FBR & Co (FBRC) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'FBR & CO.	'
Entity Central Index Key	'0001371446	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	10,409,042

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$170,166	$207,973
Receivables:	'	'
Due from brokers, dealers and clearing organizations	237,780	4,949
Customers	3,089	4,485
Other	2,026	658
Financial instruments owned, at fair value	158,252	144,743
Other investments, at cost	2,681	7,681
Furniture, equipment, software and leasehold improvements, net of accumulated depreciation and amortization	3,651	3,286
Deferred tax assets, net of valuation allowance	28,654	30,893
Prepaid expenses and other assets	5,506	5,904
Total assets	611,805	410,572
Liabilities	'	'
Securities sold but not yet purchased, at fair value	257,987	42,241
Accrued compensation and benefits	33,259	58,502
Accounts payable, accrued expenses and other liabilities	11,637	10,351
Due to brokers, dealers and clearing organizations	11,059	8,701
Total liabilities	313,942	119,795
Commitments and Contingencies (Note 6)	'	'
Shareholders' Equity	'	'
Preferred stock, $0.001 par value, 100,000,000 shares authorized, none issued and outstanding	'	'
Common stock, $0.001 par value, 75,000,000 shares authorized, 10,355,631 and 10,545,509 shares issued and outstanding, respectively	10	11
Additional paid-in capital	357,522	362,983
Restricted stock units	28,406	21,487
Accumulated other comprehensive income, net of taxes	53	34
Accumulated deficit	-88,128	-93,738
Total shareholders' equity	297,863	290,777
Total liabilities and shareholders' equity	$611,805	$410,572

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	'	'
Preferred stock, shares outstanding	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	10,355,631	10,545,509
Common stock, shares outstanding	10,355,631	10,545,509

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investment banking:	'	'
Capital raising	$33,316	$99,686
Advisory	3,323	1,604
Institutional brokerage	15,091	13,705
Net investment income	3,834	2,098
Interest income, dividends, and other	471	833
Total revenues	56,035	117,926
Interest expense	1,677	'
Revenues, net of interest expense	54,358	117,926
Non-Interest Expenses:	'	'
Compensation and benefits	31,300	66,411
Professional services	2,938	3,456
Business development	2,368	2,133
Clearing and brokerage fees	1,224	1,604
Occupancy and equipment	3,152	3,282
Communications	2,892	2,969
Other operating expenses	1,469	2,164
Total non-interest expenses	45,343	82,019
Income from continuing operations before income taxes	9,015	35,907
Income tax provision	3,405	1,459
Income from continuing operations, net of taxes	5,610	34,448
Income from discontinued operations, net of taxes	'	806
Net income	$5,610	$35,254
Basic income per share:	'	'
Income from continuing operations, net of taxes	$0.51	$2.81
Income from discontinued operations, net of taxes	'	$0.06
Basic income per share	$0.51	$2.87
Diluted income per share:	'	'
Income from continuing operations, net of taxes	$0.46	$2.59
Income from discontinued operations, net of taxes	'	$0.06
Diluted income per share	$0.46	$2.65
Basic weighted average shares outstanding (in thousands)	10,968	12,268
Diluted weighted average shares outstanding (in thousands)	12,087	13,292

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'
Net income	$5,610	$35,254
Other comprehensive income, net of tax:	'	'
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes of $34 and $0, respectively	19	-118
Comprehensive income	$5,629	$35,136

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'
Taxes on unrealized gain (loss) on available-for-sale securities	$34	$0

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Employee Stock Loan Receivable [Member]	Restricted Stock Units [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
In Thousands, except Share data
Beginning Balance at Dec. 31, 2012	$239,864	$12	$402,668	($307)	$25,235	($1,094)	($186,650)
Beginning Balance, Shares at Dec. 31, 2012	'	12,224,000	'	'	'	'	'
Net income	92,912	'	'	'	'	'	92,912
Issuance of common stock, net of forfeitures	1,500	1	14,880	307	-13,688	'	'
Issuance of common stock, net of forfeitures, shares	'	699,000	'	'	'	'	'
Repurchase of common stock	-55,541	-2	-55,539	'	'	'	'
Repurchase of common stock, shares	'	-2,378,000	'	'	'	'	'
Stock compensation expense for options granted to purchase common stock	974	'	974	'	'	'	'
Issuance of restricted stock units	9,940	'	'	'	9,940	'	'
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes	1,128	'	'	'	'	1,128	'
Ending Balance at Dec. 31, 2013	290,777	11	362,983	0	21,487	34	-93,738
Ending Balance, Shares at Dec. 31, 2013	'	10,545,000	'	'	'	'	'
Net income	5,610	'	'	'	'	'	5,610
Issuance of common stock, net of forfeitures	-1,121	0	1,350	0	-2,471	'	'
Issuance of common stock, net of forfeitures, shares	'	72,000	'	'	'	'	'
Repurchase of common stock	-6,849	-1	-6,848	'	'	'	'
Repurchase of common stock, shares	'	-261,000	'	'	'	'	'
Stock compensation expense for options granted to purchase common stock	37	'	37	'	'	'	'
Issuance of restricted stock units	9,390	'	'	'	9,390	'	'
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes	19	'	'	'	'	19	'
Ending Balance at Mar. 31, 2014	$297,863	$10	$357,522	$0	$28,406	$53	($88,128)
Ending Balance, Shares at Mar. 31, 2014	'	10,356,000	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$5,610	$35,254
Adjustments to reconcile net income to net cash (used in) provided by operating activities:	'	'
Depreciation and amortization	351	349
Income tax provision-deferred	2,228	'
Stock compensation	2,173	1,839
Net investment income from investments	-3,834	-2,098
Gain on sale of assets	'	-848
Other	-38	37
Receivables:	'	'
Brokers, dealers and clearing organizations	-9,653	-30,631
Customers	1,294	-7,738
Other	-1,162	416
Trading securities	845	1,197
Prepaid expenses and other assets	398	2,051
Changes in operating liabilities:	'	'
Trading account securities sold but not yet purchased	1,216	8,851
Accrued compensation and benefits	-17,926	28,137
Accounts payable, accrued expenses and other liabilities	-2,348	-1,163
Brokers, dealers and clearing organizations	2,359	10,420
Net cash (used in) provided by operating activities	-18,487	46,073
Cash flows from investing activities:	'	'
Purchases of investment securities and other investments	-17,617	-17,261
Proceeds from sales of and distributions from investments	10,754	72
Securities sold but not yet purchased	218,286	'
Due from brokers, dealers and clearing organizations	-223,178	'
Purchases of furniture, equipment, software, and leasehold improvements	-716	-13
Net cash used in investing activities	-12,471	-17,202
Cash flows from financing activities:	'	'
Repurchases of common stock	-6,849	-9,140
Proceeds from sales of common stock	'	490
Net cash used in financing activities	-6,849	-8,650
Net (decrease) increase in cash and cash equivalents	-37,807	20,221
Cash and cash equivalents, beginning of period	207,973	174,925
Cash and cash equivalents, end of period	170,166	195,146
Supplemental Cash Flow Information:	'	'
Income tax payments	2,148	1,371
Interest payments	$2,250	'

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation:
	The consolidated financial statements of FBR & Co. and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Therefore, they do not include all information required by accounting principles generally accepted in the United States of America for complete annual financial statements. The interim financial statements reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company bases its estimates and assumptions on historical experience and market information (when available) and on various other factors that it believes to be reasonable under the circumstances, management exercises significant judgment in the final determination of its estimates. Actual results may differ from those estimates.

Financial_Instruments_and_Long

Financial Instruments and Long-Term Investments	3 Months Ended
	Mar. 31, 2014
Investments Debt And Equity Securities [Abstract]	'
Financial Instruments and Long-Term Investments	'
	2. Financial Instruments and Long-Term Investments:
	Fair Value of Financial Instruments
	The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as described below:
	Level 1 Inputs		—		Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company;
	Level 2 Inputs		—		Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;
	Level 3 Inputs		—		Unobservable inputs for the asset or liability, including significant assumptions of the Company and other market participants.
	The Company determines fair values for the following assets and liabilities:
	Equity securities, listed options and warrants—The Company classifies marketable equity securities and listed options within Level 1 of the fair value hierarchy because quoted market prices are used to value these securities. Non-public equity securities are classified within Level 3 of the fair value hierarchy if enterprise values are used to value these securities. In determining the enterprise value, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable over-the-counter market trading activity. Warrants to purchase equity securities are classified as Level 3 as a Black-Scholes valuation model is used to value these securities.
	U.S. government securities, convertible and fixed income debt instruments—The Company classifies U.S government securities, including highly liquid U.S. Treasury securities within Level 1 as quoted prices are used to value these securities. Convertible and fixed income debt instruments are classified within Level 2 of the fair value hierarchy as they are valued using quoted market prices provided by a broker or dealer, or alternative pricing services that provide reasonable levels of price transparency.
	Investment Funds—The Company invests in proprietary investment funds that are valued at net asset value (“NAV”) determined by the fund administrator. For investments in non-registered investment companies (private equity, debt funds and fund of funds), the Company classifies these investments within Level 3 as the underlying securities held by these investment companies are primarily corporate and asset-backed fixed income securities and restrictions exist on the redemption of amounts invested by the Company. As a practical expedient, the Company relies on the NAV of these investments as their fair value. The NAVs that have been provided by investees are derived from the fair values of the underlying investments as of the reporting date.
	Fair Value Hierarchy
	The following tables set forth, by level within the fair value hierarchy, financial instruments accounted for under ASC 820 as of March 31, 2014 and December 31, 2013. As required by ASC 820, assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
	Items Measured at Fair Value on a Recurring Basis
		March 31,			Level 1				Level 2				Level 3
		2014
	Financial instruments owned, at fair value:
	Financial instruments held for trading activities at broker-dealer subsidiary:
	Marketable and non-public equity securities	$	18,408		$	18,357			$	—			$	51
	Listed options		69			69				—				—
	Convertible and fixed income debt instruments		38,912			—				38,912				—
			57,389			18,426				38,912				51
	Financial instruments held for investment activities:
	Designated as trading:
	Marketable and non-public equity securities		19,195			17,044				—				2,151
	Warrants		1,682			—				—				1,682
	Fixed income debt instruments		1,945			1,945				—				—
	Designated as available-for-sale:
	Marketable equity securities		187			187				—				—
			23,009			19,176				—				3,833
	Investment Funds		77,854			—				—				77,854
	Total	$	158,252		$	37,602			$	38,912			$	81,738
	Securities sold but not yet purchased, at fair value:
	U.S. Treasury securities	$	214,530		$	214,530			$	—			$	—
	Marketable equity securities		33,092			33,092				—				—
	Listed options		25			25				—				—
	Convertible and fixed income debt instruments		10,340			—				10,340				—
	Total	$	257,987		$	247,647			$	10,340			$	—
	As of March 31, 2014, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $81,738 or 13.4% of the Company’s total assets at that date. Regarding these Level 3 financial assets, in determining fair value, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable over-the-counter market trading activity. The following table provides the valuation technique and unobservable inputs primarily used in assessing the value of these securities as of March 31, 2014:
	Valuation Technique	Fair Value			Unobservable Input		Range		Weighted
									Average
	Market approach – assets	$	2,202		Over-the counter trading activity		$0.64 – $19.0/share		$	10.84
	Black-Scholes – assets	$	1,682		Volatility		30%			30	%
					Dividend Yield		0%			0	%
					Interest Rate		2.64%			2.64	%
	For those non-public equity securities valued using a market approach, adverse industry market conditions or events experienced by the underlying entities could result in lower over-the-counter trading prices for the securities. Such lower trading prices would result in a decline in the estimated fair value of these assets. An increase in the trading prices of trading securities sold but not yet purchased would result in an increase in the estimated fair value of these liabilities. For warrants valued using Black-Scholes, adverse industry market conditions or events experienced by this entity could result in a lower trading price for the underlying equity security and therefore a lower value of these warrants. A reduction in the estimated volatility would also result in a lower value of the warrants.
	The table above excludes $77,854 of investments in 16 non-registered investment funds that are valued at NAV as determined by the fund administrators. The underlying fund investments consist primarily of corporate and asset-backed fixed income securities. Considering the general lack of transparency necessary to conduct an independent assessment of the fair value of the securities underlying each of the NAVs provided by the fund administrators, our quarterly reporting process includes a number of assessment processes to assist the Company in the evaluation of the information provided by fund managers and fund administrators. These assessment processes include, but are not limited to regular review and discussion of each fund’s performance with its manager and regular evaluation of performance against applicable benchmarks.
		December 31,			Level 1				Level 2				Level 3
		2013
	Financial instruments owned, at fair value:
	Financial instruments held for trading activities at broker-dealer subsidiary:
	Marketable and non-public equity securities	$	25,402		$	22,054			$	—			$	3,348
	Listed options		771			771				—				—
	Convertible and fixed income debt instruments		32,024			—				32,024				—
			58,197			22,825				32,024				3,348
	Financial instruments held for investment activities:
	Designated as trading:
	Marketable and non-public equity securities		21,142			14,951				—				6,191
	Warrants		1,996			—				—				1,996
	Fixed income debt instruments		2,055			—				2,055				—
	Designated as available-for-sale:
	Marketable equity securities		156			156				—				—
			25,349			15,107				2,055				8,187
	Investment Funds		61,197			—				—				61,197
Total	$	144,743		$	37,932			$	34,079			$	72,732
Securities sold but not yet purchased, at fair value:
Marketable and non-public equity securities	$	35,720		$	34,221			$	—			$	1,499
Listed options		354			354				—				—
Convertible and fixed income debt instruments		6,167			—				6,167				—
Total	$	42,241		$	34,575			$	6,167			$	1,499
As of December 31, 2013, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $72,732 or 17.7% of the Company’s total assets at that date. As of December 31, 2013, financial liabilities measured and reported at fair value on a recurring basis and classified within Level 3 were $1,499 or 1.3% of the Company’s total liabilities at the date. Regarding these Level 3 financial assets and financial liabilities, in determining fair value, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable over-the-counter market trading activity. The following table provides the valuation technique and unobservable inputs primarily used in assessing the value of these securities as of December 31, 2013:
Valuation Technique	Fair Value			Unobservable Input		Range				Weighted
										Average
Market approach – assets	$	9,539		Over-the-counter trading activity			$ 0.77 – $19.00/share			$	13.44
Market approach – liabilities	$	1,499		Over-the-counter trading activity			$65.15/share				65.15
Black-Scholes – assets	$	1,996		Volatility			30%				30	%
				Dividend Yield			0%				0	%
				Interest Rate			2.90%				2.9	%
For those non-public equity securities valued using a market approach, adverse industry market conditions or events experienced by the underlying entities could result in lower over-the-counter trading prices for the securities. Such lower trading prices would result in a decline in the estimated fair value of these assets. An increase in the trading prices of trading securities sold but not yet purchased would result in an increase in the estimated fair value of these liabilities. For warrants valued using Black-Scholes, adverse industry market conditions or events experienced by this entity could result in a lower trading price for the underlying equity security and therefore a lower value of these warrants. A reduction in the estimated volatility would also result in a lower value of the warrants.
The table above excludes $61,197 of investments in 14 non-registered investment funds that are valued at NAV as determined by the fund administrators. The underlying fund investments consist primarily of corporate and asset-backed fixed income securities. Considering the general lack of transparency necessary to conduct an independent assessment of the fair value of the securities underlying each of the NAVs provided by the fund administrators, our quarterly reporting process includes a number of assessment processes to assist the Company in the evaluation of the information provided by fund managers and fund administrators. These assessment processes include, but are not limited to regular review and discussion of each fund’s performance with its manager and regular evaluation of performance against applicable benchmarks.
Level 3 Gains and Losses
The tables below set forth a summary of changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013. As of March 31, 2014 and 2013, the Company did not have any net unrealized gains (losses) included in accumulated other comprehensive income on Level 3 financial assets.
	Trading			Trading				Investment				Total
	Securities			Securities Sold				Funds
				not yet Purchased
Beginning balance, January 1, 2014	$	11,535		$	(1,499	)		$	61,197			$	71,233
Total net gains (losses) (realized/unrealized)
Included in earnings		(80	)		(122	)			1,691				1,489
Included in other comprehensive income		—			—				—				—
Purchases		13,842			6,043				15,000				34,885
Sales/Distributions		(15,197	)		(4,422	)			(34	)			(19,653	)
Transfers out of Level 3		(6,216	)		—				—				(6,216	)
Ending balance, March 31, 2014	$	3,884		$	—			$	77,854			$	81,738
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	(377	)	$	—			$	1,609			$	1,232
	Trading			Investment				Total
	Securities			Funds
Beginning balance, January 1, 2013	$	2,615		$	17,600			$	20,215
Total net gain/losses (realized/unrealized)
Included in earnings		690			1,284				1,974
Included in other comprehensive income		—			—				—
Purchases		52,848			9,000				61,848
Sales/Distributions		(53,286	)		—				(53,286	)
Ending balance, March 31, 2013	$	2,867		$	27,884			$	30,751
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	769		$	1,284			$	2,053
There were no transfers in to, or out of Level 2 financial assets during the three months ended March 31, 2014. One transfer was made out of Level 3 and into Level 1 during the three months ended March 31, 2014 for an equity security that was previously a non-public equity security and during the period became publicly traded. There were no transfers of securities in to, or out of, Level 1, 2, and 3 financial assets during the three months ended March 31, 2013.
Gains and losses from Level 3 financial assets that are measured at fair value on a recurring basis, included in earnings for the three months ended March 31, 2014 and 2013, are reported in the following line descriptions on the Company’s statements of operations:
	Three Months Ended
	March 31,
	2014			2013
Total gains and losses included in earnings for the period:
Institutional brokerage	$	(39	)	$	1
Net investment income		1,528			1,973
Change in unrealized gains or losses relating to assets still held at the end of the respective period:
Institutional brokerage	$	(214	)	$	109
Net investment income		1,446			1,944
Financial Instruments Held for Investment—Designated as Trading
As of March 31, 2014, and during the year ended December 31, 2013, the Company had certain investments in marketable equity securities held by other than its broker-dealer subsidiary that are classified as trading securities. In addition, as of March 31, 2014, the Company had short positions in U.S. Treasury securities held by other than its broker-dealer subsidiary that are classified as trading securities. These investments are designated as trading based on the Company’s intent at the time of designation. In accordance with ASC 320, “Investments—Debt and Equity Securities” (“ASC 320”), these securities are carried at fair value with resulting realized and unrealized gains and losses reflected as net investment income (loss) in the statements of operations. In addition, pursuant to ASC 825, “Financial Instruments” (“ASC 825”), from time-to-time the Company may elect to account for non-public equity securities acquired by other than the Company’s broker-dealer subsidiary as part of its trading portfolio at fair value with resulting realized and unrealized gains and losses reflected as net investment income (loss) in the statements of operations. During the three months ended March 31, 2014, the Company elected to account for one non-public equity security, purchased at a cost of $2,000, at fair value. Net gains and losses on such trading securities as of the dates indicated were as follows:
	Three Months Ended
	March 31,
	2014			2013
Net gains recognized on trading securities	$	2,385		$	706
Less: Net (gains) losses recognized on trading securities sold during the period		(237	)		—
Unrealized gains recognized on trading securities still held at the reporting	$	2,148		$	706
During the three months ended March 31, 2014, as part of the Company’s investing activities, the Company entered into two short-sales of $100,000 face value each, 4.50% U.S. Treasury securities. These two securities mature in November 2015 and February 2016, respectively. These positions are included in securities sold but not yet purchased on the Company’s balance sheet as of March 31, 2014. Proceeds from these short-sales, as well as related margin requirements, are held in a collateral account and are included in due from brokers, dealers and clearing organizations in the Company’s balance sheet. Such amounts are not available for withdrawal and are subject to closure of the open short positions. During the three months ended March 31, 2014, the Company incurred $1,677 of interest expense related to these transactions. The Company is obligated to fund the fixed-rate coupon interest on these securities while the short-positions are outstanding.
Financial Instruments Held for Investment—Designated as Available-for-Sale
As of March 31, 2014 and December 31, 2013, the Company had certain investments in marketable equity securities held by other than the Company’s broker-dealer subsidiary that are classified as available-for-sale securities. These investments are designated as available-for-sale due to the Company’s intent at the time of designation to hold these securities for investment purposes over an extended period. However, these investments are available to be sold should economic conditions warrant such a transaction. In accordance with ASC 320, these securities are carried at fair value with resulting unrealized gains and losses reflected as other comprehensive income or loss. Gross unrealized gains and losses on these securities as of the dates indicated were as follows:
	March 31, 2014
	Cost			Unrealized								Fair Value
	Basis			Gains				Losses
Marketable equity securities	$	108		$	79			$	0			$	187
	December 31, 2013
	Cost			Unrealized								Fair Value
	Basis			Gains				Losses
Marketable equity securities	$	108		$	48			$	0			$	156
The Company evaluates its portfolio of marketable equity securities for impairment as of each reporting date. For the securities with unrealized losses, the Company will review the underlying cause for the impairments, as well as the severity and duration of the impairments. If the impairment is determined to be other-than-temporary, the Company will recognize an other-than-temporary impairment loss in its statement of operations. The Company did not recognize any other-than-temporary impairment losses during the three months ended March 31, 2014, and as of March 31, 2014, the Company did not hold any marketable securities that were in an unrealized loss position. During the three months ended March 31, 2013, the Company recorded an other-than-temporary impairment charge of $545 related to an investment in a company in the financial services industry. The Company recognized this impairment charge as a result of a change in its intent to hold this investment for a period of time sufficient for a forecasted recovery of its fair value. In this case the change in intent was a result of changes in market conditions during the quarter specific to this investment. The carrying value of this investment subsequent to the impairment was $4,257.
There were no sales of marketable equity securities during the three months ended March 31, 2014. During the three months ended March 31, 2013, the Company received proceeds of $72 from sales of marketable equity securities resulting in gross gains of $36.
Other Comprehensive Income (Loss)
The following tables set forth the changes in the Company’s accumulated other comprehensive income (loss) by component for the period indicated along with detail regarding reclassifications from other comprehensive income (loss). All such reclassifications from other comprehensive income (loss) are included in net investment income in the Company’s consolidated statements of operations.
	Three Months Ended			Three Months Ended
	March 31, 2014			31-Mar-13
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$	34		$	(1,094	)
Other comprehensive income (loss) before reclassifications		19			(627	)
Amounts reclassified from other comprehensive income (loss)		—			509
Accumulated Other Comprehensive Income (Loss), at period end	$	53		$	(1,212	)
	Three Months Ended			Three Months Ended
	31-Mar-14			31-Mar-13
Reclassifications from other comprehensive income (loss)
Other-than-temporary impairment loss	$	—		$	545
Realized gains on sale of securities		—			(36	)
Total	$	—		$	509
Other Investments, at Cost
Other investments consisted of the following as of the dates indicated:
	March 31,			December 31,
	2014			2013
Non-public equity securities	$	2,681		$	2,681
Corporate debt investments		—			5,000
	$	2,681		$	7,681
The Company evaluates its non-public equity securities and corporate debt investments, carried at cost, for impairment as of each reporting date. This evaluation includes consideration of the operating performance of the respective companies, their financial condition and their near-term and long-term prospects. Based on its evaluations of these investments, the Company recorded no impairment losses during the three months ended March 31, 2014 and 2013.
During the three months ended March 31, 2014, the Company received $5,000 reflecting the full repayment at its maturity of a corporate debt investment. During the three months ended March 31, 2013, there were no sales of non-public equity securities or corporate debt investments carried at cost.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	3. Income Taxes:
	During the three months ended March 31, 2014 and 2013, the Company recorded tax provisions of $3,405 and $1,459, respectively. The Company’s quarterly tax provision is determined pursuant to ASC 740, “Income Taxes” (“ASC 740”), which requires using an estimated annual effective rate based on forecasted taxable income for the full year. The Company’s effective tax rates for the three months ended March 31, 2014 and 2013 were 37.8% and 4.1%, respectively. The Company’s 2014 tax rate differed from statutory tax rates primarily due to capital loss carryforwards subject to a valuation allowance that are projected to be utilized during the year. The Company’s 2013 tax rate differed from statutory tax rates primarily due to the effects of recording a full valuation allowance on the Company’s net deferred tax assets as of March 31, 2013. The annual estimated effective tax rate for the three months ended March 31, 2013 also incorporated the benefit of net operating losses expected to be utilized during 2013.
	As of March 31, 2013, the Company provided a full valuation allowance against its net deferred tax assets since, based on the application of the criteria in ASC 740, it concluded that it was more likely than not that the benefits of these assets would not be realized in the future. Pursuant to the criteria in ASC 740, the Company reviews its valuation allowance related to its deferred tax assets on a quarterly basis assessing the positive and negative evidence to determine if it is more likely than not that some or all of the deferred tax assets will be realized. Based on its assessment as of June 30, 2013, the Company determined that the release of a significant component of this valuation allowance was appropriate. As of June 30, 2013 and subsequently, as described below, the Company’s valuation allowance for its deferred tax assets relates to capital loss carryforwards and net unrealized losses on investments.
	At December 31, 2013, the Company’s net deferred tax assets totaled $49,165 and were partially offset by valuation allowance of $18,272. This valuation allowance related to capital loss carryforwards and net unrealized losses on investments and was determined based on the Company’s application of the guidance in ASC 740 and its conclusion that that it was more likely than not that the benefits of these assets would not be realized in the future. Based on its assessment as of March 31, 2014, the Company determined that a valuation allowance related to these deferred tax assets continued to be appropriate. As of March 31, 2014, these deferred tax assets and related valuation allowance totaled approximately $17,400. Recognition of these deferred tax assets will be dependent on the Company’s ability to generate capital gains.

Net_Capital_Requirements

Net Capital Requirements	3 Months Ended
	Mar. 31, 2014
Text Block [Abstract]	'
Net Capital Requirements	'
	4. Net Capital Requirements:
	FBR Capital Markets & Co. (“FBRCM”), the Company’s broker-dealer subsidiary, is registered with the Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). As such, it is subject to the minimum net capital requirements promulgated by the SEC. As of March 31, 2014, FBRCM had net capital of $110,855, which was $107,630 in excess of its required net capital of $3,225.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	5. Earnings Per Share:
	Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share includes the impact of dilutive securities such as stock options, unvested shares of restricted stock and restricted stock units (“RSUs”), all of which are subject to forfeiture. The following table presents the computations of basic and diluted earnings per share for the periods indicated:
		Three Months Ended				Three Months Ended
		March 31, 2014				March 31, 2013
		Basic		Diluted		Basic		Diluted
	Weighted average shares outstanding:
	Common stock (in thousands)		10,968		10,968		12,268		12,268
	Stock options, unvested restricted stock and unvested RSUs (in thousands)		—		1,119		—		1,024
	Weighted average common and common equivalent shares outstanding (in thousands)		10,968		12,087		12,268		13,292
	Net income applicable to common stock	$	5,610	$	5,610	$	35,254	$	35,254
	Net income per common share	$	0.51	$	0.46	$	2.87	$	2.65
	The following table presents the number of anti-dilutive stock options, unvested restricted stock and unvested RSUs for the periods indicated (in thousands):
		Three Months
		Ended March 31,
		2014		2013
	Stock Options—Employees and directors		783		315
	Stock Options—Non-employee		27		230
	Restricted Stock, unvested		4		—
	Restricted Stock Units, unvested		1,219		986
			2,033		1,531

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	6. Commitments and Contingencies:
	Litigation
	As of March 31, 2014, except as described below, the Company was neither a defendant nor plaintiff in any lawsuits or arbitrations nor involved in any governmental or self-regulatory organization matters that are expected to have a material adverse effect on its financial condition, results of operations or liquidity. The Company has been named as a defendant in a small number of civil lawsuits relating to its various businesses. In addition, the Company is subject to various reviews, examinations, investigations and other inquiries by governmental agencies and self regulatory organizations. There can be no assurance that these matters individually or in aggregate will not have a material adverse effect on the Company’s financial condition, results of operations, or liquidity in a future period. However, based on management’s review with counsel, resolution of these matters is not expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.
	Many aspects of the Company’s business involve substantial risks of liability and litigation. Underwriters, broker-dealers and investment advisers are exposed to liability under Federal and state securities laws, other Federal and state laws and court decisions, including decisions with respect to underwriters’ liability and limitations on indemnification, as well as with respect to the handling of customer accounts. For example, underwriters may be held liable for material misstatements or omissions of fact in a prospectus used in connection with the securities being offered and broker-dealers may be held liable for statements made by their securities analysts or other personnel. In the past, FBRCM has been named as a defendant in a small number of securities claims involving investment banking clients of FBRCM as a result of FBRCM’s role as an underwriter. In these cases, the underwriting agreement provides, subject to certain conditions, that the investment banking client is required to indemnify FBRCM against certain claims or liabilities, including claims or liabilities under the Securities Act of 1933, as amended (the “Securities Act”), or contribute to payments which FBRCM is required to make as a result of the litigation. There can be no assurance that such indemnification or contribution will ultimately be available to the Company or that an investment banking client will be able to satisfy its indemnity or contribution obligations when due.
	FBRCM has been named a defendant in the putative class action lawsuit MHC Mutual Conversion Fund, L.P. v. United Western Bancorp, Inc., et al. pending in the United States District Court for the District of Colorado. The complaint, filed in March 2011 against United Western Bancorp, Inc. (the “Bank”), its officers and directors, underwriters and outside auditors, alleges material misrepresentations and omissions in the registration statement and prospectus issued in connection with the Bank’s September 2009 offering. The complaint alleges claims under Sections 11 and 12 of the Securities Act against the lead underwriter of the offering and FBRCM as a member of the underwriting syndicate. Although FBRCM is contractually entitled to be indemnified by the Bank in connection with this lawsuit, the Bank filed for bankruptcy on March 5, 2012 and this likely will decrease or eliminate the value of the indemnity that FBRCM receives from the Bank. On December 19, 2012 the Court granted Defendants’ motion to dismiss the class action complaint with prejudice and entered final judgment for the underwriters. Class plaintiffs filed a timely notice of appeal to the 10th Circuit Court of Appeals, challenging the District Court’s findings; briefing on the appeal is complete and oral argument was heard on September 26, 2013. The 10th Circuit Court of Appeals ruling on this appeal is pending.
	In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, management, in conjunction with counsel, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. The pending case discussed above involving FBRCM is at a preliminary stage, and based on management’s review with counsel and present information known by management, a loss contingency for this matter is not probable and estimable as of March 31, 2014.
	In certain circumstances, broker-dealers and asset managers may also be held liable by customers and clients for losses sustained on investments. In recent years, there has been an increasing incidence of litigation and actions by government agencies and self regulatory organizations involving the securities industry, including class actions that seek substantial damages. The Company is also subject to the risk of litigation, including litigation that may be without merit. As the Company intends to actively defend any such litigation, significant legal expenses could be incurred. An adverse resolution of any future litigation against the Company could materially affect its financial condition, operating results and liquidity.
	Other
	On March 27, 2014, the Company entered into a Transaction Agreement with Lazard Capital Markets LLC (“LCM”) pursuant to which FBRCM has agreed to purchase LCM’s securities lending business. The closing of the transaction is subject to regulatory approval and other customary closing conditions. Pursuant to the Transaction Agreement, the Company has agreed to issue to certain counterparties of LCM guarantees of LCM’s obligations under securities loan agreements up to an aggregate of $75,000. The guarantees are expected to terminate on the earlier of the closing of the transaction and September 30, 2014.
	As of March 31, 2014, the Company had issued such guarantees to counterparties of LCM up to an aggregate of $75,000. Based on the nature of the related securities loan agreements, including the applicable collateral and other capital that support LCM’s obligations under these securities loan agreements, the Company has valued these guarantees at zero as of March 31, 2014. To-date, the Company has not incurred any costs relative these guarantees.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	7. Shareholders’ Equity:
	Share Repurchases
	During the three months ended March 31, 2014, the Company repurchased 261,817 shares of its common stock in open market transactions at a weighted average share price of $26.16 per share for a total cost of $6,849. During the three months ended March 31, 2013, the Company repurchased 565,473 shares of its common stock in open market transactions at a weighted average share price of $16.16 per share for a total cost of $9,140. As of March 31, 2014, the Company has remaining authority to repurchase 1,353,849 additional shares.
	Employee Stock Purchase Plan
	Under the Company’s Employee Stock Purchase Plan (the “Purchase Plan”), eligible employees may purchase common stock through payroll deductions at a price that is 85% of the lower of the market value of the common stock on the first day of the offering period or the last day of the offering period. In accordance with the provisions of ASC 718, “Compensation—Stock Compensation,” the Company is required to recognize compensation expense relating to shares offered under the Purchase Plan. For the three months ended March 31, 2014 and 2013, the Company recognized compensation expense of $149 and $80, respectively.
	Stock Compensation Plans
	FBR & Co. Amended 2006 Long-Term Incentive Plan (“FBR & Co. Long-Term Incentive Plan”)
	Under the FBR & Co. Long-Term Incentive Plan, as amended, the Company may grant options to purchase stock, stock appreciation rights, performance awards, restricted and unrestricted stock and RSUs for up to an aggregate of 7,217,496 shares of common stock, subject to increase under certain provisions of the plan, to eligible participants. Participants include employees, officers and directors of the Company and its subsidiaries. The plan’s termination date is October 22, 2023 unless it is terminated sooner by the Company’s Board of Directors. The FBR & Co. Long-Term Incentive Plan has a term of 10 years and options granted may have an exercise period of up to 10 years. Options may be incentive stock options, as defined by Section 422 of the Internal Revenue Code, or nonqualified stock options.
	The Company grants options to purchase stock, restricted shares of common stock and RSUs to employees that vest based on meeting specified service conditions of three to five years and in certain cases achievement of specified market conditions or performance goals. The following table presents compensation expense related to these awards for the periods indicated:
		Three Months Ended
		March 31,
		2014			2013
	Stock options	$	(112	)	$	218
	Restricted shares	$	63		$	5
	RSUs	$	2,073		$	1,536
	The following table presents issuance activity related to grants of these awards for the period indicated:
		Three Months Ended
		March 31, 2014
		Stock			Restricted		RSUs
		Options			Shares
	Stock-based award issuances		—			—		289,128
	Grant date fair value per share	$	—		$	—	$	23.99
	Included in the RSUs granted during the three months ended March 31, 2014 are 277,405 RSU awards that will vest based on both individual service requirements and the Company’s achievement of a specified performance goal. For these awards, the performance goal will be met at: (1) 50% rate on December 31, 2016 if the tangible book value of the Company, measured on a per share basis, has increased by an amount equal to a 6% compound annual growth rate over the three-year period beginning on January 1, 2014; (2) 100% rate if the tangible book value of the Company, measured on a per share basis, has increased by an amount equal to a 9% compound annual growth rate over the performance period; and (3) a proportional rate between 50% and 100% in the event the tangible book value of the Company, measured on a per share basis, has increased by an amount between a 6% and a 9% compound annual growth rate over the performance period. In the event the tangible book value of the Company, measured on a per share basis, has not increased by an amount equal to a 6% compound annual growth rate over the performance period, no performance share units will be earned and the award will be forfeited. During the three months ended March 31, 2014, compensation was recognized based on the Company’s assessment that the awards would vest at a 50% rate.
	The following table presents the unrecognized compensation related to unvested options to purchase stock, restricted shares of common stock, and RSUs and the weighted average vesting period in which the expense will be recognized:
		As of March 31, 2014
		Stock			Restricted		RSUs
		Options			Shares
	Unrecognized compensation	$	75		$	49	$	17,325
	Unvested awards		80,476			10,421		2,055,743
	Weighted average vesting period		0.42 years			0.18 years		1.87 years
	In addition, as part of the Company’s satisfaction of incentive compensation earned for past service under the Company’s variable compensation programs, employees may receive RSUs in lieu of cash payments. These RSUs are issued to an irrevocable trust for the benefit of the employees and are not returnable to the Company. In settlement of such accrued incentive compensation, for the three months ended March 31, 2014, the Company granted 294,843 such RSUs with an aggregate fair value upon grant date of $7,317. For the three months ended March 31, 2013, the Company granted 127,978 comparable RSUs with an aggregate fair value upon grant date of $2,099.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	8. Related Party Transactions:
	Professional Services Agreement
	Under a professional services agreement with Crestview Partners, L.P., the Company agreed to pay Crestview Advisors, L.L.C. a $1,000 annual strategic advisory fee plus reimbursement of reasonable out-of-pocket expenses as long as Crestview continued to own at least 50% of the shares purchased by certain Crestview affiliates in our 2006 private offering. During the fourth quarter of 2013, the Company repurchased 736,781 shares from Crestview representing its remaining shares of the Company’s common stock. Accordingly, subsequent to these share repurchases the Company no longer had any obligations under the professional services agreement with Crestview. During the three months ended March 31, 2013, the Company recognized $250 of expense associated with this agreement.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2014
Discontinued Operations And Disposal Groups [Abstract]	'
Discontinued Operations	'
	9. Discontinued Operations:
	The Company completed the sale of the FBR Funds, a family of mutual funds, in October 2012. Subsequent to the sale closing, the Company has had no continuing involvement in the management of these funds. As a result of this sale transaction, the Company has reported the results of its asset management operations as discontinued operations.
	In accordance with the asset sale agreement, the Company received an initial payment upon closing in October 2012 and a subsequent payment upon the first anniversary of closing in October 2013, in each case based on a percentage of assets under management for the applicable funds. Additionally, the gain recorded on the asset sale in 2012 included an estimate of the contingent payment to be received in 2013. The Company valued this contingent payment at each reporting date during 2013, through the first anniversary of the closing in October 2013. These valuations were based on the Company’s consideration of various factors outside of its control that could have had a significant effect on the value of prospective assets under management. For example, uncertainties related to fund performance, market conditions as well as investor demand for equity mutual funds. Other considerations included the Company’s historical asset levels and potential asset attrition as a result of the sale transaction.
	The Company’s net income from discontinued operations during the first quarter of 2013 reflects the estimated change in value during the period of the contingent payment that was due from this sale and recorded as a receivable at December 31, 2012. The increase in value during 2013 was due primarily to market appreciation of the funds during the period subsequent to the sale. The tax provision recognized in 2013 related primarily to state taxes on income that could not be offset by either net operating loss or capital loss carryforwards. Based on the Company’s receipt of the applicable contingent sale proceeds during the fourth quarter of 2013, there are no comparable discontinued operation results in 2014.
	The results related to our asset management operations reflected in the consolidated statement of operations for the three months ended March 31, 2013, are presented in the following table (dollars in thousands).
		Three Months Ended
		March 31,
		2013
	Revenues	$	—
	Gain on sale of assets, net		848
	Expenses		8
	Income from discontinued operations before income taxes		840
	Income tax provision		34
	Income from discontinued operations, net of taxes	$	806

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Information	'
	10. Segment Information:
	The Company considers its capital markets and principal investing operations to be separate reportable segments. The capital markets segment includes the Company’s investment banking and institutional sales, trading and research operations. These businesses operate as a single integrated unit to deliver capital raising, advisory and sales and trading services to corporate and institutional clients. Principal investing includes investments in investment funds, merchant banking and other equity investments, and corporate debt investments.
	The Company has developed systems and methodologies to allocate overhead costs to its business units and, accordingly, presents segment information consistent with internal management reporting. Revenue generating transactions between the individual segments are included in the net revenue and pre-tax income of each segment. The following tables illustrate the financial information for the Company’s segments for the periods indicated:
		Three Months Ended March 31, 2014
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	36,639	$	—	$	36,639
	Institutional brokerage		15,091		—		15,091
	Net investment income		—		3,834		3,834
	Interest income, dividends and other		248		223		471
	Total revenues		51,978		4,057		56,035
	Interest expense		—		1,677		1,677
	Revenues, net of interest expense		51,978		2,380		54,358
	Operating Expenses:
	Variable		19,544		219		19,763
	Fixed		24,808		772		25,580
	Total		44,352		991		45,343
	Pre-tax income	$	7,626	$	1,389	$	9,015
	Compensation and benefits:
	Variable	$	16,103	$	217	$	16,320
	Fixed		14,636		344		14,980
	Total	$	30,739	$	561	$	31,300
	The total assets of the Company’s principal investing segment increased to $332,548 as of March 31, 2014 from $101,702 as of December 31, 2013. The increase in these total assets was a result of investing activities during the three months ended March 31, 2014, in particular two short-sales of $100,000 face value each, 4.50% U.S. Treasury securities. The total assets of the Company’s capital markets segment decreased to $279,257 as of March 31, 2014 from $308,870 as of December 31, 2013. The decrease in these total assets was due primarily to cash used in operating activities during the three months ended March 31, 2014.
		Three Months Ended March 31, 2013
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	101,290	$	—	$	101,290
	Institutional brokerage		13,705		—		13,705
	Net investment income		—		2,098		2,098
	Interest income, dividends and other		528		305		833
	Total		115,523		2,403		117,926
	Operating Expenses:
	Variable		57,316		650		57,966
	Fixed		23,711		342		24,053
	Total		81,027		992		82,019
	Pre-tax income	$	34,496	$	1,411	$	35,907
	Compensation and benefits:
	Variable	$	52,786	$	650	$	53,436
	Fixed		12,739		236		12,975
	Total	$	65,525	$	886	$	66,411

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2014
Accounting Changes And Error Corrections [Abstract]	'
Recent Accounting Pronouncements	'
	11. Recent Accounting Pronouncements:
	In July 2013, the FASB issued Accounting Standards Update 2013-11, Income Taxes (Topic 740), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists.” This standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry-forward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same- jurisdiction loss or other tax carry-forward that would be utilized, rather than only against carry-forwards that are created by the unrecognized tax benefits. This standard will be effective for the Company beginning on January 1, 2014. The Company’s adoption of this guidance did not have a significant effect on its disclosures, financial condition, results of operations or cash flows.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	12. Subsequent Events:
	The Company has evaluated and determined that no events or transactions occurred after March 31, 2014 that would require recognition or disclosure in these financial statements.

Financial_Instruments_and_Long1

Financial Instruments and Long-Term Investments (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Changes And Error Corrections [Abstract]	'
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as described below:
	Level 1 Inputs		—		Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company;
	Level 2 Inputs		—		Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;
	Level 3 Inputs		—		Unobservable inputs for the asset or liability, including significant assumptions of the Company and other market participants.
Investments in Marketable Securities	'
	In accordance with ASC 320, “Investments—Debt and Equity Securities” (“ASC 320”), these securities are carried at fair value with resulting realized and unrealized gains and losses reflected as net investment income (loss) in the statements of operations. In addition, pursuant to ASC 825, “Financial Instruments” (“ASC 825”), from time-to-time the Company may elect to account for non-public equity securities acquired by other than the Company’s broker-dealer subsidiary as part of its trading portfolio at fair value with resulting realized and unrealized gains and losses reflected as net investment income (loss) in the statements of operations. During the three months ended March 31, 2014, the Company elected to account for one non-public equity security, purchased at a cost of $2,000, at fair value. Net gains and losses on such trading securities as of the dates indicated were as follows:
		Three Months Ended
		March 31,
		2014			2013
	Net gains recognized on trading securities	$	2,385		$	706
	Less: Net (gains) losses recognized on trading securities sold during the period		(237	)		—
	Unrealized gains recognized on trading securities still held at the reporting	$	2,148		$	706
	During the three months ended March 31, 2014, as part of the Company’s investing activities, the Company entered into two short-sales of $100,000 face value each, 4.50% U.S. Treasury securities. These two securities mature in November 2015 and February 2016, respectively. These positions are included in securities sold but not yet purchased on the Company’s balance sheet as of March 31, 2014. Proceeds from these short-sales, as well as related margin requirements, are held in a collateral account and are included in due from brokers, dealers and clearing organizations in the Company’s balance sheet. Such amounts are not available for withdrawal and are subject to closure of the open short positions. During the three months ended March 31, 2014, the Company incurred $1,677 of interest expense related to these transactions. The Company is obligated to fund the fixed-rate coupon interest on these securities while the short-positions are outstanding.
	Financial Instruments Held for Investment—Designated as Available-for-Sale
	As of March 31, 2014 and December 31, 2013, the Company had certain investments in marketable equity securities held by other than the Company’s broker-dealer subsidiary that are classified as available-for-sale securities. These investments are designated as available-for-sale due to the Company’s intent at the time of designation to hold these securities for investment purposes over an extended period. However, these investments are available to be sold should economic conditions warrant such a transaction. In accordance with ASC 320, these securities are carried at fair value with resulting unrealized gains and losses reflected as other comprehensive income or loss.
Income Taxes	'
	The Company’s quarterly tax provision is determined pursuant to ASC 740, “Income Taxes” (“ASC 740”), which requires using an estimated annual effective rate based on forecasted taxable income for the full year.
Compensation-Stock Compensation	'
	In accordance with the provisions of ASC 718, “Compensation—Stock Compensation,” the Company is required to recognize compensation expense relating to shares offered under the Purchase Plan. For the three months ended March 31, 2014 and 2013, the Company recognized compensation expense of $149 and $80, respectively.
Recent Accounting Pronouncements	'
	In July 2013, the FASB issued Accounting Standards Update 2013-11, Income Taxes (Topic 740), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists.” This standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry-forward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same- jurisdiction loss or other tax carry-forward that would be utilized, rather than only against carry-forwards that are created by the unrecognized tax benefits. This standard will be effective for the Company beginning on January 1, 2014. The Company’s adoption of this guidance did not have a significant effect on its disclosures, financial condition, results of operations or cash flows.

Financial_Instruments_and_Long2

Financial Instruments and Long-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Investments Debt And Equity Securities [Abstract]	'
Items Measured at Fair Value on Recurring Basis	'
	The following tables set forth, by level within the fair value hierarchy, financial instruments accounted for under ASC 820 as of March 31, 2014 and December 31, 2013. As required by ASC 820, assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
	Items Measured at Fair Value on a Recurring Basis
		March 31,			Level 1				Level 2				Level 3
		2014
	Financial instruments owned, at fair value:
	Financial instruments held for trading activities at broker-dealer subsidiary:
	Marketable and non-public equity securities	$	18,408		$	18,357			$	—			$	51
	Listed options		69			69				—				—
	Convertible and fixed income debt instruments		38,912			—				38,912				—
			57,389			18,426				38,912				51
	Financial instruments held for investment activities:
	Designated as trading:
	Marketable and non-public equity securities		19,195			17,044				—				2,151
	Warrants		1,682			—				—				1,682
	Fixed income debt instruments		1,945			1,945				—				—
	Designated as available-for-sale:
	Marketable equity securities		187			187				—				—
			23,009			19,176				—				3,833
	Investment Funds		77,854			—				—				77,854
	Total	$	158,252		$	37,602			$	38,912			$	81,738
	Securities sold but not yet purchased, at fair value:
	U.S. Treasury securities	$	214,530		$	214,530			$	—			$	—
	Marketable equity securities		33,092			33,092				—				—
	Listed options		25			25				—				—
	Convertible and fixed income debt instruments		10,340			—				10,340				—
	Total	$	257,987		$	247,647			$	10,340			$	—
		December 31,			Level 1				Level 2				Level 3
		2013
	Financial instruments owned, at fair value:
	Financial instruments held for trading activities at broker-dealer subsidiary:
	Marketable and non-public equity securities	$	25,402		$	22,054			$	—			$	3,348
	Listed options		771			771				—				—
	Convertible and fixed income debt instruments		32,024			—				32,024				—
			58,197			22,825				32,024				3,348
	Financial instruments held for investment activities:
	Designated as trading:
	Marketable and non-public equity securities		21,142			14,951				—				6,191
	Warrants		1,996			—				—				1,996
	Fixed income debt instruments		2,055			—				2,055				—
	Designated as available-for-sale:
	Marketable equity securities		156			156				—				—
			25,349			15,107				2,055				8,187
	Investment Funds		61,197			—				—				61,197
	Total	$	144,743		$	37,932			$	34,079			$	72,732
	Securities sold but not yet purchased, at fair value:
	Marketable and non-public equity securities	$	35,720		$	34,221			$	—			$	1,499
	Listed options		354			354				—				—
	Convertible and fixed income debt instruments		6,167			—				6,167				—
	Total	$	42,241		$	34,575			$	6,167			$	1,499
Valuation Technique and Unobservable Inputs	'
	The following table provides the valuation technique and unobservable inputs primarily used in assessing the value of these securities as of March 31, 2014:
	Valuation Technique	Fair Value			Unobservable Input		Range		Weighted
									Average
	Market approach – assets	$	2,202		Over-the counter trading activity		$0.64 – $19.0/share		$	10.84
	Black-Scholes – assets	$	1,682		Volatility		30%			30	%
					Dividend Yield		0%			0	%
					Interest Rate		2.64%			2.64	%
	Valuation Technique	Fair Value			Unobservable Input		Range				Weighted
											Average
	Market approach – assets	$	9,539		Over-the-counter trading activity			$ 0.77 – $19.00/share			$	13.44
	Market approach – liabilities	$	1,499		Over-the-counter trading activity			$65.15/share				65.15
	Black-Scholes – assets	$	1,996		Volatility			30%				30	%
					Dividend Yield			0%				0	%
					Interest Rate			2.90%				2.9	%
Changes in Fair Value of Company's Level 3 Financial Assets Measured on Recurring Basis	'
	The tables below set forth a summary of changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013. As of March 31, 2014 and 2013, the Company did not have any net unrealized gains (losses) included in accumulated other comprehensive income on Level 3 financial assets.
		Trading			Trading				Investment				Total
		Securities			Securities Sold				Funds
					not yet Purchased
	Beginning balance, January 1, 2014	$	11,535		$	(1,499	)		$	61,197			$	71,233
	Total net gains (losses) (realized/unrealized)
	Included in earnings		(80	)		(122	)			1,691				1,489
	Included in other comprehensive income		—			—				—				—
	Purchases		13,842			6,043				15,000				34,885
	Sales/Distributions		(15,197	)		(4,422	)			(34	)			(19,653	)
	Transfers out of Level 3		(6,216	)		—				—				(6,216	)
	Ending balance, March 31, 2014	$	3,884		$	—			$	77,854			$	81,738
	The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	(377	)	$	—			$	1,609			$	1,232
		Trading			Investment				Total
		Securities			Funds
	Beginning balance, January 1, 2013	$	2,615		$	17,600			$	20,215
	Total net gain/losses (realized/unrealized)
	Included in earnings		690			1,284				1,974
	Included in other comprehensive income		—			—				—
	Purchases		52,848			9,000				61,848
	Sales/Distributions		(53,286	)		—				(53,286	)
	Ending balance, March 31, 2013	$	2,867		$	27,884			$	30,751
	The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	769		$	1,284			$	2,053
Gains (Losses) from Level 3 Financial Assets Measured on Recurring Basis	'
	Gains and losses from Level 3 financial assets that are measured at fair value on a recurring basis, included in earnings for the three months ended March 31, 2014 and 2013, are reported in the following line descriptions on the Company’s statements of operations:
		Three Months Ended
		March 31,
		2014			2013
	Total gains and losses included in earnings for the period:
	Institutional brokerage	$	(39	)	$	1
	Net investment income		1,528			1,973
	Change in unrealized gains or losses relating to assets still held at the end of the respective period:
	Institutional brokerage	$	(214	)	$	109
	Net investment income		1,446			1,944
Financial Instruments Held for Investment - Designated as Trading	'
	Net gains and losses on such trading securities as of the dates indicated were as follows:
		Three Months Ended
		March 31,
		2014			2013
	Net gains recognized on trading securities	$	2,385		$	706
	Less: Net (gains) losses recognized on trading securities sold during the period		(237	)		—
	Unrealized gains recognized on trading securities still held at the reporting	$	2,148		$	706
Financial Instruments Held for Investment - Designated as Available-for-Sale	'
	Gross unrealized gains and losses on these securities as of the dates indicated were as follows:
		March 31, 2014
		Cost			Unrealized								Fair Value
		Basis			Gains				Losses
	Marketable equity securities	$	108		$	79			$	0			$	187
		December 31, 2013
		Cost			Unrealized								Fair Value
		Basis			Gains				Losses
	Marketable equity securities	$	108		$	48			$	0			$	156
Changes in the Company's Accumulated Other Comprehensive Income (Loss)	'
	Other Comprehensive Income (Loss)
	The following tables set forth the changes in the Company’s accumulated other comprehensive income (loss) by component for the period indicated along with detail regarding reclassifications from other comprehensive income (loss). All such reclassifications from other comprehensive income (loss) are included in net investment income in the Company’s consolidated statements of operations.
		Three Months Ended			Three Months Ended
		March 31, 2014			31-Mar-13
	Accumulated Other Comprehensive Income (Loss), Beginning Balance	$	34		$	(1,094	)
	Other comprehensive income (loss) before reclassifications		19			(627	)
	Amounts reclassified from other comprehensive income (loss)		—			509
	Accumulated Other Comprehensive Income (Loss), at period end	$	53		$	(1,212	)
		Three Months Ended			Three Months Ended
		31-Mar-14			31-Mar-13
	Reclassifications from other comprehensive income (loss)
	Other-than-temporary impairment loss	$	—		$	545
	Realized gains on sale of securities		—			(36	)
	Total	$	—		$	509
Other Investments, at Cost	'
	Other investments consisted of the following as of the dates indicated:
		March 31,			December 31,
		2014			2013
	Non-public equity securities	$	2,681		$	2,681
	Corporate debt investments		—			5,000
		$	2,681		$	7,681

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Computations of Basic and Diluted Earnings Per Share	'
	The following table presents the computations of basic and diluted earnings per share for the periods indicated:
		Three Months Ended				Three Months Ended
		March 31, 2014				March 31, 2013
		Basic		Diluted		Basic		Diluted
	Weighted average shares outstanding:
	Common stock (in thousands)		10,968		10,968		12,268		12,268
	Stock options, unvested restricted stock and unvested RSUs (in thousands)		—		1,119		—		1,024
	Weighted average common and common equivalent shares outstanding (in thousands)		10,968		12,087		12,268		13,292
	Net income applicable to common stock	$	5,610	$	5,610	$	35,254	$	35,254
	Net income per common share	$	0.51	$	0.46	$	2.87	$	2.65
Number of Anti-Dilutive Stock Options, Unvested Restricted Stock and Unvested RSUs Outstanding	'
	The following table presents the number of anti-dilutive stock options, unvested restricted stock and unvested RSUs for the periods indicated (in thousands):
		Three Months
		Ended March 31,
		2014		2013
	Stock Options—Employees and directors		783		315
	Stock Options—Non-employee		27		230
	Restricted Stock, unvested		4		—
	Restricted Stock Units, unvested		1,219		986
			2,033		1,531

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Compensation Expense Related to Awards	'
	The following table presents compensation expense related to these awards for the periods indicated:
		Three Months Ended
		March 31,
		2014			2013
	Stock options	$	(112	)	$	218
	Restricted shares	$	63		$	5
	RSUs	$	2,073		$	1,536
Issuance Activity Related to Grants of Awards	'
	The following table presents issuance activity related to grants of these awards for the period indicated:
		Three Months Ended
		March 31, 2014
		Stock			Restricted		RSUs
		Options			Shares
	Stock-based award issuances		—			—		289,128
	Grant date fair value per share	$	—		$	—	$	23.99
Unrecognized Compensation Related to Awards	'
	The following table presents the unrecognized compensation related to unvested options to purchase stock, restricted shares of common stock, and RSUs and the weighted average vesting period in which the expense will be recognized:
		As of March 31, 2014
		Stock			Restricted		RSUs
		Options			Shares
	Unrecognized compensation	$	75		$	49	$	17,325
	Unvested awards		80,476			10,421		2,055,743
	Weighted average vesting period		0.42 years			0.18 years		1.87 years

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Discontinued Operations And Disposal Groups [Abstract]	'
Summary of Asset Management Operations Reflected in Consolidated Statements of Operations	'
	The results related to our asset management operations reflected in the consolidated statement of operations for the three months ended March 31, 2013, are presented in the following table (dollars in thousands).
		Three Months Ended
		March 31,
		2013
	Revenues	$	—
	Gain on sale of assets, net		848
	Expenses		8
	Income from discontinued operations before income taxes		840
	Income tax provision		34
	Income from discontinued operations, net of taxes	$	806

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Summary of Financial Information of Company's Segments	'
	The following tables illustrate the financial information for the Company’s segments for the periods indicated:
		Three Months Ended March 31, 2014
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	36,639	$	—	$	36,639
	Institutional brokerage		15,091		—		15,091
	Net investment income		—		3,834		3,834
	Interest income, dividends and other		248		223		471
	Total revenues		51,978		4,057		56,035
	Interest expense		—		1,677		1,677
	Revenues, net of interest expense		51,978		2,380		54,358
	Operating Expenses:
	Variable		19,544		219		19,763
	Fixed		24,808		772		25,580
	Total		44,352		991		45,343
	Pre-tax income	$	7,626	$	1,389	$	9,015
	Compensation and benefits:
	Variable	$	16,103	$	217	$	16,320
	Fixed		14,636		344		14,980
	Total	$	30,739	$	561	$	31,300
		Three Months Ended March 31, 2013
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	101,290	$	—	$	101,290
	Institutional brokerage		13,705		—		13,705
	Net investment income		—		2,098		2,098
	Interest income, dividends and other		528		305		833
	Total		115,523		2,403		117,926
	Operating Expenses:
	Variable		57,316		650		57,966
	Fixed		23,711		342		24,053
	Total		81,027		992		82,019
	Pre-tax income	$	34,496	$	1,411	$	35,907
	Compensation and benefits:
	Variable	$	52,786	$	650	$	53,436
	Fixed		12,739		236		12,975
	Total	$	65,525	$	886	$	66,411

Financial_Instruments_and_Long3

Financial Instruments and Long-Term Investments - Items Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	$57,389	$58,197
Financial instruments held for investment activities	23,009	25,349
Securities sold but not yet purchased, at fair value	257,987	42,241
Investment Funds	77,854	61,197
Total	158,252	144,743
Marketable and Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	18,408	25,402
Listed Options [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	69	771
Securities sold but not yet purchased, at fair value	25	354
Convertible and Fixed Income Debt Instruments [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	38,912	32,024
Securities sold but not yet purchased, at fair value	10,340	6,167
Marketable Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities sold but not yet purchased, at fair value	33,092	35,720
U.S. Treasury Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities sold but not yet purchased, at fair value	214,530	'
Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	19,195	21,142
Trading Securities [Member] | Warrants [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	1,682	1,996
Trading Securities [Member] | Fixed Income Debt Instruments [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	1,945	2,055
Available-for-Sale Securities [Member] | Marketable Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	187	156
Estimated Fair Value, Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	18,426	22,825
Financial instruments held for investment activities	19,176	15,107
Securities sold but not yet purchased, at fair value	247,647	34,575
Total	37,602	37,932
Estimated Fair Value, Level 1 [Member] | Marketable and Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	18,357	22,054
Estimated Fair Value, Level 1 [Member] | Listed Options [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	69	771
Securities sold but not yet purchased, at fair value	25	354
Estimated Fair Value, Level 1 [Member] | Marketable Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities sold but not yet purchased, at fair value	33,092	34,221
Estimated Fair Value, Level 1 [Member] | U.S. Treasury Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities sold but not yet purchased, at fair value	214,530	'
Estimated Fair Value, Level 1 [Member] | Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	17,044	14,951
Estimated Fair Value, Level 1 [Member] | Trading Securities [Member] | Fixed Income Debt Instruments [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	1,945	'
Estimated Fair Value, Level 1 [Member] | Available-for-Sale Securities [Member] | Marketable Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	187	156
Estimated Fair Value, Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	38,912	32,024
Financial instruments held for investment activities	'	2,055
Securities sold but not yet purchased, at fair value	10,340	6,167
Total	38,912	34,079
Estimated Fair Value, Level 2 [Member] | Convertible and Fixed Income Debt Instruments [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	38,912	32,024
Securities sold but not yet purchased, at fair value	10,340	6,167
Estimated Fair Value, Level 2 [Member] | Trading Securities [Member] | Fixed Income Debt Instruments [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	'	2,055
Estimated Fair Value, Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	51	3,348
Financial instruments held for investment activities	3,833	8,187
Securities sold but not yet purchased, at fair value	'	1,499
Investment Funds	77,854	61,197
Total	81,738	72,732
Estimated Fair Value, Level 3 [Member] | Marketable and Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for trading activities at broker-dealer subsidiary	51	3,348
Estimated Fair Value, Level 3 [Member] | Marketable Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities sold but not yet purchased, at fair value	'	1,499
Estimated Fair Value, Level 3 [Member] | Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	2,151	6,191
Estimated Fair Value, Level 3 [Member] | Trading Securities [Member] | Warrants [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial instruments held for investment activities	$1,682	$1,996

Financial_Instruments_and_Long4

Financial Instruments and Long-Term Investments - Additional Information (Detail) (USD $)	3 Months Ended			12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2013
	Investment		Security	Investment
	Short_Sale
	Transfer
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Fair value of assets measured on recurring basis	$158,252	$144,743	'	$144,743
Investment in non-registered investment funds	77,854	61,197	'	61,197
Non-registered investment	16	'	'	14
Percentage of liabilities measured on recurring basis to total liabilities	'	1.30%	'	'
Number of transfers of securities between level 1, 2 and 3 financial assets	'	'	0	'
Number of Transfer made out of Level 3 and into Level 1	1	'	'	'
Transfer made Out of Level 2	0	'	'	'
Transfer made into Level 2	0	'	'	'
Non-public equity security purchased at a cost	2,000	'	'	'
Number of short-sales	2	'	'	'
Face value amount	100,000	'	'	'
Coupon rate of treasury securities	4.50%	'	'	'
Securities Maturity date	'2015-11	'	'	'
Securities Maturity date	'2016-02	'	'	'
Interest expense incurred	1,677	'	'	'
Other-than-temporary impairment losses	'	'	545	'
Carrying value of investment	'	'	4,257	'
Impairment losses	0	'	0	'
Other investments, at cost	2,681	7,681	'	7,681
Corporate Debt Investments [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Other investments, at cost	5,000	5,000	'	5,000
Non-Public Equity Securities [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Other investments, at cost	2,681	2,681	0	2,681
Available-for-Sale Securities [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Proceeds from sale of marketable securities	0	'	72	'
Estimated Fair Value, Level 3 [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Fair value of assets measured on recurring basis	81,738	72,732	'	72,732
Percentage of assets measured on recurring basis to assets	13.40%	17.70%	'	17.70%
Fair value of Liabilities measured on recurring basis	'	1,499	'	1,499
Gain [Member] | Available-for-Sale Securities [Member]	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'
Gross Gains from sale of marketable securities	$0	'	$36	'

Financial_Instruments_and_Long5

Financial Instruments and Long-Term Investments - Valuation Technique and Unobservable Inputs (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Dividend Yield	0.00%	0.00%
Interest Rate	2.64%	2.90%
Liability [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	'	1,499
Over-the counter trading activity	'	65.15
Weighted Average [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Dividend Yield	0.00%	0.00%
Interest Rate	2.64%	2.90%
Weighted Average [Member] | Liability [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	'	65.15
Assets [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	2,202	9,539
Assets [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	1,682	1,996
Volatility	30.00%	30.00%
Volatility, weighted average	30.00%	30.00%
Assets [Member] | Minimum [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	0.64	0.77
Assets [Member] | Maximum [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	19	19
Assets [Member] | Weighted Average [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	10.84	13.44

Financial_Instruments_and_Long6

Financial Instruments and Long-Term Investments - Changes in Fair Value of Company's Level 3 Financial Assets Measured on Recurring Basis (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	$71,233	$20,215
Total net gains (losses) (realized/unrealized)	'	'
Included in earnings	1,489	1,974
Included in other comprehensive income	'	'
Purchases	34,885	61,848
Sales/Distributions	-19,653	-53,286
Transfers out of Level 3	-6,216	'
Ending balance	81,738	30,751
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date	1,232	2,053
Trading Securities [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	11,535	2,615
Total net gains (losses) (realized/unrealized)	'	'
Included in earnings	-80	690
Included in other comprehensive income	'	'
Purchases	13,842	52,848
Sales/Distributions	-15,197	-53,286
Transfers out of Level 3	-6,216	'
Ending balance	3,884	2,867
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date	-377	769
Trading Securities Sold not yet Purchased [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	-1,499	'
Total net gains (losses) (realized/unrealized)	'	'
Included in earnings	-122	'
Included in other comprehensive income	'	'
Purchases	6,043	'
Sales/Distributions	-4,422	'
Transfers out of Level 3	'	'
Ending balance	'	'
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date	'	'
Investment Funds [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	61,197	17,600
Total net gains (losses) (realized/unrealized)	'	'
Included in earnings	1,691	1,284
Included in other comprehensive income	'	'
Purchases	15,000	9,000
Sales/Distributions	-34	'
Transfers out of Level 3	'	'
Ending balance	77,854	27,884
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date	$1,609	$1,284

Financial_Instruments_and_Long7

Financial Instruments and Long-Term Investments - Gains (Losses) from Level 3 Financial Assets Measured on Recurring Basis (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Total gains and losses included in earnings for the period:	'	'
Included in earnings	($1,489)	($1,974)
Change in unrealized gains or losses relating to assets held at the end of respective period	1,232	2,053
Institutional Brokerage [Member]	'	'
Total gains and losses included in earnings for the period:	'	'
Included in earnings	-39	1
Change in unrealized gains or losses relating to assets held at the end of respective period	-214	109
Net Investment Income [Member]	'	'
Total gains and losses included in earnings for the period:	'	'
Included in earnings	1,528	1,973
Change in unrealized gains or losses relating to assets held at the end of respective period	$1,446	$1,944

Financial_Instruments_and_Long8

Financial Instruments and Long-Term Investments - Financial Instruments Held for Investment - Designated as Trading (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract]	'	'
Net gains recognized on trading securities	$2,385	$706
Less: Net (gains) losses recognized on trading securities sold during the period	-237	'
Unrealized gains recognized on trading securities still held at the reporting	$2,148	$706

Financial_Instruments_and_Long9

Financial Instruments and Long-Term Investments - Financial Instruments Held for Investment - Designated as Available-for-Sale (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial Instruments Held For Investment Designated As Available For Sale [Abstract]	'	'
Marketable equity securities, Cost Basis	$108	$108
Marketable equity securities, Unrealized Gains	79	48
Marketable equity securities, Unrealized Losses	0	0
Marketable equity securities, Fair Value	$187	$156

Recovered_Sheet1

Financial Instruments and Long-Term Investments - Changes in the Company's Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Amortized Cost And Fair Value Debt Securities [Abstract]	'	'
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$34	($1,094)
Other comprehensive income (loss) before reclassifications	19	-627
Amounts reclassified from other comprehensive income (loss)	'	509
Accumulated Other Comprehensive Income (Loss), at period end	53	-1,212
Reclassifications from other comprehensive income (loss)	'	'
Other-than-temporary impairment loss	'	545
Realized gains on sale of securities	'	-36
Total	'	$509

Recovered_Sheet2

Financial Instruments and Long-Term Investments - Other Investments, at Cost (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Other investments, at cost	$2,681	$7,681	'
Non-Public Equity Securities [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Other investments, at cost	2,681	2,681	0
Corporate Debt Investments [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Other investments, at cost	$5,000	$5,000	'

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'	'
Income tax provision	$3,405	$1,459	'
Effective tax rate	37.80%	4.10%	'
Valuation allowance	17,400	'	'
Deferred tax assets	'	'	49,165
Net deferred tax assets	$18,272	'	'

Net_Capital_requirements_Addit

Net Capital requirements - Additional Information (Detail) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Brokers And Dealers [Abstract]	'
Net capital	$110,855
Net capital, excess of minimum required capital	107,630
Minimum net capital required	$3,225

Earnings_Per_Share_Computation

Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Weighted average shares outstanding, Basic:	'	'
Common stock, Basic (in thousands)	10,968	12,268
Stock options, unvested restricted stock and RSUs, Basic (in thousands)	'	'
Weighted average common and common equivalent shares outstanding, Basic (in thousands)	10,968	12,268
Net income (loss) applicable to common stock, Basic	$5,610	$35,254
Net Income (loss) per common share, Basic	$0.51	$2.87
Weighted average shares outstanding, Diluted:	'	'
Common stock, Diluted (in thousands)	10,968	12,268
Stock options, unvested restricted stock and RSUs, Diluted (in thousands)	1,119	1,024
Weighted average common and common equivalent shares outstanding, Diluted (in thousands)	12,087	13,292
Net income (loss) applicable to common stock, Diluted	$5,610	$35,254
Net Income (loss) per common share, Diluted	$0.46	$2.65

Earnings_Per_Share_Number_of_A

Earnings Per Share - Number of Anti-Dilutive Stock Options, Unvested Restricted Stock and Unvested Rsus Outstanding (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Schedule Of Earnings Per Share [Line Items]	'	'
Anti-dilutive stock-based awards	2,033	1,531
Stock Options-Employees and Directors [Member]	'	'
Schedule Of Earnings Per Share [Line Items]	'	'
Anti-dilutive stock-based awards	783	315
Stock Options-Non-Employee [Member]	'	'
Schedule Of Earnings Per Share [Line Items]	'	'
Anti-dilutive stock-based awards	27	230
Restricted Stock [Member]	'	'
Schedule Of Earnings Per Share [Line Items]	'	'
Anti-dilutive stock-based awards	4	'
RSUs [Member]	'	'
Schedule Of Earnings Per Share [Line Items]	'	'
Anti-dilutive stock-based awards	1,219	986

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 27, 2014
Commitments And Contingencies Disclosure [Abstract]	'	'
Guarantees issued	$75,000	$75,000
Termination date of guarantees	30-Sep-14	'
Guarantees value	0	'
Costs related to guarantees	$0	'

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Repurchases of common stock	$6,849	$9,140
Number of shares authorized to repurchase	1,353,849	'
Discounted purchase price of market value for Employee Stock Purchase Plan	85.00%	'
Compensation expense	149	80
Percentage of rate used under condition one of performance goal	50.00%	'
Percentage of rate used under condition two of performance goal	100.00%	'
Performance period under performance goal	'3 years	'
Percentage of compound annual growth rate in performance period used under condition one of performance goal	6.00%	'
Percentage of compound annual growth rate in performance period used under condition two of performance goal	9.00%	'
Percentage of compensation expense	50.00%	'
RSUs granted	294,843	'
Aggregate fair value upon grant date	7,317	'
RSUs [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
RSU awards that will vest based on both individual service requirements and the Company's achievement of a specified performance goal	277,405	'
RSUs granted	'	127,978
Aggregate fair value upon grant date	'	2,099
Privately Negotiated or Open Market Transactions [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of common stock repurchased	261,817	565,473
Weighted average price	$26.16	$16.16
Repurchases of common stock	$6,849	$9,140
Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Percentage of rate used under condition three of performance goal	100.00%	'
Percentage of compound annual growth rate in performance period used under condition three of performance goal	9.00%	'
Minimum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Percentage of rate used under condition three of performance goal	50.00%	'
Percentage of compound annual growth rate in performance period used under condition three of performance goal	6.00%	'
Stock Compensation Plans [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of stock-based awards available for grant under the long-term incentive plan	7,217,496	'
Period for long-term incentive plan	'10 years	'
Termination date	22-Oct-23	'
Stock Compensation Plans [Member] | Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Exercise period of stock options	'10 years	'
Cliff vesting period	'5 years	'
Stock Compensation Plans [Member] | Minimum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Cliff vesting period	'3 years	'

Shareholders_Equity_Compensati

Shareholders' Equity - Compensation Expense Related to Awards (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Compensation expense	$2,173	$1,839
Stock Options [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Compensation expense	-112	218
Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Compensation expense	63	5
RSUs [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Compensation expense	$2,073	$1,536

Shareholders_Equity_Issuance_A

Shareholders' Equity - Issuance Activity Related to Grants of Awards (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock-based award issuances	'
Grant date fair value per share	'
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock-based award issuances	'
Grant date fair value per share	'
RSUs [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock-based award issuances	289,128
Grant date fair value per share	$23.99

Shareholders_Equity_Unrecogniz

Shareholders' Equity - Unrecognized Compensation Related to Awards (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation	$75
Unvested awards	80,476
Weighted average vesting period	'5 months 1 day
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation	49
Unvested awards	10,421
Weighted average vesting period	'2 months 5 days
RSUs [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation	$17,325
Unvested awards	2,055,743
Weighted average vesting period	'1 year 10 months 13 days

RelatedParty_Transactions_Addi

Related-Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
		Professional Services Agreement [Member]	Crestview Company [Member]
Schedule of Other Related Party Transactions [Line Items]	'	'	'
Professional fees	$1,000	'	'
Minimum percentage of voting right in subsidiary to get advisory fee	50.00%	'	'
Expense associated with professional services agreement	'	$250	'
Shares repurchase	'	'	736,781

Discontinued_Operations_Summar

Discontinued Operations - Summary of Asset Management Operations Reflected in Consolidated Statements of Operations (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013
Discontinued Operations And Disposal Groups [Abstract]	'
Revenues	'
Gain on sale of assets, net	848
Expenses	8
Income from discontinued operations before income taxes	840
Income tax provision	34
Income from discontinued operations, net of taxes	$806

Segment_Information_Additional

Segment Information - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
	Short_Sale
Segment Reporting Information [Line Items]	'	'
Increase/Decrease in total assets of segment	$611,805	$410,572
Face value amount	100,000	'
Number of short-sales	2	'
Coupon rate of treasury securities	4.50%	'
Principal Investing [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Increase/Decrease in total assets of segment	332,548	101,702
Capital Markets [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Increase/Decrease in total assets of segment	$279,257	$308,870

Segment_Information_Summary_of

Segment Information - Summary of Financial Information of Company's Segments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Investment banking	$36,639	$101,290
Institutional brokerage	15,091	13,705
Net investment income	3,834	2,098
Interest income, dividends and other	471	833
Total revenues	56,035	117,926
Interest expense	1,677	'
Revenues, net of interest expense	54,358	'
Operating Expenses:	'	'
Variable	19,763	57,966
Fixed	25,580	24,053
Total non-interest expenses	45,343	82,019
Income from continuing operations before income taxes	9,015	35,907
Compensation and benefits:	'	'
Variable	16,320	53,436
Fixed	14,980	12,975
Total	31,300	66,411
Capital Markets [Member]	'	'
Revenues:	'	'
Investment banking	36,639	101,290
Institutional brokerage	15,091	13,705
Interest income, dividends and other	248	528
Total revenues	51,978	115,523
Revenues, net of interest expense	51,978	'
Operating Expenses:	'	'
Variable	19,544	57,316
Fixed	24,808	23,711
Total non-interest expenses	44,352	81,027
Income from continuing operations before income taxes	7,626	34,496
Compensation and benefits:	'	'
Variable	16,103	52,786
Fixed	14,636	12,739
Total	30,739	65,525
Principal Investing [Member]	'	'
Revenues:	'	'
Net investment income	3,834	2,098
Interest income, dividends and other	223	305
Total revenues	4,057	2,403
Interest expense	1,677	'
Revenues, net of interest expense	2,380	'
Operating Expenses:	'	'
Variable	219	650
Fixed	772	342
Total non-interest expenses	991	992
Income from continuing operations before income taxes	1,389	1,411
Compensation and benefits:	'	'
Variable	217	650
Fixed	344	236
Total	$561	$886