FBR & Co (FBRC) 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
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	'	10,094,888

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$176,905	$207,973
Receivables:	'	'
Due from brokers, dealers and clearing organizations	330,386	4,949
Customers	4,194	4,485
Other	1,285	658
Financial instruments owned, at fair value	190,479	144,743
Other investments, at cost	2,428	7,681
Furniture, equipment, software and leasehold improvements, net of accumulated depreciation and amortization	5,827	3,286
Deferred tax assets, net of valuation allowance	27,356	30,893
Prepaid expenses and other assets	7,261	5,904
Total assets	746,121	410,572
Liabilities	'	'
Securities sold but not yet purchased, at fair value	361,275	42,241
Accrued compensation and benefits	49,534	58,502
Accounts payable, accrued expenses and other liabilities	17,868	10,351
Due to brokers, dealers and clearing organizations	19,507	8,701
Total liabilities	448,184	119,795
Commitments and Contingencies (Note 6)	'	'
Shareholders' Equity	'	'
Preferred stock, $0.001 par value, 100,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.001 par value, 75,000,000 shares authorized, 10,087,159 and 10,545,509 shares issued and outstanding, respectively	10	11
Additional paid-in capital	349,070	362,983
Restricted stock units	29,951	21,487
Accumulated other comprehensive income, net of taxes	58	34
Accumulated deficit	-81,152	-93,738
Total shareholders' equity	297,937	290,777
Total liabilities and shareholders' equity	$746,121	$410,572

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 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	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	10,087,159	10,545,509
Common stock, shares outstanding	10,087,159	10,545,509

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Investment banking:	'	'	'	'
Capital raising	$35,312	$49,165	$68,628	$148,851
Advisory	472	2,872	3,795	4,476
Institutional brokerage	14,643	13,122	29,734	26,827
Net investment income	9,091	1,209	12,925	3,307
Interest, dividends and other	663	874	1,134	1,707
Total revenues	60,181	67,242	116,216	185,168
Interest expense	3,083	'	4,760	'
Revenues, net of interest expense	57,098	67,242	111,456	185,168
Non-Interest Expenses:	'	'	'	'
Compensation and benefits	32,070	37,923	63,370	104,334
Professional services	4,424	3,379	7,362	6,835
Business development	3,057	2,610	5,425	4,743
Clearing and brokerage fees	1,137	1,307	2,361	2,911
Occupancy and equipment	3,003	3,068	6,155	6,350
Communications	2,856	2,776	5,748	5,745
Other operating expenses	1,576	1,547	3,045	3,711
Total non-interest expenses	48,123	52,610	93,466	134,629
Income from continuing operations before income taxes	8,975	14,632	17,990	50,539
Income tax provision (benefit)	1,999	-25,700	5,404	-24,241
Income from continuing operations, net of taxes	6,976	40,332	12,586	74,780
Income from discontinued operations, net of taxes	'	2,316	'	3,122
Net income	$6,976	$42,648	$12,586	$77,902
Basic income per share:	'	'	'	'
Income from continuing operations, net of taxes	$0.65	$3.32	$1.15	$6.13
Income from discontinued operations, net of taxes	'	$0.19	'	$0.25
Basic income per share	$0.65	$3.51	$1.15	$6.38
Diluted income per share:	'	'	'	'
Income from continuing operations, net of taxes	$0.58	$3.06	$1.04	$5.71
Income from discontinued operations, net of taxes	'	$0.17	'	$0.24
Diluted income per share	$0.58	$3.23	$1.04	$5.95
Basic weighted average shares outstanding (in thousands)	10,795	12,166	10,927	12,201
Diluted weighted average shares outstanding (in thousands)	11,965	13,216	12,050	13,102

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net income	$6,976	$42,648	$12,586	$77,902
Other comprehensive income, net of tax:	'	'	'	'
Change in unrealized gain on available-for-sale investment securities, net of taxes of $2, $102, $14, and $102, respectively	5	1,359	24	1,241
Comprehensive income	$6,981	$44,007	$12,610	$79,143

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Change in unrealized gain on available-for-sale investment securities, taxes	$2	$102	$14	$102

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, unless otherwise specified
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	'	'
Other comprehensive income:	'	'	'	'	'	'	'
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	12,586	'	'	'	'	'	12,586
Issuance of common stock, net of forfeitures	150	'	3,312	'	-3,162	'	'
Issuance of common stock, net of forfeitures, shares	'	204,000	'	'	'	'	'
Repurchase of common stock	-17,329	-1	-17,328	'	'	'	'
Repurchase of common stock, shares	'	-662,000	'	'	'	'	'
Stock compensation expense for options granted to purchase common stock	103	'	103	'	'	'	'
Issuance of restricted stock units	11,626	'	'	'	11,626	'	'
Other comprehensive income:	'	'	'	'	'	'	'
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes	24	'	'	'	'	24	'
Ending Balance at Jun. 30, 2014	$297,937	$10	$349,070	$0	$29,951	$58	($81,152)
Ending Balance, Shares at Jun. 30, 2014	'	10,087,000	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$12,586	$77,902
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Deferred income taxes	3,522	-25,994
Depreciation and amortization	717	697
Stock compensation	4,546	4,046
Net investment income from investments	-12,925	-3,307
Gain on sale of assets	'	-3,430
Other	-13	71
Receivables:	'	'
Brokers, dealers and clearing organizations	-10,343	-20,961
Customers	135	-3,568
Other	-240	-685
Trading securities	-19,744	10,247
Prepaid expenses and other assets	-1,357	1,582
Changes in operating liabilities:	'	'
Trading securities sold but not yet purchased	21,725	-16,887
Accrued compensation and benefits	-1,650	45,851
Accounts payable, accrued expenses and other liabilities	4,898	-2,954
Brokers, dealers and clearing organizations	10,807	20,599
Net cash provided by operating activities	12,664	83,209
Cash flows from investing activities:	'	'
Purchases of investments	-41,507	-29,411
Proceeds from sales of and distributions from investments	26,610	8,653
Securities sold but not yet purchased, net	302,006	'
Due from brokers, dealers and clearing organizations	-311,816	'
Purchases of furniture, equipment, software, and leasehold improvements	-3,257	-154
Net cash used in investing activities	-27,964	-20,912
Cash flows from financing activities:	'	'
Repurchases of common stock	-17,329	-12,284
Proceeds from sales of common stock and repayment of employee stock purchase plan	1,561	1,796
Net cash used in financing activities	-15,768	-10,488
Net (decrease) increase in cash and cash equivalents	-31,068	51,809
Cash and cash equivalents, beginning of period	207,973	174,925
Cash and cash equivalents, end of period	176,905	226,734
Supplemental Cash Flow Information:	'	'
Income tax payments	2,781	2,422
Interest payments	$7,219	'

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 (“2013 Form 10-K”).
	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.
	Revision to Previously Reported Financial Statements
	As previously disclosed by the Company and as presented in its 2013 Form 10-K, the Company has revised its June 30, 2013 financial statements in this quarterly report on Form 10-Q. The revision reduced the previously reported second quarter 2013 tax benefit by $3,891, net income by $3,891, basic earnings per share by $0.32 and diluted earnings per share by $0.29. The revision reduced the previously reported six months ended June 30, 2013 tax benefit by $3,891, net income by $3,891, basic earnings per share by $0.32 and diluted earnings per share by $0.30.

Financial_Instruments_and_Long

Financial Instruments and Long-Term Investments	6 Months Ended
	Jun. 30, 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 Measurement” (“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 from an exchange are used to value these securities. Non-public equity securities, which primarily include securities where the Company acted as a placement agent in an offering of equity securities and where the Company facilitates over-the-counter trading activity for the securities, are classified within Level 3 of the fair value hierarchy. In determining the fair value of these securities, the Company considers enterprise value and analyzes various financial, performance and market factors to estimate the value, including where applicable over-the-counter market trading activity. Non-exchange traded 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. The Company primarily uses price quotes from one independent broker dealer who makes markets in or is a specialist with expertise in the valuation of these financial instruments. The Company reviews broker or pricing service quotes it receives to assess the reasonableness of the values provided, such reviews include comparison to internal pricing models and, when available, prices observed for recently executed market transactions of comparable size. Based on this assessment, at each reporting date the Company will adjust price quotes it receives if such an adjustment is determined to be appropriate.
	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. As of June 30, 2014, the Company’s $93,290 of investments in non-registered investment funds were subject to various redemption provisions. Approximately 88% of the fair value amount of the funds was redeemable on at least a three month period basis primarily with a notice period of 90 days or less. At June 30, 2014, 16% of the fair value amount of these funds was subject to early withdrawal fees of 5% or less, all of which expire during 2014. Additionally, approximately 81% of the fair value amount of these funds was subject to redemption holdbacks of 10% or less.
	Fair Value Hierarchy
	The following tables set forth, by level within the fair value hierarchy, financial instruments accounted for under ASC 820 as of June 30, 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
		June 30,			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	$	35,474		$	35,294		$	—		$	180
	Listed options		177			177			—			—
	Convertible and fixed income debt instruments		42,290			—			42,290			—
			77,941			35,471			42,290			180
	Financial instruments held for investment activities:
	Designated as trading:
	Marketable and non-public equity securities		17,721			9,749			—			7,972
	Warrants		1,334			—			—			1,334
	Designated as available-for-sale:
	Marketable equity securities		193			193			—			—
			19,248			9,942			—			9,306
	Investment Funds		93,290			—			—			93,290
	Total	$	190,479		$	45,413		$	42,290		$	102,776
	Securities sold but not yet purchased, at fair value:
	U.S. Treasury securities	$	297,309		$	297,309		$	—		$	—
	Marketable equity securities		52,782			52,782			—			—
	Listed options		124			124			—			—
	Convertible and fixed income debt instruments		11,060			—			11,060			—
	Total	$	361,275		$	350,215		$	11,060		$	—
	As of June 30, 2014, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $102,776 or 13.8% 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 for non-public equity securities, 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 June 30, 2014:
	Valuation Technique	Fair Value			Unobservable Input		Range	Weighted
								Average
	Market approach—assets	$	8,152		Over-the counter trading activity		$0.67 – $21.25/share	$	10.68
	Black-Scholes—assets	$	1,334		Volatility		30%		30	%
					Dividend Yield		0%		0	%
					Interest Rate		2.39%		2.39	%
	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. For warrants valued using Black-Scholes, adverse industry market conditions or events experienced by the issuer 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 Company assessed the reasonableness of the fair values of the non-public equity securities noted above based on its consideration of available financial data related to these issuers as well as an assessment of the nature of any over-the-counter trading activity during the period. The Company assessed the reasonableness of the fair value of the non-exchange traded warrants valued using a Black-Scholes valuation based on its consideration of the fair values of comparable exchange-traded options.
	The table above excludes $93,290 of investments in 18 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 the issuer 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 Company assessed the reasonableness of the fair values of the non-public equity securities noted above based on its consideration of available financial data related to these issuers as well as an assessment of the nature of any over-the-counter trading activity during the period. The Company assessed the reasonableness of the fair value of the non-exchange traded warrants valued using a Black-Scholes valuation based on its consideration of the fair values of comparable exchange-traded options.
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 June 30, 2014 and 2013. As of June 30, 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			Investment			Total
	Securities			Funds
Beginning balance, April 1, 2014	$	3,884		$	77,854		$	81,738
Total net gain/losses (realized/unrealized)
Included in earnings		168			2,201			2,369
Included in other comprehensive income		—			—			—
Purchases		34,937			13,487			48,424
Sales/Distributions		(29,470	)		(252	)		(29,722	)
Transfers out of level 3		(33	)		—			(33	)
Ending balance, June 30, 2014	$	9,486		$	93,290		$	102,776
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	$	102		$	2,201		$	2,303
	Trading			Investment			Total
	Securities			Funds
Beginning balance, April 1, 2013	$	2,867		$	27,884		$	30,751
Total net gain/losses (realized/unrealized)
Included in earnings		1,545			874			2,419
Included in other comprehensive income		—			—			—
Purchases		183,362			—			183,362
Sales/Distributions		(176,407	)		(25	)		(176,432	)
Transfers out of level 3		(1,166	)		—			(1,166	)
Ending balance, June 30, 2013	$	10,201		$	28,733		$	38,934
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	$	19		$	1,933		$	1,952
There were no transfers in to, or out of Level 2 financial assets during the three months ended June 30, 2014. One transfer was made out of Level 3 and into Level 1 during the three months ended June 30, 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 2 financial assets during the three months ended June 30, 2013. One transfer was made out of Level 3 and into Level 1 during the three months ended June 30, 2013 for an equity security that was previously a non-public equity security and during the period became publicly traded.
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 six months ended June 30, 2014 and 2013.
	Trading			Trading Securities			Investment			Total
	Securities			Sold not yet			Funds
				Purchased
Beginning balance, January 1, 2014	$	11,535		$	(1,499	)	$	61,197		$	71,233
Total net gains (losses) (realized/unrealized)
Included in earnings		88			(122	)		3,892			3,858
Included in other comprehensive income		—			—			—			—
Purchases		48,779			6,043			28,487			83,309
Sales/Distributions		(44,667	)		(4,422	)		(286	)		(49,375	)
Transfers out of level 3		(6,249	)		—			—			(6,249	)
Ending balance, June 30, 2014	$	9,486		$	—		$	93,290		$	102,776
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	$	(275	)	$	—		$	3,810		$	3,535
	Trading			Investment			Total
	Securities			Funds
Beginning balance, January 1, 2013	$	2,615		$	17,600		$	20,215
Total net gains (losses) (realized/unrealized)
Included in earnings		2,235			2,158			4,393
Included in other comprehensive income		—			—			—
Purchases		236,210			9,000			245,210
Sales/Distributions		(229,693	)		(25	)		(229,718	)
Transfers out of level 3		(1,166	)		—			(1,166	)
Ending balance, June 30, 2013	$	10,201		$	28,733		$	38,934
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	$	128		$	3,877		$	4,005
There were no transfers of securities in to, or out of, Level 2 financial assets during the six months ended June 30, 2014. Two transfers were made out of Level 3 and into Level 1 during the six months ended June 30, 2014 for two equity securities that were each 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 2 financial assets during the six months ended June 30, 2013. One transfer was made out of Level 3 and into Level 1 during the six months ended June 30, 2013 for an equity security that was previously a non-public equity security and during the period became publicly traded.
Gains and losses from Level 3 financial assets that are measured at fair value on a recurring basis, included in earnings for the three and six months ended June 30, 2014 and 2013, are reported in the following line descriptions on the Company’s statements of operations:
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Total gains and losses included in earnings for the period:
Institutional brokerage	$	42		$	486		$	3		$	487
Net investment income		2,327			1,933			3,855			3,906
Change in unrealized gains or losses relating to assets still held at the end of the respective period:
Institutional brokerage	$	(24	)	$	19		$	(238	)	$	128
Net investment income		2,015			1,933			3,461			3,877
Financial Instruments Held for Investment—Designated as Trading
As of June 30, 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 June 30, 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 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 in the statements of operations. During the three months ended June 30, 2014, the Company elected to account for one non-public equity security, purchased at a cost of $4,148, at fair value. During the six months ended June 30, 2014, the Company elected to account for two non-public equity securities, purchased at a cost of $6,148, at fair value. Net gains and losses on such trading securities as of the dates indicated were as follows:
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Net gains recognized on trading securities	$	5,665		$	310		$	8,050		$	1,016
Less: Net (gains) losses recognized on trading securities sold during the period		(804	)		27			(931	)		(634	)
Unrealized gains recognized on trading securities still held at the reporting date	$	4,861		$	337		$	7,119		$	382
As part of the Company’s investing activities, during the three months ended June 30, 2014 the Company entered into one short-sale of a $75,000 face value 7.25% U.S. Treasury security, and during the three months ended March 31, 2014 the Company entered into two short-sales of $100,000 face value each, 4.50% U.S. Treasury securities. These securities mature in May 2016, 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 June 30, 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 and six months ended June 30, 2014, the Company incurred $3,083 and $4,760, respectively, 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 June 30, 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:
	June 30, 2014
	Cost			Unrealized						Fair Value
	Basis			Gains			Losses
Marketable equity securities	$	108		$	85		$	0		$	193
	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 and six months ended June 30, 2014, and as of June 30, 2014, the Company did not hold any marketable securities that were in an unrealized loss position. During the three months ended June 30, 2013, the Company did not recognize any other-than-temporary impairment losses, however during the six months ended June 30, 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 securities during the three and six months ended June 30, 2014. During the three months ended June 30, 2013, the Company received proceeds of $4,225 from sales of marketable equity securities resulting in gross losses of $(32). During the six months ended June 30, 2013, the Company received proceeds of $4,297 from sales of marketable equity securities resulting in gross gains of $36 and gross losses of $(32).
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						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Accumulated other comprehensive income (loss), beginning balance	$	53		$	(1,212	)	$	34		$	(1,094	)
Other comprehensive income before reclassifications		5			1,359			24			732
Amounts reclassified from other comprehensive income		—			—			—			509
Accumulated other comprehensive income, at period end	$	58		$	147		$	58		$	147
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
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:
	June 30,			December 31,
	2014			2013
Non-public equity securities	$	2,428		$	2,681
Corporate debt investments		—			5,000
	$	2,428		$	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 and six months ended June 30, 2014 and 2013.
During both the three and six months ended June 30, 2014, the Company received proceeds of $1,428 from the sale of a non-public equity security resulting in a gross gain of $1,176. During the six months ended June 30, 2014, the Company received $5,000 reflecting the full repayment at its maturity of a corporate debt investment. During the three and six months ended June 30, 2013, there were no sales of non-public equity securities or corporate debt investments carried at cost. During the three months ended June 30, 2013, the Company received $317 from the maturity of a note receivable that was carried at cost. In addition, during the three months ended June 30, 2013, a non-public equity security carried at cost with a basis of $2,390 became publicly traded during the period. The Company designated this security as trading at the time it became publicly traded.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	3. Income Taxes:
	During the three and six months ended June 30, 2014, the Company recorded tax provisions of $1,999 and $5,404, 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 and six months ended June 30, 2014 were 22.3% and 30.0%, 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. As a result of the valuation allowance release discussed in more detail below, during the three and six months ended June 30, 2013, the Company recorded income tax benefits of $25,700 and $24,241, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2013 were (175.6)% and (48.0)%, respectively. These tax rates differed from statutory tax rates primarily due to the effects of the valuation allowance reversal.
	During the three months ended June 30, 2013, the Company released a significant component of its 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 be realized in the future. Following the criteria in ASC 740, the Company reviews this valuation allowance 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. The Company’s operating results since June 30, 2013 have provided additional positive evidence in support of the valuation allowance release. 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. Realization of the Company’s deferred tax assets not subject to a valuation allowance is dependent on the Company’s prospective operating performance and its ability to generate positive operating results.
	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 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 June 30, 2014, the Company determined that a valuation allowance related to its capital loss carryforwards and net unrealized losses on investments. As of June 30, 2014, these deferred tax assets and related valuation allowance totaled approximately $14,800. Recognition of these deferred tax assets will be dependent on the Company’s ability to generate capital gains.

Net_Capital_Requirements

Net Capital Requirements	6 Months Ended
	Jun. 30, 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 June 30, 2014, FBRCM had net capital of $72,899 which was $68,050 in excess of its required net capital of $4,849.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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
		30-Jun-14				30-Jun-13
		Basic		Diluted		Basic		Diluted
	Weighted average shares outstanding:
	Common stock (in thousands)		10,795		10,795		12,166		12,166
	Stock options, unvested restricted stock and unvested RSUs (in thousands)		—		1,170		—		1,050
	Weighted average common and common equivalent shares outstanding (in thousands)		10,795		11,965		12,166		13,216
	Net income applicable to common stock	$	6,976	$	6,976	$	42,648	$	42,648
	Net income per common share	$	0.65	$	0.58	$	3.51	$	3.23
		Six Months Ended				Six Months Ended
		30-Jun-14				30-Jun-13
		Basic		Diluted		Basic		Diluted
	Weighted average shares outstanding:
	Common stock (in thousands)		10,927		10,927		12,201		12,201
	Stock options, unvested restricted stock and unvested RSUs (in thousands)		—		1,123		—		901
	Weighted average common and common equivalent shares outstanding (in thousands)		10,927		12,050		12,201		13,102
	Net income applicable to common stock	$	12,586	$	12,586	$	77,902	$	77,902
	Net income per common share	$	1.15	$	1.04	$	6.38	$	5.95
	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				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Stock options—employees and directors		728		592		730		592
	Stock options—non-employee		27		4		27		71
	Restricted Stock, unvested		6		10		6		10
	Restricted Stock Units, unvested		1,056		1,058		1,100		1,140
			1,817		1,664		1,863		1,813

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	6. Commitments and Contingencies:
	Litigation
	As of June 30, 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 was named a defendant in the putative class action lawsuit MHC Mutual Conversion Fund, L.P. v. United Western Bancorp, Inc., et al. 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, alleged material misrepresentations and omissions in the registration statement and prospectus issued in connection with the Bank’s September 2009 offering. 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, and on August 1, 2014, the Court of Appeals affirmed the District Court’s judgment.
	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.
	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 agreed to purchase LCM’s securities lending business (the “Transaction Agreement”). Pursuant to the Transaction Agreement, the Company issued to certain counterparties of LCM guarantees of LCM’s obligations under securities loan agreements up to an aggregate of $75,000.
	As of June 30, 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 June 30, 2014. To-date, the Company has not incurred any costs relative to these guarantees. The Company’s purchase of LCM’s securities lending business closed on August 4, 2014 (see Note 12, “Subsequent Events”). The guarantees discussed above will terminate in connection with the closing of the transaction.

Shareholders_Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	7. Shareholders’ Equity:
	Share Repurchases
	During the three and six months ended June 30, 2014, the Company repurchased 400,195 shares and 662,012 shares, respectively, of its common stock in open market or privately negotiated transactions at weighted average share prices of $26.19 per share and $26.18 per share, respectively, for a total cost, including transaction costs, of $10,480 and $17,329, respectively. During the three and six months ended June 30, 2013, the Company repurchased 150,064 shares and 715,537 shares, respectively, of its common stock primarily in privately negotiated or open market transactions at weighted average share prices of $20.95 per share and $17.17 per share, respectively, for a total cost, including transaction costs, of $3,144 and $12,284, respectively. As of June 30, 2014, the Company has remaining authority to repurchase 953,654 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 and six months ended June 30, 2014, the Company recognized compensation expense of $39 and $188, respectively. For the three and six months ended June 30, 2013, the Company recognized compensation expense of $83 and $163, 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				Six Months Ended
		June 30,				June 30,
		2014		2013		2014			2013
	Stock options	$	27	$	115	$	(85	)	$	333
	Restricted shares	$	72	$	15	$	135		$	20
	RSUs	$	2,235	$	1,975	$	4,308		$	3,511
	The following table presents issuance activity related to grants of these awards for the period indicated:
		Three Months Ended June 30, 2014							Six Months Ended June 30, 2014
		Stock		Restricted		RSUs			Stock		Restricted		RSUs
		Options		Shares					Options		Shares
	Stock-based award issuances		—		12,218		17,548			—		12,218		306,676
	Grant date fair value per share	$	—	$	26.19	$	26.42		$	—	$	26.19	$	24.13
	Included in the RSUs granted during the six months ended June 30, 2014 are 283,153 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 six months ended June 30, 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 June 30, 2014
		Stock		Restricted		RSUs
		Options		Shares
	Unrecognized compensation	$	48	$	296	$	14,674
	Unvested awards		36,418		12,218		1,949,952
	Weighted average vesting period		0.58 years		0.93 years		1.64 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 six months ended June 30, 2014, the Company granted 294,843 of such RSUs with an aggregate fair value upon grant date of $7,317. For the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 the Company’s 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. In June 2013, Crestview elected to receive a portion of the management fee in options to purchase shares of the Company’s common stock as allowed for under the agreement. Based on Crestview’s election, the Company issued 32,432 options to Crestview Advisors, L.L.C. valued at $270. During the three and six months ended June 30, 2013, the Company recognized $250 and $500, respectively, of expense associated with this agreement.

Discontinued_Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 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 three and six months ended June 30, 2013 reflects the estimated change in value during the periods 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 and six months ended June 30, 2013, are presented in the following table.
		Three Months		Six Months
		Ended		Ended
		June 30, 2013		June 30, 2013
	Revenues	$	—	$	—
	Gain on sale of assets, net		2,582		3,430
	Expenses		215		223
	Income from discontinued operations before income taxes		2,367		3,207
	Income tax provision		51		85
	Income from discontinued operations, net of taxes	$	2,316	$	3,122

Segment_Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 2014
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	35,784	$	—	$	35,784
	Institutional brokerage		14,643		—		14,643
	Net investment income		—		9,091		9,091
	Interest income, dividends and other		485		178		663
	Total revenues		50,912		9,269		60,181
	Interest expense		—		3,083		3,083
	Revenues, net of interest expense		50,912		6,186		57,098
	Operating Expenses:
	Variable		21,140		1,139		22,279
	Fixed		25,193		651		25,844
	Total		46,333		1,790		48,123
	Pre-tax income	$	4,579	$	4,396	$	8,975
	Compensation and benefits:
	Variable	$	16,018	$	1,135	$	17,153
	Fixed		14,552		365		14,917
	Total	$	30,570	$	1,500	$	32,070
		Three Months Ended June 30, 2013
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	52,037	$	—	$	52,037
	Institutional brokerage		13,122		—		13,122
	Net investment income		—		1,209		1,209
	Net interest income, dividends and other		442		432		874
	Total		65,601		1,641		67,242
	Operating Expenses:
	Variable		29,464		108		29,572
	Fixed		22,666		372		23,038
	Total		52,130		480		52,610
	Pre-tax income	$	13,471	$	1,161	$	14,632
	Compensation and benefits:
	Variable	$	25,002	$	106	$	25,108
	Fixed		12,563		252		12,815
	Total	$	37,565	$	358	$	37,923
		Six Months Ended June 30, 2014
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	72,423	$	—	$	72,423
	Institutional brokerage		29,734		—		29,734
	Net investment income		—		12,925		12,925
	Interest income, dividends and other		733		401		1,134
	Total revenues		102,890		13,326		116,216
	Interest expense		—		4,760		4,760
	Revenues, net of interest expense		102,890		8,566		111,456
	Operating Expenses:
	Variable		40,684		1,358		42,042
	Fixed		50,001		1,423		51,424
	Total		90,685		2,781		93,466
	Pre-tax income	$	12,205	$	5,785	$	17,990
	Compensation and benefits:
	Variable	$	32,121	$	1,352	$	33,473
	Fixed		29,188		709		29,897
	Total	$	61,309	$	2,061	$	63,370
		Six Months Ended June 30, 2013
		Capital		Principal		Total
Markets		Investing
Revenues:
Investment banking	$	153,327	$	—	$	153,327
Institutional brokerage		26,827		—		26,827
Net investment income		—		3,307		3,307
Net interest income, dividends and other		970		737		1,707
Total		181,124		4,044		185,168
Operating Expenses:
Variable		86,780		758		87,538
Fixed		46,377		714		47,091
Total		133,157		1,472		134,629
Pre-tax income	$	47,967	$	2,572	$	50,539
Compensation and benefits:
Variable	$	77,788	$	756	$	78,544
Fixed		25,302		488		25,790
Total	$	103,090	$	1,244	$	104,334
The total assets of the Company’s principal investing segment increased to $397,039 as of June 30, 2014 from $332,548 as of March 31, 2014 and $101,702 as of December 31, 2013. The increase in these total assets was a result of investing activities during the three and six months ended June 30, 2014, in particular one short-sale of $75,000 face value, 7.25% in the second quarter 2014, and two short-sales of $100,000 face value each, 4.50% U.S. Treasury securities during the first quarter of 2014. The total assets of the Company’s capital markets segment increased to $349,082 as of June 30, 2014 from $279,257 as of March 31, 2014 and from $308,870 as of December 31, 2013. The increase in these total assets during the three months ended June 30, 2014 was due primarily to an increase in trading securities held. The increase in these total assets during the six months ended June 30, 2014 was due to an increase in trading securities held and cash provided by operating activities.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
Accounting Changes And Error Corrections [Abstract]	'
Recent Accounting Pronouncements	'
	11. Recent Accounting Pronouncements:
	In July 2013, the FASB issued Accounting Standards Update (“ASU”) 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 is 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.
	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in 2017.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	12. Subsequent Events:
	Share Repurchase
	On July 24, 2014, the Company commenced a modified “Dutch auction” tender offer to purchase up to one million shares, or about 9.9%, of its outstanding common stock, at a price of not less than $28.00 and not more than $29.00 per share.
	Securities Lending
	On August 4, 2014, the Company completed the purchase of LCM’s securities lending business. Pursuant to the terms of the Transaction Agreement, the Company made an initial cash payment at closing and is obligated to make additional payments to LCM that are contingent on the performance of the business over the next 18 months. The Company is currently in the process of assessing the value of this contingent consideration.

Financial_Instruments_and_Long1

Financial Instruments and Long-Term Investments (Policies)	6 Months Ended
	Jun. 30, 2014
Equity [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 Measurement” (“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 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 in the statements of operations. During the three months ended June 30, 2014, the Company elected to account for one non-public equity security, purchased at a cost of $4,148, at fair value. During the six months ended June 30, 2014, the Company elected to account for two non-public equity securities, purchased at a cost of $6,148, at fair value. Net gains and losses on such trading securities as of the dates indicated were as follows:
		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2014			2013		2014			2013
	Net gains recognized on trading securities	$	5,665		$	310	$	8,050		$	1,016
	Less: Net (gains) losses recognized on trading securities sold during the period		(804	)		27		(931	)		(634	)
	Unrealized gains recognized on trading securities still held at the reporting date	$	4,861		$	337	$	7,119		$	382
	As part of the Company’s investing activities, during the three months ended June 30, 2014 the Company entered into one short-sale of a $75,000 face value 7.25% U.S. Treasury security, and during the three months ended March 31, 2014 the Company entered into two short-sales of $100,000 face value each, 4.50% U.S. Treasury securities. These securities mature in May 2016, 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 June 30, 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 and six months ended June 30, 2014, the Company incurred $3,083 and $4,760, respectively, 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 June 30, 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 and six months ended June 30, 2014, the Company recognized compensation expense of $39 and $188, respectively. For the three and six months ended June 30, 2013, the Company recognized compensation expense of $83 and $163, respectively
Recent Accounting Pronouncements	'
	In July 2013, the FASB issued Accounting Standards Update (“ASU”) 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 is 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)	6 Months Ended
	Jun. 30, 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 June 30, 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
		June 30,			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	$	35,474		$	35,294		$	—		$	180
	Listed options		177			177			—			—
	Convertible and fixed income debt instruments		42,290			—			42,290			—
			77,941			35,471			42,290			180
	Financial instruments held for investment activities:
	Designated as trading:
	Marketable and non-public equity securities		17,721			9,749			—			7,972
	Warrants		1,334			—			—			1,334
	Designated as available-for-sale:
	Marketable equity securities		193			193			—			—
			19,248			9,942			—			9,306
	Investment Funds		93,290			—			—			93,290
	Total	$	190,479		$	45,413		$	42,290		$	102,776
	Securities sold but not yet purchased, at fair value:
	U.S. Treasury securities	$	297,309		$	297,309		$	—		$	—
	Marketable equity securities		52,782			52,782			—			—
	Listed options		124			124			—			—
	Convertible and fixed income debt instruments		11,060			—			11,060			—
	Total	$	361,275		$	350,215		$	11,060		$	—
		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 June 30, 2014:
	Valuation Technique	Fair Value			Unobservable Input		Range	Weighted
								Average
	Market approach—assets	$	8,152		Over-the counter trading activity		$0.67 – $21.25/share	$	10.68
	Black-Scholes—assets	$	1,334		Volatility		30%		30	%
					Dividend Yield		0%		0	%
					Interest Rate		2.39%		2.39	%
	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	%
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 June 30, 2014 and 2013. As of June 30, 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			Investment			Total
		Securities			Funds
	Beginning balance, April 1, 2014	$	3,884		$	77,854		$	81,738
	Total net gain/losses (realized/unrealized)
	Included in earnings		168			2,201			2,369
	Included in other comprehensive income		—			—			—
	Purchases		34,937			13,487			48,424
	Sales/Distributions		(29,470	)		(252	)		(29,722	)
	Transfers out of level 3		(33	)		—			(33	)
	Ending balance, June 30, 2014	$	9,486		$	93,290		$	102,776
	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	$	102		$	2,201		$	2,303
		Trading			Investment			Total
		Securities			Funds
	Beginning balance, April 1, 2013	$	2,867		$	27,884		$	30,751
	Total net gain/losses (realized/unrealized)
	Included in earnings		1,545			874			2,419
	Included in other comprehensive income		—			—			—
	Purchases		183,362			—			183,362
	Sales/Distributions		(176,407	)		(25	)		(176,432	)
	Transfers out of level 3		(1,166	)		—			(1,166	)
	Ending balance, June 30, 2013	$	10,201		$	28,733		$	38,934
	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	$	19		$	1,933		$	1,952
	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 six months ended June 30, 2014 and 2013.
		Trading			Trading Securities			Investment			Total
		Securities			Sold not yet			Funds
					Purchased
	Beginning balance, January 1, 2014	$	11,535		$	(1,499	)	$	61,197		$	71,233
	Total net gains (losses) (realized/unrealized)
	Included in earnings		88			(122	)		3,892			3,858
	Included in other comprehensive income		—			—			—			—
	Purchases		48,779			6,043			28,487			83,309
	Sales/Distributions		(44,667	)		(4,422	)		(286	)		(49,375	)
	Transfers out of level 3		(6,249	)		—			—			(6,249	)
	Ending balance, June 30, 2014	$	9,486		$	—		$	93,290		$	102,776
	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	$	(275	)	$	—		$	3,810		$	3,535
		Trading			Investment			Total
		Securities			Funds
	Beginning balance, January 1, 2013	$	2,615		$	17,600		$	20,215
	Total net gains (losses) (realized/unrealized)
	Included in earnings		2,235			2,158			4,393
	Included in other comprehensive income		—			—			—
	Purchases		236,210			9,000			245,210
	Sales/Distributions		(229,693	)		(25	)		(229,718	)
	Transfers out of level 3		(1,166	)		—			(1,166	)
	Ending balance, June 30, 2013	$	10,201		$	28,733		$	38,934
	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	$	128		$	3,877		$	4,005
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 and six months ended June 30, 2014 and 2013, are reported in the following line descriptions on the Company’s statements of operations:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Total gains and losses included in earnings for the period:
	Institutional brokerage	$	42		$	486		$	3		$	487
	Net investment income		2,327			1,933			3,855			3,906
	Change in unrealized gains or losses relating to assets still held at the end of the respective period:
	Institutional brokerage	$	(24	)	$	19		$	(238	)	$	128
	Net investment income		2,015			1,933			3,461			3,877
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						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Net gains recognized on trading securities	$	5,665		$	310		$	8,050		$	1,016
	Less: Net (gains) losses recognized on trading securities sold during the period		(804	)		27			(931	)		(634	)
	Unrealized gains recognized on trading securities still held at the reporting date	$	4,861		$	337		$	7,119		$	382
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:
		June 30, 2014
		Cost			Unrealized						Fair Value
		Basis			Gains			Losses
	Marketable equity securities	$	108		$	85		$	0		$	193
		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						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Accumulated other comprehensive income (loss), beginning balance	$	53		$	(1,212	)	$	34		$	(1,094	)
	Other comprehensive income before reclassifications		5			1,359			24			732
	Amounts reclassified from other comprehensive income		—			—			—			509
	Accumulated other comprehensive income, at period end	$	58		$	147		$	58		$	147
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	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:
		June 30,			December 31,
		2014			2013
	Non-public equity securities	$	2,428		$	2,681
	Corporate debt investments		—			5,000
		$	2,428		$	7,681

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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
		30-Jun-14				30-Jun-13
		Basic		Diluted		Basic		Diluted
	Weighted average shares outstanding:
	Common stock (in thousands)		10,795		10,795		12,166		12,166
	Stock options, unvested restricted stock and unvested RSUs (in thousands)		—		1,170		—		1,050
	Weighted average common and common equivalent shares outstanding (in thousands)		10,795		11,965		12,166		13,216
	Net income applicable to common stock	$	6,976	$	6,976	$	42,648	$	42,648
	Net income per common share	$	0.65	$	0.58	$	3.51	$	3.23
		Six Months Ended				Six Months Ended
		30-Jun-14				30-Jun-13
		Basic		Diluted		Basic		Diluted
	Weighted average shares outstanding:
	Common stock (in thousands)		10,927		10,927		12,201		12,201
	Stock options, unvested restricted stock and unvested RSUs (in thousands)		—		1,123		—		901
	Weighted average common and common equivalent shares outstanding (in thousands)		10,927		12,050		12,201		13,102
	Net income applicable to common stock	$	12,586	$	12,586	$	77,902	$	77,902
	Net income per common share	$	1.15	$	1.04	$	6.38	$	5.95
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				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Stock options—employees and directors		728		592		730		592
	Stock options—non-employee		27		4		27		71
	Restricted Stock, unvested		6		10		6		10
	Restricted Stock Units, unvested		1,056		1,058		1,100		1,140
			1,817		1,664		1,863		1,813

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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				Six Months Ended
		June 30,				June 30,
		2014		2013		2014			2013
	Stock options	$	27	$	115	$	(85	)	$	333
	Restricted shares	$	72	$	15	$	135		$	20
	RSUs	$	2,235	$	1,975	$	4,308		$	3,511
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 June 30, 2014							Six Months Ended June 30, 2014
		Stock		Restricted		RSUs			Stock		Restricted		RSUs
		Options		Shares					Options		Shares
	Stock-based award issuances		—		12,218		17,548			—		12,218		306,676
	Grant date fair value per share	$	—	$	26.19	$	26.42		$	—	$	26.19	$	24.13
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 June 30, 2014
		Stock		Restricted		RSUs
		Options		Shares
	Unrecognized compensation	$	48	$	296	$	14,674
	Unvested awards		36,418		12,218		1,949,952
	Weighted average vesting period		0.58 years		0.93 years		1.64 years

Discontinued_Operations_Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2013, are presented in the following table.
		Three Months		Six Months
		Ended		Ended
		June 30, 2013		June 30, 2013
	Revenues	$	—	$	—
	Gain on sale of assets, net		2,582		3,430
	Expenses		215		223
	Income from discontinued operations before income taxes		2,367		3,207
	Income tax provision		51		85
	Income from discontinued operations, net of taxes	$	2,316	$	3,122

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	35,784	$	—	$	35,784
	Institutional brokerage		14,643		—		14,643
	Net investment income		—		9,091		9,091
	Interest income, dividends and other		485		178		663
	Total revenues		50,912		9,269		60,181
	Interest expense		—		3,083		3,083
	Revenues, net of interest expense		50,912		6,186		57,098
	Operating Expenses:
	Variable		21,140		1,139		22,279
	Fixed		25,193		651		25,844
	Total		46,333		1,790		48,123
	Pre-tax income	$	4,579	$	4,396	$	8,975
	Compensation and benefits:
	Variable	$	16,018	$	1,135	$	17,153
	Fixed		14,552		365		14,917
	Total	$	30,570	$	1,500	$	32,070
		Three Months Ended June 30, 2013
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	52,037	$	—	$	52,037
	Institutional brokerage		13,122		—		13,122
	Net investment income		—		1,209		1,209
	Net interest income, dividends and other		442		432		874
	Total		65,601		1,641		67,242
	Operating Expenses:
	Variable		29,464		108		29,572
	Fixed		22,666		372		23,038
	Total		52,130		480		52,610
	Pre-tax income	$	13,471	$	1,161	$	14,632
	Compensation and benefits:
	Variable	$	25,002	$	106	$	25,108
	Fixed		12,563		252		12,815
	Total	$	37,565	$	358	$	37,923
		Six Months Ended June 30, 2014
		Capital		Principal		Total
		Markets		Investing
	Revenues:
	Investment banking	$	72,423	$	—	$	72,423
	Institutional brokerage		29,734		—		29,734
	Net investment income		—		12,925		12,925
	Interest income, dividends and other		733		401		1,134
	Total revenues		102,890		13,326		116,216
	Interest expense		—		4,760		4,760
	Revenues, net of interest expense		102,890		8,566		111,456
	Operating Expenses:
	Variable		40,684		1,358		42,042
	Fixed		50,001		1,423		51,424
	Total		90,685		2,781		93,466
	Pre-tax income	$	12,205	$	5,785	$	17,990
	Compensation and benefits:
	Variable	$	32,121	$	1,352	$	33,473
	Fixed		29,188		709		29,897
	Total	$	61,309	$	2,061	$	63,370
		Six Months Ended June 30, 2013
		Capital		Principal		Total
		Markets		Investing
	Revenues:
Investment banking	$	153,327	$	—	$	153,327
Institutional brokerage		26,827		—		26,827
Net investment income		—		3,307		3,307
Net interest income, dividends and other		970		737		1,707
Total		181,124		4,044		185,168
Operating Expenses:
Variable		86,780		758		87,538
Fixed		46,377		714		47,091
Total		133,157		1,472		134,629
Pre-tax income	$	47,967	$	2,572	$	50,539
Compensation and benefits:
Variable	$	77,788	$	756	$	78,544
Fixed		25,302		488		25,790
Total	$	103,090	$	1,244	$	104,334

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013
Regulatory Assets [Abstract]	'	'
Tax benefit	$3,891	$3,891
Net Income	$3,891	$3,891
Earnings per share, basic	$0.32	$0.32
Earnings per share, diluted	$0.29	$0.30

Financial_Instruments_and_Long3

Financial Instruments and Long-Term Investments - Additional Information (Detail) (USD $)	3 Months Ended				6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
	Short_Sale	Short_Sale		Security	Security	Security	Investment
	Transfer				Investment
					Short_Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'
Percentage of fair value amount of the funds, redeemable	88.00%	'	'	'	88.00%	'	'
Investment fund, notice period	'	'	'	'	'90 days	'	'
Percentage of fair value amount of the funds, subject to early withdrawal fees	'	'	'	'	16.00%	'	'
Early withdrawal fee percent	'	'	'	'	5.00%	'	'
Percentage of fair value amount of the funds, subject to redemption holdbacks	81.00%	'	'	'	81.00%	'	'
Percentage of holdback	10.00%	'	'	'	10.00%	'	'
Fair value of assets measured on recurring basis	$190,479	'	$144,743	'	$190,479	'	$144,743
Investment in non-registered investment funds	93,290	'	61,197	'	93,290	'	61,197
Non-registered investment	'	'	'	'	18	'	14
Percentage of liabilities measured on recurring basis to total liabilities	'	'	1.30%	'	'	'	'
Number of Transfer made out of Level 3 and into Level 1	1	'	'	'	'	'	'
Transfer made Out of Level 2	0	'	'	0	0	0	'
Transfer made into Level 2	0	'	'	0	0	0	'
Number of Transfer made out of Level 3 and into Level 1	'	'	'	1	2	1	'
Non-public equity security purchased at a cost	4,148	'	'	'	6,148	'	'
Number of short-sales	1	2	'	'	2	'	'
Face value amount	75,000	100,000	'	'	100,000	'	'
Coupon rate of treasury securities	7.25%	4.50%	'	'	4.50%	'	'
Securities Maturity date	'	'2015-11	'	'	'	'	'
Securities Maturity date	'	'2016-02	'	'	'	'	'
Securities Maturity date	'	'2016-05	'	'	'	'	'
Interest expense incurred	3,083	'	'	'	4,760	'	'
Other-than-temporary impairment losses	'	'	'	'	'	545	'
Carrying value of investment	4,257	'	'	'	4,257	'	'
Impairment losses	0	'	'	0	0	0	'
Other investments, at cost	2,428	'	7,681	'	2,428	'	7,681
Non-Public Equity Securities [Member]	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'
Other investments, at cost	2,428	'	2,681	'	2,428	'	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	'	'	4,225	0	4,297	'
Gross losses from sale of marketable securities	0	'	'	-32	0	-32	'
Gross gains from sale of marketable securities	'	'	'	'	'	36	'
Other Investments [Member]	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'
Proceeds maturity of note receivable carried at cost	'	'	'	317	'	'	'
Other Investments [Member] | Non-Public Equity Securities [Member]	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'
Gross losses from sale of marketable securities	1,176	'	'	'	1,176	'	'
Proceeds from sale of corporate debt investment	1,428	'	'	0	1,428	0	'
Non-public equity security with a cost basis	'	'	'	2,390	'	2,390	'
Other investments, at cost	5,000	'	'	'	5,000	'	'
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	102,776	'	72,732	'	102,776	'	72,732
Percentage of assets measured on recurring basis to assets	13.80%	'	17.70%	'	13.80%	'	17.70%
Fair value of Liabilities measured on recurring basis	'	'	$1,499	'	'	'	$1,499

Financial_Instruments_and_Long4

Financial Instruments and Long-Term Investments - Items Measured at Fair Value on Recurring Basis (Detail) (USD $)	Jun. 30, 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	$77,941	$58,197
Financial instruments held for investment activities	19,248	25,349
Securities sold but not yet purchased, at fair value	361,275	42,241
Investment Funds	93,290	61,197
Total	190,479	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	35,474	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	177	771
Securities sold but not yet purchased, at fair value	124	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	42,290	32,024
Securities sold but not yet purchased, at fair value	11,060	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	52,782	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	297,309	'
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	17,721	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	1,334	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	'	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	193	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	35,471	22,825
Financial instruments held for investment activities	9,942	15,107
Securities sold but not yet purchased, at fair value	350,215	34,575
Total	45,413	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	35,294	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	177	771
Securities sold but not yet purchased, at fair value	124	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	52,782	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	297,309	'
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	9,749	14,951
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	193	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	42,290	32,024
Financial instruments held for investment activities	'	2,055
Securities sold but not yet purchased, at fair value	11,060	6,167
Total	42,290	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	42,290	32,024
Securities sold but not yet purchased, at fair value	11,060	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	180	3,348
Financial instruments held for investment activities	9,306	8,187
Securities sold but not yet purchased, at fair value	'	1,499
Investment Funds	93,290	61,197
Total	102,776	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	180	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	7,972	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	$1,334	$1,996

Financial_Instruments_and_Long5

Financial Instruments and Long-Term Investments - Valuation Technique and Unobservable Inputs (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Dividend Yield	0.00%	0.00%
Interest Rate	2.39%	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
Maximum [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Dividend Yield	'	0.00%
Interest Rate	'	2.90%
Weighted Average [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Dividend Yield	0.00%	0.00%
Interest Rate	2.39%	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	8,152	9,539
Assets [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	1,334	1,996
Volatility	30.00%	30.00%
Volatility, weighted average	'	30.00%
Assets [Member] | Minimum [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	0.67	0.77
Assets [Member] | Maximum [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	21.25	19
Assets [Member] | Maximum [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Volatility	'	30.00%
Assets [Member] | Weighted Average [Member] | Market Approach [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Over-the counter trading activity	10.68	13.44
Assets [Member] | Weighted Average [Member] | Black-Scholes [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Volatility	30.00%	'

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'
Beginning balance	$81,738	$30,751	$71,233	$20,215
Total net gains (losses) (realized/unrealized)	'	'	'	'
Included in earnings	2,369	2,419	3,858	4,393
Included in other comprehensive income	'	'	'	'
Purchases	48,424	183,362	83,309	245,210
Sales/Distributions	-29,722	-176,432	-49,375	-229,718
Transfers out of level 3	-33	-1,166	-6,249	-1,166
Ending balance	102,776	38,934	102,776	38,934
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	2,303	1,952	3,535	4,005
Trading Securities [Member]	'	'	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'
Beginning balance	3,884	2,867	11,535	2,615
Total net gains (losses) (realized/unrealized)	'	'	'	'
Included in earnings	168	1,545	88	2,235
Included in other comprehensive income	'	'	'	'
Purchases	34,937	183,362	48,779	236,210
Sales/Distributions	-29,470	-176,407	-44,667	-229,693
Transfers out of level 3	-33	-1,166	-6,249	-1,166
Ending balance	9,486	10,201	9,486	10,201
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	-102	19	-275	128
Investment Funds [Member]	'	'	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'
Beginning balance	77,854	27,884	61,197	'
Total net gains (losses) (realized/unrealized)	'	'	'	'
Included in earnings	2,201	874	3,892	'
Included in other comprehensive income	'	'	'	'
Purchases	13,487	'	28,487	'
Sales/Distributions	-252	-25	-286	'
Ending balance	93,290	28,733	93,290	28,733
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	2,201	1,933	3,810	'
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	'
Other [Member]	'	'	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'
Beginning balance	'	'	'	17,600
Total net gains (losses) (realized/unrealized)	'	'	'	'
Included in earnings	'	'	'	2,158
Included in other comprehensive income	'	'	'	'
Purchases	'	'	'	9,000
Sales/Distributions	'	'	'	-25
Ending balance	'	28,733	'	28,733
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	'	'	'	$3,877

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Total gains and losses included in earnings for the period:	'	'	'	'
Included in earnings	($2,369)	($2,419)	($3,858)	($4,393)
Change in unrealized gains or losses relating to assets held at the end of respective period	2,303	1,952	3,535	4,005
Institutional Brokerage [Member]	'	'	'	'
Total gains and losses included in earnings for the period:	'	'	'	'
Included in earnings	42	486	3	487
Change in unrealized gains or losses relating to assets held at the end of respective period	-24	19	-238	128
Net Investment Income [Member]	'	'	'	'
Total gains and losses included in earnings for the period:	'	'	'	'
Included in earnings	2,327	1,933	3,855	3,906
Change in unrealized gains or losses relating to assets held at the end of respective period	$2,015	$1,933	$3,461	$3,877

Financial_Instruments_and_Long8

Financial Instruments and Long-Term Investments - Financial Instruments Held for Investment - Designated as Trading (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract]	'	'	'	'
Net gains recognized on trading securities	$5,665	$310	$8,050	$1,016
Less: Net (gains) losses recognized on trading securities sold during the period	-804	27	-931	-634
Unrealized gains recognized on trading securities still heldat the reporting date	$4,861	$337	$7,119	$382

Financial_Instruments_and_Long9

Financial Instruments and Long-Term Investments - Financial Instruments Held for Investment - Designated as Available-for-Sale (Detail) (USD $)	Jun. 30, 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	85	48
Marketable equity securities, Unrealized Losses	0	0
Marketable equity securities, Fair Value	$193	$156

Recovered_Sheet1

Financial Instruments and Long-Term Investments - Changes in the Company's Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Amortized Cost And Fair Value Debt Securities [Abstract]	'	'	'	'
Accumulated other comprehensive income (loss), beginning balance	$53	($1,212)	$34	($1,094)
Other comprehensive income (loss) before reclassifications	5	1,359	24	732
Amounts reclassified from other comprehensive income (loss)	'	'	'	509
Accumulated other comprehensive income, at period end	58	147	58	147
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 $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Other investments, at cost	$2,428	$7,681
Non-Public Equity Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Other investments, at cost	2,428	2,681
Corporate Debt Investments [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Other investments, at cost	'	$5,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'	'	'	'
Income tax provisions (benefits)	$1,999	($25,700)	$5,404	($24,241)	'
Effective tax rates	22.30%	-175.60%	30.00%	-48.00%	'
Valuation allowance	14,800	'	14,800	'	'
Deferred tax assets	'	'	'	'	49,165
Net deferred tax assets	'	'	$18,272	'	'

Net_Capital_Requirements_Addit

Net Capital Requirements - Additional Information (Detail) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Brokers And Dealers [Abstract]	'
Net capital	$72,899
Net capital, excess of minimum required capital	68,050
Minimum net capital required	$4,849

Earnings_Per_Share_Computation

Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Weighted average shares outstanding, Basic:	'	'	'	'
Common stock, Basic (in thousands)	10,795	12,166	10,927	12,201
Weighted average common and common equivalent shares outstanding, Basic (in thousands)	10,795	12,166	10,927	12,201
Net income (loss) applicable to common stock, Basic	$6,976	$42,648	$12,586	$77,902
Net Income (loss) per common share, Basic	$0.65	$3.51	$1.15	$6.38
Weighted average shares outstanding, Diluted:	'	'	'	'
Common stock, Diluted (in thousands)	10,795	12,166	10,927	12,201
Stock options, unvested restricted stock and RSUs, Diluted (in thousands)	1,170	1,050	1,123	901
Weighted average common and common equivalent shares outstanding, Diluted (in thousands)	11,965	13,216	12,050	13,102
Net income (loss) applicable to common stock, Diluted	$6,976	$42,648	$12,586	$77,902
Net Income (loss) per common share, Diluted	$0.58	$3.23	$1.04	$5.95

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule Of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive stock-based awards	1,817	1,664	1,863	1,813
Stock Options-Employees and Directors [Member]	'	'	'	'
Schedule Of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive stock-based awards	728	592	730	592
Stock Options-Non-Employee [Member]	'	'	'	'
Schedule Of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive stock-based awards	27	4	27	71
Restricted Stock [Member]	'	'	'	'
Schedule Of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive stock-based awards	6	10	6	10
RSUs [Member]	'	'	'	'
Schedule Of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive stock-based awards	1,056	1,058	1,100	1,140

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 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		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Repurchases of common stock	'	'	$17,329	$12,284
Number of shares authorized to repurchase	953,654	'	953,654	'
Discounted purchase price of market value for Employee Stock Purchase Plan	'	'	85.00%	'
Compensation expense	39	83	188	163
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	'	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	'	'	283,153	'
RSUs granted	'	'	'	127,978
Aggregate fair value upon grant date	'	2,099	'	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	400,195	150,064	662,012	715,537
Weighted average price	$26.19	$20.95	$26.18	$17.17
Repurchases of common stock	$10,480	$3,144	$17,329	$12,284
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	'	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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	'	'	$4,546	$4,046
Stock Options [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	27	115	-85	333
Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	72	15	135	20
RSUs [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$2,235	$1,975	$4,308	$3,511

Shareholders_Equity_Issuance_A

Shareholders' Equity - Issuance Activity Related to Grants of Awards (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock-based award issuances	12,218	12,218
Grant date fair value per share	$26.19	$26.19
RSUs [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock-based award issuances	17,548	306,676
Grant date fair value per share	$26.42	$24.13

Shareholders_Equity_Unrecogniz

Shareholders' Equity - Unrecognized Compensation Related to Awards (Detail) (USD $)	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation	$48
Unvested awards	36,418
Weighted average vesting period	'6 months 29 days
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation	296
Unvested awards	12,218
Weighted average vesting period	'11 months 5 days
RSUs [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation	$14,674
Unvested awards	1,949,952
Weighted average vesting period	'1 year 7 months 21 days

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014
		Professional Services Agreement [Member]	Professional Services Agreement [Member]	Crestview Company [Member]	Crestview Company [Member]
					Third Party [Member]
Related Party Transaction [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	500	'	'
Shares repurchase	'	'	'	736,781	'
Common stock issued	'	'	'	'	32,432
Common stock value	'	'	'	'	$270

Discontinued_Operations_Summar

Discontinued Operations - Summary of Asset Management Operations Reflected in Consolidated Statements of Operations (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013
Discontinued Operations And Disposal Groups [Abstract]	'	'
Revenues	'	'
Gain on sale of assets, net	2,582	3,430
Expenses	215	223
Income from discontinued operations before income taxes	2,367	3,207
Income tax provision	51	85
Income from discontinued operations, net of taxes	$2,316	$3,122

Segment_Information_Summary_of

Segment Information - Summary of Financial Information of Company's Segments (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Investment banking	$35,784	$52,037	$72,423	$153,327
Institutional brokerage	14,643	13,122	29,734	26,827
Net investment income	9,091	1,209	12,925	3,307
Interest income, dividends and other	663	874	1,134	1,707
Total revenues	60,181	67,242	116,216	185,168
Interest expense	3,083	'	4,760	'
Revenues, net of interest expense	57,098	67,242	111,456	185,168
Operating Expenses:	'	'	'	'
Variable	22,279	29,572	42,042	87,538
Fixed	25,844	23,038	51,424	47,091
Total non-interest expenses	48,123	52,610	93,466	134,629
Income from continuing operations before income taxes	8,975	14,632	17,990	50,539
Compensation and benefits:	'	'	'	'
Variable	17,153	25,108	33,473	78,544
Fixed	14,917	12,815	29,897	25,790
Total	32,070	37,923	63,370	104,334
Capital Markets [Member]	'	'	'	'
Revenues:	'	'	'	'
Investment banking	35,784	52,037	72,423	153,327
Institutional brokerage	14,643	13,122	29,734	26,827
Interest income, dividends and other	485	442	733	970
Total revenues	50,912	65,601	102,890	181,124
Revenues, net of interest expense	50,912	'	102,890	'
Operating Expenses:	'	'	'	'
Variable	21,140	29,464	40,684	86,780
Fixed	25,193	22,666	50,001	46,377
Total non-interest expenses	46,333	52,130	90,685	133,157
Income from continuing operations before income taxes	4,579	13,471	12,205	47,967
Compensation and benefits:	'	'	'	'
Variable	16,018	25,002	32,121	77,788
Fixed	14,552	12,563	29,188	25,302
Total	30,570	37,565	61,309	103,090
Principal Investing [Member]	'	'	'	'
Revenues:	'	'	'	'
Net investment income	9,091	1,209	12,925	3,307
Interest income, dividends and other	178	432	401	737
Total revenues	9,269	1,641	13,326	4,044
Interest expense	3,083	'	4,760	'
Revenues, net of interest expense	6,186	'	8,566	'
Operating Expenses:	'	'	'	'
Variable	1,139	108	1,358	758
Fixed	651	372	1,423	714
Total non-interest expenses	1,790	480	2,781	1,472
Income from continuing operations before income taxes	4,396	1,161	5,785	2,572
Compensation and benefits:	'	'	'	'
Variable	1,135	106	1,352	756
Fixed	365	252	709	488
Total	$1,500	$358	$2,061	$1,244

Segment_Information_Additional

Segment Information - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
	Short_Sale	Short_Sale	Short_Sale
Segment Reporting Information [Line Items]	'	'	'	'
Increase/Decrease in total assets of segment	$746,121	'	$746,121	$410,572
Face value amount	75,000	100,000	100,000	'
Number of short-sales	1	2	2	'
Coupon rate of treasury securities	7.25%	4.50%	4.50%	'
Principal Investing [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Increase/Decrease in total assets of segment	397,039	332,548	397,039	101,702
Capital Markets [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Increase/Decrease in total assets of segment	$349,082	$279,257	$349,082	$308,870

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	Jun. 30, 2014	Jul. 24, 2014	Jul. 24, 2014	Aug. 04, 2014	Jul. 24, 2014	Jul. 24, 2014
		Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Minimum [Member]	Maximum [Member]
				Lazard Capital Markets LLC [Member]	Subsequent Event [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'
Tender offer to purchase shares	953,654	'	1,000,000	'	'	'
Percentage of shares repurchased on common stock	'	9.90%	'	'	'	'
Common stock per share	'	'	'	'	$28	$29
Contingent of performance of business	'	'	'	'18 months	'	'