Liabilities Value Interest Rate On demand maturities: U.S. government agency securities $ 5,986 $ 6,249 1.30 - 1.40% U.S. government securities 10,457 10,141 0.50% $ 16,443 $ 16,390
Offsetting Assets and Liabilities	Reverse repurchase agreements, repurchase agreements and securities borrowed and loaned are reported on a net basis by counterparty when a legal right of offset exists. The following table provides information about the offsetting of these instruments and related collateral amounts at March 31, 2017 : Gross Amount Net Amounts Gross Amounts Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Assets Financial Condition Financial Condition Instruments Received (1) Amount Reverse repurchase agreements $ 232,997 $ (5,986 ) $ 227,011 $ — $ (227,011 ) $ — Securities borrowed (3) 38,096 — 38,096 — (38,096 ) — Gross Amount Net Amount Gross Amount Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Liabilities Financial Condition Financial Condition Instruments Pledged (2) Amount Repurchase agreements $ 16,443 $ (5,986 ) $ 10,457 $ — $ (10,457 ) $ — (1) Includes securities received by the Company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. (2) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the consolidated statements of financial condition unless the Company defaults. (3) Deposits paid for securities borrowed are included in receivables from brokers, dealers and clearing organizations on the consolidated statements of financial condition. See Note 7 for additional information on receivables from brokers, dealers and clearing organizations. The following table provides information about the offsetting of these instruments and related collateral amounts at December 31, 2016 : Gross Amount Net Amounts Gross Amounts Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Assets Financial Condition Financial Condition Instruments Received (1) Amount Reverse repurchase agreements $ 161,574 $ (1,877 ) $ 159,697 $ — $ (159,697 ) $ — Securities borrowed (3) 27,573 — 27,573 — (27,573 ) — Gross Amount Net Amount Gross Amount Not Offset Offset on the Presented on the on the Consolidated Statements Gross Consolidated Consolidated of Financial Condition (Dollars in thousands) Recognized Statements of Statements of Financial Collateral Net Description Liabilities Financial Condition Financial Condition Instruments Pledged (2) Amount Repurchase agreements $ 16,923 $ (1,877 ) $ 15,046 $ — $ (15,046 ) $ — (1) Includes securities received by the Company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. (2) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the consolidated statements of financial condition unless the Company defaults. (3) Deposits paid for securities borrowed are included in receivables from brokers, dealers and clearing organizations on the consolidated statements of financial condition. See Note 7 for additional information on receivables from brokers, dealers and clearing organizations.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, All Other Investments [Abstract]
Schedule of Investments	The Company’s investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. March 31, December 31, (Dollars in thousands) 2017 2016 Investments at fair value $ 147,780 $ 156,102 Investments at cost 2,205 2,755 Investments accounted for under the equity method 9,690 9,200 Total investments 159,675 168,057 Less investments attributable to noncontrolling interests (1) (40,222 ) (45,123 ) $ 119,453 $ 122,934 (1) Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	March 31, December 31, (Dollars in thousands) 2017 2016 Net deferred income tax assets $ 83,917 $ 97,833 Income tax receivables 20,712 — Fee receivables 17,107 22,840 Accrued interest receivables 7,669 9,259 Forgivable loans, net 10,707 9,307 Prepaid expenses 5,976 6,363 Secured loan receivables 2,975 6,236 Other 14,408 13,124 Total other assets $ 163,471 $ 164,962

Short-Term Financing (Tables)

Short-Term Financing (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Short-Term Financing and Weighted Average Interest Rate on Borrowings	Outstanding Balance Weighted Average Interest Rate March 31, December 31, March 31, December 31, (Dollars in thousands) 2017 2016 2017 2016 Commercial paper (secured) $ 124,865 $ 147,021 2.49 % 2.12 % Prime broker arrangements 101,281 271,811 1.72 % 1.49 % Bank lines (secured) 71,000 — 1.82 % N/A Total short-term financing $ 297,146 $ 418,832

Senior Notes Senior Notes (Tabl

Senior Notes Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2017
Senior Notes [Abstract]
Schedule of senior notes	The Company has entered into variable and fixed rate senior notes with certain entities advised by Pacific Investment Management Company ("PIMCO"). The following table presents the outstanding balance by note class: Outstanding Balance March 31, December 31, (Dollars in thousands) 2017 2016 Class A Notes $ 50,000 $ 50,000 Class C Notes 125,000 125,000 Total senior notes $ 175,000 $ 175,000

Restructuring Restructuring (Ta

Restructuring Restructuring (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Pre-tax restructuring charges	The Company incurred the following pre-tax restructuring charges within the Capital Markets segment primarily in conjunction with the Simmons acquisition discussed in Note 3 . Three Months Ended (Dollars in thousands) March 31, 2016 Severance, benefits and outplacement costs $ 5,401 Contract termination costs 604 Total pre-tax restructuring charges $ 6,005

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block]	Ownership interests in entities held by parties other than the Company’s common shareholders are presented as noncontrolling interests within shareholders’ equity, separate from the Company’s own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company’s common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income applicable to noncontrolling interests is deducted from consolidated net income to determine net income applicable to the Company. There was no other comprehensive income or loss attributed to noncontrolling interests for the three months ended March 31, 2017 and 2016 , respectively. The following table presents the changes in shareholders' equity for the three months ended March 31, 2017 : Common Common Total Shares Shareholders’ Noncontrolling Shareholders’ (Amounts in thousands, except share amounts) Outstanding Equity Interests Equity Balance at December 31, 2016 12,391,970 $ 759,250 $ 57,016 $ 816,266 Net income — 20,275 2,929 23,204 Dividends — (4,757 ) — (4,757 ) Amortization/issuance of restricted stock (1) — 21,233 — 21,233 Issuance of treasury shares for options exercised 26,149 1,703 — 1,703 Issuance of treasury shares for restricted stock vestings 624,006 — — — Repurchase of common stock through share repurchase program (27,530 ) (1,999 ) — (1,999 ) Repurchase of common stock for employee tax withholding (230,097 ) (17,789 ) — (17,789 ) Shares reserved/issued for director compensation 367 26 — 26 Other comprehensive income — 223 — 223 Fund capital distributions, net — — (16,154 ) (16,154 ) Balance at March 31, 2017 12,784,865 $ 778,165 $ 43,791 $ 821,956 (1) Includes amortization of restricted stock as part of deal consideration for the acquisition of Simmons. See Note 3 for further discussion.

Compensation Plans (Tables)

Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Outstanding Equity Awards	The following table provides a summary of the Company’s outstanding equity awards (in shares or units) as of March 31, 2017 : Incentive Plan Restricted Stock Annual grants 926,894 Sign-on grants 276,193 1,203,087 Inducement Plan Restricted Stock 269,491 Total restricted stock related to compensation 1,472,578 Simmons Deal Consideration (1) 855,929 Total restricted stock outstanding 2,328,507 Incentive Plan Restricted Stock Units Leadership grants 410,441 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisition of Simmons. See Note 3 for further discussion.
Schedule of Valuation Assumptions	For this portion of the award, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2017 1.62% 35.9% The fair value of the awards on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% 2015 0.90% 29.8% 2014 0.82% 41.3%
Changes in Unvested Restricted Stock	The following table summarizes the changes in the Company’s unvested restricted stock: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2016 2,874,117 $ 43.12 Granted 203,140 81.35 Vested (623,520 ) 45.32 Canceled (125,230 ) 42.04 March 31, 2017 2,328,507 $ 45.92
Changes in Unvested Restricted Stock Units	The following table summarizes the changes in the Company’s unvested restricted stock units: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2016 374,460 $ 21.63 Granted 35,981 84.10 Vested — — Canceled — — March 31, 2017 410,441 $ 27.11
Changes in Outstanding Stock Options	The following table summarizes the changes in the Company’s outstanding stock options: Weighted Average Weighted Remaining Options Average Contractual Term Aggregate Outstanding Exercise Price (in Years) Intrinsic Value December 31, 2016 30,613 $ 65.86 0.3 $ 203,291 Granted — — Exercised (26,149 ) 65.13 Canceled — — Expired (4,464 ) 70.13 March 31, 2017 — $ — 0.0 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of earnings per share is as follows: Three Months Ended March 31, (Amounts in thousands, except per share data) 2017 2016 Net income applicable to Piper Jaffray Companies $ 20,275 $ 2,437 Earnings allocated to participating securities (1) (3,447 ) (313 ) Net income applicable to Piper Jaffray Companies’ common shareholders (2) $ 16,828 $ 2,124 Shares for basic and diluted calculations: Average shares used in basic computation 12,594 13,160 Stock options 1 12 Restricted stock units 327 — Average shares used in diluted computation 12,922 13,172 Earnings per common share: Basic $ 1.33 $ 0.16 Diluted $ 1.31 $ 0.16 (1) Represents the allocation of earnings to participating securities. Losses are not allocated to participating securities. Participating securities include all of the Company’s unvested restricted shares. The weighted average participating shares outstanding were 2,630,742 and 1,938,759 for the three months ended March 31, 2017 and 2016 , respectively. (2) Net income applicable to Piper Jaffray Companies’ common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options and restricted stock units to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies’ common shareholders and participating securities for purposes of calculating diluted and basic EPS.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reportable segment financial results	Reportable segment financial results are as follows: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Capital Markets Investment banking Financing Equities $ 23,382 $ 6,566 Debt 16,408 15,972 Advisory services 92,882 81,629 Total investment banking 132,672 104,167 Institutional sales and trading Equities 20,106 19,669 Fixed income 23,240 17,054 Total institutional sales and trading 43,346 36,723 Management and performance fees 1,997 965 Investment income 10,508 2,086 Long-term financing expenses (2,238 ) (2,292 ) Net revenues 186,285 141,649 Operating expenses (1) 164,060 138,855 Segment pre-tax operating income $ 22,225 $ 2,794 Segment pre-tax operating margin 11.9 % 2.0 % Continued on next page Three Months Ended March 31, (Dollars in thousands) 2017 2016 Asset Management Management and performance fees Management fees $ 14,010 $ 12,883 Performance fees — — Total management and performance fees 14,010 12,883 Investment income/(loss) 234 (976 ) Net revenues 14,244 11,907 Operating expenses (1) 13,660 11,259 Segment pre-tax operating income $ 584 $ 648 Segment pre-tax operating margin 4.1 % 5.4 % Total Net revenues $ 200,529 $ 153,556 Operating expenses (1) 177,720 150,114 Pre-tax operating income $ 22,809 $ 3,442 Pre-tax operating margin 11.4 % 2.2 % (1) Operating expenses include intangible asset amortization expense as set forth in the table below: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Capital Markets $ 2,544 $ 1,909 Asset Management 1,278 1,387 Total intangible asset amortization expense $ 3,822 $ 3,296
Schedule of intangible asset amortization expense	Operating expenses include intangible asset amortization expense as set forth in the table below: Three Months Ended March 31, (Dollars in thousands) 2017 2016 Capital Markets $ 2,544 $ 1,909 Asset Management 1,278 1,387 Total intangible asset amortization expense $ 3,822 $ 3,296
Reportable segment assets	Reportable segment assets are as follows: March 31, December 31, (Dollars in thousands) 2017 2016 Capital Markets $ 1,925,170 $ 1,934,528 Asset Management 187,987 190,975 $ 2,113,157 $ 2,125,503

Organization and Basis of Pre44

Organization and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Accounting Policies and Prono45

Accounting Policies and Pronouncements Accounting Policies and Pronouncments (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Jan. 01, 2017USD ($)	Dec. 31, 2016USD ($)
ASU 2019-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit for stock awards vesting during the period	$ 7,000,000
Previously reported | ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating leases			65
Aggregate minimum lease commitments			$ 78,400,000
Retained earnings | No impact | ASU 2019-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact on retained earnings		$ 0

Acquisition of Simmons & Comp46

Acquisition of Simmons & Company International - Additional Information(Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Feb. 26, 2016
Business Acquisition [Line Items]
Goodwill	$ 196,218		$ 196,218
Transaction costs		$ 500
Simmons & Company International
Business Acquisition [Line Items]
Economic value				$ 140,000
Fair value of net assets acquired		119,300
Acquisition related compensation arrangements				20,600
Goodwill				60,737
Goodwill amount expected to be deducted for income tax purposes				59,400
Simmons & Company International | Restricted Stock
Business Acquisition [Line Items]
Number of restricted common shares issued as part of the purchase price	1,149,340
Value of equity consideration on the acquisition date				48,200
Acquisition related compensation arrangements				11,600
Simmons & Company International | Restricted Stock | Minimum
Business Acquisition [Line Items]
Acquisition related compensation arrangement requisite service period	1 year
Simmons & Company International | Restricted Stock | Maximum
Business Acquisition [Line Items]
Acquisition related compensation arrangement requisite service period	3 years
Simmons & Company International | Restricted Stock | Weighted Average
Business Acquisition [Line Items]
Acquisition related compensation arrangement requisite service period	2 years 8 months 19 days
Cash | Simmons & Company International
Business Acquisition [Line Items]
Acquisition related compensation arrangements				$ 9,000
Cash | Simmons & Company International | Restricted Stock
Business Acquisition [Line Items]
Requisite service period for acquisition related compensation arrangements	3 years
Performance award plan | Cash | Simmons & Company International
Business Acquisition [Line Items]
Requisite service period for performance award plan	3 years
Compensation expense related to this performance award plan	$ 5,600
Capital Markets | Simmons & Company International | Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired		17,500
Capital Markets | Simmons & Company International | Simmons trade name
Business Acquisition [Line Items]
Intangible assets acquired		$ 9,100

Acquisition of Simmons & Comp47

Acquisition of Simmons & Company International - Unaudited Pro Forma Information (Details) - Simmons & Company International $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net revenues	$ 161,353
Net loss applicable to Piper Jaffray Companies	$ (656)

Financial Instruments and Oth48

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Equity securities	$ 45,160	$ 6,363
Convertible securities	53,781	103,486
Fixed income securities	36,882	21,018
Taxable securities	66,284	63,090
Tax-exempt securities	380,799	559,329
Short-term securities	62,163	35,175
Mortgage-backed securities	5,492	5,638
U.S. government agency securities	342,669	205,685
U.S. government securities	521	29,970
Derivative contracts	24,542	29,217
Total financial instruments and other inventory positions owned	1,018,293	1,058,971
Equity securities	81,707	89,453
Fixed income securities	22,508	17,324
U.S. government agency securities	21,790	6,723
U.S. government securities	273,030	180,650
Derivative contracts	5,504	5,207
Total financial instruments and other inventory positions sold, but not yet purchased	404,539	299,357
Financial instruments and other inventory positions owned and pledged as collateral	451,083	594,361
Municipal Bond Fund
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Taxable securities		1,300
Tax-exempt securities		55,200
Derivative contracts		1,200
Total financial instruments and other inventory positions owned	0	57,700
Total financial instruments and other inventory positions sold, but not yet purchased	0	631
Parent Company
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Total financial instruments and other inventory positions owned	1,018,293	1,001,271
Total financial instruments and other inventory positions sold, but not yet purchased	$ 404,539	$ 298,726

Financial Instruments and Oth49

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Total Absolute Notional Contract Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative Assets (1)	$ 278,414	$ 302,907
Derivative Liabilities (2)	265,063	274,653
Notional Amount	3,717,280	3,761,227
Customer matched-book | Interest rate
Derivative [Line Items]
Notional Amount	3,314,630	3,330,207
Customer matched-book | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	276,781	288,955
Customer matched-book | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	261,052	272,819
Trading securities | Interest rate
Derivative [Line Items]
Notional Amount	402,650	423,550
Trading securities | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	1,633	13,952
Trading securities | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	4,011	1,707
Trading securities | Credit default swap index
Derivative [Line Items]
Notional Amount	0	7,470
Trading securities | Credit default swap index | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	0	0
Trading securities | Credit default swap index | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	$ 0	$ 127

Financial Instruments and Oth50

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Unrealized Gains/(Losses) on Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ (14,775)	$ 990
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	(292)	(1,172)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	(14,738)	1,744
Credit default swap index contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	255	389
Futures and equity option derivative contracts | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ 0	$ 29

Financial Instruments and Oth51

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Additional Information (Details) - Maximum risk of loss $ in Millions	Mar. 31, 2017USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 22.1
Notional contract amount	183.1
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 15.1

Fair Value of Financial Instr52

Fair Value of Financial Instruments Fair Value of Financial Instruments - Fair Value Option (Details) - Merchant Banking Investments - Level III - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments at fair value	$ 13.1		$ 19.7
Gains from changes in fair value	$ 0.5	$ 0.3

Fair Value of Financial Instr53

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details)	3 Months Ended
	Mar. 31, 2017
Tax-exempt securities | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	5.00%
Tax-exempt securities | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	60.00%
Tax-exempt securities | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	19.40%
Short-term securities | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	66.00%
Short-term securities | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	94.00%
Short-term securities | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	91.00%
Collateralized by residential mortgages | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Credit default rate	0.00%
Prepayment rates	1.00%
Loss severity	0.00%
Valuation yields	0.00%
Collateralized by residential mortgages | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Credit default rate	6.00%
Prepayment rates	35.00%
Loss severity	100.00%
Valuation yields	6.50%
Collateralized by residential mortgages | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Credit default rate	0.90%
Prepayment rates	17.35%
Loss severity	21.58%
Valuation yields	4.78%
Interest rate locks | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	200.00%
Interest rate locks | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	500.00%
Interest rate locks | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	341.00%
U.S. government agency securities | Minimum | Level II
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Market yields basis points spreads to treasury securities (as a percent)	1.87%
Prepayment expectations based on CPR (as a percent)	0.00%
U.S. government agency securities | Maximum | Level II
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Market yields basis points spreads to treasury securities (as a percent)	5.73%
Prepayment expectations based on CPR (as a percent)	21.00%
Equity investment in private company | Investments | Minimum | Market approach | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	2
EBITDA multiple	10
Equity investment in private company | Investments | Maximum | Market approach | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	5
EBITDA multiple	15
Equity investment in private company | Investments | Weighted Average | Market approach | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	4.1
EBITDA multiple	12.2
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Minimum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	100.00%
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Maximum | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	4900.00%
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Weighted Average | Discounted cash flow | Level III
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	1330.00%

Fair Value of Financial Instr54

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value attributable to third party ownership	$ 147,780		$ 156,102
Transfers out of Level 3		$ (14,304)
Transfers between fair value levels	0
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	1,262,134		1,278,785
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 119,679		$ 147,143
Percentage of Level III assets to financial instruments measured at fair value	10.30%		12.10%
U.S. government agency securities | Minimum | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market yields basis points spreads to treasury securities (as a percent)	1.87%
U.S. government agency securities | Maximum | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market yields basis points spreads to treasury securities (as a percent)	5.73%
Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers out of Level 3		(9,088)
Financial instruments and other inventory positions owned
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers out of Level 3		(5,216)
Financial instruments and other inventory positions owned | Taxable municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers out of Level 3		$ 5,216
Noncontrolling interests in a consolidated merchant banking fund
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value attributable to third party ownership	$ 40,222		$ 45,123

Fair Value of Financial Instr55

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 45,160	$ 6,363
Convertible securities	53,781	103,486
Fixed income securities	36,882	21,018
Taxable securities	66,284	63,090
Tax-exempt securities	380,799	559,329
Short-term securities	62,163	35,175
Mortgage-backed securities	5,492	5,638
U.S. government agency securities	342,669	205,685
U.S. government securities	521	29,970
Derivative contracts	24,542	29,217
Derivative contracts	(253,872)	(273,690)
Total financial instruments and other inventory positions owned	1,018,293	1,058,971
Equity securities	81,707	89,453
Fixed income securities	22,508	17,324
U.S. government agency securities	21,790	6,723
U.S. government securities	273,030	180,650
Derivative contracts	5,504	5,207
Derivative contracts	(259,559)	(269,446)
Total financial instruments and other inventory positions sold, but not yet purchased	404,539	299,357
Securities posted as collateral to its counterparties	0
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	524	82
U.S. government securities	521	29,970
Total financial instruments and other inventory positions owned	1,045	30,052
Cash equivalents	1,058	768
Investments at fair value	37,087	32,783
Total assets	39,190	63,603
Equity securities	80,795	89,453
U.S. government securities	273,030	180,650
Total financial instruments and other inventory positions sold, but not yet purchased	353,825	270,103
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	44,636	6,281
Convertible securities	53,781	103,486
Fixed income securities	36,882	21,018
Taxable securities	66,284	60,404
Tax-exempt securities	379,682	558,252
Short-term securities	61,419	34,431
Mortgage-backed securities		273
U.S. government agency securities	342,669	205,685
Derivative contracts	276,781	288,955
Total financial instruments and other inventory positions owned	1,262,134	1,278,785
Total assets	1,262,134	1,278,785
Equity securities	912
Fixed income securities	22,508	17,324
U.S. government agency securities	21,790	6,723
Derivative contracts	261,157	273,166
Total financial instruments and other inventory positions sold, but not yet purchased	306,367	297,213
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Taxable securities		2,686
Tax-exempt securities	1,117	1,077
Short-term securities	744	744
Mortgage-backed securities	5,492	5,365
Derivative contracts	1,633	13,952
Total financial instruments and other inventory positions owned	8,986	23,824
Investments at fair value	110,693	123,319
Total assets	119,679	147,143
Derivative contracts	3,906	1,487
Total financial instruments and other inventory positions sold, but not yet purchased	3,906	1,487
Measured on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	45,160	6,363
Convertible securities	53,781	103,486
Fixed income securities	36,882	21,018
Taxable securities	66,284	63,090
Tax-exempt securities	380,799	559,329
Short-term securities	62,163	35,175
Mortgage-backed securities	5,492	5,638
U.S. government agency securities	342,669	205,685
U.S. government securities	521	29,970
Derivative contracts	24,542	29,217
Total financial instruments and other inventory positions owned	1,018,293	1,058,971
Cash equivalents	1,058	768
Investments at fair value	147,780	156,102
Total assets	1,167,131	1,215,841
Equity securities	81,707	89,453
Fixed income securities	22,508	17,324
U.S. government agency securities	21,790	6,723
U.S. government securities	273,030	180,650
Derivative contracts	5,504	5,207
Total financial instruments and other inventory positions sold, but not yet purchased	$ 404,539	$ 299,357

Fair Value of Financial Instr56

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 147,143	$ 238,281
Purchases	7,823	40,650
Sales	(38,847)	(27,824)
Transfers out		(14,304)
Realized gains/ (losses)	20,331	1,078
Unrealized gains/ (losses)	16,771	1,219
Ending balance	119,679	236,662
Unrealized gains/ (losses) for assets held at period end	6,115	1,657
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,487	7,148
Purchases	(719)	0
Sales	0	(9,882)
Realized gains/(losses)	719	9,882
Unrealized gains/ (losses)	2,419	(1,740)
Ending balance	3,906	5,408
Unrealized gains/ (losses) for liabilities held at period end	3,061	4,534
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	23,824	128,837
Purchases	1,236	26,519
Sales	(14,378)	(27,824)
Transfers out		(5,216)
Realized gains/ (losses)	11,675	1,078
Unrealized gains/ (losses)	13,371	3,573
Ending balance	8,986	119,821
Unrealized gains/ (losses) for assets held at period end	(378)	(697)
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	123,319	109,444
Purchases	6,587	14,131
Sales	(24,469)	0
Transfers out		(9,088)
Realized gains/ (losses)	8,656	0
Unrealized gains/ (losses)	3,400	(2,354)
Ending balance	110,693	116,841
Unrealized gains/ (losses) for assets held at period end	6,493	2,354
Taxable securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,686	5,816
Sales	(2,703)	(611)
Transfers out		5,216
Realized gains/ (losses)	716	11
Unrealized gains/ (losses)	699
Tax-exempt securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,077	1,177
Unrealized gains/ (losses)	(40)
Ending balance	1,117	1,177
Unrealized gains/ (losses) for assets held at period end	40
Short-term securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	744	720
Unrealized gains/ (losses)		28
Ending balance	744	748
Unrealized gains/ (losses) for assets held at period end		28
Mortgage-backed securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,365	121,124
Purchases	996	26,519
Sales	(790)	(27,213)
Realized gains/ (losses)	314	1,067
Unrealized gains/ (losses)	393	3,606
Ending balance	5,492	117,891
Unrealized gains/ (losses) for assets held at period end	(71)	(730)
Derivative contracts | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13,952
Purchases	240
Sales	(10,885)
Realized gains/ (losses)	10,645
Unrealized gains/ (losses)	12,319	(5)
Ending balance	1,633	5
Unrealized gains/ (losses) for assets held at period end	(347)	5
Derivative contracts | Financial instruments and other inventory positions sold, but not yet purchased
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,487	7,148
Purchases	(719)
Sales	0	(9,882)
Transfers out	0	0
Realized gains/(losses)	719	9,882
Unrealized gains/ (losses)	2,419	(1,740)
Ending balance	3,906	5,408
Unrealized gains/ (losses) for liabilities held at period end	$ 3,061	$ 4,534

Variable Interest Entities Va57

Variable Interest Entities Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands	Mar. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 354,796
Consolidated VIE liabilities	236,868
Receivables from brokers, dealers and clearing organizations
Variable Interest Entity [Line Items]
Consolidated VIE assets	59,509
Financial instruments and other inventory positions owned and pledged as collateral
Variable Interest Entity [Line Items]
Consolidated VIE assets	194,621
Investments
Variable Interest Entity [Line Items]
Consolidated VIE assets	94,082
Other assets
Variable Interest Entity [Line Items]
Consolidated VIE assets	6,584
Short-term financing
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	101,281
Payables to brokers, dealer and clearing organizations
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	106,751
Financial instruments and other inventory positions sold, but not yet purchased
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	20,051
Other liabilities and accrued expenses
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	$ 8,785

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Nonconsolidated assets related to VIEs	$ 700,000,000	$ 800,000,000
Maximum exposure to loss for nonconsolidated VIEs	6,600,000
Nonconsolidated liabilities related to VIEs	$ 0	$ 0

Receivables from and Payables59

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Receivable from Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Brokers and Dealers [Abstract]
Receivable arising from unsettled securities transactions	$ 59,509	$ 132,724
Deposits paid for securities borrowed	38,096	27,573
Receivable from clearing organizations	25,600	3,293
Deposits with clearing organizations	48,636	35,713
Securities failed to deliver	7,494	975
Other	14,951	12,452
Total brokers, dealers and clearing organizations	$ 194,286	$ 212,730

Receivables from and Payables60

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Brokers and Dealers [Abstract]
Payable arising from unsettled securities transactions	$ 201,114	$ 13,948
Payable to clearing organizations	25	15,893
Securities failed to receive	1,214	3,043
Other	1,710	7,958
Total brokers, dealers and clearing organizations	$ 204,063	$ 40,842

Collateralized Securities Tra61

Collateralized Securities Transactions - Summary of Repurchase Liabilities, Fair Market Value of Related Collateral Pledged and Interest Rate Charged (Details) $ in Thousands	Mar. 31, 2017USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	$ 16,443
Fair Market Value	16,390
On demand maturities: | U.S. government agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	5,986
Fair Market Value	6,249
On demand maturities: | U.S. government securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	10,457
Fair Market Value	$ 10,141
Interest Rate	0.50%
On demand maturities: | U.S. government securities | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	1.30%
On demand maturities: | U.S. government securities | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	1.40%

Collateralized Securities Tra62

Collateralized Securities Transactions Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Offsetting Assets and Liabilities [Abstract]
Reverse repurchase agreements, gross recognized assets	$ 232,997	$ 161,574
Reverse repurchase agreements, gross amount offset on the consolidated statements of financial condition	(5,986)	(1,877)
Reverse repurchase agreements, net amounts presented on the consolidated statements of financial condition	227,011	159,697
Reverse repurchase agreements, gross amounts of financial instruments not offset on the consolidated statements of financial condition	0	0
Reverse repurchase agreements, gross amounts of collateral received not offset on the consolidated statements of financial condition	(227,011)	(159,697)
Reverse repurchase agreements, net amount	0	0
Securities borrowed, gross recognized assets	38,096	27,573
Securities borrowed, gross amount offset on the consolidated statements of financial condition	0	0
Securities borrowed, net amounts presented on the consolidated statements of financial condition	38,096	27,573
Securities borrowed, gross amounts of financial instruments not offset on the consolidated statements of financial condition	0	0
Securities borrowed, gross amounts of collateral received not offset on the consolidated statements of financial condition	(38,096)	(27,573)
Securities borrowed, net amount	0	0
Repurchase agreements, gross recognized liabilities	16,443	16,923
Repurchase agreements, gross amount offset on the consolidated statements of financial condition	(5,986)	(1,877)
Repurchase agreements, net amount presented on the consolidated statements of financial condition	10,457	15,046
Repurchase agreements, gross amount of financial instruments not offset on the consolidated statements of financial condition	0	0
Repurchase agreements, gross amount of collateral pledged not offset on the consolidated statements of financial condition	(10,457)	(15,046)
Repurchase agreements, net amount	$ 0	$ 0

Collateralized Securities Tra63

Collateralized Securities Transactions - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Securities purchased under agreements to resell, securities borrowed and margin agreements on terms that permit to repledge or resell the securities to others	$ 273,600,000	$ 192,200,000
Securities either pledged or otherwise transferred to others in connection with financing activities or to satisfy commitments under financial instruments and other inventory positions sold, but not yet purchased	260,100,000	$ 185,200,000
Securities loaned	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investments at fair value	$ 147,780	$ 156,102
Investments at cost	2,205	2,755
Investments accounted for under the equity method	9,690	9,200
Total investments	159,675	168,057
Less investments attributable to noncontrolling interests (1)
Schedule of Investments [Line Items]
Investments at fair value	40,222	45,123
Parent Company
Schedule of Investments [Line Items]
Total investments	$ 119,453	$ 122,934

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)
Investments, All Other Investments [Abstract]
Estimated fair market value of investments carried at cost	$ 3.8

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Net deferred income tax assets	$ 83,917	$ 97,833
Income tax receivables	20,712	0
Fee receivables	17,107	22,840
Accrued interest receivables	7,669	9,259
Forgivable loans, net	10,707	9,307
Prepaid expenses	5,976	6,363
Secured loan receivables	2,975	6,236
Other	14,408	13,124
Total other assets	$ 163,471	$ 164,962

Short-Term Financing - Summary

Short-Term Financing - Summary of Short Term Financing and Weighted Average Interest Rate on Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Oustanding Balance	$ 297,146	$ 418,832
Commercial paper (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 124,865	$ 147,021
Weighted Average Interest Rate	2.49%	2.12%
Prime broker arrangements
Short-term Debt [Line Items]
Oustanding Balance	$ 101,281	$ 271,811
Weighted Average Interest Rate	1.72%	1.49%
Bank lines (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 71,000	$ 0
Weighted Average Interest Rate	1.82%

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)banksprogram	Dec. 31, 2016USD ($)
Short-term Debt [Line Items]
Short-term financing	$ 297,146,000	$ 418,832,000
Commercial paper (secured)
Short-term Debt [Line Items]
Number of commercial paper programs | program	3
Short-term financing	$ 124,865,000	147,021,000
Commercial paper (secured) | Minimum
Short-term Debt [Line Items]
Debt term	27 days
Commercial paper (secured) | Maximum
Short-term Debt [Line Items]
Debt term	270 days
Commercial paper (secured) | CP Series A | Weighted Average
Short-term Debt [Line Items]
Debt term	25 days
Commercial paper (secured) | CP Series II A | Weighted Average
Short-term Debt [Line Items]
Debt term	9 days
Commercial paper (secured) | CP Series III A
Short-term Debt [Line Items]
Excess net capital required	$ 120,000,000
Commercial paper (secured) | CP Series III A | Weighted Average
Short-term Debt [Line Items]
Debt term	15 days
Bank lines (secured)
Short-term Debt [Line Items]
Short-term financing	$ 71,000,000	$ 0
Bank lines (secured) | Committed Credit Facility
Short-term Debt [Line Items]
Debt term	1 year
Line of credity, maximum borrowing capacity	$ 200,000,000
Minimum net capital required	120,000,000
Short-term financing	46,000,000
Bank lines (secured) | Uncommitted Credit Facility
Short-term Debt [Line Items]
Line of credity, maximum borrowing capacity	185,000,000
Short-term financing	$ 25,000,000
Number of banks | banks	2

Senior Notes Senior Notes (Deta

Senior Notes Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Senior Notes	$ 175,000	$ 175,000
Senior Notes | Class A Variable Rate Senior Notes Due May 2017
Debt Instrument [Line Items]
Senior Notes	50,000	50,000
Senior Notes | Class C Fixed Rate Senior Notes Due October 2018
Debt Instrument [Line Items]
Senior Notes	$ 125,000	$ 125,000

Senior Notes - Additional Infor

Senior Notes - Additional Information (Details) - Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2017	Oct. 08, 2015
Class A Variable Rate Senior Notes Due May 2017 | LIBOR
Debt Instrument [Line Items]
Reference rate	P3M
Basis spread on variable rate	3.00%
Class C Fixed Rate Senior Notes Due October 2018
Debt Instrument [Line Items]
Face amount		$ 125,000,000
Annual fixed rate		5.06%
Fair value disclosure	$ 126,200,000

Restructuring and Integration C

Restructuring and Integration Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	$ 6,005
Severance, benefits and outplacement costs
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	5,401
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	$ 604

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Aug. 14, 2015
Equity, Class of Treasury Stock [Line Items]
Aggregate purchase price		$ 19,788,000	$ 19,445,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations		230,097	169,282
Repurchase of common stock for employee tax withholding		$ 17,800,000	$ 7,081,000
Reissuance of treasury shares as a result of employee vesting		650,155	476,062
Cash dividends paid		$ 0.3125
Cash dividends declared		$ 0.3125	$ 0
Noncontrolling interests proportionate share of equity		$ 43,791,000		$ 57,016,000
Other comprehensive income or loss attributed to noncontrolling interests		0	$ 0
Merchant banking fund
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity		35,800,000		35,000,000
Municipal bond fund with employee investors
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity				9,200,000
Senior living fund
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity		$ 8,000,000		$ 12,800,000
Share Repurchase Program Authorized 2015
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount					$ 150,000,000
Shares repurchased		27,530	351,791
Average share price		$ 72.63	$ 35.14
Aggregate purchase price		$ 2,000,000	$ 12,400,000
Repurchase of common stock, amount remaining under this authorization		$ 69,800,000
Cash dividends declared
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared	$ 0.3125

Shareholders' Equity - Rollforw

Shareholders' Equity - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Shareholders' Equity at period end	$ 759,250
Noncontrolling interests at period end	57,016
Total Shareholders' Equity at period end	816,266
Common Shareholders' Equity, Net income	20,275	$ 2,437
Noncontrolling Interests, Net income	2,929	749
Total Shareholders' Equity, Net income	23,204	$ 3,186
Dividends	(4,757)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0
Amortization/issuance of restricted stock	21,233
Issuance of treasury shares for options exercised	1,703
Repurchased of common stock through share repurchase program	$ (1,999)
Repurchase of common stock for employee tax withholding	(230,097)	(169,282)
Repurchase of common stock for employee tax withholding	$ (17,789)
Shares reserved/issued for director compensation	26
Other comprehensive loss	223
Fund capital withdrawals, net	(16,154)
Common Shareholders' Equity at period end	778,165
Noncontrolling Interest at period end	43,791
Total Shareholders' Equity at period end	$ 821,956
Common Shares Outstanding
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Shares Outstanding at period end	12,391,970
Issuance of treasury shares for options exercised	26,149
Issuance of treasury shares for restricted stock vestings	624,006
Repurchase of common stock through share repurchase program	(27,530)
Repurchase of common stock for employee tax withholding	(230,097)
Shares reserved/issued for director compensation	367
Common Shares Outstanding at period end	12,784,865
Common Shareholders' Equity
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Dividends	$ (4,757)
Amortization/issuance of restricted stock	21,233
Issuance of treasury shares for options exercised	1,703
Repurchased of common stock through share repurchase program	(1,999)
Repurchase of common stock for employee tax withholding	(17,789)
Shares reserved/issued for director compensation	26
Other comprehensive loss	223
Fund capital withdrawals, net	0
Noncontrolling Interests
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Amortization/issuance of restricted stock	0
Issuance of treasury shares for options exercised	0
Repurchased of common stock through share repurchase program	0
Repurchase of common stock for employee tax withholding	0
Shares reserved/issued for director compensation	0
Other comprehensive loss	$ 0

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Mar. 31, 2017	Dec. 31, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	2,328,507	2,874,117
Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	410,441	374,460
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	410,441
Total restricted stock related to compensation | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	1,472,578
Total restricted stock related to compensation | Amended And Restated 2003 Annual And Long-Term Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	1,203,087
Total restricted stock related to compensation | Amended And Restated 2003 Annual And Long-Term Incentive Plan | Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	926,894
Total restricted stock related to compensation | Amended And Restated 2003 Annual And Long-Term Incentive Plan | Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	276,193
Total restricted stock related to compensation | 2016 Employment Inducement Award Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	269,491
Simmons Deal Consideration (1) | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	855,929

Compensation Plans - RSU Valuat

Compensation Plans - RSU Valuation Assumptions (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2017
2,017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.62%
Expected Stock Price Volatility	35.90%
2,016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.98%
Expected Stock Price Volatility	34.90%
2,015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.90%
Expected Stock Price Volatility	29.80%
2,014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.82%
Expected Stock Price Volatility	41.30%

Compensation Plans - Unvested R

Compensation Plans - Unvested Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance | shares	2,874,117
Granted | shares	203,140
Vested | shares	(623,520)
Cancelled | shares	(125,230)
Ending Balance | shares	2,328,507
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance | $ / shares	$ 43.12
Granted | $ / shares	81.35
Vested | $ / shares	45.32
Cancelled | $ / shares	42.04
Ending Balance | $ / shares	$ 45.92

Compensation Plans - Unvested77

Compensation Plans - Unvested Restricted Stock Units (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance | shares	374,460
Granted | shares	35,981
Vested | shares	0
Cancelled | shares	0
Ending Balance | shares	410,441
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance | $ / shares	$ 21.63
Granted | $ / shares	84.10
Vested | $ / shares	0
Cancelled | $ / shares	0
Ending Balance | $ / shares	$ 27.11

Compensation Plans - Stock Opti

Compensation Plans - Stock Options (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Options Outstanding
Beginning Balance	30,613
Granted	0
Exercised	(26,149)		0
Cancelled	0
Expired	(4,464)
Ending Balance	0	30,613
Weighted Average Exercise Price (in dollars per share)
Beginning Balance	$ 65.86
Granted	0
Exercised	65.13
Cancelled	0
Expired	70.13
Ending Balance	$ 0	$ 65.86
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	0 days	4 months
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 0	$ 203,291

Compensation Plans - Additional

Compensation Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)planshares	Jun. 30, 2016USD ($)shares	Mar. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan	2
Remaining outstanding options | shares	0
Compensation expense related to employee restricted stock awards	$ 400,000		$ 10,000,000
Forfeitures recorded as a result of violating the post-termination restrictions	1,700,000
Tax benefit related to compensation costs for stock-based compensation arrangements	5,900,000		$ 3,900,000
Intrinsic value of options exercised	300,000
Tax benefit realized from exercise of options	$ 100,000
Exercises during the period | shares	26,149		0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted | shares	203,140
Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	3 years
Annual grant expense period	1 year
Sign-on grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period	1 year
Sign-on grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period	5 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period for restricted stock units	36 months
Number of years risk free interest rate	3 years
Number of shares granted | shares	35,981
Restricted stock and restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to restricted stock	$ 39,100,000
Weighted average period over which restricted stock expense expected to be recognized	2 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to restricted stock	$ 0
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options	10 years
Amended And Restated 2003 Annual And Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award grants authorized | shares	8,200,000
Shares available for future issuance | shares	900,000
2016 Employment Inducement Award Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Value of restricted stock granted		$ 11,600,000
Number of shares granted | shares		286,776
2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	150.00%
Average adjusted return on equity targets | 2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	75.00%
Total shareholder return relative to members of a predetermined peer group | 2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	75.00%
Total shareholder return relative to members of a predetermined peer group | Prior to 2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%
Total shareholder return | Prior to 2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%
Probable | Average adjusted return on equity targets | 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%

Compensation Plans Compensation

Compensation Plans Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Plan Assets	$ 28.4	$ 24.4
Plan Liabilities	$ 28.4	$ 24.5
Mutual Fund Restricted Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award Vesting Period	3 years
New Employees | Mutual Fund Restricted Shares | Minimum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Requisite service period	2 years
New Employees | Mutual Fund Restricted Shares | Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Requisite service period	5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income applicable to Piper Jaffray Companies	$ 20,275	$ 2,437
Earnings allocated to participating securities (1)	(3,447)	(313)
Net income applicable to Piper Jaffray Companies' common shareholders (2)	$ 16,828	$ 2,124
Shares for basic and diluted calculations:
Average shares used in basic computation	12,594,000	13,160,000
Average shares used in diluted computation	12,922,000	13,172,000
Earnings per common share
Basic	$ 1.33	$ 0.16
Diluted	$ 1.31	$ 0.16
Weighted average participating shares outstanding	2,630,742	1,938,759
Stock options
Shares for basic and diluted calculations:
Dilutive impact of securities	1,000	12,000
Restricted stock units
Shares for basic and diluted calculations:
Dilutive impact of securities	327,000	0

Segment Reporting - Reportable

Segment Reporting - Reportable Segment Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Investment banking	$ 132,250	$ 103,938
Institutional sales and trading	39,136	32,049
Management and performance fees	16,007	13,848
Investment income/(loss)	10,375	937
Net revenues	200,529	153,556
Operating expenses (1)	177,720	150,114
Segment pre-tax operating income	$ 22,809	$ 3,442
Segment pre-tax operating margin	11.40%	2.20%
Intangible asset amortization expense	$ 3,822	$ 3,296
Capital Markets
Segment Reporting Information [Line Items]
Investment banking	132,672	104,167
Institutional sales and trading	43,346	36,723
Management and performance fees	1,997	965
Investment income/(loss)	10,508	2,086
Long-term financing expenses	(2,238)	(2,292)
Net revenues	186,285	141,649
Operating expenses (1)	164,060	138,855
Segment pre-tax operating income	$ 22,225	$ 2,794
Segment pre-tax operating margin	11.90%	2.00%
Intangible asset amortization expense	$ 2,544	$ 1,909
Capital Markets | Equities financing
Segment Reporting Information [Line Items]
Investment banking	23,382	6,566
Capital Markets | Debt financing
Segment Reporting Information [Line Items]
Investment banking	16,408	15,972
Capital Markets | Advisory services
Segment Reporting Information [Line Items]
Investment banking	92,882	81,629
Capital Markets | Equities
Segment Reporting Information [Line Items]
Institutional sales and trading	20,106	19,669
Capital Markets | Fixed income
Segment Reporting Information [Line Items]
Institutional sales and trading	23,240	17,054
Asset Management
Segment Reporting Information [Line Items]
Management fees	14,010	12,883
Performance fees	0	0
Management and performance fees	14,010	12,883
Investment income/(loss)	234	(976)
Net revenues	14,244	11,907
Operating expenses (1)	13,660	11,259
Segment pre-tax operating income	$ 584	$ 648
Segment pre-tax operating margin	4.10%	5.40%
Intangible asset amortization expense	$ 1,278	$ 1,387

Segment Reporting Segment Repor

Segment Reporting Segment Reporting - Reportable Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	$ 2,113,157	$ 2,125,503
Capital Markets
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	1,925,170	1,934,528
Asset Management
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	$ 187,987	$ 190,975

Net Capital Requirements and 84

Net Capital Requirements and Other Regulatory Matters - Additional Information (Detail)	Mar. 31, 2017USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital requirement, percentage of aggregate debit balances arising from customer transactions	2.00%
Net capital requirement, percent of aggregate debit balances under restriction on business expansion or dividend payment	5.00%
Net capital	$ 208,400,000
Minimum net capital required	207,400,000
Commercial paper | CP Series III A
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	120,000,000
Committed credit facility | Senior Notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	$ 120,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ (395)	$ 256
Effective income tax rate, excluding noncontrolling interests		9.50%