Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GHL | ||
Entity Registrant Name | GREENHILL & CO INC | ||
Entity Central Index Key | 1282977 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,479,284 | ||
Entity Public Float | $1,280 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents ($6.2 million and $5.1 million restricted from use at December 31, 2014 and 2013, respectively) | $50,940 | $42,679 |
Advisory fees receivable, net of allowance for doubtful accounts of $0.1 million and $0.0 million at December 31, 2014 and 2013, respectively | 81,771 | 85,236 |
Other receivables | 5,493 | 2,877 |
Property and equipment, net of accumulated depreciation of $58.5 million and $57.0 million at December 31, 2014 and 2013, respectively | 10,335 | 11,500 |
Investments in merchant banking funds | 4,173 | 11,745 |
Goodwill | 130,976 | 142,972 |
Deferred tax asset, net | 50,244 | 54,202 |
Other assets | 3,718 | 2,235 |
Total assets | 337,650 | 353,446 |
Liabilities and Equity | ||
Compensation payable | 26,404 | 13,851 |
Accounts payable and accrued expenses | 9,035 | 13,346 |
Current income taxes payable | 10,007 | 15,345 |
Bank loan payable | 35,600 | 30,849 |
Deferred tax liability | 362 | 2,345 |
Total liabilities | 81,408 | 75,736 |
Common stock, par value $0.01 per share; 100,000,000 shares authorized, 38,898,163 and 37,872,756 shares issued as of December 31, 2014 and 2013, respectively; 28,053,563 and 27,767,702 shares outstanding as of December 31, 2014 and 2013, respectively | 389 | 379 |
Contingent convertible preferred stock, par value $0.01 per share; 10,000,000 shares authorized, 1,099,877 shares issued as of December 31, 2014 and 2013, respectively; 439,951 shares outstanding as of December 31, 2014 and 2013, respectively | 14,446 | 14,446 |
Restricted stock units | 90,107 | 117,258 |
Additional paid-in capital | 596,463 | 534,533 |
Exchangeable shares of subsidiary; 257,156 shares issued as of December 31, 2014 and 2013; 32,804 shares outstanding as of December 31, 2014 and 2013 | 1,958 | 1,958 |
Retained earnings | 141,290 | 152,412 |
Accumulated other comprehensive income (loss) | -17,969 | -9,361 |
Treasury stock, at cost, par value $0.01 per share; 10,844,600 and 10,105,054 shares as of December 31, 2014 and 2013, respectively | -571,136 | -534,957 |
Stockholders’ equity | 255,548 | 276,668 |
Noncontrolling interests | 694 | 1,042 |
Total equity | 256,242 | 277,710 |
Total liabilities and equity | $337,650 | $353,446 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents, restricted from use | $6,200,000 | $5,100,000 |
Advisory fees receivable, allowance for doubtful accounts | 100,000 | 0 |
Property and equipment, accumulated depreciation | $58,491,000 | $56,951,000 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 38,898,163 | 37,872,756 |
Common stock, shares outstanding (shares) | 28,053,563 | 27,767,702 |
Contingent convertible preferred stock, par value (usd per share) | $0.01 | $0.01 |
Contingent convertible preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Contingent convertible preferred stock, shares issued (shares) | 1,099,877 | 1,099,877 |
Contingent convertible preferred stock, shares outstanding (shares) | 439,951 | 439,951 |
Exchangeable shares of subsidiary, shares issued (shares) | 257,156 | 257,156 |
Exchangeable shares of subsidiary, shares outstanding (shares) | 32,804 | 32,804 |
Treasury stock, par value (usd per share) | $0.01 | $0.01 |
Treasury stock, shares (shares) | 10,884,600 | 10,105,054 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Advisory revenues | $280,452 | $286,908 | $291,545 |
Investment revenues | -5,218 | 244 | -6,466 |
Total revenues | 275,234 | 287,152 | 285,079 |
Expenses | |||
Employee compensation and benefits | 147,552 | 155,666 | 151,795 |
Occupancy and equipment rental | 18,983 | 18,094 | 17,777 |
Depreciation and amortization | 3,228 | 4,461 | 7,240 |
Information services | 8,625 | 8,299 | 8,040 |
Professional fees | 5,651 | 5,427 | 5,392 |
Travel related expenses | 11,386 | 11,785 | 10,981 |
Interest expense | 1,238 | 996 | 1,016 |
Other operating expenses | 11,101 | 11,218 | 12,363 |
Total expenses | 207,764 | 215,946 | 214,604 |
Income before taxes | 67,470 | 71,206 | 70,475 |
Provision for taxes | 24,082 | 24,524 | 28,383 |
Net income allocated to common stockholders | $43,388 | $46,682 | $42,092 |
Average shares outstanding: | |||
Basic (shares) | 30,354,227 | 30,134,430 | 30,553,460 |
Diluted (shares) | 30,357,691 | 30,160,669 | 30,561,682 |
Earnings per share: | |||
Basic (usd per share) | $1.43 | $1.55 | $1.38 |
Diluted (usd per share) | $1.43 | $1.55 | $1.38 |
Dividends declared and paid per share (usd per share) | $1.80 | $1.80 | $1.80 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Consolidated net income | $43,388 | $46,682 | $42,092 |
Currency translation adjustment, net of tax | -8,608 | -15,985 | 3,496 |
Comprehensive income allocated to common stockholders | $34,780 | $30,697 | $45,588 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock | Contingent Convertible Preferred Stock | Restricted stock units | Additional paid-in capital | Exchangeable shares of subsidiary | Retained earnings | Accumulated other comprehensive income | Treasury Stock | Parent | Noncontrolling interests |
In Thousands, unless otherwise specified | |||||||||||
Beginning Balance at Dec. 31, 2011 | $358 | $46,950 | $99,916 | $412,283 | $6,578 | $173,374 | $3,128 | ($396,386) | $1,353 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common stock issued | 7 | 0 | 51,306 | ||||||||
Restricted stock units recognized | 54,178 | ||||||||||
Restricted stock units delivered | -46,841 | ||||||||||
Tax benefit (expense) | -4,947 | 1,581 | |||||||||
Exchangeable shares of subsidiary delivered | -4,620 | ||||||||||
Dividends | -57,129 | ||||||||||
Net income allocated to common stockholders | 42,092 | 42,092 | |||||||||
Currency translation adjustment, net of tax | 3,496 | 3,496 | |||||||||
Repurchased | -83,165 | ||||||||||
Distributions to noncontrolling interests | 0 | ||||||||||
Ending Balance at Dec. 31, 2012 | 303,512 | 365 | 46,950 | 107,253 | 458,642 | 1,958 | 159,918 | 6,624 | -479,551 | 302,159 | 1,353 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common stock issued | 14 | -32,504 | 77,920 | ||||||||
Restricted stock units recognized | 56,100 | ||||||||||
Restricted stock units delivered | -46,095 | ||||||||||
Tax benefit (expense) | -2,029 | 2,037 | |||||||||
Exchangeable shares of subsidiary delivered | 0 | ||||||||||
Dividends | -56,225 | ||||||||||
Net income allocated to common stockholders | 46,682 | 46,682 | |||||||||
Currency translation adjustment, net of tax | -15,985 | -15,985 | |||||||||
Repurchased | -55,406 | ||||||||||
Distributions to noncontrolling interests | -311 | ||||||||||
Ending Balance at Dec. 31, 2013 | 277,710 | 379 | 14,446 | 117,258 | 534,533 | 1,958 | 152,412 | -9,361 | -534,957 | 276,668 | 1,042 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common stock issued | 10 | 0 | 66,591 | ||||||||
Restricted stock units recognized | 39,990 | ||||||||||
Restricted stock units delivered | -67,141 | ||||||||||
Tax benefit (expense) | -4,661 | 1,773 | |||||||||
Exchangeable shares of subsidiary delivered | 0 | ||||||||||
Dividends | -56,283 | ||||||||||
Net income allocated to common stockholders | 43,388 | 43,388 | |||||||||
Currency translation adjustment, net of tax | -8,608 | -8,608 | |||||||||
Repurchased | -36,179 | ||||||||||
Distributions to noncontrolling interests | -348 | ||||||||||
Ending Balance at Dec. 31, 2014 | $256,242 | $389 | $14,446 | $90,107 | $596,463 | $1,958 | $141,290 | ($17,969) | ($571,136) | $255,548 | $694 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value (usd per share) | $0.01 | $0.01 | |
Contingent convertible preferred stock, par value (usd per share) | $0.01 | $0.01 | |
Treasury stock, par value (usd per share) | $0.01 | $0.01 | |
Common Stock | |||
Common stock, par value (usd per share) | $0.01 | $0.01 | $0.01 |
Treasury Stock | |||
Treasury stock, par value (usd per share) | $0.01 | $0.01 | $0.01 |
Contingent Convertible Preferred Stock | |||
Contingent convertible preferred stock, par value (usd per share) | $0.01 | $0.01 | $0.01 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Consolidated net income | $43,388 | $46,682 | $42,092 |
Non-cash items included in consolidated net income: | |||
Depreciation and amortization | 3,228 | 4,461 | 7,240 |
Net investment losses | 6,594 | 1,418 | 8,401 |
Restricted stock units recognized and common stock issued | 39,990 | 56,100 | 54,178 |
Deferred taxes | 3,633 | -7,710 | -18,232 |
Deferred gain on sale of certain merchant banking assets | -195 | -195 | -260 |
Changes in operating assets and liabilities: | |||
Advisory fees receivable | 3,465 | -30,792 | -1,170 |
Due (from) affiliates | 0 | 0 | -3 |
Other receivables and assets | -4,099 | -1,333 | -686 |
Compensation payable | 12,554 | -7,556 | -11,112 |
Accounts payable and accrued expenses | 69 | 7,162 | 6,388 |
Current income taxes payable | -5,338 | -452 | 7,915 |
Net cash provided by operating activities | 103,289 | 67,785 | 94,751 |
Investing activities: | |||
Purchases of investments | -28 | -560 | -6,536 |
Proceeds from sales of investments | 0 | 36,230 | 57,834 |
Distributions from investments | 658 | 1,283 | 3,040 |
Financing liability | 0 | 0 | -15,507 |
Purchases of property and equipment | -2,439 | -1,151 | -2,833 |
Net cash provided by investing activities | -1,809 | 35,802 | 35,998 |
Financing activities: | |||
Proceeds from revolving bank loan | 72,176 | 109,150 | 114,870 |
Repayment of revolving bank loan | -67,425 | -107,426 | -113,845 |
Distributions to noncontrolling interests | 0 | -311 | 0 |
Dividends paid | -56,283 | -56,225 | -57,129 |
Purchase of treasury stock | -36,179 | -55,406 | -83,165 |
Net tax benefit (cost) from the delivery of restricted stock units and payment of dividend equivalents | -2,888 | 8 | -3,366 |
Net cash used in financing activities | -90,599 | -110,210 | -142,635 |
Effect of exchange rate changes on cash and cash equivalents | -2,620 | -1,022 | 160 |
Net (decrease) in cash and cash equivalents | 8,261 | -7,645 | -11,726 |
Cash and cash equivalents, beginning of year | 42,679 | 50,324 | 62,050 |
Cash and cash equivalents, end of year | 50,940 | 42,679 | 50,324 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 1,116 | 989 | 1,114 |
Cash paid for taxes, net of refunds | $26,079 | $32,521 | $36,158 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | Note 1 — Organization | |
Greenhill & Co., Inc., a Delaware corporation, together with its subsidiaries (collectively, the “Company”), is a leading independent investment bank focused on providing financial advice on significant mergers, acquisitions, restructurings, financings and capital raising to corporations, partnerships, institutions and governments. The Company acts for clients located throughout the world from its offices located in the United States, United Kingdom, Germany, Canada, Japan, Australia, Sweden and Brazil. | ||
The Company's activities as an investment banking firm constitute a single business segment, with two principal sources of revenue: | ||
• | Advisory, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and real estate and private equity capital advisory services; and | |
• | Investments, which includes the Company's principal investments in certain merchant banking funds, Iridium Communications Inc. (“Iridium”), which was completely liquidated in 2013, and interest income. | |
The Company's wholly-owned subsidiaries provide advisory services in various jurisdictions. Our most significant operating entities include: Greenhill & Co., LLC (“G&Co”), Greenhill & Co. International LLP (“GCI”) and Greenhill & Co. Australia Pty Limited (“Greenhill Australia”). | ||
G&Co is engaged in investment banking activities principally in the United States. G&Co is registered as a broker-dealer with the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”), and is licensed in all 50 states and the District of Columbia. GCI is engaged in investment banking activities in the United Kingdom. and is subject to regulation by the U.K. Financial Conduct Authority (“FCA”). Greenhill Australia engages in investment banking activities in Australia and New Zealand and is licensed and subject to regulation by the Australian Securities and Investment Commission (“ASIC”). | ||
The Company also operates in other locations throughout the world which are subject to regulation by other governmental and regulatory bodies and self-regulatory authorities. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies |
Basis of Financial Information | |
These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP), which require management to make estimates and assumptions regarding future events that affect the amounts reported in our financial statements and these footnotes, including investment valuations, compensation accruals and other matters. Management believes that the estimates used in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ materially from those estimates. Certain reclassifications have been made to prior year information to conform to current year presentation. | |
The consolidated financial statements of the Company include all consolidated accounts of Greenhill & Co., Inc. and all other entities in which the Company has a controlling interest after eliminations of all significant inter-company accounts and transactions. In accordance with the accounting pronouncements related to consolidation of variable interest entities, the Company consolidates the general partners of certain merchant banking funds in which it has a majority of the economic interest and control. The general partners account for their investments in these merchant banking funds under the equity method of accounting. As such, the general partners record their proportionate shares of income (loss) from the underlying merchant banking funds. As the merchant banking funds follow investment company accounting, and generally record all their assets and liabilities at fair value, the general partners’ investment in these merchant banking funds represents estimations of fair value. The Company does not consolidate the merchant banking funds since the Company, through its general partner and limited partner interests, does not have a majority of the economic interest in such funds and the limited partners have certain rights to remove the general partner by a simple majority vote of unaffiliated third-party investors. | |
Revenue Recognition | |
Advisory Revenues | |
It is the Company's accounting policy to recognize revenue when (i) there is persuasive evidence of an arrangement with a client, (ii) the agreed-upon services have been completed and delivered to the client or the transaction or events noted in the engagement letter are determined to be substantially complete, (iii) fees are fixed and determinable, and (iv) collection is reasonably assured. | |
The Company recognizes advisory fee revenues for mergers and acquisitions or financing advisory and restructuring engagements when the services related to the underlying transactions are completed in accordance with the terms of the engagement letter and all other requirements for revenue recognition are satisfied. | |
The Company recognizes capital advisory fees at the time of the client's acceptance of capital or capital commitments to a fund in accordance with the terms of the engagement letter. Generally, fee revenue is determined based upon a fixed percentage of capital committed to the fund. For multiple closings, revenue is recognized at each interim closing based on the amount of capital committed at each closing at the fixed fee percentage. At the final closing, revenue is recognized at the fixed percentage for the amount of capital committed since the last interim closing. | |
While the majority of the Company's fee revenue is earned at the conclusion of a transaction or closing of a fund, on-going retainer fees, substantially all of which relate to non-success based strategic advisory and financing advisory and restructuring assignments, are also earned and recognized as advisory fee revenue over the period in which the related service is rendered. | |
The Company’s clients reimburse certain expenses incurred by the Company in the conduct of advisory engagements. Expenses are reported net of such client reimbursements. Client reimbursements totaled $4.5 million, $6.5 million and $7.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Investment Revenues | |
Investment revenues consist of (i) gains (or losses) on the Company's investments in certain merchant banking funds, Iridium and other investments, and (ii) interest income. | |
The Company recognizes revenue on its investments in merchant banking funds based on its allocable share of realized and unrealized gains (or losses) reported by such funds. The Company recognizes revenue on its other investments, including Iridium, which considers the Company's influence or control of the investee, based on gains and losses on investment positions held, which arise from sales or changes in the fair value of investments. The amount of gains or losses are not predictable and can cause periodic fluctuations in net income and therefore subject the Company to market and credit risk. | |
Cash and Cash Equivalents | |
The Company’s cash and cash equivalents consist of (i) cash held on deposit with financial institutions, (ii) cash equivalents and (iii) restricted cash. The Company maintains its cash and cash equivalents with financial institutions with high credit ratings. The Company considers all highly liquid investments with a maturity date of three months or less, when purchased, to be cash equivalents. Cash equivalents primarily consist of money market funds and overnight deposits. | |
Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. See "Note 3 — Cash and Cash Equivalents". | |
Advisory Fees Receivables | |
Receivables are stated net of an allowance for doubtful accounts. The estimate for the allowance for doubtful accounts is derived by the Company by utilizing past client transaction history and an assessment of the client’s creditworthiness. The Company recorded a bad debt expense of $0.1 million for the year ended December 31, 2014 and did not record a bad debt expense for the years ended December 31, 2013 or 2012. | |
Included in the advisory fees receivable balance at December 31, 2014 and 2013 were $37.3 million and $34.0 million of long term receivables related to capital advisory engagements which are generally paid in installments over a period of three years. Included as a component of investment revenues on the consolidated statements of income is interest income related to capital advisory engagements of $0.9 million, $0.8 million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Credit risk related to advisory fees receivable is disbursed across a large number of clients located in various geographic areas. The Company controls credit risk through credit approvals and monitoring procedures but does not require collateral to support accounts receivable. | |
Investments | |
The Company's investments in merchant banking funds are recorded under the equity method of accounting based upon the Company's proportionate share of the estimated fair value of the underlying merchant banking fund's net assets. The value of merchant banking fund investments in privately held companies is determined by management of the fund after giving consideration to the cost of the security, the pricing of other sales of securities by the portfolio company, the price of securities of other companies comparable to the portfolio company, purchase multiples paid in other comparable third-party transactions, the original purchase price multiple, market conditions, liquidity, operating results and other qualitative and quantitative factors. Discounts may be applied to the funds' privately held investments to reflect the lack of liquidity and other transfer restrictions. Investments in publicly traded securities are valued using quoted market prices discounted for any legal or contractual restrictions on sale. Because of the inherent uncertainty of valuations as well as the discounts applied, the estimated fair values of investments in privately held companies may differ significantly from the values that would have been used had a ready market for the securities existed. The values at which the Company's investments are carried on the consolidated statements of financial condition are adjusted to estimated fair value at the end of each quarter and the volatility in general economic conditions, stock markets and commodity prices may result in significant changes in the estimated fair value of the investments from period to period. | |
Goodwill | |
Goodwill is the cost in excess of the fair value of identifiable net assets at acquisition date. The Company tests its goodwill for impairment at least annually. An impairment loss is triggered if the estimated fair value of an operating unit is less than estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. | |
Goodwill is translated at the rate of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Any translation gain or loss is included in the foreign currency translation adjustment, which is included as a component of other comprehensive income in the consolidated statements of changes in equity. | |
Restricted Stock Units | |
The Company accounts for its share-based compensation payments by recording the fair value of restricted stock units granted to employees as compensation expense. The restricted stock units are generally amortized over a five-year service period following the date of grant. Compensation expense is determined based upon the fair market value of the Company’s common stock at the date of grant. As the Company expenses the awards, the restricted stock units recognized are recorded within equity. The restricted stock units are reclassified into common stock and additional paid-in capital upon vesting. The Company records as treasury stock the repurchase of stock delivered to its employees in settlement of tax liabilities incurred upon the vesting of restricted stock units. The Company records dividend equivalent payments, net of estimated forfeitures, on outstanding restricted stock units as a dividend payment and a charge to equity. | |
Earnings per Share | |
The Company calculates basic earnings per share (“EPS”) by dividing net income allocated to common stockholders by the sum of (i) the weighted average number of shares outstanding for the period and (ii) the weighted average number of shares deemed issuable due to the vesting of restricted stock units for accounting purposes. In addition, the contingent convertible preferred shares will also be included in the weighted average number of shares to the extent the performance target is deemed to have been met. See "Note 9 — Equity". | |
The Company calculates diluted EPS by dividing net income allocated to common stockholders by the sum of (i) basic shares per above and (ii) the dilutive effect of the common stock deliverable pursuant to restricted stock units for which future service is required. Under the treasury method, the number of shares issuable upon the vesting of restricted stock units included in the calculation of diluted EPS is the excess, if any, of the number of shares expected to be issued, less the number of shares that could be purchased by the Company with the proceeds to be received upon settlement at the average market closing price during the reporting period. | |
Provision for Taxes | |
The Company accounts for taxes in accordance with the accounting guidance for income taxes, which requires the recognition of tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. | |
The Company follows the guidance for income taxes in recognizing, measuring, presenting and disclosing in its financial statements uncertain tax positions taken or expected to be taken on its income tax returns. Income tax expense is based on pre-tax accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance. | |
Deferred tax assets and liabilities are recognized for the future tax attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period of change. Management applies the “more-likely-than-not criteria” when determining tax benefits. | |
Foreign Currency Translation | |
Assets and liabilities denominated in foreign currencies have been translated at rates of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Income and expenses transacted in foreign currency have been translated at average monthly exchange rates during the period. Translation gains and losses are included in the foreign currency translation adjustment, which is included as a component of other comprehensive income (loss) in the consolidated statement of changes in equity. Foreign currency transaction gains and losses are included in the consolidated statements of income. | |
Financial Instruments and Fair Value | |
The Company accounts for financial instruments measured at fair value in accordance with accounting guidance for fair value measurements and disclosures which establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the pronouncement are described below: | |
Basis of Fair Value Measurement | |
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and | |
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are subject to these disclosures. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. Transfers between levels are recognized as of the end of the period in which they occur. | |
Fair Value of Other Financial Instruments | |
The Company believes that the carrying values of all other financial instruments presented in the consolidated statements of financial condition approximate their fair value generally due to their short-term nature and generally negligible credit risk. These fair value measurements would be categorized as Level 2 within the fair value hierarchy. | |
Noncontrolling Interests | |
The Company records the noncontrolling interests of other consolidated entities as equity in the consolidated statements of financial condition. | |
The portion of the consolidated interests in the general partners of certain of the merchant banking funds not held by the Company is presented as noncontrolling interest in equity. See “Note 4 — Investments — Merchant Banking Funds”. | |
Property and Equipment | |
Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the life of the assets. Amortization of leasehold improvements is computed using the straight-line method over the lesser of the life of the asset or the remaining term of the lease. Estimated useful lives of the Company’s fixed assets are generally as follows: | |
Aircraft – 7 years | |
Equipment – 5 years | |
Furniture and fixtures – 7 years | |
Leasehold improvements – the lesser of 10 years or the remaining lease term | |
Accounting Developments | |
In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. Management is currently evaluating the impact of the future adoption of ASC 606 on the Company’s consolidated financial statements. The new guidance is effective for fiscal years beginning after December 15, 2016. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Cash and Cash Equivalents | Note 3 — Cash and Cash Equivalents | |||||||
The carrying values of the Company's cash and cash equivalents are as follows: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cash | $ | 35,748 | $ | 34,099 | ||||
Cash equivalents | 8,998 | 3,484 | ||||||
Restricted cash - deferred compensation plan | 498 | 867 | ||||||
Restricted cash - letters of credit | 5,696 | 4,229 | ||||||
Total cash and cash equivalents | $ | 50,940 | $ | 42,679 | ||||
The carrying value of the Company's cash equivalents approximates fair value. Cash is restricted for the payout of Greenhill Australia's deferred compensation plan, which will be distributed over a 7 year period ending in 2016. A deferred compensation liability relating to the plan of $0.5 million and $0.9 million as of December 31, 2014 and 2013, respectively, has been recorded on the consolidated statements of financial condition as a component of compensation payable. | ||||||||
Letters of credit were secured by cash held on deposit. See "Note 13 — Commitments and Contingencies". |
Investments
Investments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Schedule of Investments [Abstract] | ||||||||||||
Investments | Investments | |||||||||||
At December 31, 2014, the Company’s investments consist of investments in certain previously sponsored merchant banking funds: Greenhill Capital Partners (“GCP I”) and Greenhill Capital Partners II (“GCP II”) and an interest in Barrow Street III, a real estate investment fund. | ||||||||||||
The carrying value of the Company’s investments in previously sponsored and other merchant banking funds are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Investment in GCP I | $ | 1,600 | $ | 2,257 | ||||||||
Investment in GCP II | 907 | 7,690 | ||||||||||
Investment in other merchant banking funds | 1,666 | 1,798 | ||||||||||
Total investments in merchant banking funds | $ | 4,173 | $ | 11,745 | ||||||||
Merchant Banking Funds | ||||||||||||
In December 2009, in order to focus entirely on the advisory business, the Company sold certain assets related to the merchant banking business to GCP Capital Partners Holdings LLC (or “GCP Capital”), an entity principally owned by former Greenhill employees and independent from the Company, which took over the management of our merchant banking funds. Prior to that time, the Company's merchant banking activities consisted primarily of management of and investment in certain previously sponsored merchant banking funds: GCP I, GCP II, Greenhill Capital Partners Europe ("GCPE"), Greenhill SAV Partners ("GSAVP") and a limited partnership interest in Greenhill Capital Partners III ("GCP III"). Under the terms of the sale, the Company continues to retain control only of the general partner of GCP I and GCP II and consolidates the results of each such general partner. | ||||||||||||
Shortly after our sale of the merchant banking business, the Company began the monetization of its merchant banking investments. In 2011, the Company sold substantially all its interest in GCP II. As part of that sale the purchasers had the right to cause the Company to repurchase each of the capital account interests attributable to two specified portfolio companies of GCP II at an aggregate price of $15.6 million (the "Put Options"). In December 2012, substantially all of the purchasers of the Put Options exercised their rights to have the Company repurchase their interests. | ||||||||||||
In 2012, the Company also sold its entire interest in GCPE for proceeds of $27.2 million, which represented approximately 90% of book value. The Company recognized a loss of $3.4 million as result of this sale. | ||||||||||||
In 2013, the Company sold all of its limited partnership interest in GCP III for approximately $2.0 million, which represented the book value of the investment. In connection with that sale, the purchasers assumed any remaining undrawn commitments to the fund. | ||||||||||||
The Company recognized a gain at the time of the exit from the merchant banking business, which is amortizing over a five year period ending in 2014. For the years ended December 31, 2014, 2013 and 2012, deferred gains of $0.2 million, $0.2 million and $0.3 million were recognized, respectively. | ||||||||||||
The investment in GCP I includes $0.1 million at each December 31, 2014 and 2013 related to the noncontrolling interests in the managing general partner of GCP I. The investment in GCP II represents the noncontrolling interests in the general partner of GCP II of $0.6 million and $0.9 million at December 31, 2014 and 2013, respectively. For the year ended December 31, 2013 the investment in GCP II also included the capital interest in one portfolio company, which was sold in 2014. | ||||||||||||
Investments in other merchant banking funds include the Company's investment in Barrow Street III. At December 31, 2014, $0.3 million of the Company's commitment remains unfunded and may be drawn any time prior to the expiration of the fund in June 2015. | ||||||||||||
Iridium Common Stock | ||||||||||||
Beginning in October 2011, the Company initiated a plan to sell its entire interest in Iridium common stock systematically over a period of two or more years. Under this plan, the Company sold 3,850,000 common shares of Iridium at an average price per share of $7.91 during the year ended December 31, 2012. In 2013, the Company completed its liquidation of the investment with the sale of an additional 5,084,016 common shares of Iridium at an average price per share of $6.73. As of December 31, 2013, the Company had sold its entire interest in Iridium. | ||||||||||||
Investment revenues | ||||||||||||
The Company’s investment revenues, by source, are as follows: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Net realized and unrealized (losses) on investments in merchant banking funds | $ | (6,567 | ) | $ | (1,884 | ) | $ | (3,422 | ) | |||
Net realized and unrealized gains (losses) on investments in Iridium | — | 862 | (4,980 | ) | ||||||||
Deferred gain on sale of certain merchant banking assets | 195 | 195 | 260 | |||||||||
Interest income | 1,154 | 1,071 | 1,676 | |||||||||
Total investment revenues (losses) | $ | (5,218 | ) | $ | 244 | $ | (6,466 | ) | ||||
Fair Value Hierarchy | ||||||||||||
Assets and liabilities are classified in their entirety based on their lowest level of input that is significant to the fair value measurement. There were no assets or liabilities measured at fair value at December 31, 2014 or 2013. | ||||||||||||
The investments in previously sponsored merchant banking funds are recorded under the equity method of accounting and are therefore not included in the fair value measurements |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill | Note 5 — Goodwill | |||||||
Goodwill consists of the following: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Balance, January 1 | $ | 142,972 | $ | 164,890 | ||||
Foreign currency translation adjustments | (11,996 | ) | (21,918 | ) | ||||
Balance, December 31 | $ | 130,976 | $ | 142,972 | ||||
The Company performs a goodwill impairment test annually, or more frequently if circumstances indicate that impairment may have occurred. The Company has reviewed its goodwill for potential impairment and determined that the fair value of goodwill exceeded the carrying value. Accordingly, no goodwill impairment loss has been recognized for the years ended December 31, 2014, 2013 or 2012. |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 6 — Related Parties |
At December 31, 2014 and 2013, the Company had no amounts payable to related parties. | |
The Company subleases airplane and office space to a firm owned by the Chairman of the Company. The Company recognized rent reimbursements of $0.1 million for each of the years ended December 31, 2014, 2013 and 2012, as a reduction of occupancy and equipment rental on the consolidated statements of income. During 2014, 2013 and 2012, the Company paid $23,273, $47,879 and $67,840, respectively, for the use of an aircraft owned by an executive of the Company. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Note 7 — Property and Equipment | |||||||
Property and equipment consist of the following: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Aircraft | $ | 18,270 | $ | 18,154 | ||||
Equipment | 18,932 | 18,516 | ||||||
Furniture and fixtures | 7,232 | 7,335 | ||||||
Leasehold improvements | 24,392 | 24,446 | ||||||
68,826 | 68,451 | |||||||
Less accumulated depreciation and amortization | (58,491 | ) | (56,951 | ) | ||||
Total property and equipment, net | $ | 10,335 | $ | 11,500 | ||||
Revolving_Bank_Loan_Facility
Revolving Bank Loan Facility | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Revolving Bank Loan Facility | Note 8 — Revolving Bank Loan Facility |
At December 31, 2014, the Company had a $45.0 million revolving loan facility from a U.S. banking institution to provide for working capital needs and for other general corporate purposes. The revolving loan facility has historically been renewed annually. The maturity date of the facility is April 30, 2015. Interest on the borrowings is based on the higher of 3.25% or the U.S. Prime Rate and is payable monthly. | |
The revolving loan facility is secured by any cash distributed in respect of the Company’s investment in the U.S. based merchant banking funds and cash distributions from G&Co. In addition, the revolving loan facility has a prohibition on the incurrence of additional indebtedness without the prior approval of the lenders and the Company is required to comply with certain financial and liquidity covenants. The weighted average daily borrowings outstanding under the revolving loan facility were approximately $33.9 million and $30.0 million for the years ended December 31, 2014 and 2013, respectively. The weighted average interest rate was 3.3% for the years ended December 31, 2014 and 2013, and 3.5% for the year ended December 31, 2012. At December 31, 2014, the Company was compliant with all loan covenants. See "Note 17 -- Subsequent Events". |
Equity
Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Equity | Note 9 — Equity |
Dividends declared per common share were $1.80 for each of the years ended December 31, 2014, 2013 and 2012 and are paid on outstanding common shares. In addition, dividends equivalent amounts are paid on outstanding restricted stock units and amounted to $5.5 million, $6.2 million and $5.6 million for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in dividends paid on the consolidated statements of cash flows. In the event a restricted stock unit holder’s employment is terminated, a portion of the dividend equivalent may be required to be paid back (a "clawback") to the Company and is netted against the dividend equivalent amounts. See “Note 12 — Restricted Stock Units”. | |
During 2014, 1,019,989 restricted stock units vested and were issued as common stock of which the Company is deemed to have repurchased 404,611 shares at an average price of $51.26 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, during 2014 the Company repurchased in open market transactions 334,935 shares of its common stock at an average price of $46.09. | |
During 2013, 693,691 restricted stock units vested and were issued as common stock of which the Company is deemed to have repurchased 226,505 shares at an average price of $56.83 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, during 2013 the Company repurchased in open market transactions 853,870 shares of its common stock at an average price of $49.81. | |
In connection with the acquisition of Greenhill Australia in April 2010, the Company issued 1,099,877 shares of contingent convertible preferred stock ("Performance Stock"). The Performance Stock does not pay dividends, was issued in tranches of 659,926 shares and 439,951 shares, and converts to shares of the Company’s common stock promptly after the third and fifth anniversaries of the closing of the acquisition, respectively, if certain separate revenue targets are achieved. During 2012, the revenue target for the first tranche was achieved and on April 1, 2013, the third anniversary of the closing, 659,926 shares of Performance Stock, which had a fair value of $32.5 million at the acquisition date, were converted to common stock. If the revenue target for the second tranche is achieved, the Performance Stock in that tranche will be converted to common stock on April 1, 2015. If the revenue target for the second tranche is not achieved, the Performance Stock in that tranche will be canceled. Based on the revenues generated since April 1, 2013, we believe it is more likely than not that the revenue target for the second tranche will not be achieved and the remaining Performance Stock will be canceled. See "Note 10 — Earnings per Share". |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Note 10 — Earnings per Share | |||||||||||
The computations of basic and diluted EPS are set forth below: | ||||||||||||
For The Years Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Numerator for basic and diluted EPS — net income allocated to common stockholders | $ | 43,388 | $ | 46,682 | $ | 42,092 | ||||||
Denominator for basic EPS — weighted average number of shares | 30,354 | 30,134 | 30,553 | |||||||||
Add — dilutive effect of: | ||||||||||||
Weighted average number of incremental shares issuable from restricted stock units | 4 | 27 | 8 | |||||||||
Denominator for diluted EPS — weighted average number of shares and dilutive potential shares | 30,358 | 30,161 | 30,561 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ | 1.43 | $ | 1.55 | $ | 1.38 | ||||||
Diluted | $ | 1.43 | $ | 1.55 | $ | 1.38 | ||||||
The weighted number of shares and dilutive potential shares for the years ended December 31, 2014, 2013 and 2012 include the conversion of the first tranche of 659,926 shares of Performance Stock to common stock. The first tranche of Performance Stock was included in the weighted number of shares and dilutive potential shares for the year ended December 31, 2012, at the time the performance target was achieved in December 2012. The weighted number of shares and dilutive potential shares for the years ended December 31, 2014, 2013 and 2012 do not include the Performance Stock related to the second tranche, which will be included in the Company's share count at the time the revenue target is achieved. If the revenue target for the second tranche is not achieved, the contingent convertible preferred shares in that tranche will be canceled. Based on the revenues generated since April 1, 2013, we believe it is more likely than not that the revenue target for the second tranche will not be achieved and the remaining Performance Stock will be canceled. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | Note 11 — Retirement Plan |
In the U.S., the Company sponsors a qualified defined contribution plan (the “Retirement Plan”) covering all eligible employees of G&Co. The Retirement Plan provides for both employee contributions in accordance with Section 401(k) of the Internal Revenue Code, and employer discretionary profit sharing contributions, subject to statutory limits. Participants may contribute up to 75% of eligible compensation, as defined. The Company provides matching contributions of up to $1,000 per employee. The Company incurred costs of $0.2 million, $0.2 million and $0.3 million for contributions to the Retirement Plan for the years ended December 31, 2014, 2013 and 2012, respectively. There was $0.2 million related to contributions due to the Retirement Plan included in compensation payable at each of December 31, 2014 and 2013, respectively. | |
GCI also operates a defined contribution pension fund for its employees. The assets of the pension fund are held separately in an independently administered fund. For the years ended December 31, 2014, 2013 and 2012, GCI incurred costs of approximately $0.6 million, $0.6 million and $0.7 million, respectively. At December 31, 2014 and 2013, there were no amounts related to contributions due to the defined contribution pension fund included in compensation payable. | |
Greenhill Australia is required by Australian law to contribute compulsory superannuation on employees' gross earnings, generally at a rate of 9%, subject to an annual limit per employee. Superannuation is a defined contribution plan in which retirement benefits are determined by the contribution accumulated over the working life plus investment earnings within the fund less expenses. Greenhill Australia incurred costs of approximately $0.5 million, $0.5 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, there were no amounts related to superannuation contributions due to the defined contribution plan included in compensation payable. |
Restricted_Stock_Units
Restricted Stock Units | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Restricted Stock Units | Note 12 — Restricted Stock Units | |||||||||||||
The Company has adopted an equity incentive plan to motivate its employees and allow them to participate in the ownership of its stock. Under the Company’s plan, restricted stock units, which represent a right to a future payment equal to one share of common stock, may be awarded to employees, directors and certain other non-employees as selected by the Compensation Committee. Awards granted under the plan generally vest ratably over a period of five years beginning on the first anniversary of the grant date or in full on the fifth anniversary of the grant date. To the extent the restricted stock units are outstanding at the time a dividend is paid on the common stock, a dividend equivalent amount is paid to the holders of the restricted stock units. In the event that the holder’s employment is terminated under circumstances in which units awarded under the plan are forfeited any dividend equivalent payments related to such forfeiture, which are unvested for accounting purposes, are required to be repaid to the Company. | ||||||||||||||
The activity related to the restricted stock units is set forth below: | ||||||||||||||
Restricted Stock Units Outstanding | ||||||||||||||
2014 | 2013 | |||||||||||||
Units | Grant Date | Units | Grant Date | |||||||||||
Weighted | Weighted | |||||||||||||
Average Fair | Average Fair | |||||||||||||
Value | Value | |||||||||||||
Outstanding, January 1, | 3,503,450 | $ | 61.54 | 3,260,586 | $ | 62.71 | ||||||||
Granted | 1,287,658 | (1) | 49.76 | 1,179,712 | 57.95 | |||||||||
Delivered | (1,027,852 | ) | 64.94 | (696,972 | ) | 65 | ||||||||
Forfeited | (697,893 | ) | 56.95 | (239,876 | ) | 54.9 | ||||||||
Outstanding, December 31, | 3,065,363 | $ | 56.04 | 3,503,450 | $ | 61.54 | ||||||||
_____________________________________________ | ||||||||||||||
-1 | Excludes 1,447,365 stock units granted to employees subsequent to December 31, 2014 as part of the long term incentive awards program. | |||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recognized compensation expense from the amortization of restricted stock units, net of forfeitures, of $39.6 million, $56.1 million and $54.2 million, respectively. | ||||||||||||||
The weighted-average grant date fair value for restricted stock units granted during the years ended December 31, 2014, 2013 and 2012 was $49.76, $57.95 and $47.72, respectively. As of December 31, 2014, unrecognized restricted stock units compensation expense was approximately $68.2 million, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.8 years. | ||||||||||||||
The Company issues restricted stock units to employees under the equity incentive plan, primarily in connection with its annual bonus awards and compensation agreements for new hires. In certain jurisdictions, the Company may settle share-based payment awards in cash in lieu of shares of common stock to obtain tax deductibility. In these circumstances, the awards are settled in the cash equivalent value of the Company's shares of common stock based upon their value at settlement date. These cash settled share-based awards are classified as liabilities and are remeasured at fair value at each reporting period. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Note 13 — Commitments and Contingencies | |||
The Company has entered into certain leases for office space under non-cancellable operating lease agreements that expire on various dates through 2025. | ||||
As of December 31, 2014, the approximate aggregate minimum future rental payments required were as follows (in thousands): | ||||
2015 | $ | 14,189 | ||
2016 | 13,270 | |||
2017 | 13,738 | |||
2018 | 12,176 | |||
2019 | 10,634 | |||
Thereafter | 16,942 | |||
Total | $ | 80,949 | ||
The Company has also entered into various operating leases for office equipment. | ||||
Rent expense for leased office space, net of sublease reimbursements, for the years ended December 31, 2014, 2013 and 2012 was approximately $14.6 million, $14.0 million and $14.3 million, respectively. | ||||
During the years ended December 31, 2013 and 2012, the Company subleased approximately 15,000 square feet of space in our New York office to GCP Capital. The Company earned rental reimbursements related to the sublease of $1.1 million and $1.2 million for the years ended December 31, 2013 and 2012, respectively. The sublease was terminated in December 2013. | ||||
Diversified financial institutions issued six letters of credit on behalf of the Company to secure office space leases, which totaled $5.7 million and $4.2 million at December 31, 2014 and 2013, respectively. These letters of credit were secured by cash held on deposit. At December 31, 2014 and 2013, no amounts had been drawn under any of the letters of credit. See "Note 3 — Cash and Cash Equivalents". | ||||
At December 31, 2014, the Company had capital commitments of $0.3 million remaining. See “Note 4 — Investments”. | ||||
The Company is from time to time involved in legal proceedings incidental to the ordinary course of its business. The Company does not believe any such proceedings will have a material adverse effect on its results of operations. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Note 14 — Income Taxes | |||||||||||
The Company is subject to U.S. federal, foreign, state and local corporate income taxes. | ||||||||||||
The components of the provision for income taxes reflected on the consolidated statements of income are set forth below: | ||||||||||||
For The Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current taxes: | ||||||||||||
U.S. federal | $ | 12,256 | $ | 19,782 | $ | 34,752 | ||||||
State and local | 2,415 | 1,709 | 4,747 | |||||||||
Foreign | 5,778 | 10,743 | 7,116 | |||||||||
Total current tax expense | 20,449 | 32,234 | 46,615 | |||||||||
Deferred taxes: | ||||||||||||
U.S. federal | 1,454 | (8,711 | ) | (15,119 | ) | |||||||
State and local | 493 | (265 | ) | (796 | ) | |||||||
Foreign | 1,686 | 1,266 | (2,317 | ) | ||||||||
Total deferred tax (benefit) expense | 3,633 | (7,710 | ) | (18,232 | ) | |||||||
Total tax expense | $ | 24,082 | $ | 24,524 | $ | 28,383 | ||||||
During 2014, the Company reevaluated its assertion under ASC 740 regarding its non-U.S. subsidiary earnings, and, effective October 1, 2014, the Company intends to indefinitely reinvest its non-U.S. subsidiary earnings outside of the United States and to no longer provide residual U.S. tax on these earnings. Prior to this change, the Company had excess foreign tax credits to offset residual U.S. tax on its non-U.S. subsidiary earnings, consequently this change in policy does not result in any significant tax benefit related to residual U.S. tax provided on non-U.S. subsidiary earnings prior to this change. | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss carryforwards. Deferred income taxes are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company's net deferred tax assets and liabilities are set forth below: | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Compensation and benefits | $ | 31,677 | $ | 39,991 | ||||||||
Depreciation and amortization | 2,699 | 3,077 | ||||||||||
Unrealized loss on investments | — | 205 | ||||||||||
Cumulative translation adjustment | 10,942 | 5,266 | ||||||||||
Operating loss carryforwards | 4,594 | 3,447 | ||||||||||
Capital loss carryforwards | 2,581 | 2,845 | ||||||||||
Foreign tax credit carryforwards | 351 | 4,252 | ||||||||||
Other financial accruals | 332 | 57 | ||||||||||
Valuation allowances | (2,932 | ) | (4,938 | ) | ||||||||
Total deferred tax assets | 50,244 | 54,202 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gain on investments | 362 | — | ||||||||||
Repatriation of foreign earnings | — | 2,159 | ||||||||||
Other financial accruals | — | 186 | ||||||||||
Total deferred tax liabilities | 362 | 2,345 | ||||||||||
Net deferred tax asset | $ | 49,882 | $ | 51,857 | ||||||||
Based on the Company's historical taxable income and its expectation for taxable income in the future, management expects that its largest deferred tax asset, which relates principally to compensation expense deducted for book purposes but not yet deducted for tax purposes, will be realized as offsets to future taxable income. | ||||||||||||
The Company’s deferred taxes for operating loss carryforwards relate to losses incurred in foreign jurisdictions. With the exception of newly established foreign offices, the foreign jurisdictions with operating loss carryforwards were profitable in prior years or were profitable in the current year. When assessing the need for a valuation allowance, management evaluates each foreign jurisdiction separately and considers items such as estimated future taxable income, cost bases, and other various factors. Based on all available information, the Company has determined that it is more likely than not that it will realize the benefit of these operating loss carryforwards in future periods; therefore, a valuation allowance has not been established for these deferred tax assets. At December 31, 2014, the Company had operating foreign loss carryforwards, which in aggregate totaled $14.7 million. Operating foreign loss carryforwards of $1.5 million may be carried forward for six to eight years and the remaining $13.2 million may be carried forward for sixteen years and longer. | ||||||||||||
Due to the Company’s operating loss carryforward position, tax benefits related to share-based payments generally booked through equity accounts may not be recorded until such time as the benefit is realized as a reduction in the Company’s actual taxes paid. As of December 31, 2014, the current taxes payable would have been decreased by $0.6 million if the Company had been able to realize these benefits in its filed tax returns. | ||||||||||||
As of December 31, 2014, the Company's subsidiary in the United Kingdom has a capital loss carryforward related to the sales of investments in prior years. This capital loss may be carried forward indefinitely, but the Company must realize capital gains in the United Kingdom in order to realize the benefit of this capital loss. Since the Company has no remaining investments in the United Kingdom to generate capital gains, it is more likely than not that the Company will not generate capital gains in this jurisdiction to offset these capital losses. As such, the Company has established a full valuation allowance against the deferred tax asset related to its capital loss in the United Kingdom until such time as it determines it is more likely than not that the tax benefit of this deferred tax asset will be realized. This deferred tax asset and offsetting valuation allowance was $2.6 million and $2.8 million for the tax years ending December 31, 2014 and 2013, respectively. | ||||||||||||
The Company has U.S. foreign tax credit carryforwards of $0.4 million and $4.3 million as of December 31, 2014 and 2013, respectively, which can be utilized against the repatriation of earnings from foreign jurisdictions. These foreign tax credit carryforwards will expire in various years through 2022 if not utilized. However, due to the change in policy related to the indefinite reinvestment of non-U.S. subsidiary earnings effective October 1, 2014, the Company does not plan to utilize its remaining foreign tax credit carryforwards at December 31, 2014 and has established a full valuation reserve. If the Company were to repatriate all non-U.S. subsidiary earnings as of December 31, 2014, it would result in $1.8 million of additional federal tax, including the utilization of the remaining foreign tax credit carryforwards. | ||||||||||||
Any gain or loss resulting from the translation of deferred taxes for foreign affiliates has been included in the foreign currency translation adjustment incorporated as a component of other comprehensive income, net of tax, in the consolidated statements of changes in equity. Income taxes receivable of $3.8 million of $1.5 million as of December 31, 2014 and 2013, respectively, were included in other receivables in the consolidated statements of financial condition. Included in current income taxes payable in the consolidated statements of financial condition were current taxes payable of $10.0 million and $15.3 million as of December 31, 2014 and 2013, respectively. | ||||||||||||
The Company is subject to the income tax laws of the United States, its states and municipalities, and those of the foreign jurisdictions in which the Company operates. These laws are complex, and the manner which they apply to the taxpayer's facts is sometimes open to interpretation. Management must make judgments in assessing the likelihood that a tax position will be sustained upon examination by the taxing authorities based on the technical merits of the tax position. In the normal course of business, the Company may be under audit in one or more of its jurisdictions in an open tax year for that particular jurisdiction. As of December 31, 2014, the Company does not expect any material changes in its tax provision related to any outstanding current or future audits. | ||||||||||||
The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The Company performed a tax analysis as of December 31, 2014, and determined that there was no requirement to accrue any material additional liabilities. Also, when present as part of the tax provision calculation, interest and penalties have been reported as interest expense and other operating expenses in the consolidated statements of income. | ||||||||||||
A reconciliation of the statutory U.S. federal income tax rate of 35.0% to the Company’s effective income tax rate is set forth below: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase related to state and local taxes, net of U.S. income tax benefit | 3.3 | 1.3 | 3.6 | |||||||||
Benefits and taxes related to foreign operations | (3.3 | ) | (4.1 | ) | (1.4 | ) | ||||||
Valuation allowances | — | 1.5 | 2.7 | |||||||||
Sale of merchant banking business | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||
Other | 0.8 | 0.8 | 0.5 | |||||||||
Effective income tax rate | 35.7 | % | 34.4 | % | 40.3 | % |
Regulatory_Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2014 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Requirements | Regulatory Requirements |
Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Australia and certain other jurisdictions, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. | |
G&Co is subject to the SEC’s Uniform Net Capital requirements under Rule 15c3-1 (the “Rule”), which specifies, among other requirements, minimum net capital requirements for registered broker-dealers. The Rule requires G&Co to maintain a minimum net capital of the greater of $5,000 or 1/15 of aggregate indebtedness, as defined in the Rule. As of December 31, 2014 and 2013, G&Co’s net capital was $6.9 million and $7.6 million, respectively, which exceeded its requirement by $5.7 million and $7.1 million, respectively. G&Co’s aggregate indebtedness to net capital ratio was 2.72 to 1 and 0.92 to 1 at December 31, 2014 and 2013, respectively. Certain distributions and other capital withdrawals of G&Co are subject to certain notifications and restrictive provisions of the Rule. | |
GCI and GCE are subject to capital requirements of the FCA. Greenhill Australia is subject to capital requirements of the ASIC. We are also subject to certain capital regulatory requirements in other jurisdictions. As of December 31, 2014 and 2013, GCI, GCE, Greenhill Australia, and our other regulated operations were in compliance with local capital adequacy requirements. |
Business_Information
Business Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Information | Business Information | |||||||||||
The Company’s activities as an investment banking firm constitutes a single business segment, with two principal sources of revenue: | ||||||||||||
• | Advisory, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and real estate and private equity capital advisory services; and | |||||||||||
• | Investments, which includes the Company's principal investments in certain merchant banking funds, Iridium, other investments and interest income. | |||||||||||
The Company has principally earned its revenues from advisory fees earned from clients in large part upon the successful completion of the client’s transaction or restructuring, or fund closing. Advisory revenues represented approximately 102%, 100% and 102% of the Company’s total revenues for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
In 2014 and 2012, there were no advisory clients that accounted for more than 10% of total revenues. In 2013, there was one advisory client that accounted for approximately 10% of revenues (advice to Coventry Health Care, Inc. in connection with its sale to Aetna). The Company did not have any single gain on an investment that contributed more than 10% to total revenues in 2014, 2013 or 2012. | ||||||||||||
Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. For reporting purposes, the geographic regions are the Americas, Europe, Australia, and Asia, locations in which the Company retains substantially all of its employees. | ||||||||||||
The following table presents information about the Company by geographic region, after elimination of all significant inter-company accounts and transactions: | ||||||||||||
As of or for The Years Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Total revenues | ||||||||||||
Americas | $ | 160,633 | $ | 160,082 | $ | 179,204 | ||||||
Europe | 83,369 | 84,360 | 57,606 | |||||||||
Australia | 26,149 | 34,868 | 44,801 | |||||||||
Asia | 5,083 | 7,842 | 3,468 | |||||||||
Total | $ | 275,234 | $ | 287,152 | $ | 285,079 | ||||||
Income (loss) before taxes | ||||||||||||
Americas | $ | 32,642 | $ | 32,741 | $ | 56,862 | ||||||
Europe | 26,818 | 31,872 | 8,422 | |||||||||
Australia | 9,752 | 6,270 | 10,982 | |||||||||
Asia | (1,742 | ) | 323 | (5,791 | ) | |||||||
Total | $ | 67,470 | $ | 71,206 | $ | 70,475 | ||||||
Total assets | ||||||||||||
Americas | $ | 168,853 | $ | 144,462 | $ | 166,128 | ||||||
Europe | 33,460 | 54,772 | 40,758 | |||||||||
Australia | 128,861 | 149,534 | 172,406 | |||||||||
Asia | 6,476 | 4,678 | 7,678 | |||||||||
Total | $ | 337,650 | $ | 353,446 | $ | 386,970 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
The Company evaluates subsequent events through the date on which the financial statements are issued. | |
On January 28, 2015, the Board of Directors of the Company declared a quarterly dividend of $0.45 per share. The dividend will be payable on March 18, 2015 to the common stockholders of record on March 4, 2015. | |
On February 9, 2015, we agreed to acquire Cogent Partners, LP (“Cogent”), a global financial advisor to pension funds, endowments and other institutional investors on the secondary market for alternative assets, pursuant to a Unit Purchase Agreement (the “Unit Purchase Agreement”) with Cogent and its affiliates and equity holders. | |
Under the terms of the Unit Purchase Agreement, we will acquire 100% ownership of Cogent in exchange for approximately $44.0 million in cash and 779,460 shares of Greenhill common stock, payable at the closing of the Acquisition and conditional consideration of approximately $18.9 million in cash and 334,054 shares of Greenhill common stock, payable in the future if certain agreed revenue targets are achieved. The cash component of consideration to be paid at closing will be funded by a $45.0 million term loan facility, which was committed to by our existing bank lender at the time of the execution of the agreement to acquire Cogent. In addition, under the terms of the bank commitment the maturity date of the revolving loan facility was extended to April 30, 2016 and the amount of the facility was increased to $50.0 million. | |
The transaction is subject to receipt of the applicable regulatory approvals and/or clearances and other customary conditions, and is expected to close around the end of the first quarter of 2015. |
Supplemental_Financial_Informa
Supplemental Financial Information Quarterly Results | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Supplemental Financial Information Quarterly Results | Supplemental Financial Information Quarterly Results (unaudited) | |||||||||||||||
The following represents the Company’s unaudited quarterly results for the years ended December 31, 2014 and 2013. These quarterly results were prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results. | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Total revenues | $ | 43.6 | $ | 63 | $ | 92 | $ | 76.6 | ||||||||
Total expenses | 43.2 | 50.5 | 61.4 | 52.6 | ||||||||||||
Income before taxes | 0.4 | 12.5 | 30.6 | 24 | ||||||||||||
Provision for taxes | 0.1 | 4.5 | 10.8 | 8.7 | ||||||||||||
Net income allocated to common stockholders | $ | 0.3 | $ | 8 | $ | 19.8 | $ | 15.3 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.01 | $ | 0.27 | $ | 0.66 | $ | 0.51 | ||||||||
Diluted | $ | 0.01 | $ | 0.27 | $ | 0.66 | $ | 0.51 | ||||||||
Dividends declared per share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | ||||||||
For the Three Months Ended | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Total revenues | $ | 79.6 | $ | 86.7 | $ | 44.6 | $ | 76.3 | ||||||||
Total expenses | 57.9 | 61.3 | 41.6 | 55.2 | ||||||||||||
Income before taxes | 21.7 | 25.4 | 3 | 21.1 | ||||||||||||
Provision for taxes | 8.1 | 9.9 | 1.2 | 5.3 | ||||||||||||
Net income allocated to common stockholders | $ | 13.6 | $ | 15.5 | $ | 1.8 | $ | 15.8 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.45 | $ | 0.52 | $ | 0.06 | $ | 0.53 | ||||||||
Diluted | $ | 0.45 | $ | 0.52 | $ | 0.06 | $ | 0.53 | ||||||||
Dividends declared per share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Financial Information |
These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP), which require management to make estimates and assumptions regarding future events that affect the amounts reported in our financial statements and these footnotes, including investment valuations, compensation accruals and other matters. Management believes that the estimates used in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ materially from those estimates. Certain reclassifications have been made to prior year information to conform to current year presentation. | |
The consolidated financial statements of the Company include all consolidated accounts of Greenhill & Co., Inc. and all other entities in which the Company has a controlling interest after eliminations of all significant inter-company accounts and transactions. In accordance with the accounting pronouncements related to consolidation of variable interest entities, the Company consolidates the general partners of certain merchant banking funds in which it has a majority of the economic interest and control. The general partners account for their investments in these merchant banking funds under the equity method of accounting. As such, the general partners record their proportionate shares of income (loss) from the underlying merchant banking funds. As the merchant banking funds follow investment company accounting, and generally record all their assets and liabilities at fair value, the general partners’ investment in these merchant banking funds represents estimations of fair value. The Company does not consolidate the merchant banking funds since the Company, through its general partner and limited partner interests, does not have a majority of the economic interest in such funds and the limited partners have certain rights to remove the general partner by a simple majority vote of unaffiliated third-party investors. | |
Revenue Recognition | Revenue Recognition |
Advisory Revenues | |
It is the Company's accounting policy to recognize revenue when (i) there is persuasive evidence of an arrangement with a client, (ii) the agreed-upon services have been completed and delivered to the client or the transaction or events noted in the engagement letter are determined to be substantially complete, (iii) fees are fixed and determinable, and (iv) collection is reasonably assured. | |
The Company recognizes advisory fee revenues for mergers and acquisitions or financing advisory and restructuring engagements when the services related to the underlying transactions are completed in accordance with the terms of the engagement letter and all other requirements for revenue recognition are satisfied. | |
The Company recognizes capital advisory fees at the time of the client's acceptance of capital or capital commitments to a fund in accordance with the terms of the engagement letter. Generally, fee revenue is determined based upon a fixed percentage of capital committed to the fund. For multiple closings, revenue is recognized at each interim closing based on the amount of capital committed at each closing at the fixed fee percentage. At the final closing, revenue is recognized at the fixed percentage for the amount of capital committed since the last interim closing. | |
While the majority of the Company's fee revenue is earned at the conclusion of a transaction or closing of a fund, on-going retainer fees, substantially all of which relate to non-success based strategic advisory and financing advisory and restructuring assignments, are also earned and recognized as advisory fee revenue over the period in which the related service is rendered. | |
The Company’s clients reimburse certain expenses incurred by the Company in the conduct of advisory engagements. Expenses are reported net of such client reimbursements. Client reimbursements totaled $4.5 million, $6.5 million and $7.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Investment Revenues | |
Investment revenues consist of (i) gains (or losses) on the Company's investments in certain merchant banking funds, Iridium and other investments, and (ii) interest income. | |
The Company recognizes revenue on its investments in merchant banking funds based on its allocable share of realized and unrealized gains (or losses) reported by such funds. The Company recognizes revenue on its other investments, including Iridium, which considers the Company's influence or control of the investee, based on gains and losses on investment positions held, which arise from sales or changes in the fair value of investments. The amount of gains or losses are not predictable and can cause periodic fluctuations in net income and therefore subject the Company to market and credit risk. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company’s cash and cash equivalents consist of (i) cash held on deposit with financial institutions, (ii) cash equivalents and (iii) restricted cash. The Company maintains its cash and cash equivalents with financial institutions with high credit ratings. The Company considers all highly liquid investments with a maturity date of three months or less, when purchased, to be cash equivalents. Cash equivalents primarily consist of money market funds and overnight deposits. | |
Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. See "Note 3 — Cash and Cash Equivalents". | |
Advisory Fees Receivables | Advisory Fees Receivables |
Receivables are stated net of an allowance for doubtful accounts. The estimate for the allowance for doubtful accounts is derived by the Company by utilizing past client transaction history and an assessment of the client’s creditworthiness. The Company recorded a bad debt expense of $0.1 million for the year ended December 31, 2014 and did not record a bad debt expense for the years ended December 31, 2013 or 2012. | |
Included in the advisory fees receivable balance at December 31, 2014 and 2013 were $37.3 million and $34.0 million of long term receivables related to capital advisory engagements which are generally paid in installments over a period of three years. Included as a component of investment revenues on the consolidated statements of income is interest income related to capital advisory engagements of $0.9 million, $0.8 million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Credit risk related to advisory fees receivable is disbursed across a large number of clients located in various geographic areas. The Company controls credit risk through credit approvals and monitoring procedures but does not require collateral to support accounts receivable. | |
Investments | Investments |
The Company's investments in merchant banking funds are recorded under the equity method of accounting based upon the Company's proportionate share of the estimated fair value of the underlying merchant banking fund's net assets. The value of merchant banking fund investments in privately held companies is determined by management of the fund after giving consideration to the cost of the security, the pricing of other sales of securities by the portfolio company, the price of securities of other companies comparable to the portfolio company, purchase multiples paid in other comparable third-party transactions, the original purchase price multiple, market conditions, liquidity, operating results and other qualitative and quantitative factors. Discounts may be applied to the funds' privately held investments to reflect the lack of liquidity and other transfer restrictions. Investments in publicly traded securities are valued using quoted market prices discounted for any legal or contractual restrictions on sale. Because of the inherent uncertainty of valuations as well as the discounts applied, the estimated fair values of investments in privately held companies may differ significantly from the values that would have been used had a ready market for the securities existed. The values at which the Company's investments are carried on the consolidated statements of financial condition are adjusted to estimated fair value at the end of each quarter and the volatility in general economic conditions, stock markets and commodity prices may result in significant changes in the estimated fair value of the investments from period to period. | |
Goodwill | Goodwill |
Goodwill is the cost in excess of the fair value of identifiable net assets at acquisition date. The Company tests its goodwill for impairment at least annually. An impairment loss is triggered if the estimated fair value of an operating unit is less than estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. | |
Goodwill is translated at the rate of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Any translation gain or loss is included in the foreign currency translation adjustment, which is included as a component of other comprehensive income in the consolidated statements of changes in equity. | |
Restricted Stock Units | Restricted Stock Units |
The Company accounts for its share-based compensation payments by recording the fair value of restricted stock units granted to employees as compensation expense. The restricted stock units are generally amortized over a five-year service period following the date of grant. Compensation expense is determined based upon the fair market value of the Company’s common stock at the date of grant. As the Company expenses the awards, the restricted stock units recognized are recorded within equity. The restricted stock units are reclassified into common stock and additional paid-in capital upon vesting. The Company records as treasury stock the repurchase of stock delivered to its employees in settlement of tax liabilities incurred upon the vesting of restricted stock units. The Company records dividend equivalent payments, net of estimated forfeitures, on outstanding restricted stock units as a dividend payment and a charge to equity. | |
Earnings per Share | Earnings per Share |
The Company calculates basic earnings per share (“EPS”) by dividing net income allocated to common stockholders by the sum of (i) the weighted average number of shares outstanding for the period and (ii) the weighted average number of shares deemed issuable due to the vesting of restricted stock units for accounting purposes. In addition, the contingent convertible preferred shares will also be included in the weighted average number of shares to the extent the performance target is deemed to have been met. See "Note 9 — Equity". | |
The Company calculates diluted EPS by dividing net income allocated to common stockholders by the sum of (i) basic shares per above and (ii) the dilutive effect of the common stock deliverable pursuant to restricted stock units for which future service is required. Under the treasury method, the number of shares issuable upon the vesting of restricted stock units included in the calculation of diluted EPS is the excess, if any, of the number of shares expected to be issued, less the number of shares that could be purchased by the Company with the proceeds to be received upon settlement at the average market closing price during the reporting period. | |
Provision for Taxes | Provision for Taxes |
The Company accounts for taxes in accordance with the accounting guidance for income taxes, which requires the recognition of tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. | |
The Company follows the guidance for income taxes in recognizing, measuring, presenting and disclosing in its financial statements uncertain tax positions taken or expected to be taken on its income tax returns. Income tax expense is based on pre-tax accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance. | |
Deferred tax assets and liabilities are recognized for the future tax attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period of change. Management applies the “more-likely-than-not criteria” when determining tax benefits. | |
Foreign Currency Translation | Foreign Currency Translation |
Assets and liabilities denominated in foreign currencies have been translated at rates of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Income and expenses transacted in foreign currency have been translated at average monthly exchange rates during the period. Translation gains and losses are included in the foreign currency translation adjustment, which is included as a component of other comprehensive income (loss) in the consolidated statement of changes in equity. Foreign currency transaction gains and losses are included in the consolidated statements of income. | |
Financial Instruments and Fair Value | Financial Instruments and Fair Value |
The Company accounts for financial instruments measured at fair value in accordance with accounting guidance for fair value measurements and disclosures which establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the pronouncement are described below: | |
Basis of Fair Value Measurement | |
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and | |
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are subject to these disclosures. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. Transfers between levels are recognized as of the end of the period in which they occur. | |
Fair Value of Other Financial Instruments | |
The Company believes that the carrying values of all other financial instruments presented in the consolidated statements of financial condition approximate their fair value generally due to their short-term nature and generally negligible credit risk. These fair value measurements would be categorized as Level 2 within the fair value hierarchy. | |
Noncontrolling Interests | Noncontrolling Interests |
The Company records the noncontrolling interests of other consolidated entities as equity in the consolidated statements of financial condition. | |
The portion of the consolidated interests in the general partners of certain of the merchant banking funds not held by the Company is presented as noncontrolling interest in equity. See “Note 4 — Investments — Merchant Banking Funds”. | |
Property and Equipment | Property and Equipment |
Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the life of the assets. Amortization of leasehold improvements is computed using the straight-line method over the lesser of the life of the asset or the remaining term of the lease. Estimated useful lives of the Company’s fixed assets are generally as follows: | |
Aircraft – 7 years | |
Equipment – 5 years | |
Furniture and fixtures – 7 years | |
Leasehold improvements – the lesser of 10 years or the remaining lease term |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Cash and Cash Equivalents | The carrying values of the Company's cash and cash equivalents are as follows: | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cash | $ | 35,748 | $ | 34,099 | ||||
Cash equivalents | 8,998 | 3,484 | ||||||
Restricted cash - deferred compensation plan | 498 | 867 | ||||||
Restricted cash - letters of credit | 5,696 | 4,229 | ||||||
Total cash and cash equivalents | $ | 50,940 | $ | 42,679 | ||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Schedule of Investments in and Advances to Affiliates, Schedule of Investments | At December 31, 2014, the Company’s investments consist of investments in certain previously sponsored merchant banking funds: Greenhill Capital Partners (“GCP I”) and Greenhill Capital Partners II (“GCP II”) and an interest in Barrow Street III, a real estate investment fund. | |||||||||||
The carrying value of the Company’s investments in previously sponsored and other merchant banking funds are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Investment in GCP I | $ | 1,600 | $ | 2,257 | ||||||||
Investment in GCP II | 907 | 7,690 | ||||||||||
Investment in other merchant banking funds | 1,666 | 1,798 | ||||||||||
Total investments in merchant banking funds | $ | 4,173 | $ | 11,745 | ||||||||
Schedule of Investment Revenues | The Company’s investment revenues, by source, are as follows: | |||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Net realized and unrealized (losses) on investments in merchant banking funds | $ | (6,567 | ) | $ | (1,884 | ) | $ | (3,422 | ) | |||
Net realized and unrealized gains (losses) on investments in Iridium | — | 862 | (4,980 | ) | ||||||||
Deferred gain on sale of certain merchant banking assets | 195 | 195 | 260 | |||||||||
Interest income | 1,154 | 1,071 | 1,676 | |||||||||
Total investment revenues (losses) | $ | (5,218 | ) | $ | 244 | $ | (6,466 | ) | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Changes in Carrying Value of Goodwill | Goodwill consists of the following: | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Balance, January 1 | $ | 142,972 | $ | 164,890 | ||||
Foreign currency translation adjustments | (11,996 | ) | (21,918 | ) | ||||
Balance, December 31 | $ | 130,976 | $ | 142,972 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Components of Property and Equipment | Property and equipment consist of the following: | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Aircraft | $ | 18,270 | $ | 18,154 | ||||
Equipment | 18,932 | 18,516 | ||||||
Furniture and fixtures | 7,232 | 7,335 | ||||||
Leasehold improvements | 24,392 | 24,446 | ||||||
68,826 | 68,451 | |||||||
Less accumulated depreciation and amortization | (58,491 | ) | (56,951 | ) | ||||
Total property and equipment, net | $ | 10,335 | $ | 11,500 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computations of Basic and Diluted Earnings Per Share | The computations of basic and diluted EPS are set forth below: | |||||||||||
For The Years Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Numerator for basic and diluted EPS — net income allocated to common stockholders | $ | 43,388 | $ | 46,682 | $ | 42,092 | ||||||
Denominator for basic EPS — weighted average number of shares | 30,354 | 30,134 | 30,553 | |||||||||
Add — dilutive effect of: | ||||||||||||
Weighted average number of incremental shares issuable from restricted stock units | 4 | 27 | 8 | |||||||||
Denominator for diluted EPS — weighted average number of shares and dilutive potential shares | 30,358 | 30,161 | 30,561 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ | 1.43 | $ | 1.55 | $ | 1.38 | ||||||
Diluted | $ | 1.43 | $ | 1.55 | $ | 1.38 | ||||||
Restricted_Stock_Units_Tables
Restricted Stock Units (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Restricted Stock Units Activity | The activity related to the restricted stock units is set forth below: | |||||||||||||
Restricted Stock Units Outstanding | ||||||||||||||
2014 | 2013 | |||||||||||||
Units | Grant Date | Units | Grant Date | |||||||||||
Weighted | Weighted | |||||||||||||
Average Fair | Average Fair | |||||||||||||
Value | Value | |||||||||||||
Outstanding, January 1, | 3,503,450 | $ | 61.54 | 3,260,586 | $ | 62.71 | ||||||||
Granted | 1,287,658 | (1) | 49.76 | 1,179,712 | 57.95 | |||||||||
Delivered | (1,027,852 | ) | 64.94 | (696,972 | ) | 65 | ||||||||
Forfeited | (697,893 | ) | 56.95 | (239,876 | ) | 54.9 | ||||||||
Outstanding, December 31, | 3,065,363 | $ | 56.04 | 3,503,450 | $ | 61.54 | ||||||||
_____________________________________________ | ||||||||||||||
-1 | Excludes 1,447,365 stock units granted to employees subsequent to December 31, 2014 as part of the long term incentive awards program. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Approximate Aggregate Minimum Future Rental Payments Required | As of December 31, 2014, the approximate aggregate minimum future rental payments required were as follows (in thousands): | |||
2015 | $ | 14,189 | ||
2016 | 13,270 | |||
2017 | 13,738 | |||
2018 | 12,176 | |||
2019 | 10,634 | |||
Thereafter | 16,942 | |||
Total | $ | 80,949 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Provision for Income Taxes | The components of the provision for income taxes reflected on the consolidated statements of income are set forth below: | |||||||||||
For The Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current taxes: | ||||||||||||
U.S. federal | $ | 12,256 | $ | 19,782 | $ | 34,752 | ||||||
State and local | 2,415 | 1,709 | 4,747 | |||||||||
Foreign | 5,778 | 10,743 | 7,116 | |||||||||
Total current tax expense | 20,449 | 32,234 | 46,615 | |||||||||
Deferred taxes: | ||||||||||||
U.S. federal | 1,454 | (8,711 | ) | (15,119 | ) | |||||||
State and local | 493 | (265 | ) | (796 | ) | |||||||
Foreign | 1,686 | 1,266 | (2,317 | ) | ||||||||
Total deferred tax (benefit) expense | 3,633 | (7,710 | ) | (18,232 | ) | |||||||
Total tax expense | $ | 24,082 | $ | 24,524 | $ | 28,383 | ||||||
Net Deferred Tax Assets and Liabilities | Significant components of the Company's net deferred tax assets and liabilities are set forth below: | |||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Compensation and benefits | $ | 31,677 | $ | 39,991 | ||||||||
Depreciation and amortization | 2,699 | 3,077 | ||||||||||
Unrealized loss on investments | — | 205 | ||||||||||
Cumulative translation adjustment | 10,942 | 5,266 | ||||||||||
Operating loss carryforwards | 4,594 | 3,447 | ||||||||||
Capital loss carryforwards | 2,581 | 2,845 | ||||||||||
Foreign tax credit carryforwards | 351 | 4,252 | ||||||||||
Other financial accruals | 332 | 57 | ||||||||||
Valuation allowances | (2,932 | ) | (4,938 | ) | ||||||||
Total deferred tax assets | 50,244 | 54,202 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gain on investments | 362 | — | ||||||||||
Repatriation of foreign earnings | — | 2,159 | ||||||||||
Other financial accruals | — | 186 | ||||||||||
Total deferred tax liabilities | 362 | 2,345 | ||||||||||
Net deferred tax asset | $ | 49,882 | $ | 51,857 | ||||||||
Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate | A reconciliation of the statutory U.S. federal income tax rate of 35.0% to the Company’s effective income tax rate is set forth below: | |||||||||||
For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase related to state and local taxes, net of U.S. income tax benefit | 3.3 | 1.3 | 3.6 | |||||||||
Benefits and taxes related to foreign operations | (3.3 | ) | (4.1 | ) | (1.4 | ) | ||||||
Valuation allowances | — | 1.5 | 2.7 | |||||||||
Sale of merchant banking business | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||
Other | 0.8 | 0.8 | 0.5 | |||||||||
Effective income tax rate | 35.7 | % | 34.4 | % | 40.3 | % |
Business_Information_Tables
Business Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Information by Geographic Region, After Elimination of All Significant Inter-company Accounts and Transactions | The following table presents information about the Company by geographic region, after elimination of all significant inter-company accounts and transactions: | |||||||||||
As of or for The Years Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Total revenues | ||||||||||||
Americas | $ | 160,633 | $ | 160,082 | $ | 179,204 | ||||||
Europe | 83,369 | 84,360 | 57,606 | |||||||||
Australia | 26,149 | 34,868 | 44,801 | |||||||||
Asia | 5,083 | 7,842 | 3,468 | |||||||||
Total | $ | 275,234 | $ | 287,152 | $ | 285,079 | ||||||
Income (loss) before taxes | ||||||||||||
Americas | $ | 32,642 | $ | 32,741 | $ | 56,862 | ||||||
Europe | 26,818 | 31,872 | 8,422 | |||||||||
Australia | 9,752 | 6,270 | 10,982 | |||||||||
Asia | (1,742 | ) | 323 | (5,791 | ) | |||||||
Total | $ | 67,470 | $ | 71,206 | $ | 70,475 | ||||||
Total assets | ||||||||||||
Americas | $ | 168,853 | $ | 144,462 | $ | 166,128 | ||||||
Europe | 33,460 | 54,772 | 40,758 | |||||||||
Australia | 128,861 | 149,534 | 172,406 | |||||||||
Asia | 6,476 | 4,678 | 7,678 | |||||||||
Total | $ | 337,650 | $ | 353,446 | $ | 386,970 | ||||||
Supplemental_Financial_Informa1
Supplemental Financial Information Quarterly Results (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Unaudited Quarterly Results | The following represents the Company’s unaudited quarterly results for the years ended December 31, 2014 and 2013. These quarterly results were prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results. | |||||||||||||||
For the Three Months Ended | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Total revenues | $ | 43.6 | $ | 63 | $ | 92 | $ | 76.6 | ||||||||
Total expenses | 43.2 | 50.5 | 61.4 | 52.6 | ||||||||||||
Income before taxes | 0.4 | 12.5 | 30.6 | 24 | ||||||||||||
Provision for taxes | 0.1 | 4.5 | 10.8 | 8.7 | ||||||||||||
Net income allocated to common stockholders | $ | 0.3 | $ | 8 | $ | 19.8 | $ | 15.3 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.01 | $ | 0.27 | $ | 0.66 | $ | 0.51 | ||||||||
Diluted | $ | 0.01 | $ | 0.27 | $ | 0.66 | $ | 0.51 | ||||||||
Dividends declared per share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | ||||||||
For the Three Months Ended | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Total revenues | $ | 79.6 | $ | 86.7 | $ | 44.6 | $ | 76.3 | ||||||||
Total expenses | 57.9 | 61.3 | 41.6 | 55.2 | ||||||||||||
Income before taxes | 21.7 | 25.4 | 3 | 21.1 | ||||||||||||
Provision for taxes | 8.1 | 9.9 | 1.2 | 5.3 | ||||||||||||
Net income allocated to common stockholders | $ | 13.6 | $ | 15.5 | $ | 1.8 | $ | 15.8 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.45 | $ | 0.52 | $ | 0.06 | $ | 0.53 | ||||||||
Diluted | $ | 0.45 | $ | 0.52 | $ | 0.06 | $ | 0.53 | ||||||||
Dividends declared per share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | ||||||||
Organization_Details
Organization (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
states | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Reportable Segments | 1 |
Number of principal sources of revenue (source of revenue) | 2 |
Number of states in which entity is licensed to operate (states) | 50 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Line Items] | |||
Client reimbursements | $4.50 | $6.50 | $7.40 |
Bad debt expense | 0.1 | 0 | 0 |
Long term receivables related to private equity and real estate capital advisory engagements | 37.3 | 34 | |
Installments period | 3 years | 3 years | 3 years |
Interest Income on Long Term Receivables | $0.90 | $0.80 | $1.20 |
Depreciation and amortization of property and equipment | Depreciation is computed using the straight-line method over the life of the assets. Amortization of leasehold improvements is computed using the straight-line method over the lesser of the life of the asset or the remaining term of the lease. | ||
Aircraft | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of fixed assets (in years) | 7 years | ||
Equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of fixed assets (in years) | 5 years | ||
Furniture and Fixtures | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of fixed assets (in years) | 7 years | ||
Leasehold Improvements | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of fixed assets (in years) | 10 years | ||
Estimated useful lives of fixed assets, description | Lesser of 10Â years or the remaining lease term | ||
Restricted Stock | |||
Significant Accounting Policies [Line Items] | |||
Compensation expense amortization period/service period following the date of grant | 5 years |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash | $35,748,000 | $34,099,000 | ||
Cash equivalents | 8,998,000 | 3,484,000 | ||
Cash and cash equivalents, restricted from use | 6,200,000 | 5,100,000 | ||
Total cash and cash equivalents | 50,940,000 | 42,679,000 | 50,324,000 | 62,050,000 |
Distribution period | 7 years | |||
Deferred compensation liability | 500,000 | 900,000 | ||
Greenhill & Co. Australia Pty Limited | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents, restricted from use | 498,000 | 867,000 | ||
Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents, restricted from use | $5,696,000 | $4,229,000 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2011 | |
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Amortization period of gains | 5 years | ||||
Deferred gain on sale of certain merchant banking assets | $195,000 | $195,000 | $260,000 | ||
GCP | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Sale of capital interests | 2,000,000 | ||||
GCPE | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Sale of capital interests | 27,200,000 | ||||
Book value of investment sold (percent) | 90.00% | ||||
Merchant banking loss | -3,400,000 | ||||
GCP I | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Investment related to noncontrolling interests | 100,000 | 100,000 | |||
GCP II | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Investments Repurchase Agreement Amount To Be Paid | 15,600,000 | ||||
Investment related to noncontrolling interests | 600,000 | 900,000 | |||
Barrow Street III | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Other Commitment | $300,000 | ||||
Iridium common stock | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Sale of common stock (shares) | 5,084,016 | 3,850,000 | |||
Average price per share (usd per share) | $6.73 | $7.91 | |||
Minimum | Iridium common stock | |||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||
Duration of plan to sell common shares | 2 years |
Investments_Carrying_Value_of_
Investments - Carrying Value of Investments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in merchant banking funds | $4,173 | $11,745 |
GCP I | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in merchant banking funds | 1,600 | 2,257 |
GCP II | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in merchant banking funds | 907 | 7,690 |
Barrow Street III | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in merchant banking funds | $1,666 | $1,798 |
Investments_Investment_Revenue
Investments - Investment Revenues (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Principal Transaction Revenue [Line Items] | |||
Net realized and unrealized gains (losses) | ($6,594) | ($1,418) | ($8,401) |
Deferred gain on sale of certain merchant banking assets | 195 | 195 | 260 |
Interest income | 1,154 | 1,071 | 1,676 |
Investment revenues | -5,218 | 244 | -6,466 |
Merchant Banking Funds | |||
Principal Transaction Revenue [Line Items] | |||
Net realized and unrealized gains (losses) | -6,567 | -1,884 | -3,422 |
Iridium | |||
Principal Transaction Revenue [Line Items] | |||
Net realized and unrealized gains (losses) | $0 | $862 | ($4,980) |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment loss | $0 | $0 | $0 |
Goodwill_Goodwill_Changes_in_C
Goodwill Goodwill - Changes in Carrying Value (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill | ||
Balance, January 1 | $142,972 | $164,890 |
Foreign currency translation adjustments | -11,996 | -21,918 |
Balance, December 31 | $130,976 | $142,972 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $0 | $0 | |
Sublease | |||
Related Party Transaction [Line Items] | |||
Rent reimbursements related to sublease | 100,000 | 100,000 | 100,000 |
Payment for use of aircraft owned by executive | $23,273 | $47,879 | $67,840 |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Aircraft | $18,270 | $18,154 |
Equipment | 18,932 | 18,516 |
Furniture and fixtures | 7,232 | 7,335 |
Leasehold improvements | 24,392 | 24,446 |
Property, plant and equipment, gross | 68,826 | 68,451 |
Less accumulated depreciation and amortization | -58,491 | -56,951 |
Total property and equipment, net | $10,335 | $11,500 |
Revolving_Bank_Loan_Facility_A
Revolving Bank Loan Facility - Additional Information (Detail) (Line of Credit, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving loan facility, borrowing capacity | $45,000,000 | ||
Revolving loan facility, maturity date | 30-Apr-15 | ||
Alternative interest rate (applies if higher than Prime Rate) (percent) | 3.25% | ||
Interest rate (applies if higher than alternative interest rate) | U.S. Prime Rate | ||
Weighted average daily borrowings outstanding under the loan facility | $33,900,000 | $30,000,000 | |
Weighted average interest rate (percent) | 3.30% | 3.30% | 3.50% |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2010 | Apr. 02, 2010 | Apr. 02, 2013 |
Stockholders Equity Note [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $1.80 | $1.80 | $1.80 | |||
Dividend equivalents paid on outstanding restricted stock units | $5.50 | $6.20 | $5.60 | |||||||||||
Restricted Stock Units | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Restricted stock units vested and issued as common stock (shares) | 1,019,989 | 693,691 | ||||||||||||
Repurchased shares for award (shares) | 404,611 | 226,505 | ||||||||||||
Average repurchase price of shares for award (usd per share) | $51.26 | $56.83 | ||||||||||||
Common Stock | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Repurchased common stock (shares) | 334,935 | 853,870 | ||||||||||||
Average repurchase price of common stock (usd per share) | $46.09 | $49.81 | ||||||||||||
Contingent Convertible Preferred Stock | Greenhill & Co. Australia Pty Limited | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Shares issued in acquisition (shares) | 1,099,877 | |||||||||||||
Contingent Convertible Preferred Stock | Tranche One - Performance Stock | Greenhill & Co. Australia Pty Limited | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 659,926 | |||||||||||||
Conversion of Stock, Amount Converted | $32.50 | |||||||||||||
Contingent Convertible Preferred Stock | Tranche Two - Performance Stock | Greenhill & Co. Australia Pty Limited | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Conversion to common stock shares if revenue targets are achieved (shares) | 439,951 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share - Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Numerator for basic and diluted EPS — net income allocated to common stockholders | $15,300 | $19,800 | $8,000 | $300 | $15,800 | $1,800 | $15,500 | $13,600 | $43,388 | $46,682 | $42,092 |
Denominator for basic EPS — weighted average number of shares (shares) | 30,354,227 | 30,134,430 | 30,553,460 | ||||||||
Add — dilutive effect of: | |||||||||||
Weighted average number of incremental shares issuable from restricted stock units (shares) | 4,000 | 27,000 | 8,000 | ||||||||
Denominator for diluted EPS — weighted average number of shares and dilutive potential shares (shares) | 30,357,691 | 30,160,669 | 30,561,682 | ||||||||
Earnings per share: | |||||||||||
Basic (usd per share) | $0.51 | $0.66 | $0.27 | $0.01 | $0.53 | $0.06 | $0.52 | $0.45 | $1.43 | $1.55 | $1.38 |
Diluted (usd per share) | $0.51 | $0.66 | $0.27 | $0.01 | $0.53 | $0.06 | $0.52 | $0.45 | $1.43 | $1.55 | $1.38 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Details) (Greenhill & Co. Australia Pty Limited, Contingent Convertible Preferred Stock, Tranche One - Performance Stock) | Apr. 02, 2013 |
Greenhill & Co. Australia Pty Limited | Contingent Convertible Preferred Stock | Tranche One - Performance Stock | |
Earnings Per Share Disclosure [Line Items] | |
Convertible Preferred Stock, Shares Issued upon Conversion | 659,926 |
Retirement_Plan_Retirement_Pla
Retirement Plan Retirement Plan - Contribution Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum percentage of eligible compensation participants may contribute (up to 50%) (percent) | 75.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company's maximum matching contributions per employee (up to $1,000) | $1,000 | ||
Greenhill & Co., LLC | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Incurred costs for contributions to retirement plan | 200,000 | 200,000 | 300,000 |
Contributions due to Retirement Plan included in compensation payable | 200,000 | 200,000 | |
Greenhill And Company International LLC | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions due to Retirement Plan included in compensation payable | 0 | 0 | |
Costs incurred for pension | 600,000 | 600,000 | 700,000 |
Greenhill & Co. Australia Pty Limited | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions due to Retirement Plan included in compensation payable | 0 | 0 | |
Costs incurred for pension | $500,000 | $500,000 | $600,000 |
Greenhill & Co. Australia Pty Limited | Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan Contribution Rates As Percentage Of Employees Earnings | 9.00% |
Restricted_Stock_Units_Additio
Restricted Stock Units - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Payments Disclosure [Line Items] | |||
Stock units granted, ratable vesting period | 5 years | ||
Description of vesting term for awards granted | Awards granted under the plan generally vest ratably over a period of five years beginning on the first anniversary of the grant date or in full on the fifth anniversary of the grant date. | ||
Restricted Stock Units | |||
Share Based Payments Disclosure [Line Items] | |||
Compensation expense from the vesting of restricted stock units | $39.60 | $56.10 | $54.20 |
Weighted average grant date fair value for restricted stock units granted (usd per share) | $49.76 | $57.95 | $47.72 |
Unrecognized restricted stock units compensation expense | $68.20 | ||
Unrecognized restricted stock units compensation expense, weighted average recognition period | 1 year 10 months |
Restricted_Stock_Units_Activit
Restricted Stock Units - Activity (Detail) (Restricted Stock Units, USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Units | ||||
Outstanding, beginning of period (shares) | 3,503,450 | 3,260,586 | ||
Granted (shares) | 1,287,658 | [1] | 1,179,712 | |
Delivered (shares) | -1,027,852 | -696,972 | ||
Forfeited (shares) | -697,893 | -239,876 | ||
Outstanding, end of period (shares) | 3,065,363 | 3,503,450 | 3,260,586 | |
Grant Date Weighted Average Fair Value | ||||
Outstanding, beginning of period (usd per share) | $61.54 | $62.71 | ||
Granted (usd per share) | $49.76 | $57.95 | $47.72 | |
Delivered (usd per share) | $64.94 | $65 | ||
Forfeited (usd per share) | $56.95 | $54.90 | ||
Outstanding, end of period (usd per share) | $56.04 | $61.54 | $62.71 | |
Long Term Incentive Plans | ||||
Units | ||||
Granted (shares) | 1,447,365 | |||
[1] | Excludes 1,447,365 stock units granted to employees subsequent to December 31, 2014 as part of the long term incentive awards program. |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | sqft | ||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating Leases, Rent Expense, Net | $14,600,000 | $14,000,000 | $14,300,000 |
Size of office space leased (sqft) | 15,000 | 15,000 | |
Rent reimbursements related to sublease | 1,100,000 | 1,200,000 | |
Letter of Credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Number of letters of credit issued to secure office space leases | 6 | ||
Amount outstanding on letters of credit | 5,700,000 | 4,200,000 | |
Barrow Street III | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Other Commitment | $300,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Approximate Aggregate Minimum Future Rental Payments Required (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets | |
2015 | $14,189 |
2016 | 13,270 |
2017 | 13,738 |
2018 | 12,176 |
2019 | 10,634 |
Thereafter | 16,942 |
Total | $80,949 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclsoure [Line Items] | |||
Foreign loss carryforwards | $14,700,000 | ||
Deferred tax assets, compensation deductible | 600,000 | ||
Valuation Allowance, Amount | 2,932,000 | 4,938,000 | |
Foreign tax credit carryforwards | 351,000 | 4,252,000 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 1,800,000 | ||
Income Taxes Receivable | 3,800,000 | 1,500,000 | |
Current income taxes payable | 10,007,000 | 15,345,000 | |
U.S. statutory tax rate | 35.00% | 35.00% | 35.00% |
Greenhill & Co., Europe Holdings, Limited | |||
Income Tax Disclsoure [Line Items] | |||
Valuation Allowance, Amount | 2,600,000 | 2,800,000 | |
Foreign loss carryforward, 7-8 years | |||
Income Tax Disclsoure [Line Items] | |||
Foreign loss carryforwards | 1,500,000 | ||
Foreign loss carryforward, 16 years or longer [Member] [Domain] | |||
Income Tax Disclsoure [Line Items] | |||
Foreign loss carryforwards | $13,200,000 | ||
Foreign loss carryforward, 17 years or longer | |||
Income Tax Disclsoure [Line Items] | |||
Minimum period carried forward | 16 years |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current taxes: | |||||||||||
U.S. federal | $12,256 | $19,782 | $34,752 | ||||||||
State and local | 2,415 | 1,709 | 4,747 | ||||||||
Foreign | 5,778 | 10,743 | 7,116 | ||||||||
Total current tax expense | 20,449 | 32,234 | 46,615 | ||||||||
Deferred taxes: | |||||||||||
U.S. federal | 1,454 | -8,711 | -15,119 | ||||||||
State and local | 493 | -265 | -796 | ||||||||
Foreign | 1,686 | 1,266 | -2,317 | ||||||||
Total deferred tax (benefit) expense | 3,633 | -7,710 | -18,232 | ||||||||
Total tax expense | $8,700 | $10,800 | $4,500 | $100 | $5,300 | $1,200 | $9,900 | $8,100 | $24,082 | $24,524 | $28,383 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Compensation and benefits | $31,677 | $39,991 |
Depreciation and amortization | 2,699 | 3,077 |
Unrealized loss on investments | 0 | 205 |
Cumulative translation adjustment | 10,942 | 5,266 |
Operating loss carryforwards | 4,594 | 3,447 |
Capital loss carryforwards | 2,581 | 2,845 |
Foreign tax credit carryforwards | 351 | 4,252 |
Other financial accruals | 332 | 57 |
Valuation allowances | -2,932 | -4,938 |
Total deferred tax assets | 50,244 | 54,202 |
Deferred tax liabilities: | ||
Unrealized gain on investments | 362 | 0 |
Repatriation of foreign earnings | 0 | 2,159 |
Other financial accruals | 0 | 186 |
Total deferred tax liabilities | 362 | 2,345 |
Net deferred tax asset | $49,882 | $51,857 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 35.00% | 35.00% | 35.00% |
Increase related to state and local taxes, net of U.S. income tax benefit | 3.30% | 1.30% | 3.60% |
Benefits and taxes related to foreign operations | -3.30% | -4.10% | -1.40% |
Valuation allowances | 0.00% | 1.50% | 2.70% |
Sale of merchant banking business | -0.10% | -0.10% | -0.10% |
Other | 0.80% | 0.80% | 0.50% |
Effective income tax rate | 35.70% | 34.40% | 40.30% |
Regulatory_Requirements_Additi
Regulatory Requirements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Regulatory Capital Requirements [Abstract] | ||
Description of minimum net capital requirements | The greater of $5,000 or 1/15 of aggregate indebtedness | |
Minimum net capital requirements (greater than $5,000 or 1/15 of aggregate indebtedness) | $5,000 | |
Minimum net capital requirements (greater than $5,000 or 1/15 of aggregate indebtedness) (percent) | 6.67% | |
Net capital | 6,900,000 | 7,600,000 |
Excess net capital | $5,700,000 | $7,100,000 |
Aggregate indebtedness to net capital ratio | 2.72 | 0.92 |
Business_Information_Additiona
Business Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Segment Reporting Disclosure [Line Items] | |||
Number of Reportable Segments | 1 | ||
Number of principal sources of revenue (source of revenue) | 2 | ||
Advisory revenues as a percentage of total revenue | 102.00% | 100.00% | 102.00% |
Advisory revenues | |||
Segment Reporting Disclosure [Line Items] | |||
Number of clients that accounted for more than 10% of total revenues (entities) | 0 | 1 | 0 |
Investment Revenues | |||
Segment Reporting Disclosure [Line Items] | |||
Number of individual investments accounting for more than 10% of total revenues (investments) | 0 | 0 | 0 |
Business_Information_Informati
Business Information - Information by Geographic Region, After Elimination of All Significant Inter-company Accounts and Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Disclosure [Line Items] | |||||||||||
Total revenues | $76,600 | $92,000 | $63,000 | $43,600 | $76,300 | $44,600 | $86,700 | $79,600 | $275,234 | $287,152 | $285,079 |
Income (loss) before taxes | 24,000 | 30,600 | 12,500 | 400 | 21,100 | 3,000 | 25,400 | 21,700 | 67,470 | 71,206 | 70,475 |
Total assets | 337,650 | 353,446 | 337,650 | 353,446 | 386,970 | ||||||
Americas [Member] | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Total revenues | 160,633 | 160,082 | 179,204 | ||||||||
Income (loss) before taxes | 32,642 | 32,741 | 56,862 | ||||||||
Total assets | 168,853 | 144,462 | 168,853 | 144,462 | 166,128 | ||||||
Europe | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Total revenues | 83,369 | 84,360 | 57,606 | ||||||||
Income (loss) before taxes | 26,818 | 31,872 | 8,422 | ||||||||
Total assets | 33,460 | 54,772 | 33,460 | 54,772 | 40,758 | ||||||
Australia | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Total revenues | 26,149 | 34,868 | 44,801 | ||||||||
Income (loss) before taxes | 9,752 | 6,270 | 10,982 | ||||||||
Total assets | 128,861 | 149,534 | 128,861 | 149,534 | 172,406 | ||||||
Asia | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Total revenues | 5,083 | 7,842 | 3,468 | ||||||||
Income (loss) before taxes | -1,742 | 323 | -5,791 | ||||||||
Total assets | $6,476 | $4,678 | $6,476 | $4,678 | $7,678 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 28, 2015 | Mar. 31, 2015 | Feb. 09, 2015 | |
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $1.80 | $1.80 | $1.80 | |||
Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $0.45 | |||||||||||||
Dividend payable date | 18-Mar-15 | |||||||||||||
Dividend record date | 4-Mar-15 | |||||||||||||
Line of Credit | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Revolving loan facility, borrowing capacity | $45,000,000 | $45,000,000 | ||||||||||||
Line of Credit | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Revolving loan facility, borrowing capacity | 45,000,000 | |||||||||||||
Amount outstanding on letters of credit | 50,000,000 | |||||||||||||
Cogent Partners, LP | Scenario, Forecast | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Gross | 44,000,000 | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 779,460 | |||||||||||||
Payments to Acquire Businesses, Possible Contingent Consideration | $18,900,000 | |||||||||||||
Business Acquisition, Contingent Consideration, Possible Number of Shares to be Issued | 334,054 |
Supplemental_Financial_Informa2
Supplemental Financial Information Quarterly Results Supplemental Financial Information - Schedule of Unaudited Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenues | $76,600 | $92,000 | $63,000 | $43,600 | $76,300 | $44,600 | $86,700 | $79,600 | $275,234 | $287,152 | $285,079 |
Total expenses | 52,600 | 61,400 | 50,500 | 43,200 | 55,200 | 41,600 | 61,300 | 57,900 | 207,764 | 215,946 | 214,604 |
Income before taxes | 24,000 | 30,600 | 12,500 | 400 | 21,100 | 3,000 | 25,400 | 21,700 | 67,470 | 71,206 | 70,475 |
Provision for taxes | 8,700 | 10,800 | 4,500 | 100 | 5,300 | 1,200 | 9,900 | 8,100 | 24,082 | 24,524 | 28,383 |
Net income allocated to common stockholders | $15,300 | $19,800 | $8,000 | $300 | $15,800 | $1,800 | $15,500 | $13,600 | $43,388 | $46,682 | $42,092 |
Basic (usd per share) | $0.51 | $0.66 | $0.27 | $0.01 | $0.53 | $0.06 | $0.52 | $0.45 | $1.43 | $1.55 | $1.38 |
Diluted earnings per share | $0.51 | $0.66 | $0.27 | $0.01 | $0.53 | $0.06 | $0.52 | $0.45 | $1.43 | $1.55 | $1.38 |
Dividends declared per share (usd per share) | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $1.80 | $1.80 | $1.80 |