Piper Sandler Companies (PIPR) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-31720
Entity Registrant Name	PIPER JAFFRAY COMPANIES
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0168701
Entity Address, Address Line One	800 Nicollet Mall, Suite 1000
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	(612)
Local Phone Number	303-6000
Title of Each Class	Common Stock, par value $0.01 per share
Trading Symbol	PJC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,357,301
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001230245
Current Fiscal Year End Date	--12-31

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 24,005	$ 50,364
Receivables from brokers, dealers and clearing organizations	175,352	235,278
Financial instruments and other inventory positions owned	308,937	479,795
Financial instruments and other inventory positions owned and pledged as collateral	361,428	147,427
Total financial instruments and other inventory positions owned	670,365	627,222
Fixed assets (net of accumulated depreciation and amortization of $65,606 and $58,927, respectively)	30,619	32,300
Goodwill	88,215	81,855
Intangible assets (net of accumulated amortization of $39,301 and $36,566, respectively)	16,749	4,284
Investments	155,548	151,886
Net deferred income tax assets	61,361	72,996
Right-of-use lease asset	41,687	0
Other assets	79,936	46,443
Assets held for sale	0	42,641
Total assets	1,343,837	1,345,269
Liabilities and Shareholders’ Equity
Short-term financing	49,962	49,953
Payables to brokers, dealers and clearing organizations	4,857	8,657
Financial instruments and other inventory positions sold, but not yet purchased	214,090	177,427
Accrued compensation	196,033	323,588
Accrued lease liability	59,162	0
Other liabilities and accrued expenses	57,629	45,016
Liabilities held for sale	0	10,212
Total liabilities	581,733	614,853
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at September 30, 2019 and December 31, 2018; Shares issued: 19,525,582 at September 30, 2019 and 19,518,044 at December 31, 2018; Shares outstanding: 13,710,508 at September 30, 2019 and 12,995,397 at December 31, 2018	195	195
Additional paid-in capital	757,384	796,363
Retained earnings	225,203	182,552
Less common stock held in treasury, at cost: 5,815,074 shares at September 30, 2019 and 6,522,647 shares at December 31, 2018	(284,578)	(300,268)
Accumulated other comprehensive loss	(1,463)	(1,398)
Total common shareholders’ equity	696,741	677,444
Noncontrolling interests	65,363	52,972
Total shareholders’ equity	762,104	730,416
Total liabilities and shareholders’ equity	$ 1,343,837	$ 1,345,269

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 65,606	$ 58,927
Accumulated amortization on intangible assets	$ 39,301	$ 36,566
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,525,582	19,518,044
Common stock, shares outstanding	13,710,508	12,995,397
Common stock held in treasury, shares	5,815,074	6,522,647

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Investment banking	$ 151,192	$ 166,458	$ 410,992	$ 411,203
Institutional brokerage	46,814	31,746	113,983	92,575
Interest	6,481	6,592	20,911	25,183
Investment income/(loss)	(1,575)	4,860	17,622	11,355
Total revenues	202,912	209,656	563,508	540,316
Interest expense	2,177	3,705	7,813	14,142
Net revenues	200,735	205,951	555,695	526,174
Non-interest expenses:
Compensation and benefits	126,868	133,337	346,471	350,960
Outside services	7,842	8,668	24,864	26,370
Occupancy and equipment	9,594	8,595	26,368	25,357
Communications	7,885	6,839	22,599	21,879
Marketing and business development	6,528	6,260	21,355	19,676
Deal-related expenses	6,387	7,671	17,840	18,888
Trade execution and clearance	3,770	2,049	6,593	6,240
Restructuring and integration costs	6,143	0	12,538	3,498
Intangible asset amortization	1,229	1,214	2,735	3,643
Other operating expenses	3,454	3,532	9,235	8,868
Total non-interest expenses	179,700	178,165	490,598	485,379
Income from continuing operations before income tax expense	21,035	27,786	65,097	40,795
Income tax expense	6,717	6,902	10,729	4,949
Income from continuing operations	14,318	20,884	54,368	35,846
Income from discontinued operations, net of tax	26,077	1,386	23,772	1,735
Net income	40,395	22,270	78,140	37,581
Net income/(loss) applicable to noncontrolling interests	(2,847)	247	5,087	(1,271)
Net income applicable to Piper Jaffray Companies	43,242	22,023	73,053	38,852
Net income applicable to Piper Jaffray Companies' common shareholders	42,442	19,377	69,529	33,650
Amounts applicable to Piper Jaffray Companies
Net income from continuing operations	17,165	20,637	49,281	37,117
Net income from discontinued operations	26,077	1,386	23,772	1,735
Net income applicable to Piper Jaffray Companies	$ 43,242	$ 22,023	$ 73,053	$ 38,852
Earnings per basic common share
Income from continuing operations	$ 1.23	$ 1.36	$ 3.46	$ 2.41
Income from discontinued operations	1.87	0.09	1.69	0.13
Earnings per basic common share	3.09	1.45	5.15	2.54
Earnings per diluted common share
Income from continuing operations	1.20	1.34	3.37	2.37
Income from discontinued operations	1.82	0.09	1.64	0.13
Earnings per diluted common share	3.01	1.43	5.01	2.50
Dividends declared per common share	$ 0.38	$ 0.38	$ 2.14	$ 2.75
Weighted average number of common shares outstanding
Basic	13,708	13,343	13,502	13,248
Diluted	14,085	13,508	13,882	13,444

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 40,395	$ 22,270	$ 78,140	$ 37,581
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	(179)	(102)	(65)	30
Comprehensive income	40,216	22,168	78,075	37,611
Comprehensive income/(loss) applicable to noncontrolling interests	(2,847)	247	5,087	(1,271)
Comprehensive income applicable to Piper Jaffray Companies	$ 43,063	$ 21,921	$ 72,988	$ 38,882

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total Common Shareholders' Equity	Noncontrolling Interests
Common Shares Outstanding at beginning of period at Dec. 31, 2017		12,911,149
Total Shareholders' Equity at beginning of period at Dec. 31, 2017	$ 741,235	$ 195	$ 791,970	$ 176,270	$ (273,824)	$ (1,279)	$ 693,332	$ 47,903
Net Income (Loss) Attributable to Parent				10,603			10,603
Net Income (Loss) Attributable to Noncontrolling Interest								16
Net income/(loss)	10,619
Dividends	(30,575)			(30,575)			(30,575)
Amortization/issuance of restricted stock	34,416		34,416				34,416
Issuance of treasury shares for restricted stock vestings (in shares)		574,594
Issuance of treasury shares for restricted stock vestings	0		(23,901)		23,901		0
Repurchase of common stock from employees (in shares)		(187,860)
Repurchase of common stock from employees	(16,797)				(16,797)		(16,797)
Shares reserved/issued for director compensation (in shares)		942
Shares reserved/issued for director compensation	81		81				81
Other comprehensive income/(loss)	529					529	529
Cumulative effect upon adoption of new accounting standard, net of tax	(3,597)			(3,597)			(3,597)
Fund capital distributions, net	(904)						0	(904)
Common Shares Outstanding at period end at Mar. 31, 2018		13,298,825
Total Shareholders' Equity at period end at Mar. 31, 2018	735,007	$ 195	802,566	152,701	(266,720)	(750)	687,992	47,015
Common Shares Outstanding at beginning of period at Dec. 31, 2017		12,911,149
Total Shareholders' Equity at beginning of period at Dec. 31, 2017	741,235	$ 195	791,970	176,270	(273,824)	(1,279)	693,332	47,903
Net Income (Loss) Attributable to Parent	38,852
Net Income (Loss) Attributable to Noncontrolling Interest	(1,271)
Net income/(loss)	$ 37,581
Repurchase of common stock from employees (in shares)	(264,254)
Common Shares Outstanding at period end at Sep. 30, 2018		13,366,703
Total Shareholders' Equity at period end at Sep. 30, 2018	$ 747,415	$ 195	801,417	169,894	(270,046)	(1,249)	700,211	47,204
Common Shares Outstanding at beginning of period at Mar. 31, 2018		13,298,825
Total Shareholders' Equity at beginning of period at Mar. 31, 2018	735,007	$ 195	802,566	152,701	(266,720)	(750)	687,992	47,015
Net Income (Loss) Attributable to Parent				6,226			6,226
Net Income (Loss) Attributable to Noncontrolling Interest								(1,534)
Net income/(loss)	4,692
Dividends	(5,520)			(5,520)			(5,520)
Amortization/issuance of restricted stock	5,127		5,127				5,127
Repurchase of common stock through share repurchase program (in shares)		(56,714)
Repurchase of common stock through share repurchase program	(3,938)				(3,938)		(3,938)
Issuance of treasury shares for restricted stock vestings (in shares)		143,907
Issuance of treasury shares for restricted stock vestings	0		(6,224)		6,224		0
Repurchase of common stock from employees (in shares)		(54,346)
Repurchase of common stock from employees	(4,179)				(4,179)		(4,179)
Shares reserved/issued for director compensation (in shares)		2,717
Shares reserved/issued for director compensation	213		213				213
Other comprehensive income/(loss)	(397)					(397)	(397)
Fund capital distributions, net	6,195						0	6,195
Common Shares Outstanding at period end at Jun. 30, 2018		13,334,389
Total Shareholders' Equity at period end at Jun. 30, 2018	737,200	$ 195	801,682	153,407	(268,613)	(1,147)	685,524	51,676
Net Income (Loss) Attributable to Parent	22,023			22,023			22,023
Net Income (Loss) Attributable to Noncontrolling Interest	247							247
Net income/(loss)	22,270
Dividends	(5,536)			(5,536)			(5,536)
Amortization/issuance of restricted stock	4,998		4,998				4,998
Repurchase of common stock through share repurchase program (in shares)		(67,892)
Repurchase of common stock through share repurchase program	(5,066)				(5,066)		(5,066)
Issuance of treasury shares for restricted stock vestings (in shares)		121,542
Issuance of treasury shares for restricted stock vestings	0		(5,317)		5,317		0
Repurchase of common stock from employees (in shares)		(22,048)
Repurchase of common stock from employees	(1,684)				(1,684)		(1,684)
Shares reserved/issued for director compensation (in shares)		712
Shares reserved/issued for director compensation	54		54				54
Other comprehensive income/(loss)	(102)					(102)	(102)
Fund capital distributions, net	(4,719)						0	(4,719)
Common Shares Outstanding at period end at Sep. 30, 2018		13,366,703
Total Shareholders' Equity at period end at Sep. 30, 2018	747,415	$ 195	801,417	169,894	(270,046)	(1,249)	700,211	47,204
Common Shares Outstanding at beginning of period at Dec. 31, 2018		12,995,397
Total Shareholders' Equity at beginning of period at Dec. 31, 2018	730,416	$ 195	796,363	182,552	(300,268)	(1,398)	677,444	52,972
Net Income (Loss) Attributable to Parent				19,422			19,422
Net Income (Loss) Attributable to Noncontrolling Interest								(616)
Net income/(loss)	18,806
Dividends	(19,947)			(19,947)			(19,947)
Amortization/issuance of restricted stock	23,826		23,826				23,826
Repurchase of common stock through share repurchase program (in shares)		(501)
Repurchase of common stock through share repurchase program	(32)				(32)		(32)
Issuance of treasury shares for restricted stock vestings (in shares)		1,035,360
Issuance of treasury shares for restricted stock vestings	0		(48,092)		48,092		0
Repurchase of common stock from employees (in shares)		(563,284)
Repurchase of common stock from employees	(39,695)				(39,695)		(39,695)
Shares reserved/issued for director compensation (in shares)		1,263
Shares reserved/issued for director compensation	87		87				87
Other comprehensive income/(loss)	215					215	215
Fund capital distributions, net	(5)						0	(5)
Common Shares Outstanding at period end at Mar. 31, 2019		13,468,235
Total Shareholders' Equity at period end at Mar. 31, 2019	713,671	$ 195	772,184	182,027	(291,903)	(1,183)	661,320	52,351
Common Shares Outstanding at beginning of period at Dec. 31, 2018		12,995,397
Total Shareholders' Equity at beginning of period at Dec. 31, 2018	730,416	$ 195	796,363	182,552	(300,268)	(1,398)	677,444	52,972
Net Income (Loss) Attributable to Parent	73,053
Net Income (Loss) Attributable to Noncontrolling Interest	5,087
Net income/(loss)	$ 78,140
Repurchase of common stock from employees (in shares)	(698,065)
Common Shares Outstanding at period end at Sep. 30, 2019		13,710,508
Total Shareholders' Equity at period end at Sep. 30, 2019	$ 762,104	$ 195	757,384	225,203	(284,578)	(1,463)	696,741	65,363
Common Shares Outstanding at beginning of period at Mar. 31, 2019		13,468,235
Total Shareholders' Equity at beginning of period at Mar. 31, 2019	713,671	$ 195	772,184	182,027	(291,903)	(1,183)	661,320	52,351
Net Income (Loss) Attributable to Parent				10,389			10,389
Net Income (Loss) Attributable to Noncontrolling Interest								8,550
Net income/(loss)	18,939
Dividends	(5,234)			(5,234)			(5,234)
Amortization/issuance of restricted stock	1,448		1,448				1,448
Issuance of treasury shares for restricted stock vestings (in shares)		365,908
Issuance of treasury shares for restricted stock vestings	0		(17,703)		17,703		0
Repurchase of common stock from employees (in shares)		(133,127)
Repurchase of common stock from employees	(10,499)				(10,499)		(10,499)
Shares reserved/issued for director compensation (in shares)		4,299
Shares reserved/issued for director compensation	334		334				334
Other comprehensive income/(loss)	(101)					(101)	(101)
Fund capital distributions, net	7,227						0	7,227
Common Shares Outstanding at period end at Jun. 30, 2019		13,705,315
Total Shareholders' Equity at period end at Jun. 30, 2019	725,785	$ 195	756,263	187,182	(284,699)	(1,284)	657,657	68,128
Net Income (Loss) Attributable to Parent	43,242			43,242			43,242
Net Income (Loss) Attributable to Noncontrolling Interest	(2,847)							(2,847)
Net income/(loss)	40,395
Dividends	(5,221)			(5,221)			(5,221)
Amortization/issuance of restricted stock	1,208		1,208				1,208
Issuance of treasury shares for restricted stock vestings (in shares)		4,871
Issuance of treasury shares for restricted stock vestings	0		(238)		238		0
Repurchase of common stock from employees (in shares)		(1,654)
Repurchase of common stock from employees	(117)				(117)		(117)
Shares reserved/issued for director compensation (in shares)		1,976
Shares reserved/issued for director compensation	151		151				151
Other comprehensive income/(loss)	(179)					(179)	(179)
Fund capital distributions, net	82						0	82
Common Shares Outstanding at period end at Sep. 30, 2019		13,710,508
Total Shareholders' Equity at period end at Sep. 30, 2019	$ 762,104	$ 195	$ 757,384	$ 225,203	$ (284,578)	$ (1,463)	$ 696,741	$ 65,363

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net income	$ 78,140	$ 37,581
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets	7,011	6,199
Deferred income taxes	17,997	(2,082)
Gain on sale of Advisory Research, Inc. (ARI), net of tax	(33,026)	0
Stock-based compensation	18,964	32,046
Amortization of intangible assets	8,200	7,845
Amortization of forgivable loans	3,322	3,789
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	61,567	(28,671)
Net financial instruments and other inventory positions owned	(6,480)	440,615
Investments	(3,662)	23,705
Other assets	(38,715)	(18,033)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	(3,800)	(13,021)
Accrued compensation	(121,148)	(130,887)
Other liabilities and accrued expenses	16,830	3,981
Decrease in assets held for sale	20,901	675
Decrease in liabilities held for sale	(7,915)	(3,386)
Net cash provided by operating activities	18,186	360,356
Investing Activities:
Business acquisitions, net of cash acquired	(18,617)	0
Sale of ARI	52,881	0
Purchases of fixed assets, net	(4,990)	(12,283)
Net cash provided by/(used in) investing activities	29,274	(12,283)
Financing Activities:
Increase/(decrease) in short-term financing	9	(239,980)
Payment of cash dividend	(30,402)	(41,631)
Increase in noncontrolling interests	7,304	572
Repurchase of common stock	(50,343)	(31,664)
Net cash used in financing activities	(73,432)	(312,703)
Currency adjustment:
Effect of exchange rate changes on cash	(387)	(389)
Net increase/(decrease) in cash and cash equivalents	(26,359)	34,981
Cash and cash equivalents at beginning of period	50,364	33,793
Cash and cash equivalents at end of period	24,005	68,774
Supplemental disclosure of cash flow information:
Interest	8,046	14,586
Income taxes	$ 8,463	$ 16,638

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
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; Piper Jaffray Finance LLC, which facilitates corporate debt underwriting in conjunction with affiliated credit vehicles; Piper Jaffray Investment Group Inc. and PJC Capital Management LLC, which consist 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 one reporting segment providing investment banking and institutional securities services (collectively, "Capital Markets"). The Company's Capital Markets business provides investment banking services and institutional sales, trading and research services. Investment banking services include financial advisory services, management of and participation in underwritings 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 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. As discussed in Note 3 , Advisory Research, Inc. ("ARI") was sold in the third quarter of 2019. ARI's results were previously reported in the Company's Asset Management segment, which provided traditional asset management services with product offerings in master limited partnerships and equity securities. 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, 2018 . 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	9 Months Ended
	Sep. 30, 2019
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, 2018 for a full description of the Company's significant accounting policies. Changes to the Company's significant accounting policies are described below. Leases A lease is a contract, or part of a contract, that conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. In making this determination, the Company considers if it obtains substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company leases its corporate headquarters and other offices under various non-cancelable leases, all of which are operating leases. In addition to rent, the leases require payment of real estate taxes, insurance and common area maintenance. The original terms of the Company's lease agreements generally range up to 12 years. Some of the leases contain renewal and/or termination options, escalation clauses, rent-free holidays and operating cost adjustments. The Company recognizes a right-of-use ("ROU") lease asset and lease liability on the consolidated statements of financial condition for all leases with a term greater than 12 months. The lease liability represents the Company’s obligation to make future lease payments and is recorded at an amount equal to the present value of the remaining lease payments due over the lease term. The ROU lease asset, which represents the right to use the underlying asset during the lease term, is measured based on the carrying value of the lease liability, adjusted for other items, such as lease incentives and uneven rent payments. The discount rate used to determine the present value of the remaining lease payments reflects the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. In calculating its discount rates, the Company took into consideration a current financing arrangement that is on a secured (i.e., collateralized) basis, as well as market interest rates and spreads, other reference points, and the respective tenors of the Company’s designated lease term ranges. The Company applied the portfolio approach in determining the discount rates for its leases. The weighted-average discount rate was 4.0 percent at September 30, 2019 . For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent expense and amounts paid under the leases as part of the amortization of the ROU lease asset. Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end of the initial lease term. Lease incentives, which initially reduce the ROU lease asset, are a component of the amortization of the ROU lease asset. Rent expense for leases with a term of 12 months or less is recorded on a straight-line basis over the lease term in the consolidated statements of operations. Adoption of New Accounting Standards Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires lessees to recognize a ROU lease asset and lease liability on the consolidated statements of financial condition for all leases with a term longer than 12 months 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 previous U.S. GAAP. The Company adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective approach and applied the package of practical expedients in transitioning to the new guidance. Electing the package of practical expedients allowed the Company to carry forward its prior conclusions on lease definition, lease classification and initial direct costs related to the existing leases as of the adoption date. Also, the Company has elected the practical expedient to not separate lease components from nonlease components. Both at transition and for new leases thereafter, ROU lease assets and lease liabilities are initially recognized based on the present value of future minimum lease payments over the lease term, including nonlease components such as fixed common area maintenance costs and other fixed costs (e.g., real estate taxes and insurance). Upon adoption, the Company recognized a ROU lease asset of approximately $44.0 million and a lease liability of approximately $59.0 million . The difference between the ROU lease asset and the lease liability is due to lease incentives. There were no changes to the recognition of rent expense in the Company’s consolidated statements of operations upon adoption of ASU 2016-02. In addition, the new guidance has not impacted Piper Jaffray's net capital position. Future Adoption of New Applicable Accounting Standards 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. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Discontinued Operations In the third quarter of 2019, the Company completed the sale of its traditional asset management business, which was conducted through its wholly-owned subsidiary ARI. On September 20, 2019 , the Company completed the sale of the master limited partnerships ("MLP") and energy infrastructure strategies business to Tortoise Capital Advisors. Additionally, on September 27, 2019 , the Company completed the sale of its remaining equity strategies business to an existing management team. The transactions generated cash proceeds of $52.9 million and include the potential for the Company to receive additional cash consideration payments based on prospective revenues. The Company is eligible to receive an additional payment of up to $35.7 million contingent upon contractually defined MLP revenue exceeding a revenue threshold in the one -year period following the close of the transaction. The Company may also receive an additional payment based upon a multiple of aggregate revenue with respect to certain sub-advised accounts as of December 31, 2020 . The Company will record a gain upon receipt of the earnout payments, if any. In addition, the Company is eligible to receive additional payments up to a total of $10.0 million based on the revenues of the equity strategies business during each of the four annual periods from January 1, 2020 to December 31, 2023 . The Company estimated the fair value of this earnout to be $2.2 million upon the close of the transaction, which will be reevaluated at each reporting date. ARI's results, previously reported in the Asset Management segment, have been presented as discontinued operations for all periods presented and the related assets and liabilities were classified as held for sale. As of December 31, 2018 , the disposal group consisted of: December 31, (Dollars in thousands) 2018 Net deferred income tax assets $ 28,861 Fee receivables 4,128 Intangible assets 8,090 Other assets 1,562 Total assets held for sale $ 42,641 December 31, (Dollars in thousands) 2018 Accrued compensation $ 9,934 Other liabilities 278 Total liabilities held for sale $ 10,212 The components of discontinued operations were as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Net revenues $ 7,939 $ 11,576 $ 26,546 $ 33,896 Operating expenses 7,068 8,327 22,589 27,286 Intangible asset amortization and impairment (1) — 1,401 5,465 4,202 Restructuring costs 9,572 — 10,268 272 Total non-interest expenses 16,640 9,728 38,322 31,760 Income/(loss) from discontinued operations before income tax expense/(benefit) (8,701 ) 1,848 (11,776 ) 2,136 Income tax expense/(benefit) (1,752 ) 462 (2,522 ) 401 Net income/(loss) from discontinued operations before gain on sales (6,949 ) 1,386 (9,254 ) 1,735 Gain on sales, net of tax 33,026 — 33,026 — Income from discontinued operations, net of tax $ 26,077 $ 1,386 $ 23,772 $ 1,735 (1) Includes $2.9 million of intangible asset impairment related to the ARI trade name for the nine months ended September 30, 2019 .

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions Weeden & Co. L.P. ("Weeden & Co.") On August 2, 2019 , the Company completed the acquisition of Weeden & Co., a broker dealer specializing in equity security sales and trading. The economic value of the acquisition was approximately $42.0 million and was completed pursuant to a securities purchase agreement dated February 24, 2019 , as amended. The transaction added enhanced trade execution capabilities and scale to the Company's equities institutional sales and trading business. The Company acquired net assets with a fair value of $23.0 million as described below. As part of the purchase price, the Company granted $10.3 million in restricted cash as consideration on the acquisition date. The Company also entered into acquisition-related compensation arrangements with certain employees of $7.3 million in restricted stock for retention purposes. Both the restricted cash and restricted stock are subject to graded vesting, beginning on the third anniversary of the acquisition date, so long as the applicable employee remains continuously employed by the Company for such period. Compensation expense will be amortized on a straight-line basis over the requisite service period of four years . Additional cash compensation of up to $31.5 million may be earned if a net revenue target is achieved during the period from January 1, 2020 to June 30, 2021 . Weeden & Co.'s equity holders, a portion of which are now employees of the Company, are eligible to receive the additional payment. Employees must fulfill service requirements in exchange for the rights to the additional payment. Amounts estimated to be payable to employees, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period. The Company recorded a liability as of the acquisition date for the fair value related to non-employee equity holders. If earned, the amount will be paid by September 30, 2021 . This 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. The Company recorded $6.4 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. The final goodwill recorded on the Company's consolidated statements of financial condition may differ from that reflected herein as a result of measurement period adjustments. In management's opinion, the goodwill represents the reputation and operating expertise of Weeden & Co. Identifiable intangible assets purchased by the Company consisted of customer relationships and internally developed software with acquisition-date fair values of $10.6 million and $4.6 million , respectively. The Company anticipates finalizing the fair value of Weeden & Co. intangible assets in the fourth quarter of 2019. Transaction costs of $1.0 million and $1.7 million were incurred for the three and nine months ended September 30, 2019 , respectively, and are included in restructuring and integration costs on the consolidated statements of operations. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: (Dollars in thousands) Assets: Cash and cash equivalents $ 4,351 Receivables from brokers, dealers and clearing organizations 1,641 Fixed assets 289 Goodwill 6,360 Intangible assets 15,200 Right-of-use lease asset 6,811 Other assets 6,753 Total assets acquired 41,405 Liabilities: Accrued compensation 2,114 Accrued lease liability 6,811 Other liabilities and accrued expenses 9,512 Total liabilities assumed 18,437 Net assets acquired $ 22,968 Weeden & Co.'s 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 that the acquisition had occurred at the beginning of the comparable prior period presented. Pro forma results have been prepared by adjusting the Company's historical results to include Weeden & Co.'s 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 the restricted cash issued as part of the purchase price and the restricted stock issued for retention purposes; and the income tax effect of applying the Company's statutory tax rates to Weeden & Co.'s results of operations. The Company's consolidated 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 periods presented, does not contemplate client account overlap and anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future periods. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Net revenues $ 205,230 $ 222,890 $ 591,654 $ 580,446 Net income from continuing operations applicable to Piper Jaffray Companies 16,431 20,144 44,904 36,121 Definitive Agreement to Acquire Sandler O'Neill On July 9, 2019 , the Company signed a definitive agreement to acquire SOP Holdings, LLC and its subsidiaries, including Sandler O'Neill & Partners, L.P. (collectively, "Sandler O'Neill"). Sandler O'Neill is a full-service investment banking firm and broker dealer focused on the financial services industry. The Company will acquire 100 percent of the equity and partnership interests in Sandler O’Neill. The total consideration of $485.0 million , which includes $100.0 million of tangible book value, consists of $350.0 million in cash and $135.0 million in restricted consideration, primarily in restricted stock. In addition, the Company agreed to provide restricted award agreements of $115.0 million

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	9 Months Ended
	Sep. 30, 2019
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	Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased September 30, December 31, (Dollars in thousands) 2019 2018 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 13,756 $ 1,458 Convertible securities 119,962 92,485 Fixed income securities 60,312 31,906 Municipal securities: Taxable securities 22,822 38,711 Tax-exempt securities 191,324 268,804 Short-term securities 106,175 52,472 Mortgage-backed securities 13 15 U.S. government agency securities 130,503 123,384 U.S. government securities 3,526 954 Derivative contracts 21,972 17,033 Total financial instruments and other inventory positions owned $ 670,365 $ 627,222 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 68,464 $ 82,082 Fixed income securities 23,593 20,180 U.S. government agency securities 21,993 10,257 U.S. government securities 92,968 60,365 Derivative contracts 7,072 4,543 Total financial instruments and other inventory positions sold, but not yet purchased $ 214,090 $ 177,427 At September 30, 2019 and December 31, 2018 , financial instruments and other inventory positions owned in the amount of $361.4 million and $147.4 million , respectively, had been pledged as collateral for short-term financings. 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, and U.S. treasury bond futures and options. Derivative Contract Financial Instruments The Company uses interest rate swaps, interest rate locks, and U.S. treasury bond futures and options 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 and options to hedge interest rate and market value risks associated with its fixed income securities. These instruments use interest rates based upon the Municipal Market Data ("MMD") index, LIBOR or the SIFMA index. 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: September 30, 2019 December 31, 2018 (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 $ 237,342 $ 226,088 $ 2,262,912 $ 181,199 $ 169,950 $ 2,532,966 Trading securities 482 5,365 216,375 408 4,202 262,275 $ 237,824 $ 231,453 $ 2,479,287 $ 181,607 $ 174,152 $ 2,795,241 (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 Nine Months Ended (Dollars in thousands) September 30, September 30, Derivative Category Operations Category 2019 2018 2019 2018 Interest rate derivative contract Investment banking $ (203 ) $ (301 ) $ (634 ) $ (1,567 ) Interest rate derivative contract Institutional brokerage (5 ) 980 (450 ) 5,212 $ (208 ) $ 679 $ (1,084 ) $ 3,645 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 September 30, 2019 , the Company had $22.0 million of uncollateralized credit exposure with these counterparties (notional contract amount of $175.1 million ), including $18.5 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2019
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, and therefore are generally 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. 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 (e.g., 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. To the extent we hold, these mortgage-backed securities are categorized as Level II. 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 on spreads over U.S. treasury securities, or models based upon prepayment expectations. 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. Derivative contracts – Derivative contracts include interest rate swaps, interest rate locks and U.S. treasury bond futures and options. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. 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 and investments in registered mutual funds. Investments in registered mutual funds are valued based on quoted prices on active markets and classified as Level I. 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 $2.2 million and $3.0 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 September 30, 2019 and December 31, 2018 , respectively. The realized and unrealized net impact from fair value changes included in earnings as a result of electing to apply the fair value option to certain financial assets were losses of $0.5 million and gains of $0.9 million for the nine months ended September 30, 2019 and 2018 , 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 September 30, 2019 : Valuation Weighted Technique Unobservable Input Range Average (1) Assets: Financial instruments and other inventory positions owned: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 4 - 11 bps 6.7 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 3 - 6 times 4.5 times EBITDA multiple (2) 11 - 20 times 15.5 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 in bps (3) 4 - 11 bps 8.2 bps Uncertainty of fair value measurements: (1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement. (3) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement. 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 September 30, 2019 : 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 $ 44 $ 13,712 $ — $ — $ 13,756 Convertible securities — 119,962 — — 119,962 Fixed income securities — 60,312 — — 60,312 Municipal securities: Taxable securities — 22,822 — — 22,822 Tax-exempt securities — 191,324 — — 191,324 Short-term securities — 106,175 — — 106,175 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 130,503 — — 130,503 U.S. government securities 3,526 — — — 3,526 Derivative contracts — 237,342 482 (215,852 ) 21,972 Total financial instruments and other inventory positions owned 3,570 882,152 495 (215,852 ) 670,365 Cash equivalents 909 — — — 909 Investments at fair value 15,723 892 131,822 (2) — 148,437 Total assets $ 20,202 $ 883,044 $ 132,317 $ (215,852 ) $ 819,711 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 56,220 $ 12,244 $ — $ — $ 68,464 Fixed income securities — 23,593 — — 23,593 U.S. government agency securities — 21,993 — — 21,993 U.S. government securities 92,968 — — — 92,968 Derivative contracts — 226,548 4,905 (224,381 ) 7,072 Total financial instruments and other inventory positions sold, but not yet purchased $ 149,188 $ 284,378 $ 4,905 $ (224,381 ) $ 214,090 (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 $65.4 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, 2018 : 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 $ 331 $ 1,127 $ — $ — $ 1,458 Convertible securities — 92,485 — — 92,485 Fixed income securities — 31,906 — — 31,906 Municipal securities: Taxable securities — 38,711 — — 38,711 Tax-exempt securities — 268,804 — — 268,804 Short-term securities — 52,472 — — 52,472 Mortgage-backed securities — — 15 — 15 U.S. government agency securities — 123,384 — — 123,384 U.S. government securities 954 — — — 954 Derivative contracts — 181,378 229 (164,574 ) 17,033 Total financial instruments and other inventory positions owned 1,285 790,267 244 (164,574 ) 627,222 Cash equivalents 20,581 — — — 20,581 Investments at fair value 33,587 2,649 107,792 (2) — 144,028 Total assets $ 55,453 $ 792,916 $ 108,036 $ (164,574 ) $ 791,831 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 81,575 $ 507 $ — $ — $ 82,082 Fixed income securities — 20,180 — — 20,180 U.S. government agency securities — 10,257 — — 10,257 U.S. government securities 60,365 — — — 60,365 Derivative contracts — 169,950 4,202 (169,609 ) 4,543 Total financial instruments and other inventory positions sold, but not yet purchased $ 141,940 $ 200,894 $ 4,202 $ (169,609 ) $ 177,427 (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 $53.0 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The Company's Level III assets were $132.3 million and $108.0 million , or 16.1 percent and 13.6 percent of financial instruments measured at fair value at September 30, 2019 and December 31, 2018 , respectively. There were no significant transfers between levels for the nine months ended September 30, 2019 . 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 June 30, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2019 Purchases Sales out (losses) (losses) 2019 2019 Assets: Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts — — — — — 482 482 482 Total financial instruments and other inventory positions owned 13 — — — — 482 495 482 Investments at fair value 132,556 15,623 (12,772 ) — 2,901 (6,486 ) 131,822 (3,585 ) Total assets $ 132,569 $ 15,623 $ (12,772 ) $ — $ 2,901 $ (6,004 ) $ 132,317 $ (3,103 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,418 $ (3,576 ) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,418 $ (3,576 ) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2018 Purchases Sales out (losses) (losses) 2018 2018 Assets: Financial instruments and other inventory positions owned: Municipal securities: Short-term securities $ 45 $ — $ — $ — $ — $ — $ 45 $ — Mortgage-backed securities 18 — — — — (2 ) 16 (2 ) Derivative contracts 930 — (90 ) — 90 343 1,273 441 Total financial instruments and other inventory positions owned 993 — (90 ) — 90 341 1,334 439 Investments at fair value 108,121 10,000 (14,199 ) (357 ) 4,949 (4,229 ) 104,285 (4,229 ) Total assets $ 109,114 $ 10,000 $ (14,289 ) $ (357 ) $ 5,039 $ (3,888 ) $ 105,619 $ (3,790 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,005 $ (210 ) $ 40 $ — $ 169 $ (636 ) $ 368 $ (464 ) Total financial instruments and other inventory positions sold, but not yet purchased $ 1,005 $ (210 ) $ 40 $ — $ 169 $ (636 ) $ 368 $ (464 ) Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2018 Purchases Sales out (losses) (losses) 2019 2019 Assets: Financial instruments and other inventory positions owned: Mortgage-backed securities $ 15 $ — $ (6 ) $ — $ (23 ) $ 27 $ 13 $ — Derivative contracts 229 — (336 ) — 336 253 482 482 Total financial instruments and other inventory positions owned 244 — (342 ) — 313 280 495 482 Investments at fair value 107,792 23,623 (12,772 ) (783 ) 2,901 11,061 131,822 13,473 Total assets $ 108,036 $ 23,623 $ (13,114 ) $ (783 ) $ 3,214 $ 11,341 $ 132,317 $ 13,955 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,202 $ (12,398 ) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,202 $ (12,398 ) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2017 Purchases Sales out (losses) (losses) 2018 2018 Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 700 $ — $ — $ (700 ) $ — $ — $ — $ — Short-term securities 714 — (725 ) — 51 5 45 — Mortgage-backed securities 481 — (5 ) — — (460 ) 16 (93 ) Derivative contracts 126 4 (2,965 ) — 2,961 1,147 1,273 1,273 Total financial instruments and other inventory positions owned 2,021 4 (3,695 ) (700 ) 3,012 692 1,334 1,180 Investments at fair value 126,060 11,708 (29,139 ) (502 ) 14,015 (17,857 ) 104,285 (8,307 ) Total assets $ 128,081 $ 11,712 $ (32,834 ) $ (1,202 ) $ 17,027 $ (17,165 ) $ 105,619 $ (7,127 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,433 $ (1,600 ) $ 3,266 $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,433 $ (1,600 ) $ 3,266 $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 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, receivables and payables either from or to 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	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [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 September 30, 2019 included 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 September 30, 2019 . 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. One of these VIEs has $25.0 million of bank line financing available with an interest rate based on prime plus an applicable margin. 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: Investments $ 128,708 Other assets 438 Total assets $ 129,146 Liabilities: Other liabilities and accrued expenses $ 12,674 Total liabilities $ 12,674 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 17 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 $0.3 billion at September 30, 2019 and December 31, 2018 . The Company's exposure to loss from these VIEs is $6.0 million , which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at September 30, 2019 . The Company had no liabilities related to these VIEs at September 30, 2019 and December 31, 2018 . Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of September 30, 2019 .

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2019
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations September 30, December 31, (Dollars in thousands) 2019 2018 Receivable from clearing organizations $ 151,876 $ 223,987 Receivable from brokers and dealers 16,028 7,700 Other 7,448 3,591 Total receivables from brokers, dealers and clearing organizations $ 175,352 $ 235,278 September 30, December 31, (Dollars in thousands) 2019 2018 Payable to clearing organizations $ — $ 4,734 Payable to brokers and dealers 4,857 3,923 Total payables to brokers, dealers and clearing organizations $ 4,857 $ 8,657 Under the Company's fully disclosed clearing agreement, the majority of its securities inventories and all of its customer activities are held by or cleared through Pershing LLC ("Pershing"). The Company has also established an arrangement to obtain financing from Pershing related to the majority of its trading activities. Financing under this arrangement is secured primarily by securities, and collateral limitations could reduce the amount of funding available under this arrangement. The funding is at the discretion of Pershing and could be denied. The Company's clearing arrangement activities are recorded net from trading activity. The Company's fully disclosed clearing agreement includes a covenant requiring Piper Jaffray to maintain excess net capital of $120 million .

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments, All Other Investments [Abstract]
Investments	Investments The Company's investments include investments in private companies and partnerships and registered mutual funds. September 30, December 31, (Dollars in thousands) 2019 2018 Investments at fair value $ 148,437 $ 144,028 Investments at cost 1,084 1,512 Investments accounted for under the equity method 6,027 6,346 Total investments 155,548 151,886 Less investments attributable to noncontrolling interests (1) (65,363 ) (52,972 ) $ 90,185 $ 98,914 (1) Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds. At September 30, 2019 , investments carried on a cost basis had an estimated fair market value of $1.1 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	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets September 30, December 31, (Dollars in thousands) 2019 2018 Fee receivables $ 22,717 $ 18,990 Income tax receivables 25,320 — Accrued interest receivables 2,829 4,240 Forgivable loans, net 6,658 7,152 Prepaid expenses 10,349 8,763 Other 12,063 7,298 Total other assets $ 79,936 $ 46,443

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets (Dollars in thousands) Goodwill Balance at December 31, 2018 $ 81,855 Goodwill acquired 6,360 Balance at September 30, 2019 $ 88,215 Intangible assets Balance at December 31, 2018 $ 4,284 Intangible assets acquired 15,200 Amortization of intangible assets (2,735 ) Balance at September 30, 2019 $ 16,749 The addition of goodwill and intangible assets during the nine months ended September 30, 2019 related to the acquisition of Weeden & Co., as discussed in Note 4 . Management identified $15.2 million of intangible assets, consisting of $10.6 million of customer relationships and $4.6 million of internally developed software, which will be amortized over a weighted average life of 8.4 years and 3.6 years , respectively. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Dollars in thousands) Remainder of 2019 $ 1,468 2020 4,020 2021 3,050 2022 2,217 2023 1,510 Thereafter 4,484 Total $ 16,749

Short-Term Financing

Short-Term Financing	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing 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 currently issued under two separate programs, CP Series A and CP Series II A, and are secured by different inventory classes. As of September 30, 2019 , the weighted average maturity of outstanding CP Notes was nine days . 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 II A includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain excess net capital of $100 million . The Company had CP Notes of $50.0 million outstanding at September 30, 2019 and December 31, 2018 with weighted average interest rates of 3.04% and 3.38% , respectively. The Company's committed short-term bank line financing at September 30, 2019 consisted of a one-year $175 million committed revolving credit facility with U.S. Bank, N.A., which was renewed in December 2018. The Company uses this credit facility in the ordinary course of business to fund a portion of its daily operations and the amount borrowed under this credit facility varies daily based on the Company's funding needs. 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 13, 2019 . The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At September 30, 2019 , the Company had no advances against this line of credit.

Legal Contingencies

Legal Contingencies	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases The Company leases office space throughout the United States and in a limited number of foreign countries where the Company's international operations reside. Aggregate minimum lease commitments on an undiscounted basis for the Company’s operating leases (including short-term leases) as of September 30, 2019 were as follows: (Dollars in thousands) Remainder of 2019 $ 4,207 2020 16,599 2021 12,262 2022 10,895 2023 7,943 Thereafter 17,131 Total $ 69,037 The weighted-average remaining lease term was 5.4 years at September 30, 2019 . For the three and nine months ended September 30, 2019 , the Company’s operating lease cost from continuing operations was $3.2 million and $8.9 million , respectively, of which $0.2 million and $0.5 million , respectively, related to short-term leases. The Company recorded sublease income from continuing operations of $0.4 million and $1.3 million , respectively, for the three and nine months ended September 30, 2019 .

Restructuring and Integration C

Restructuring and Integration Costs	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring and Integration Costs The Company incurred restructuring costs from continuing operations for the three and nine months ended September 30, 2019 , primarily in conjunction with its acquisition of Weeden & Co. The Company incurred restructuring costs from continuing operations for the nine months ended September 30, 2018 , primarily related to headcount reductions in the second quarter of 2018. The Company incurred integration costs from continuing operations for the three and nine months ended September 30, 2019 , related to the acquisition of Weeden & Co. and the pending acquisition of Sandler O'Neill. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Severance, benefits and outplacement costs $ 1,829 $ — $ 2,938 $ 3,183 Contract termination costs — — 2,798 185 Vacated leased office space 1,726 — 1,726 130 Total restructuring costs 3,555 — 7,462 3,498 Integration costs 2,588 — 5,076 — Total restructuring and integration costs $ 6,143 $ — $ 12,538 $ 3,498

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchases Effective September 30, 2017, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares, which expired on September 30, 2019 . During the nine months ended September 30, 2019 , the Company repurchased 501 shares at an average price of $64.80 per share related to this authorization. During the nine months ended September 30, 2018 , the Company repurchased 124,606 shares at an average price of $72.26 per share for an aggregate purchase price of $9.0 million related to this authorization. The Company also purchases shares of common stock from restricted stock award recipients upon the award vesting or as recipients sell shares to meet their employment tax obligations. The Company purchased 698,065 shares and 264,254 shares, or $50.3 million and $22.7 million of the Company's common stock for these purposes during the nine months ended September 30, 2019 and 2018 , 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 17 . During the nine months ended September 30, 2019 and 2018 , the Company issued 1,406,139 shares and 840,043 shares, respectively, related to these obligations. Dividends The Company's dividend policy includes both a quarterly and an annual special cash dividend. The annual special cash dividend is payable in the first quarter of each year, with the intention of returning a metric based on the Company's net income from the previous fiscal year. During the nine months ended September 30, 2019 , the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.125 per share, and an annual special cash dividend on its common stock of $1.01 per share, totaling $30.4 million . On October 30, 2019 , the board of directors declared a cash dividend of $0.375 per share to be paid on December 13, 2019 , to shareholders of record as of the close of business on November 22, 2019 . 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 merchant banking funds of $62.7 million and a senior living fund of $2.7 million as of September 30, 2019 . As of December 31, 2018 , noncontrolling interests included the minority equity holders' proportionate share of the equity in merchant banking funds of $50.2 million and a senior living fund of $2.8 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 nine months ended September 30, 2019 and 2018

Compensation Plans

Compensation Plans	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation Plans The Company has two outstanding stock-based compensation plans: the Piper Jaffray Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive Plan") and the 2019 Employment Inducement Plan ("Weeden & Co. 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 September 30, 2019 : Incentive Plan Restricted Stock Annual grants 475,309 Sign-on grants 119,732 595,041 Weeden & Co. Inducement Plan Restricted Stock 97,752 Total restricted stock outstanding 692,793 Incentive Plan Restricted Stock Units Leadership grants 114,315 Incentive Plan Stock Options 81,667 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 ( 0.7 million shares remained available for future issuance under the Incentive Plan as of September 30, 2019 ). 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 FASB Accounting Standards Codification Topic 718, "Compensation — Stock Compensation." 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 2018 for its February 2019 Annual Grant ("2019 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 three 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"). Leadership Grants Subsequent to 2016 Restricted stock units granted in each of the years subsequent to 2016 will vest and convert to shares of common stock at the end of each 36 -month performance period only if the Company satisfies predetermined performance and/or market conditions over the performance period. Under the terms of these awards, 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 each performance period. The maximum payout leverage under these grants 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 agreements. 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 restricted stock units upon termination of employment with a corresponding reversal of compensation expense. As of September 30, 2019 , the Company has determined that the probability of achieving the performance condition for each award is as follows: Probability of Achieving Grant Year Performance Condition 2019 68% 2018 50% 2017 75% 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 awards 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 restricted stock units upon termination of employment with a corresponding reversal of compensation expense. For this portion of the awards, 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 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9% Because the market condition portion of the awards vesting depend 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 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. The compensation committee of the Company's board of directors included defined retirement provisions in its Leadership Grants, beginning with the February 2018 grant. Certain grantees meeting defined age and service requirements will be fully vested in the awards as long as performance and post-termination obligations are met throughout the performance period. These retirement-eligible grants are expensed in the period in which those awards are deemed to be earned, which is the calendar year preceding the February grant date. For example, the Company recognized compensation expense for retirement-eligible grantees in fiscal 2018 for its February 2019 Leadership Grant. 2016 Leadership Grant Restricted stock units granted in 2016 contain market condition criteria and convert to shares of common stock at the end of the 36 -month performance period only if the Company's stock performance satisfies predetermined market conditions over the performance period. Under the terms of the award, the number of units that vested and converted to shares was based on the Company's stock performance achieving specified targets during the performance period. All units vested in full. Compensation expense was recognized over the 36 -month performance period which ended in May 2019. Up to 50 percent of the award was earned based on the Company's total shareholder return relative to members of a predetermined peer group and up to 50 percent of the award was earned based on the Company's total shareholder return. The fair value of the award on the grant date was determined using a Monte Carlo simulation with the following assumptions pursuant to the methodology above: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% Stock Options On February 15, 2018, the Company granted options to certain executive officers. These options are expensed on a straight-line basis over the required service period of five years , based on the estimated fair value of the award on the date of grant. The exercise price per share is equal to the closing price on the date of grant plus ten percent . These options are subject to graded vesting, beginning on the third anniversary of the grant date, so long as the employee remains continuously employed by the Company. The maximum term of these stock options is ten years . The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82% Dividend yield 3.22% Expected stock price volatility 37.20% Expected life of options (in years) 7.0 Fair value of options granted (per share) $24.49 The risk-free interest rate assumption was based on the U.S. Treasury bond yield with a maturity equal to the expected life of the options. The dividend yield assumption was based on the assumed dividend payout over the expected life of the options. The expected stock price volatility assumption was determined using historical volatility, as correlation coefficients can only be developed through historical volatility. Inducement Plans The Company established the Simmons Inducement Plan in conjunction with the acquisition of Simmons & Company International ("Simmons"). The Company granted $11.6 million ( 286,776 shares) in restricted stock under the Simmons Inducement Plan on May 16, 2016 . Simmons Inducement Plan awards were amortized as compensation expense on a straight-line basis over the vesting period. All outstanding shares cliff vested on May 16, 2019. The Company terminated the Simmons Inducement Plan in July 2019. On August 2, 2019, the Company established the Weeden & Co. Inducement Plan in conjunction with its acquisition of Weeden & Co. and granted $7.3 million ( 97,752 shares) in restricted stock. These restricted shares are subject to graded vesting, generally beginning on the third anniversary of the grant date through August 2, 2023. Weeden & Co. Inducement Plan awards are amortized as compensation expense on a straight-line basis over the vesting period. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded. Stock-Based Compensation Activity The following table summarizes the Company's stock-based compensation activity within continuing operations: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2019 2018 2019 2018 Stock-based compensation expense $ 7.9 $ 12.7 $ 17.9 $ 31.0 Forfeitures 0.3 0.2 1.5 0.7 Tax benefit related to stock-based compensation expense 1.6 2.3 3.1 5.0 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, 2018 1,569,795 $ 53.80 Granted 435,796 73.92 Vested (1,297,836 ) 47.12 Canceled (14,962 ) 78.46 September 30, 2019 692,793 $ 78.44 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, 2018 194,251 $ 48.97 Granted 39,758 75.78 Vested (103,707 ) 19.93 Canceled (15,987 ) 45.79 September 30, 2019 114,315 $ 85.09 As of September 30, 2019 , there was $14.5 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 3.3 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, 2018 81,667 $ 99.00 9.1 $ — Granted — — Exercised — — Canceled — — September 30, 2019 81,667 $ 99.00 8.4 $ — As of September 30, 2019 , there was $1.4 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 3.4 years. There were no options exercised during the nine months ended September 30, 2019 . Acquisition-related Compensation Arrangements The Company entered into acquisition-related compensation arrangements with certain employees for retention and incentive purposes. Additional cash compensation was available to certain employees subject to exceeding an investment banking revenue threshold during the three year Simmons post-acquisition period, which ended on February 26, 2019. The Company accrued $40.1 million related to this performance award plan, which was paid in August 2019. Amounts payable related to this performance award plan were recorded as compensation expense from continuing operations on the consolidated statements of operations over the requisite performance period of three years . The Company recorded $0.4 million and $7.2 million as compensation expense from continuing operations for the nine months ended September 30, 2019 and 2018 , respectively. Deferred Compensation Plans The Company maintains various deferred compensation arrangements for employees. The Piper Jaffray Companies Mutual Fund Restricted Share Investment Plan is a fully funded deferred compensation plan which allows eligible employees to receive a portion of their incentive compensation 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 nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, at their election, to defer a portion of their compensation. In 2017, this plan was closed to future deferral elections by participants for performance periods beginning after December 31, 2017. 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 $15.7 million and $31.2 million as of September 30, 2019 and December 31, 2018 , respectively, and are included in investments on the consolidated statements of financial condition. The compensation deferred by the employees was expensed in the period earned. The deferred compensation liability was $16.1 million and $31.4 million as of September 30, 2019 and December 31, 2018

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share ("EPS") 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. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Prior to the 2019 Annual Grant, 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 unvested restricted stock units, as well as the 2019 Annual Grant, 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, restricted stock units and non-participating restricted shares. The computation of earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands, except per share data) 2019 2018 2019 2018 Net income from continuing operations applicable to Piper Jaffray Companies $ 17,165 $ 20,637 $ 49,281 $ 37,117 Net income from discontinued operations 26,077 1,386 23,772 1,735 Net income applicable to Piper Jaffray Companies 43,242 22,023 73,053 38,852 Earnings allocated to participating securities (1) (800 ) (2,646 ) (3,524 ) (5,202 ) Net income applicable to Piper Jaffray Companies' common shareholders (2) $ 42,442 $ 19,377 $ 69,529 $ 33,650 Shares for basic and diluted calculations: Average shares used in basic computation 13,708 13,343 13,502 13,248 Restricted stock units 131 165 175 196 Non-participating restricted shares 246 — 205 — Average shares used in diluted computation (3) 14,085 13,508 13,882 13,444 Earnings per basic common share: Income from continuing operations $ 1.23 $ 1.36 $ 3.46 $ 2.41 Income from discontinued operations 1.87 0.09 1.69 0.13 Earnings per basic common share $ 3.09 $ 1.45 $ 5.15 $ 2.54 Earnings per diluted common share: Income from continuing operations $ 1.20 $ 1.34 $ 3.37 $ 2.37 Income from discontinued operations 1.82 0.09 1.64 0.13 Earnings per diluted common share (3) $ 3.01 $ 1.43 $ 5.01 $ 2.50 (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 272,170 and 1,842,036 for the three months ended September 30, 2019 and 2018 , respectively, and 598,894 and 1,944,946 for the nine months ended September 30, 2019 and 2018 , 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, restricted stock units and non-participating restricted shares 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. (3) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Common shares of 1,754,634 were excluded from diluted EPS for the nine months ended September 30, 2018 , as the Company had an undistributed loss for this period. The average shares used in the diluted computation excluded anti-dilutive stock options and non-participating restricted shares of 0.3 million and 0.1 million for the three and nine months ended September 30, 2019 , respectively. The anti-dilutive effects from stock options, restricted stock units and non-participating restricted shares were immaterial for the nine months ended September 30, 2018 .

Revenues and Business Informati

Revenues and Business Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Revenues and Business Information The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S. Segment pre-tax operating income and segment pre-tax operating margin exclude the results of discontinued operations. Reportable segment financial results from continuing operations are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Capital Markets Investment banking Advisory services $ 106,769 $ 113,540 $ 296,886 $ 266,083 Equity financing 21,837 32,188 61,148 99,868 Debt financing 22,963 20,936 54,249 45,473 Total investment banking 151,569 166,664 412,283 411,424 Institutional sales and trading Equities 25,120 17,804 56,609 54,951 Fixed income 25,769 18,170 69,531 53,093 Total institutional sales and trading 50,889 35,974 126,140 108,044 Investment income/(loss) (1,375 ) 5,045 18,325 12,057 Other financing expenses (348 ) (1,732 ) (1,053 ) (5,351 ) Net revenues 200,735 205,951 555,695 526,174 Operating expenses (1) 179,700 178,165 490,598 485,379 Segment pre-tax operating income $ 21,035 $ 27,786 $ 65,097 $ 40,795 Segment pre-tax operating margin 10.5 % 13.5 % 11.7 % 7.8 % (1) Operating expenses include intangible asset amortization of $1.2 million for the three months ended September 30, 2019 and 2018 ; and $2.7 million and $3.6 million for the nine months ended September 30, 2019 and 2018 , respectively.

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	9 Months Ended
	Sep. 30, 2019
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 $1.0 million . Advances to affiliates, repayment of subordinated debt, dividend payments and other equity withdrawals by Piper Jaffray are subject to certain approvals, notifications and other provisions of SEC and FINRA rules. At September 30, 2019 , net capital calculated under the SEC rule was $179.9 million , and exceeded the minimum net capital required under the SEC rule by $178.9 million . The Company's committed short-term credit facility includes a covenant requiring Piper Jaffray to maintain minimum net capital of $120 million . CP Notes issued under CP Series II A include a covenant that requires Piper Jaffray to maintain excess net capital of $100 million . The Company's fully disclosed clearing agreement with Pershing also includes a covenant requiring Piper Jaffray to maintain excess net capital of $120 million . Piper Jaffray Ltd., a broker dealer subsidiary registered in the United Kingdom, is subject to the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. As of September 30, 2019 , Piper Jaffray Ltd. was in compliance with 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. At September 30, 2019 , Piper Jaffray Hong Kong Limited was in compliance with the liquid capital requirements of the Hong Kong Securities and Futures Commission.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense from continuing operations of $10.7 million and $4.9 million for the nine months ended September 30, 2019 and 2018 , respectively. Income tax expense from continuing operations was reduced by a tax benefit of $5.1 million and $6.8 million for the nine months ended September 30, 2019 and 2018 , respectively, related to stock-based compensation awards vesting at values greater than the grant price.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 15, 2019 , the Company entered into a note purchase agreement ("Note Purchase Agreement") under which the Company issued unsecured fixed rate senior notes ("Notes") in the amount of $175 million . The initial holders of the Notes are certain entities advised by Pacific Investment Management Company ("PIMCO"). The Notes consist of two classes, Class A Notes and Class B Notes, with principal amounts of $50 million and $125 million , respectively. The Class A Notes bear interest at an annual fixed rate of 4.74 percent and mature on October 15, 2021 . The Class B Notes bear interest at an annual fixed rate of 5.20 percent and mature on October 15, 2023 . Interest on the Notes is payable semi-annually. The unpaid principal amounts are due in full on the respective maturity dates and may not be prepaid by the Company. The Note Purchase Agreement includes customary events of default and covenants that, among other things, require the Company's U.S. broker dealer subsidiary to maintain a minimum 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.

Accounting Policies and Prono_2

Accounting Policies and Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Leases	Leases A lease is a contract, or part of a contract, that conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. In making this determination, the Company considers if it obtains substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company leases its corporate headquarters and other offices under various non-cancelable leases, all of which are operating leases. In addition to rent, the leases require payment of real estate taxes, insurance and common area maintenance. The original terms of the Company's lease agreements generally range up to 12 years. Some of the leases contain renewal and/or termination options, escalation clauses, rent-free holidays and operating cost adjustments. The Company recognizes a right-of-use ("ROU") lease asset and lease liability on the consolidated statements of financial condition for all leases with a term greater than 12 months. The lease liability represents the Company’s obligation to make future lease payments and is recorded at an amount equal to the present value of the remaining lease payments due over the lease term. The ROU lease asset, which represents the right to use the underlying asset during the lease term, is measured based on the carrying value of the lease liability, adjusted for other items, such as lease incentives and uneven rent payments. The discount rate used to determine the present value of the remaining lease payments reflects the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. In calculating its discount rates, the Company took into consideration a current financing arrangement that is on a secured (i.e., collateralized) basis, as well as market interest rates and spreads, other reference points, and the respective tenors of the Company’s designated lease term ranges. The Company applied the portfolio approach in determining the discount rates for its leases. The weighted-average discount rate was 4.0 percent at September 30, 2019 . For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent expense and amounts paid under the leases as part of the amortization of the ROU lease asset. Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end of the initial lease term. Lease incentives, which initially reduce the ROU lease asset, are a component of the amortization of the ROU lease asset. Rent expense for leases with a term of 12 months or less is recorded on a straight-line basis over the lease term in the consolidated statements of operations.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of disposal group and components of discontinued operations	ARI's results, previously reported in the Asset Management segment, have been presented as discontinued operations for all periods presented and the related assets and liabilities were classified as held for sale. As of December 31, 2018 , the disposal group consisted of: December 31, (Dollars in thousands) 2018 Net deferred income tax assets $ 28,861 Fee receivables 4,128 Intangible assets 8,090 Other assets 1,562 Total assets held for sale $ 42,641 December 31, (Dollars in thousands) 2018 Accrued compensation $ 9,934 Other liabilities 278 Total liabilities held for sale $ 10,212 The components of discontinued operations were as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Net revenues $ 7,939 $ 11,576 $ 26,546 $ 33,896 Operating expenses 7,068 8,327 22,589 27,286 Intangible asset amortization and impairment (1) — 1,401 5,465 4,202 Restructuring costs 9,572 — 10,268 272 Total non-interest expenses 16,640 9,728 38,322 31,760 Income/(loss) from discontinued operations before income tax expense/(benefit) (8,701 ) 1,848 (11,776 ) 2,136 Income tax expense/(benefit) (1,752 ) 462 (2,522 ) 401 Net income/(loss) from discontinued operations before gain on sales (6,949 ) 1,386 (9,254 ) 1,735 Gain on sales, net of tax 33,026 — 33,026 — Income from discontinued operations, net of tax $ 26,077 $ 1,386 $ 23,772 $ 1,735 (1) Includes $2.9 million of intangible asset impairment related to the ARI trade name for the nine months ended September 30, 2019 .

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Estimated faiv values of assets acquired and liabilities assumed	The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: (Dollars in thousands) Assets: Cash and cash equivalents $ 4,351 Receivables from brokers, dealers and clearing organizations 1,641 Fixed assets 289 Goodwill 6,360 Intangible assets 15,200 Right-of-use lease asset 6,811 Other assets 6,753 Total assets acquired 41,405 Liabilities: Accrued compensation 2,114 Accrued lease liability 6,811 Other liabilities and accrued expenses 9,512 Total liabilities assumed 18,437 Net assets acquired $ 22,968
Unaudited pro forma information	Weeden & Co.'s 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 that the acquisition had occurred at the beginning of the comparable prior period presented. Pro forma results have been prepared by adjusting the Company's historical results to include Weeden & Co.'s 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 the restricted cash issued as part of the purchase price and the restricted stock issued for retention purposes; and the income tax effect of applying the Company's statutory tax rates to Weeden & Co.'s results of operations. The Company's consolidated 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 periods presented, does not contemplate client account overlap and anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future periods. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Net revenues $ 205,230 $ 222,890 $ 591,654 $ 580,446 Net income from continuing operations applicable to Piper Jaffray Companies 16,431 20,144 44,904 36,121

Financial Instruments and Oth_2

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2019
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 by Type	September 30, December 31, (Dollars in thousands) 2019 2018 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 13,756 $ 1,458 Convertible securities 119,962 92,485 Fixed income securities 60,312 31,906 Municipal securities: Taxable securities 22,822 38,711 Tax-exempt securities 191,324 268,804 Short-term securities 106,175 52,472 Mortgage-backed securities 13 15 U.S. government agency securities 130,503 123,384 U.S. government securities 3,526 954 Derivative contracts 21,972 17,033 Total financial instruments and other inventory positions owned $ 670,365 $ 627,222 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 68,464 $ 82,082 Fixed income securities 23,593 20,180 U.S. government agency securities 21,993 10,257 U.S. government securities 92,968 60,365 Derivative contracts 7,072 4,543 Total financial instruments and other inventory positions sold, but not yet purchased $ 214,090 $ 177,427
Schedule of Gross Fair Market Value and 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: September 30, 2019 December 31, 2018 (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 $ 237,342 $ 226,088 $ 2,262,912 $ 181,199 $ 169,950 $ 2,532,966 Trading securities 482 5,365 216,375 408 4,202 262,275 $ 237,824 $ 231,453 $ 2,479,287 $ 181,607 $ 174,152 $ 2,795,241 (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.
Unrealized Gains/(Losses) on Derivative Instruments	The following table presents the Company's unrealized gains/(losses) on derivative instruments: Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, Derivative Category Operations Category 2019 2018 2019 2018 Interest rate derivative contract Investment banking $ (203 ) $ (301 ) $ (634 ) $ (1,567 ) Interest rate derivative contract Institutional brokerage (5 ) 980 (450 ) 5,212 $ (208 ) $ 679 $ (1,084 ) $ 3,645

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 : Valuation Weighted Technique Unobservable Input Range Average (1) Assets: Financial instruments and other inventory positions owned: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 4 - 11 bps 6.7 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 3 - 6 times 4.5 times EBITDA multiple (2) 11 - 20 times 15.5 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 in bps (3) 4 - 11 bps 8.2 bps Uncertainty of fair value measurements: (1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement. (3) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement.
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 September 30, 2019 : 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 $ 44 $ 13,712 $ — $ — $ 13,756 Convertible securities — 119,962 — — 119,962 Fixed income securities — 60,312 — — 60,312 Municipal securities: Taxable securities — 22,822 — — 22,822 Tax-exempt securities — 191,324 — — 191,324 Short-term securities — 106,175 — — 106,175 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 130,503 — — 130,503 U.S. government securities 3,526 — — — 3,526 Derivative contracts — 237,342 482 (215,852 ) 21,972 Total financial instruments and other inventory positions owned 3,570 882,152 495 (215,852 ) 670,365 Cash equivalents 909 — — — 909 Investments at fair value 15,723 892 131,822 (2) — 148,437 Total assets $ 20,202 $ 883,044 $ 132,317 $ (215,852 ) $ 819,711 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 56,220 $ 12,244 $ — $ — $ 68,464 Fixed income securities — 23,593 — — 23,593 U.S. government agency securities — 21,993 — — 21,993 U.S. government securities 92,968 — — — 92,968 Derivative contracts — 226,548 4,905 (224,381 ) 7,072 Total financial instruments and other inventory positions sold, but not yet purchased $ 149,188 $ 284,378 $ 4,905 $ (224,381 ) $ 214,090 (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 $65.4 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, 2018 : 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 $ 331 $ 1,127 $ — $ — $ 1,458 Convertible securities — 92,485 — — 92,485 Fixed income securities — 31,906 — — 31,906 Municipal securities: Taxable securities — 38,711 — — 38,711 Tax-exempt securities — 268,804 — — 268,804 Short-term securities — 52,472 — — 52,472 Mortgage-backed securities — — 15 — 15 U.S. government agency securities — 123,384 — — 123,384 U.S. government securities 954 — — — 954 Derivative contracts — 181,378 229 (164,574 ) 17,033 Total financial instruments and other inventory positions owned 1,285 790,267 244 (164,574 ) 627,222 Cash equivalents 20,581 — — — 20,581 Investments at fair value 33,587 2,649 107,792 (2) — 144,028 Total assets $ 55,453 $ 792,916 $ 108,036 $ (164,574 ) $ 791,831 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 81,575 $ 507 $ — $ — $ 82,082 Fixed income securities — 20,180 — — 20,180 U.S. government agency securities — 10,257 — — 10,257 U.S. government securities 60,365 — — — 60,365 Derivative contracts — 169,950 4,202 (169,609 ) 4,543 Total financial instruments and other inventory positions sold, but not yet purchased $ 141,940 $ 200,894 $ 4,202 $ (169,609 ) $ 177,427 (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 $53.0 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 June 30, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2019 Purchases Sales out (losses) (losses) 2019 2019 Assets: Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts — — — — — 482 482 482 Total financial instruments and other inventory positions owned 13 — — — — 482 495 482 Investments at fair value 132,556 15,623 (12,772 ) — 2,901 (6,486 ) 131,822 (3,585 ) Total assets $ 132,569 $ 15,623 $ (12,772 ) $ — $ 2,901 $ (6,004 ) $ 132,317 $ (3,103 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,418 $ (3,576 ) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,418 $ (3,576 ) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2018 Purchases Sales out (losses) (losses) 2018 2018 Assets: Financial instruments and other inventory positions owned: Municipal securities: Short-term securities $ 45 $ — $ — $ — $ — $ — $ 45 $ — Mortgage-backed securities 18 — — — — (2 ) 16 (2 ) Derivative contracts 930 — (90 ) — 90 343 1,273 441 Total financial instruments and other inventory positions owned 993 — (90 ) — 90 341 1,334 439 Investments at fair value 108,121 10,000 (14,199 ) (357 ) 4,949 (4,229 ) 104,285 (4,229 ) Total assets $ 109,114 $ 10,000 $ (14,289 ) $ (357 ) $ 5,039 $ (3,888 ) $ 105,619 $ (3,790 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,005 $ (210 ) $ 40 $ — $ 169 $ (636 ) $ 368 $ (464 ) Total financial instruments and other inventory positions sold, but not yet purchased $ 1,005 $ (210 ) $ 40 $ — $ 169 $ (636 ) $ 368 $ (464 ) Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2018 Purchases Sales out (losses) (losses) 2019 2019 Assets: Financial instruments and other inventory positions owned: Mortgage-backed securities $ 15 $ — $ (6 ) $ — $ (23 ) $ 27 $ 13 $ — Derivative contracts 229 — (336 ) — 336 253 482 482 Total financial instruments and other inventory positions owned 244 — (342 ) — 313 280 495 482 Investments at fair value 107,792 23,623 (12,772 ) (783 ) 2,901 11,061 131,822 13,473 Total assets $ 108,036 $ 23,623 $ (13,114 ) $ (783 ) $ 3,214 $ 11,341 $ 132,317 $ 13,955 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,202 $ (12,398 ) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,202 $ (12,398 ) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2017 Purchases Sales out (losses) (losses) 2018 2018 Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 700 $ — $ — $ (700 ) $ — $ — $ — $ — Short-term securities 714 — (725 ) — 51 5 45 — Mortgage-backed securities 481 — (5 ) — — (460 ) 16 (93 ) Derivative contracts 126 4 (2,965 ) — 2,961 1,147 1,273 1,273 Total financial instruments and other inventory positions owned 2,021 4 (3,695 ) (700 ) 3,012 692 1,334 1,180 Investments at fair value 126,060 11,708 (29,139 ) (502 ) 14,015 (17,857 ) 104,285 (8,307 ) Total assets $ 128,081 $ 11,712 $ (32,834 ) $ (1,202 ) $ 17,027 $ (17,165 ) $ 105,619 $ (7,127 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,433 $ (1,600 ) $ 3,266 $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,433 $ (1,600 ) $ 3,266 $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Consolidated 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 September 30, 2019 . 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. One of these VIEs has $25.0 million of bank line financing available with an interest rate based on prime plus an applicable margin. 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: Investments $ 128,708 Other assets 438 Total assets $ 129,146 Liabilities: Other liabilities and accrued expenses $ 12,674 Total liabilities $ 12,674

Receivables from and Payables_2

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2019
Brokers and Dealers [Abstract]
Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations	September 30, December 31, (Dollars in thousands) 2019 2018 Receivable from clearing organizations $ 151,876 $ 223,987 Receivable from brokers and dealers 16,028 7,700 Other 7,448 3,591 Total receivables from brokers, dealers and clearing organizations $ 175,352 $ 235,278 September 30, December 31, (Dollars in thousands) 2019 2018 Payable to clearing organizations $ — $ 4,734 Payable to brokers and dealers 4,857 3,923 Total payables to brokers, dealers and clearing organizations $ 4,857 $ 8,657

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, All Other Investments [Abstract]
Schedule of Investments	September 30, December 31, (Dollars in thousands) 2019 2018 Investments at fair value $ 148,437 $ 144,028 Investments at cost 1,084 1,512 Investments accounted for under the equity method 6,027 6,346 Total investments 155,548 151,886 Less investments attributable to noncontrolling interests (1) (65,363 ) (52,972 ) $ 90,185 $ 98,914 (1) Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	September 30, December 31, (Dollars in thousands) 2019 2018 Fee receivables $ 22,717 $ 18,990 Income tax receivables 25,320 — Accrued interest receivables 2,829 4,240 Forgivable loans, net 6,658 7,152 Prepaid expenses 10,349 8,763 Other 12,063 7,298 Total other assets $ 79,936 $ 46,443

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill and Intangible Assets	(Dollars in thousands) Goodwill Balance at December 31, 2018 $ 81,855 Goodwill acquired 6,360 Balance at September 30, 2019 $ 88,215 Intangible assets Balance at December 31, 2018 $ 4,284 Intangible assets acquired 15,200 Amortization of intangible assets (2,735 ) Balance at September 30, 2019 $ 16,749
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Dollars in thousands) Remainder of 2019 $ 1,468 2020 4,020 2021 3,050 2022 2,217 2023 1,510 Thereafter 4,484 Total $ 16,749

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Aggregate Minimum Lease Commitments for Operating Leases	Aggregate minimum lease commitments on an undiscounted basis for the Company’s operating leases (including short-term leases) as of September 30, 2019 were as follows: (Dollars in thousands) Remainder of 2019 $ 4,207 2020 16,599 2021 12,262 2022 10,895 2023 7,943 Thereafter 17,131 Total $ 69,037

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Schedule of Pre-tax Restructuring Costs	The Company incurred restructuring costs from continuing operations for the nine months ended September 30, 2018 , primarily related to headcount reductions in the second quarter of 2018. The Company incurred integration costs from continuing operations for the three and nine months ended September 30, 2019 , related to the acquisition of Weeden & Co. and the pending acquisition of Sandler O'Neill. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Severance, benefits and outplacement costs $ 1,829 $ — $ 2,938 $ 3,183 Contract termination costs — — 2,798 185 Vacated leased office space 1,726 — 1,726 130 Total restructuring costs 3,555 — 7,462 3,498 Integration costs 2,588 — 5,076 — Total restructuring and integration costs $ 6,143 $ — $ 12,538 $ 3,498

Compensation Plans (Tables)

Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 : Incentive Plan Restricted Stock Annual grants 475,309 Sign-on grants 119,732 595,041 Weeden & Co. Inducement Plan Restricted Stock 97,752 Total restricted stock outstanding 692,793 Incentive Plan Restricted Stock Units Leadership grants 114,315 Incentive Plan Stock Options 81,667
Schedule of RSU Performance Condition Probability	As of September 30, 2019 , the Company has determined that the probability of achieving the performance condition for each award is as follows: Probability of Achieving Grant Year Performance Condition 2019 68% 2018 50% 2017 75%
Schedule of RSU Valuation Assumptions	For this portion of the awards, 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 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9% Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9%
Schedule of Stock Options Valuation Assumptions	The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82% Dividend yield 3.22% Expected stock price volatility 37.20% Expected life of options (in years) 7.0 Fair value of options granted (per share) $24.49
Schedule of Stock-Based Compensation Expense	The following table summarizes the Company's stock-based compensation activity within continuing operations: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2019 2018 2019 2018 Stock-based compensation expense $ 7.9 $ 12.7 $ 17.9 $ 31.0 Forfeitures 0.3 0.2 1.5 0.7 Tax benefit related to stock-based compensation expense 1.6 2.3 3.1 5.0
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, 2018 1,569,795 $ 53.80 Granted 435,796 73.92 Vested (1,297,836 ) 47.12 Canceled (14,962 ) 78.46 September 30, 2019 692,793 $ 78.44
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, 2018 194,251 $ 48.97 Granted 39,758 75.78 Vested (103,707 ) 19.93 Canceled (15,987 ) 45.79 September 30, 2019 114,315 $ 85.09
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, 2018 81,667 $ 99.00 9.1 $ — Granted — — Exercised — — Canceled — — September 30, 2019 81,667 $ 99.00 8.4 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands, except per share data) 2019 2018 2019 2018 Net income from continuing operations applicable to Piper Jaffray Companies $ 17,165 $ 20,637 $ 49,281 $ 37,117 Net income from discontinued operations 26,077 1,386 23,772 1,735 Net income applicable to Piper Jaffray Companies 43,242 22,023 73,053 38,852 Earnings allocated to participating securities (1) (800 ) (2,646 ) (3,524 ) (5,202 ) Net income applicable to Piper Jaffray Companies' common shareholders (2) $ 42,442 $ 19,377 $ 69,529 $ 33,650 Shares for basic and diluted calculations: Average shares used in basic computation 13,708 13,343 13,502 13,248 Restricted stock units 131 165 175 196 Non-participating restricted shares 246 — 205 — Average shares used in diluted computation (3) 14,085 13,508 13,882 13,444 Earnings per basic common share: Income from continuing operations $ 1.23 $ 1.36 $ 3.46 $ 2.41 Income from discontinued operations 1.87 0.09 1.69 0.13 Earnings per basic common share $ 3.09 $ 1.45 $ 5.15 $ 2.54 Earnings per diluted common share: Income from continuing operations $ 1.20 $ 1.34 $ 3.37 $ 2.37 Income from discontinued operations 1.82 0.09 1.64 0.13 Earnings per diluted common share (3) $ 3.01 $ 1.43 $ 5.01 $ 2.50 (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 272,170 and 1,842,036 for the three months ended September 30, 2019 and 2018 , respectively, and 598,894 and 1,944,946 for the nine months ended September 30, 2019 and 2018 , 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, restricted stock units and non-participating restricted shares 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. (3) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Common shares of 1,754,634 were excluded from diluted EPS for the nine months ended September 30, 2018 , as the Company had an undistributed loss for this period.

Revenues and Business Informa_2

Revenues and Business Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Reportable Segment Financial Results	Reportable segment financial results from continuing operations are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Capital Markets Investment banking Advisory services $ 106,769 $ 113,540 $ 296,886 $ 266,083 Equity financing 21,837 32,188 61,148 99,868 Debt financing 22,963 20,936 54,249 45,473 Total investment banking 151,569 166,664 412,283 411,424 Institutional sales and trading Equities 25,120 17,804 56,609 54,951 Fixed income 25,769 18,170 69,531 53,093 Total institutional sales and trading 50,889 35,974 126,140 108,044 Investment income/(loss) (1,375 ) 5,045 18,325 12,057 Other financing expenses (348 ) (1,732 ) (1,053 ) (5,351 ) Net revenues 200,735 205,951 555,695 526,174 Operating expenses (1) 179,700 178,165 490,598 485,379 Segment pre-tax operating income $ 21,035 $ 27,786 $ 65,097 $ 40,795 Segment pre-tax operating margin 10.5 % 13.5 % 11.7 % 7.8 % (1) Operating expenses include intangible asset amortization of $1.2 million for the three months ended September 30, 2019 and 2018 ; and $2.7 million and $3.6 million for the nine months ended September 30, 2019 and 2018 , respectively.

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Accounting Policies and Prono_3

Accounting Policies and Pronouncements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU lease asset	$ 41,687	$ 44,000	$ 0
Accrued lease liability	$ 59,162	$ 59,000	$ 0
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Original terms of lease agreements	12 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Original terms of lease agreements	12 months
Weighted Average
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Weighted-average discount rate	4.00%

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended	48 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 20, 2020	Dec. 31, 2023	Sep. 27, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds			$ 52,881	$ 0
Liabilities classified as held for sale
Total liabilities held for sale	$ 0		0					$ 10,212
Components of discontinued operations
Gain on sales, net of tax			33,026	0
Advisory Research (ARI)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds	52,900
Assets classified as held for sale
Net deferred income tax assets								28,861
Fee receivables								4,128
Intangible assets								8,090
Other assets								1,562
Total assets held for sale								42,641
Liabilities classified as held for sale
Accrued compensation								9,934
Other liabilities								278
Total liabilities held for sale								$ 10,212
Components of discontinued operations
Net revenues	7,939	$ 11,576	26,546	33,896
Operating expenses	7,068	8,327	22,589	27,286
Intangible asset amortization and impairment	0	1,401	5,465	4,202
Restructuring costs	9,572	0	10,268	272
Total non-interest expenses	16,640	9,728	38,322	31,760
Income/(loss) from discontinued operations before income tax expense/(benefit)	(8,701)	1,848	(11,776)	2,136
Income tax expense/(benefit)	(1,752)	462	(2,522)	401
Net income/(loss) from discontinued operations before gain on sales	(6,949)	1,386	(9,254)	1,735
Gain on sales, net of tax	33,026	0	33,026	0
Net income/(loss) from discontinued operations before gain on sales	$ 26,077	$ 1,386	23,772	$ 1,735
Advisory Research (ARI) | Trade Names
Components of discontinued operations
Intangible asset amortization and impairment			$ 2,900
Advisory Research (ARI) | Earnout based on equity strategies revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of earnout recorded							$ 2,200
Scenario, Forecast | Advisory Research (ARI) | Earnout based on MLP revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout performance period					1 year
Scenario, Forecast | Advisory Research (ARI) | Earnout based on MLP revenue | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds					$ 35,700
Scenario, Forecast | Advisory Research (ARI) | Earnout based on equity strategies revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout performance period						4 years
Scenario, Forecast | Advisory Research (ARI) | Earnout based on equity strategies revenue | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds						$ 10,000

Acquisitions - Acquisition of W

Acquisitions - Acquisition of Weeden & Co. (Details) - USD ($) $ in Thousands	Aug. 02, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Combination, Description [Abstract]
Transaction costs		$ 2,588	$ 0	$ 5,076	$ 0
Weeden & Co.
Business Combination, Description [Abstract]
Economic value	$ 42,000
Fair value of net assets acquired	22,968
Restricted cash portion of purchase price	10,300
Goodwill recorded	6,400			6,360
Intangible assets acquired				15,200
Transaction costs		$ 1,000		1,700
Weeden & Co. | Customer relationships
Business Combination, Description [Abstract]
Intangible assets acquired	10,600			10,600
Weeden & Co. | Internally developed software
Business Combination, Description [Abstract]
Intangible assets acquired	4,600			$ 4,600
Weeden & Co. | Net revenue target
Business Combination, Description [Abstract]
Additional cash consideration, maximum amount	31,500
Weeden & Co. | Restricted Stock
Business Combination, Description [Abstract]
Retention award restricted stock	$ 7,300
Requisite service period	4 years

Acquisitions - Weeden & Co. Est

Acquisitions - Weeden & Co. Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Aug. 02, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets
Goodwill	$ 88,215			$ 81,855
Liabilities
Accrued lease liability	$ 59,162		$ 59,000	$ 0
Weeden & Co.
Assets
Cash and cash equivalents		$ 4,351
Receivables from brokers, dealers and clearing organizations		1,641
Fixed assets		289
Goodwill		6,360
Intangible assets		15,200
Right-of-use lease asset		6,811
Other assets		6,753
Total assets acquired		41,405
Liabilities
Accrued compensation		2,114
Accrued lease liability		6,811
Other liabilities and accrued expenses		9,512
Total liabilities assumed		18,437
Net assets acquired		$ 22,968

Acquisitions - Weeden & Co. Una

Acquisitions - Weeden & Co. Unaudited Pro Forma Information (Details) - Weeden & Co. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net revenues	$ 205,230	$ 222,890	$ 591,654	$ 580,446
Net income from continuing operations applicable to Piper Jaffray Companies	$ 16,431	$ 20,144	$ 44,904	$ 36,121

Acquisitions - Definitive Agree

Acquisitions - Definitive Agreement to Acquire Sandler O'Neill (Details) - Sandler O'Neill - Scenario, Forecast - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020
Business Acquisition [Line Items]
Percent of equity and partnership interest acquired		100.00%
Total consideration	$ 485
Tangible book value		$ 100
Restricted Stock
Business Acquisition [Line Items]
Retention award restricted stock	115
Cash
Business Acquisition [Line Items]
Total consideration	350
Restricted Stock
Business Acquisition [Line Items]
Total consideration	$ 135

Financial Instruments and Oth_3

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Financial Instruments Owned and Financial Instruments Sold, but Not Yet Purchased by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Financial instruments and other inventory positions owned:
Equity securities	$ 13,756	$ 1,458
Convertible securities	119,962	92,485
Fixed income securities	60,312	31,906
Taxable securities	22,822	38,711
Tax-exempt securities	191,324	268,804
Short-term securities	106,175	52,472
Mortgage-backed securities	13	15
U.S. government agency securities	130,503	123,384
U.S. government securities	3,526	954
Derivative contracts	21,972	17,033
Total financial instruments and other inventory positions owned	670,365	627,222
Financial instruments and other inventory positions sold, but not yet purchased:
Equity securities	68,464	82,082
Fixed income securities	23,593	20,180
U.S. government agency securities	21,993	10,257
U.S. government securities	92,968	60,365
Derivative contracts	7,072	4,543
Total financial instruments and other inventory positions sold, but not yet purchased	214,090	177,427
Financial instruments and other inventory positions owned and pledged as collateral	$ 361,428	$ 147,427

Financial Instruments and Oth_4

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 2,479,287	$ 2,795,241
Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	237,824	181,607
Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	231,453	174,152
Customer matched-book | Interest rate
Derivative [Line Items]
Notional Amount	2,262,912	2,532,966
Customer matched-book | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	237,342	181,199
Customer matched-book | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	226,088	169,950
Trading securities | Interest rate
Derivative [Line Items]
Notional Amount	216,375	262,275
Trading securities | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	482	408
Trading securities | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	$ 5,365	$ 4,202

Financial Instruments and Oth_5

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ (208)	$ 679	$ (1,084)	$ 3,645
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	(203)	(301)	(634)	(1,567)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ (5)	$ 980	$ (450)	$ 5,212

Financial Instruments and Oth_6

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	Sep. 30, 2019USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 22
Notional contract amount	175.1
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 18.5

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Option (Details) - Merchant Banking Investments - Level III - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments at fair value	$ 2.2		$ 3
Gains (losses) from changes in fair value	$ (0.5)	$ 0.9

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	Sep. 30, 2019basis_points
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts	4
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts	11
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts	8.2
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts	4
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts	11
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts	6.7
Revenue multiple | Equity investment in private company | Investments | Minimum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	3
Revenue multiple | Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	6
Revenue multiple | Equity investment in private company | Investments | Weighted Average | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	4.5
EBITDA multiple | Equity investment in private company | Investments | Minimum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	11
EBITDA multiple | Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	20
EBITDA multiple | Equity investment in private company | Investments | Weighted Average | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	15.5

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets:
Equity securities	$ 13,756,000	$ 1,458,000
Convertible securities	119,962,000	92,485,000
Fixed income securities	60,312,000	31,906,000
Taxable securities	22,822,000	38,711,000
Tax-exempt securities	191,324,000	268,804,000
Short-term securities	106,175,000	52,472,000
Mortgage-backed securities	13,000	15,000
U.S. government agency securities	130,503,000	123,384,000
U.S. government securities	3,526,000	954,000
Derivative contracts	21,972,000	17,033,000
Total financial instruments and other inventory positions owned	670,365,000	627,222,000
Liabilities
Equity securities	68,464,000	82,082,000
Fixed income securities	23,593,000	20,180,000
U.S. government agency securities	21,993,000	10,257,000
U.S. government securities	92,968,000	60,365,000
Derivative contracts	7,072,000	4,543,000
Total financial instruments and other inventory positions sold, but not yet purchased	214,090,000	177,427,000
Securities posted as collateral	0	0
Level III
Assets:
Total assets	132,300,000	108,000,000
Measured on a recurring basis
Assets:
Equity securities	13,756,000	1,458,000
Convertible securities	119,962,000	92,485,000
Fixed income securities	60,312,000	31,906,000
Taxable securities	22,822,000	38,711,000
Tax-exempt securities	191,324,000	268,804,000
Short-term securities	106,175,000	52,472,000
Mortgage-backed securities	13,000	15,000
U.S. government agency securities	130,503,000	123,384,000
U.S. government securities	3,526,000	954,000
Derivative contracts	21,972,000	17,033,000
Derivative contracts - counterparty and collateral netting	(215,852,000)	(164,574,000)
Total financial instruments and other inventory positions owned	670,365,000	627,222,000
Cash equivalents	909,000	20,581,000
Investments at fair value	148,437,000	144,028,000
Total assets	819,711,000	791,831,000
Liabilities
Equity securities	68,464,000	82,082,000
Fixed income securities	23,593,000	20,180,000
U.S. government agency securities	21,993,000	10,257,000
U.S. government securities	92,968,000	60,365,000
Derivative contracts	7,072,000	4,543,000
Derivative contracts - counterparty and collateral netting	(224,381,000)	(169,609,000)
Total financial instruments and other inventory positions sold, but not yet purchased	214,090,000	177,427,000
Measured on a recurring basis | Level I
Assets:
Equity securities	44,000	331,000
U.S. government securities	3,526,000	954,000
Total financial instruments and other inventory positions owned	3,570,000	1,285,000
Cash equivalents	909,000	20,581,000
Investments at fair value	15,723,000	33,587,000
Total assets	20,202,000	55,453,000
Liabilities
Equity securities	56,220,000	81,575,000
U.S. government securities	92,968,000	60,365,000
Total financial instruments and other inventory positions sold, but not yet purchased	149,188,000	141,940,000
Measured on a recurring basis | Level II
Assets:
Equity securities	13,712,000	1,127,000
Convertible securities	119,962,000	92,485,000
Fixed income securities	60,312,000	31,906,000
Taxable securities	22,822,000	38,711,000
Tax-exempt securities	191,324,000	268,804,000
Short-term securities	106,175,000	52,472,000
U.S. government agency securities	130,503,000	123,384,000
Derivative contracts	237,342,000	181,378,000
Total financial instruments and other inventory positions owned	882,152,000	790,267,000
Investments at fair value	892,000	2,649,000
Total assets	883,044,000	792,916,000
Liabilities
Equity securities	12,244,000	507,000
Fixed income securities	23,593,000	20,180,000
U.S. government agency securities	21,993,000	10,257,000
Derivative contracts	226,548,000	169,950,000
Total financial instruments and other inventory positions sold, but not yet purchased	284,378,000	200,894,000
Measured on a recurring basis | Level III
Assets:
Mortgage-backed securities	13,000	15,000
Derivative contracts	482,000	229,000
Total financial instruments and other inventory positions owned	495,000	244,000
Investments at fair value	131,822,000	107,792,000
Total assets	132,317,000	108,036,000
Liabilities
Derivative contracts	4,905,000	4,202,000
Total financial instruments and other inventory positions sold, but not yet purchased	4,905,000	4,202,000
Measured on a recurring basis | Level III | Investments attributable to noncontrolling interests
Assets:
Investments at fair value	$ 65,400,000	$ 53,000,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers between fair value levels	$ 0
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 132,300,000	$ 108,000,000
Percentage of Level III assets to financial instruments measured at fair value	16.10%	13.60%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 132,569	$ 109,114	$ 108,036	$ 128,081
Purchases	15,623	10,000	23,623	11,712
Sales	(12,772)	(14,289)	(13,114)	(32,834)
Transfers out	0	(357)	(783)	(1,202)
Realized gains/(losses)	2,901	5,039	3,214	17,027
Unrealized gains/(losses)	(6,004)	(3,888)	11,341	(17,165)
Ending balance	132,317	105,619	132,317	105,619
Unrealized gains/ (losses) for assets held at period end	(3,103)	(3,790)	13,955	(7,127)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,418	1,005	4,202	4,433
Purchases	(3,576)	(210)	(12,398)	(1,600)
Sales	0	40	0	3,266
Transfers out	0	0	0	0
Realized gains/(losses)	3,576	169	12,398	(1,666)
Unrealized gains/(losses)	487	(636)	703	(4,065)
Ending balance	4,905	368	4,905	368
Unrealized gains/(losses) for liabilities held at period end	1,860	(464)	4,905	368
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13	993	244	2,021
Purchases	0			4
Sales		(90)	(342)	(3,695)
Transfers out	0	0	0	(700)
Realized gains/(losses)	0	90	313	3,012
Unrealized gains/(losses)	482	341	280	692
Ending balance	495	1,334	495	1,334
Unrealized gains/ (losses) for assets held at period end	482	439	482	1,180
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	132,556	108,121	107,792	126,060
Purchases	15,623	10,000	23,623	11,708
Sales	(12,772)	(14,199)	(12,772)	(29,139)
Transfers out	0	(357)	(783)	(502)
Realized gains/(losses)	2,901	4,949	2,901	14,015
Unrealized gains/(losses)	(6,486)	(4,229)	11,061	(17,857)
Ending balance	131,822	104,285	131,822	104,285
Unrealized gains/ (losses) for assets held at period end	(3,585)	(4,229)	13,473	(8,307)
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	4,418	1,005	4,202	4,433
Purchases	(3,576)	(210)	(12,398)	(1,600)
Sales	0	40	0	3,266
Transfers out	0	0	0	0
Realized gains/(losses)	3,576	169	12,398	(1,666)
Unrealized gains/(losses)	487	(636)	703	(4,065)
Ending balance	4,905	368	4,905	368
Unrealized gains/(losses) for liabilities held at period end	1,860	(464)	4,905	368
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	13	18	15	481
Purchases	0	0	0	0
Sales	0	0	(6)	(5)
Transfers out	0	0	0	0
Realized gains/(losses)	0	0	(23)	0
Unrealized gains/(losses)	0	(2)	27	(460)
Ending balance	13	16	13	16
Unrealized gains/ (losses) for assets held at period end	0	(2)	0	(93)
Derivative contracts | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		930	229	126
Purchases	0			4
Sales	0	(90)	(336)	(2,965)
Transfers out	0	0	0	0
Realized gains/(losses)	0	90	336	2,961
Unrealized gains/(losses)	482	343	253	1,147
Ending balance	482	1,273	482	1,273
Unrealized gains/ (losses) for assets held at period end	$ 482	441	$ 482	1,273
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		45		714
Purchases		0		0
Sales		0		(725)
Transfers out		0		0
Realized gains/(losses)		0		51
Unrealized gains/(losses)		0		5
Ending balance		45		45
Unrealized gains/ (losses) for assets held at period end		$ 0		0
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				700
Purchases				0
Sales				0
Transfers out				(700)
Realized gains/(losses)				0
Unrealized gains/(losses)				0
Unrealized gains/ (losses) for assets held at period end				$ 0

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands	Sep. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 129,146
Consolidated VIE liabilities	12,674
Investments
Variable Interest Entity [Line Items]
Consolidated VIE assets	128,708
Other assets
Variable Interest Entity [Line Items]
Consolidated VIE assets	438
Other liabilities and accrued expenses
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	$ 12,674

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Available bank line financing	$ 25,000,000
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure
Variable Interest Entity [Line Items]
Variable interest entities, nonconsolidated net assets	300,000,000	$ 300,000,000
Variable interest entities, exposure to loss	6,000,000
Variable interest entity, nonconsolidated liabilities	$ 0	$ 0

Receivables from and Payables_3

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Receivable from clearing organizations	$ 151,876	$ 223,987
Receivable from brokers and dealers	16,028	7,700
Other	7,448	3,591
Total receivables from brokers, dealers and clearing organizations	175,352	235,278
Payables to Broker-Dealers and Clearing Organizations [Abstract]
Payable to clearing organizations	0	4,734
Payable to brokers and dealers	4,857	3,923
Total payables to brokers, dealers and clearing organizations	$ 4,857	$ 8,657

Receivables from and Payables_4

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Sep. 30, 2019USD ($)
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	$ 120,000,000

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments at fair value	$ 148,437	$ 144,028
Investments at cost	1,084	1,512
Investments accounted for under the equity method	6,027	6,346
Investments	155,548	151,886
Estimated fair market value of investments carried at cost	1,100
Investments attributable to noncontrolling interests
Schedule of Investments [Line Items]
Investments	65,363	52,972
Investments attributable to parent
Schedule of Investments [Line Items]
Investments	$ 90,185	$ 98,914

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Fee receivables	$ 22,717	$ 18,990
Income tax receivables	25,320	0
Accrued interest receivables	2,829	4,240
Forgivable loans, net	6,658	7,152
Prepaid expenses	10,349	8,763
Other	12,063	7,298
Total other assets	$ 79,936	$ 46,443

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 02, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Goodwill
Goodwill beginning balance				$ 81,855
Goodwill ending balance		$ 88,215		88,215
Intangible assets
Intangible assets beginning balance				4,284
Amortization of intangible assets		(1,229)	$ (1,214)	(2,735)	$ (3,643)
Intangible assets ending balance		$ 16,749		16,749
Weeden & Co.
Goodwill
Goodwill, Acquired During Period	$ 6,400			6,360
Goodwill ending balance	6,360
Intangible assets
Intangible assets acquired				15,200
Weeden & Co. | Customer relationships
Intangible assets
Intangible assets acquired	10,600			$ 10,600
Weighted average life				8 years 4 months 24 days
Weeden & Co. | Internally developed software
Intangible assets
Intangible assets acquired	$ 4,600			$ 4,600
Weighted average life				3 years 7 months 6 days

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets Goodwill and Intangible Assets - Aggregate Future Intangible Asset Amortization Expense (Details) $ in Thousands	Sep. 30, 2019USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2019	$ 1,468
2020	4,020
2021	3,050
2022	2,217
2023	1,510
Thereafter	4,484
Total	$ 16,749

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019USD ($)program	Dec. 31, 2018USD ($)
Short-term Debt [Line Items]
Short-term financing	$ 49,962,000	$ 49,953,000
Commercial paper (secured)
Short-term Debt [Line Items]
Number of commercial paper programs | program	2
Short-term financing	$ 50,000,000	$ 50,000,000
Weighted average interest rate	3.04%	3.38%
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) | Weighted Average
Short-term Debt [Line Items]
Debt term	9 days
Commercial paper (secured) | CP Series II A
Short-term Debt [Line Items]
Excess net capital required	$ 100,000,000
Bank lines (secured) | Committed credit facility
Short-term Debt [Line Items]
Debt term	1 year
Short-term financing	$ 0
Line of credity, maximum borrowing capacity	175,000,000
Minimum net capital required	$ 120,000,000

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Commitments for Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 4,207
2020	16,599
2021	12,262
2022	10,895
2023	7,943
Thereafter	17,131
Total	$ 69,037

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases [Abstract]
Weighted average remaining lease term	5 years 4 months 24 days	5 years 4 months 24 days
Operating lease cost	$ 3.2	$ 8.9
Cost related to short-term leases	0.2	0.5
Sublease Income	$ 0.4	$ 1.3

Restructuring and Integration_3

Restructuring and Integration Costs - Schedule of Pre-tax Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 0		$ 3,498
Integration costs	$ 2,588	0	$ 5,076	0
Restructuring and integration costs	6,143	0	12,538	3,498
Severance, benefits and outplacement costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0		3,183
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0		185
Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 0		$ 130
Weeden & Co.
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3,555		7,462
Integration costs	1,000		1,700
Weeden & Co. | Severance, benefits and outplacement costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,829		2,938
Weeden & Co. | Contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		2,798
Weeden & Co. | Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,726		$ 1,726

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	Oct. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Sep. 30, 2017
Equity, Class of Treasury Stock [Line Items]
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations				698,065	264,254
Repurchase of common stock for employee tax withholding				$ 50,300,000	$ 22,700,000
Reissuance of treasury shares as a result of employee vesting				1,406,139	840,043
Cash dividends paid				$ 30,400,000
Dividends declared per common share		$ 0.38	$ 0.38	$ 2.14	$ 2.75
Noncontrolling interests proportionate share of equity		$ 65,363,000		$ 65,363,000		$ 52,972,000
Other comprehensive income or loss attributed to noncontrolling interests				0	$ 0
Merchant banking funds
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity		62,700,000		62,700,000		50,200,000
Senior living fund
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity		$ 2,700,000		$ 2,700,000		$ 2,800,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends declared per common share	$ 0.375
Quarterly dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid (amount per share)				$ 1.125
Annual special cash dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid (amount per share)				$ 1.01
Share repurchase program, authorized 2017
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount							$ 150,000,000
Shares repurchased				501	124,606
Average price of repurchases				$ 64.80	$ 72.26
Stock Repurchased During Period, Value					$ 9,000,000

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options	81,667	81,667
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	692,793	1,569,795
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	114,315	194,251
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options	81,667
Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	114,315
Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	692,793
Total restricted stock outstanding | Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	595,041
Total restricted stock outstanding | Incentive Plan | Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	475,309
Total restricted stock outstanding | Incentive Plan | Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	119,732
Total restricted stock outstanding | Weeden & Co. Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	97,752

Compensation Plans - Schedule o

Compensation Plans - Schedule of RSU Performance Condition Probability (Details) - Restricted stock units - Average adjusted return on equity targets - Probability of achieving performance condition	9 Months Ended
	Sep. 30, 2019
2019
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	68.00%
2018
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	50.00%
2017
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	75.00%

Compensation Plans - Schedule_2

Compensation Plans - Schedule of RSU Valuation Assumptions (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2019
2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.50%
Expected Stock Price Volatility	31.90%
2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.40%
Expected Stock Price Volatility	34.80%
2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.62%
Expected Stock Price Volatility	35.90%
2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.98%
Expected Stock Price Volatility	34.90%

Compensation Plans - Schedule_3

Compensation Plans - Schedule of Stock Options Valuation Assumptions (Details) - Stock options	9 Months Ended
	Sep. 30, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.82%
Dividend yield	3.22%
Expected stock price volatility	37.20%
Expected life of options (in years)	7 years
Fair value of options granted (per share)	$ 24.49

Compensation Plans - Schedule_4

Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 7.9	$ 12.7	$ 17.9	$ 31
Forfeitures	0.3	0.2	1.5	0.7
Tax benefit related to stock-based compensation expense	$ 1.6	$ 2.3	$ 3.1	$ 5

Compensation Plans - Changes in

Compensation Plans - Changes in Unvested Restricted Stock (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance | shares	1,569,795
Granted | shares	435,796
Vested | shares	(1,297,836)
Canceled | shares	(14,962)
Ending Balance | shares	692,793
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance | $ / shares	$ 53.80
Granted | $ / shares	73.92
Vested | $ / shares	47.12
Canceled | $ / shares	78.46
Ending Balance | $ / shares	$ 78.44

Compensation Plans - Changes _2

Compensation Plans - Changes in Unvested Restricted Stock Units (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance | shares	194,251
Granted | shares	39,758
Vested | shares	(103,707)
Canceled | shares	(15,987)
Ending Balance | shares	114,315
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance | $ / shares	$ 48.97
Granted | $ / shares	75.78
Vested | $ / shares	19.93
Canceled | $ / shares	45.79
Ending Balance | $ / shares	$ 85.09

Compensation Plans - Changes _3

Compensation Plans - Changes in Outstanding Stock Options (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Options Outstanding
Beginning Balance	81,667
Granted	0
Exercised	0
Cancelled	0
Ending Balance	81,667	81,667
Weighted Average Exercise Price (in dollars per share)
Beginning Balance	$ 99
Granted	0
Exercised	0
Cancelled	0
Ending Balance	$ 99	$ 99
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	8 years 4 months 24 days	9 years 1 month 6 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 0	$ 0

Compensation Plans - Additional

Compensation Plans - Additional Information (Details) $ in Millions	Aug. 02, 2019USD ($)shares	May 16, 2016USD ($)shares	Sep. 30, 2019USD ($)planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan			2
Exercises during the period			0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			435,796
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			3 years
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			39,758
Restricted stock and restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to equity awards | $			$ 14.5
Weighted average period over which equity award expense expected to be recognized			3 years 3 months 18 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period			5 years
Share based compensation option exercise price			10.00%
Unrecognized compensation cost related to equity awards | $			$ 1.4
Weighted average period over which equity award expense expected to be recognized			3 years 4 months 24 days
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options			10 years
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award grants authorized			8,200,000
Shares available for future issuance			700,000
Leadership Grants Subsequent to 2016 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			150.00%
Average adjusted return on equity targets | Leadership Grants Subsequent to 2016 | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			75.00%
Average adjusted return on equity targets | 2016 Leadership Grant | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			50.00%
Total shareholder return relative to members of a predetermined peer group | Leadership Grants Subsequent to 2016 | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			75.00%
Total shareholder return | 2016 Leadership Grant | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			50.00%
Simmons & Company International | 2016 Employment Inducement Award Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $		$ 11.6
Number of shares granted		286,776
Weeden & Co. LP | Weeden & Co. Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $	$ 7.3
Number of shares granted	97,752

Compensation Plans - Acquisitio

Compensation Plans - Acquisition-related Compensation Arrangements (Details) - Simmons - Performance award plan - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Performance award plan accrual			$ 40.1
Contingent consideration performance period	3 years
Share based compensation expense period	$ 0.4	$ 7.2

Compensation Plans - Deferred C

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Mutual Fund Restricted Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award Vesting Period	3 years
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Plan Assets	$ 15.7	$ 31.2
Plan Liabilities	$ 16.1	$ 31.4

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income from continuing operations applicable to Piper Jaffray Companies	$ 17,165	$ 20,637	$ 49,281	$ 37,117
Net income from discontinued operations	26,077	1,386	23,772	1,735
Net income applicable to Piper Jaffray Companies	43,242	22,023	73,053	38,852
Earnings allocated to participating securities	(800)	(2,646)	(3,524)	(5,202)
Net income applicable to Piper Jaffray Companies' common shareholders	$ 42,442	$ 19,377	$ 69,529	$ 33,650
Shares for basic and diluted calculations
Average shares used in basic computation	13,708,000	13,343,000	13,502,000	13,248,000
Average shares used in diluted computation	14,085,000	13,508,000	13,882,000	13,444,000
Earnings per common share
Income from continuing operations	$ 1.23	$ 1.36	$ 3.46	$ 2.41
Income from discontinued operations	1.87	0.09	1.69	0.13
Earnings per basic common share	3.09	1.45	5.15	2.54
Income from continuing operations	1.20	1.34	3.37	2.37
Income from discontinued operations	1.82	0.09	1.64	0.13
Earnings per diluted common share	$ 3.01	$ 1.43	$ 5.01	$ 2.50
Weighted average participating shares outstanding	272,170	1,842,036	598,894	1,944,946
Restricted stock units
Shares for basic and diluted calculations
Dilutive impact of securities	131,000	165,000	175,000	196,000
Non-participating restricted shares
Shares for basic and diluted calculations
Dilutive impact of securities	246,000	0	205,000	0
Common shares
Earnings per common share
Shares excluded from diluted EPS				1,754,634
Stock options and restricted shares
Earnings per common share
Shares excluded from diluted EPS	300,000		100,000

Revenues and Business Informa_3

Revenues and Business Information - Revenues and Business Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Investment banking	$ 151,192	$ 166,458	$ 410,992	$ 411,203
Institutional sales and trading	46,814	31,746	113,983	92,575
Investment income/(loss)	(1,575)	4,860	17,622	11,355
Net revenues	200,735	205,951	555,695	526,174
Operating expenses	179,700	178,165	490,598	485,379
Segment pre-tax operating income/(loss)	21,035	27,786	65,097	40,795
Intangible asset amortization	1,229	1,214	2,735	3,643
Capital Markets
Segment Reporting Information [Line Items]
Investment banking	151,569	166,664	412,283	411,424
Institutional sales and trading	50,889	35,974	126,140	108,044
Investment income/(loss)	(1,375)	5,045	18,325	12,057
Other financing expenses	(348)	(1,732)	(1,053)	(5,351)
Net revenues	200,735	205,951	555,695	526,174
Operating expenses	179,700	178,165	490,598	485,379
Segment pre-tax operating income/(loss)	$ 21,035	$ 27,786	$ 65,097	$ 40,795
Segment pre-tax operating margin	10.50%	13.50%	11.70%	7.80%
Intangible asset amortization	$ 1,200	$ 1,200	$ 2,700	$ 3,600
Capital Markets | Advisory services
Segment Reporting Information [Line Items]
Investment banking	106,769	113,540	296,886	266,083
Capital Markets | Equities financing
Segment Reporting Information [Line Items]
Investment banking	21,837	32,188	61,148	99,868
Capital Markets | Debt financing
Segment Reporting Information [Line Items]
Investment banking	22,963	20,936	54,249	45,473
Capital Markets | Equities
Segment Reporting Information [Line Items]
Institutional sales and trading	25,120	17,804	56,609	54,951
Capital Markets | Fixed income
Segment Reporting Information [Line Items]
Institutional sales and trading	$ 25,769	$ 18,170	$ 69,531	$ 53,093

Net Capital Requirements and _2

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Sep. 30, 2019USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital	179,900,000
Excess net capital	178,900,000
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	120,000,000
Committed credit facility
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	120,000,000
Commercial paper | CP Series II A
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	$ 100,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 6,717	$ 6,902	$ 10,729	$ 4,949
Tax benefit for stock-based compensation awards vesting during the period			$ 5,100	$ 6,800

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Scenario, Forecast - Subsequent Event $ in Millions	Oct. 15, 2019USD ($)
Debt Instrument [Line Items]
Senior notes	$ 175
Class A Fixed Rate Senior Notes Due October 2021
Debt Instrument [Line Items]
Senior notes	$ 50
Annual fixed rate	4.74%
Class B Fixed Rate Senior Notes Due October 2023
Debt Instrument [Line Items]
Senior notes	$ 125
Annual fixed rate	5.20%