Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 05, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FBRC | ||
Entity Registrant Name | FBR & CO. | ||
Entity Central Index Key | 1371446 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 8,365,638 | ||
Entity Public Float | $260.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $108,962 | $207,973 |
Receivables: | ||
Securities borrowed | 594,674 | 0 |
Due from brokers, dealers and clearing organizations | 94,489 | 4,949 |
Customers | 3,349 | 4,485 |
Other | 5,227 | 658 |
Financial instruments owned, at fair value | 166,047 | 144,743 |
Other investments, at cost | 7,000 | 7,681 |
Goodwill and intangible assets | 4,921 | 0 |
Furniture, equipment, software, and leasehold improvements, net of accumulated depreciation and amortization | 15,388 | 3,286 |
Deferred tax assets, net of valuation allowance | 28,648 | 30,893 |
Prepaid expenses and other assets | 6,392 | 5,904 |
Total assets | 1,035,097 | 410,572 |
Liabilities | ||
Securities loaned | 595,717 | 0 |
Securities sold but not yet purchased, at fair value | 121,310 | 42,241 |
Accrued compensation and benefits | 34,571 | 58,502 |
Accounts payable, accrued expenses and other liabilities | 23,093 | 10,351 |
Due to brokers, dealers and clearing organizations | 0 | 8,701 |
Total liabilities | 774,691 | 119,795 |
Commitments and Contingencies (Note 8) | ||
Shareholders’ equity | ||
Preferred Stock, $0.001 par value 100,000,000 authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 75,000,000 shares authorized, 8,388,697 and 10,545,509 shares issued and outstanding, respectively | 8 | 11 |
Additional paid-in capital | 302,720 | 362,983 |
Restricted stock units | 34,353 | 21,487 |
Accumulated other comprehensive income, net of taxes | 44 | 34 |
Accumulated deficit | -76,719 | -93,738 |
Total shareholders’ equity | 260,406 | 290,777 |
Total liabilities and shareholders’ equity | $1,035,097 | $410,572 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 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 | 8,388,697 | 10,545,509 |
Common stock, shares outstanding | 8,388,697 | 10,545,509 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment banking: | |||
Capital raising | $103,902 | $186,516 | $84,144 |
Advisory | 11,353 | 9,697 | 6,525 |
Institutional brokerage | 56,182 | 53,738 | 52,472 |
Net investment income | 17,774 | 6,920 | 4,906 |
Interest | 13,067 | 1,790 | 2,765 |
Dividends and other | 1,030 | 1,160 | 680 |
Total revenues | 203,308 | 259,821 | 151,492 |
Interest expense | 21,183 | 0 | 0 |
Revenues, net of interest expense | 182,125 | 259,821 | 151,492 |
Non-interest expenses: | |||
Compensation and benefits | 103,811 | 144,720 | 82,672 |
Professional services | 13,259 | 12,326 | 12,839 |
Business development | 11,689 | 9,602 | 9,394 |
Clearing and brokerage fees | 4,757 | 4,922 | 7,490 |
Occupancy and equipment | 13,480 | 12,271 | 15,755 |
Communications | 11,514 | 11,101 | 12,553 |
Other operating expenses | 6,255 | 7,609 | 6,861 |
Total non-interest expenses | 164,765 | 202,551 | 147,564 |
Income from continuing operations before income taxes | 17,360 | 57,270 | 3,928 |
Income tax expense (benefit) | 341 | -27,483 | -1,078 |
Income from continuing operations, net of taxes | 17,019 | 84,753 | 5,006 |
Income from discontinued operations, net of taxes | 0 | 8,159 | 24,685 |
Net income | $17,019 | $92,912 | $29,691 |
Basic income per share: | |||
Income from continuing operations, net of taxes | $1.66 | $7.09 | $0.38 |
Income from discontinued operations, net of taxes | $0 | $0.68 | $1.86 |
Basic income per share | $1.66 | $7.77 | $2.24 |
Diluted income per share: | |||
Income from continuing operations, net of taxes | $1.48 | $6.54 | $0.36 |
Income from discontinued operations, net of taxes | $0 | $0.63 | $1.79 |
Diluted income per share | $1.48 | $7.17 | $2.15 |
Basic weighted average shares outstanding (in thousands) | 10,283 | 11,963 | 13,274 |
Diluted weighted average shares outstanding (in thousands) | 11,465 | 12,960 | 13,798 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $17,019 | $92,912 | $29,691 |
Other comprehensive income, net of tax: | |||
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes of $7, $22, and $0, respectively | 10 | 1,128 | -1,113 |
Comprehensive income | $17,029 | $94,040 | $28,578 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Change in unrealized (loss) gain on available-for-sale investment securities, taxes | $7 | $22 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Employee Stock Loan Receivable [Member] | Restricted Stock Units [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2011 | $225,297 | $13 | $413,266 | ($673) | $29,013 | $19 | ($216,341) |
Balance, Shares at Dec. 31, 2011 | 13,745,000 | ||||||
Net income | 29,691 | 0 | 0 | 0 | 0 | 0 | 29,691 |
Issuance of common stock, net of forfeitures | -699 | 1 | 8,371 | 366 | -9,437 | 0 | 0 |
Issuance of common stock, net of forfeitures, shares | 342,000 | ||||||
Repurchase of common stock | -20,870 | -2 | -20,868 | 0 | 0 | 0 | 0 |
Repurchase of common stock, shares | -1,863,000 | ||||||
Stock compensation expense for options granted to purchase common stock | 1,899 | 0 | 1,899 | 0 | 0 | 0 | 0 |
Issuance of restricted stock units | 5,659 | 0 | 0 | 0 | 5,659 | 0 | 0 |
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes | -1,113 | 0 | 0 | 0 | 0 | -1,113 | 0 |
Balance at Dec. 31, 2012 | 239,864 | 12 | 402,668 | -307 | 25,235 | -1,094 | -186,650 |
Balance, Shares at Dec. 31, 2012 | 12,224,000 | ||||||
Net income | 92,912 | 0 | 0 | 0 | 0 | 0 | 92,912 |
Issuance of common stock, net of forfeitures | 1,500 | 1 | 14,880 | 307 | -13,688 | 0 | 0 |
Issuance of common stock, net of forfeitures, shares | 699,000 | ||||||
Repurchase of common stock | -55,541 | -2 | -55,539 | 0 | 0 | 0 | 0 |
Repurchase of common stock, shares | -2,378,000 | ||||||
Stock compensation expense for options granted to purchase common stock | 974 | 0 | 974 | 0 | 0 | 0 | 0 |
Issuance of restricted stock units | 9,940 | 0 | 0 | 0 | 9,940 | 0 | 0 |
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes | 1,128 | 0 | 0 | 0 | 0 | 1,128 | 0 |
Balance at Dec. 31, 2013 | 290,777 | 11 | 362,983 | 0 | 21,487 | 34 | -93,738 |
Balance, Shares at Dec. 31, 2013 | 10,545,000 | ||||||
Net income | 17,019 | 0 | 0 | 0 | 0 | 0 | 17,019 |
Issuance of common stock, net of forfeitures | 524 | 0 | 3,624 | 0 | -3,100 | 0 | 0 |
Issuance of common stock, net of forfeitures, shares | 224,000 | ||||||
Repurchase of common stock | -64,094 | -3 | -64,091 | 0 | 0 | 0 | 0 |
Repurchase of common stock, shares | -2,380,000 | ||||||
Stock compensation expense for options granted to purchase common stock | 204 | 0 | 204 | 0 | 0 | 0 | 0 |
Issuance of restricted stock units | 15,966 | 0 | 0 | 0 | 15,966 | 0 | 0 |
Change in unrealized gain (loss) on available-for-sale investment securities, net of taxes | 10 | 0 | 0 | 0 | 0 | 10 | 0 |
Balance at Dec. 31, 2014 | $260,406 | $8 | $302,720 | $0 | $34,353 | $44 | ($76,719) |
Balance, Shares at Dec. 31, 2014 | 8,389,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $17,019 | $92,912 | $29,691 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 1,990 | 1,290 | 2,391 |
Deferred income taxes | 2,239 | -30,915 | 0 |
Net investment income from investments | -17,774 | -6,920 | -5,035 |
Gain on the sale of assets | 0 | -8,944 | -24,189 |
Stock compensation | 9,397 | 8,457 | 7,894 |
Securities received in lieu of cash | 0 | 0 | -810 |
Other | 192 | 166 | 2,061 |
Receivables: | |||
Securities borrowed | -594,674 | 0 | 0 |
Brokers, dealers and clearing organizations | -5,405 | -279 | 1,378 |
Customers | 780 | -2,003 | 77 |
Affiliates | -4,022 | -71 | 23 |
Interest, dividends and other | -468 | 681 | 5,434 |
Trading securities | 499 | 16,029 | -1,005 |
Prepaid expenses and other assets | -483 | 979 | 3,408 |
Changes in operating liabilities: | |||
Securities loaned | 595,717 | 0 | 0 |
Trading account securities sold but not yet purchased | -2,863 | -14,688 | 21,433 |
Accounts payable, accrued expenses and other liabilities | 2,412 | -7,796 | -5,519 |
Accrued compensation and benefits | -16,614 | 41,519 | 3,312 |
Brokers, dealers and clearing organizations | -8,702 | 5,003 | -2,552 |
Net cash (used in) provided by operating activities | -20,760 | 95,420 | 37,992 |
Cash flows from investing activities | |||
Purchases of investment securities and other investments | -74,382 | -68,864 | -48,244 |
Proceeds from sales of and distributions from investments | 60,681 | 38,190 | 50,293 |
Settlement securities sold but not yet purchased | -208,848 | 0 | 0 |
Securities sold but not yet purchased | 301,230 | 0 | -71 |
Due from brokers, dealers and clearing organizations | -84,134 | 0 | 0 |
Proceeds from sale of assets | 0 | 19,294 | 19,692 |
Purchase of securities lending business | -1,000 | 0 | 0 |
Purchases of furniture, equipment, software, and leasehold improvements | -9,509 | -882 | -460 |
Net cash (used in) provided by investing activities | -15,962 | -12,262 | 21,210 |
Cash flows from financing activities | |||
Repurchases of common stock | -64,094 | -55,541 | -20,870 |
Proceeds from sales of common stock and repayments of employee stock purchase plan | 1,805 | 5,431 | 801 |
Net cash used in financing activities | -62,289 | -50,110 | -20,069 |
Cash and cash equivalents | |||
Net (decrease) increase in cash and cash equivalents | -99,011 | 33,048 | 39,133 |
Cash and cash equivalents, beginning of period | 207,973 | 174,925 | 135,792 |
Cash and cash equivalents, end of period | 108,962 | 207,973 | 174,925 |
Supplemental cash flows disclosures | |||
Income tax payments | 3,339 | 3,372 | 251 |
Interest payments | 21,775 | 0 | 0 |
Non-cash operating activities | |||
Securities received in exchange for services provided, fair value at receipt date | 0 | 0 | 810 |
Non-cash investing activities | |||
Leasehold improvement incentives | 4,434 | 0 | 0 |
Acquisition of securities lending business - contingent consideration | $4,070 | $0 | $0 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1. Organization and Nature of Operations: |
Organization | |
FBR & Co., (the “Company”), a Virginia corporation, is a holding company of which the principal operating companies are FBR Capital Markets & Co. (“FBRCM”), FBR Capital Markets LT, Inc. (“FBRLT”), and FBR Capital Markets PT, Inc. (“FBRPT”). | |
FBRCM is an SEC-registered broker-dealer and member of the Financial Industry Regulatory Authority Inc. (“FINRA”). FBRCM acts as an introducing broker and forwards all transactions to clearing brokers on a fully disclosed basis. FBRCM does not hold funds or securities for, nor owe funds or securities to, customers. In addition, FBRCM provides capital raising and advisory services. The Company conducts its syndicated loan trading activity at FBRLT. | |
FBRPT holds and manages the Company’s portfolio of investments which includes investments in non-registered investment funds, marketable equity securities, non-public equity securities, U.S. government securities and corporate debt investments. | |
Prior to December 2012, the Company’s subsidiary FBR Fund Advisers, Inc. (“FBRFA”) was an SEC-registered investment adviser and manager of The FBR Funds, a family of mutual funds. In June 2012, the Company entered into a definitive agreement to sell the assets related to the management of the FBR Funds and on October 26, 2012, completed this sale (“sale of the FBR Funds”). As a result of the Company’s decisions, during the second quarter of 2012 the Company began reporting the results of its asset management operations as discontinued operations (see Note 14). | |
The Company’s subsidiary FBR Investment Services, Inc. (“FBRIS”) was the distributor of The FBR Funds. Subsequent to the sale of the FBR Funds, FBRIS has not conducted any business activity. During the year ended December 31, 2013, FBRIS terminated its registration with the SEC as a broker-dealer and was liquidated. | |
Nature of Operations | |
The Company’s principal business activities, including capital raising, financial advisory, institutional sales and trading, differentiated securities research and securities lending are all linked to the capital markets. | |
The Company’s investment banking and institutional brokerage business activities are primarily focused on small- and mid-cap stocks in the following industry sectors: consumer, diversified industrials, energy and natural resources, financial institutions, healthcare, insurance, real estate, and technology, media and telecommunications. Additionally, beginning in August 2014 the Company provides securities lending services to a broad group of banks and broker-dealers. These services include facilitating the sourcing, borrowing and lending of equity and fixed income securities (see Note 4). By their nature, the Company’s business activities are conducted in markets which are highly competitive and are subject to general market conditions, volatile trading markets and fluctuations in the volume of market activity, as well as conditions affecting the companies and markets in the Company’s areas of focus. | |
The Company’s revenues from investment banking are subject to substantial fluctuations due to a variety of factors that cannot be predicted with great certainty, including the overall condition of the economy and the securities markets as a whole and of the sectors on which the Company focuses. Fluctuations also occur due to the level of market activity, which, among other things, affects the flow of investment dollars and the size, number and timing of transactions. As a result, net income and revenues may vary significantly from quarter-to-quarter and year-to-year. | |
Concentration of Revenue | |
A substantial portion of the Company’s investment banking revenues may be derived from a small number of transactions or issues or may be concentrated in a particular industry. For the years ended December 31, 2014, 2013 and 2012 investment banking revenue accounted for 63%, 76%, and 60%, respectively, of the Company’s revenues, net of interest expense. For the years ended December 31, 2014, 2013, and 2012, 74%, 89%, and 86%, respectively, of the Company’s investment banking revenues were related to the financial and real estate sectors. In addition, 46% of 2014 revenues in these sectors were derived from three transactions, 41% of 2013 revenues in these sectors were derived from two transactions, and 54% of 2012 revenues in these sectors were derived from two transactions. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies: | ||||||||||||||||||||
Principles of Consolidated Financial Statements and Basis of Presentation | |||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior period amounts in order to conform with the current period presentation. | |||||||||||||||||||||
On February 28, 2013, the Company affected a one-for-four reverse stock split of the Company’s issued and outstanding common stock. While this reverse stock split reduced the number of issued and outstanding common shares, it had no effect on the Company’s total shareholders’ equity. Pursuant to the requirements of the FBR & Co. Long Term Incentive Plan and the provisions of the reverse stock split, all outstanding stock awards under the plan have been adjusted. These adjustments reduced the number of outstanding awards and, in addition for options to purchase common stock, the applicable exercise price, but had no effect on the unrecognized compensation expense applicable to these awards. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of the Company’s 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 these estimates. | |||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
Cash equivalents include demand deposits with banks, money market accounts and highly liquid investments with original maturities of three months or less at the date of acquisition that are not held for sale in the ordinary course of business. As of December 31, 2014 and 2013, approximately 92% and 87%, respectively, of the Company’s cash equivalents were invested in money market funds that invest primarily in U.S. Treasuries and other securities directly or indirectly guaranteed by the U.S. government. The Company holds cash in financial institutions in excess of FDIC insured limits, and the Company periodically reviews the financial condition of the financial institutions and assesses the credit risk of such investments. | |||||||||||||||||||||
Securities Borrowed and Securities Loaned | |||||||||||||||||||||
Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate. A substantial portion of the Company’s interest revenue and interest expense results from these activities. | |||||||||||||||||||||
The Company accounts for securities lending transactions in accordance with Accounting Standards Update (“ASU”) 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” requiring companies to report disclosures of offsetting assets and liabilities. The Company does not net securities borrowed and securities loaned and these items are presented on a gross basis in the consolidated balance sheets. | |||||||||||||||||||||
Due from/to Brokers, Dealers, and Clearing Organizations | |||||||||||||||||||||
The Company clears all of its proprietary and customer transactions through other broker-dealers on a fully disclosed basis. The amount receivable from or payable to the clearing brokers represents the net of proceeds from unsettled securities sold, the Company’s clearing deposit and amounts receivable for commissions less amounts payable for unsettled securities purchased by the Company and amounts payable for clearing costs and other settlement charges. This amount also includes the cash collateral received for securities loaned less cash collateral for securities borrowed. The amounts payable are fully collateralized by all of the securities owned by the Company and held on deposit at the clearing broker. In addition, these balances include unsettled trades associated with our credit sales and trading platform. These transactions include trades in certain sectors of the corporate bond and syndicated loan markets. | |||||||||||||||||||||
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 (hedge funds and private equity funds), the Company classifies these investments within Level 2 or Level 3 depending on the redemption attributes of the Company’s investment. 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 the fund administrators are derived from the fair values of the underlying investments as of the reporting date. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instrument assets and liabilities which are not measured at fair value on the consolidated balance sheets are as follows: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 108,962 | $ | 108,962 | $ | — | $ | — | $ | 108,962 | |||||||||||
Due from broker, dealers and clearing organizations | 94,489 | — | 94,489 | — | 94,489 | ||||||||||||||||
Non-interest bearing receivables | 103,065 | — | 103,065 | — | 103,065 | ||||||||||||||||
Other investments, at cost | 7,000 | — | — | 7,395 | 7,395 | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 23,093 | — | 23,093 | — | 23,093 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 207,973 | $ | 207,973 | $ | — | $ | — | $ | 207,973 | |||||||||||
Due from brokers, dealers and clearing organizations | 4,949 | — | 4,949 | — | 4,949 | ||||||||||||||||
Non-interest bearing receivables | 5,143 | — | 5,143 | — | 5,143 | ||||||||||||||||
Other investments, at cost | 7,681 | — | — | 7,828 | 7,828 | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Accounts payable, accrued expenses and other | 10,351 | — | 10,351 | — | 10,351 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Due to brokers, dealers and clearing organizations | 8,701 | — | 8,701 | — | 8,701 | ||||||||||||||||
The carrying amounts noted above for cash and cash equivalents, due from brokers, dealers and clearing organizations, non-interest bearing receivables, accounts payable, accrued expenses and other liabilities and due to brokers, dealers and clearing organizations approximate fair value due to the short term nature of these items and/or minimal credit risk. The fair value of other investments, at cost is determined based on the Company’s assessment of enterprise values as discussed above. | |||||||||||||||||||||
Securities and Principal Investments | |||||||||||||||||||||
Trading securities and investments owned by the Company’s broker-dealer subsidiary and securities sold but not yet purchased are recorded on the trade-date and carried at fair value. Realized and unrealized gains and losses from trading desk securities are reflected in institutional brokerage revenue in the consolidated statements of operations. Realized and unrealized gains and losses from investment portfolio positions are reflected in net investment income in the consolidated statements of operations. | |||||||||||||||||||||
Marketable equity and debt securities held for investment purposes at non-broker-dealer subsidiaries are recorded on the trade date and designated as either available-for-sale or trading investments pursuant to ASC 320, “Investments—Debt and Equity Securities” (“ASC 320”). These investments are carried at fair value with resulting unrealized gains and losses on available-for-sale securities reflected in accumulated other comprehensive income (loss) in the consolidated balance sheets and unrealized gains and losses on trading securities reflected in net investment income in the consolidated statements of operations. Investments in equity securities of non-public companies that are held in non-broker-dealer subsidiaries are carried at cost, unless an election is made pursuant to ASC 825, “Financial Instruments” (“ASC 825”), to account for the security at fair value. Such elections are made at the date of purchase based on the Company’s assessment of the prospective liquidity of the non-public equity security. | |||||||||||||||||||||
The Company evaluates available-for-sale securities and investments in securities of non-public companies carried at cost for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The value of the Company’s investments in marketable equity securities designated as available-for-sale can fluctuate significantly. The value of the Company’s investments in securities of non-public companies can also fluctuate significantly. Such values may be based on unobservable inputs, including significant assumptions of the Company and consideration of the liquidity and size of the Company’s position. In evaluating these investments for other-than-temporary impairment, consideration is given to (1) the length of time and the extent to which the fair value has been lower than carrying value, (2) the severity of the decline in fair value, (3) the financial condition and near-term prospects of the issuer, and (4) the Company’s intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. If it is determined that an investment impairment is other-than-temporary then the amount that the fair value is below its current basis is recorded as an impairment charge and recorded through earnings in net investment income in the consolidated statements of operations. | |||||||||||||||||||||
For unrealized losses that are determined to be temporary, the Company continues to evaluate these at each reporting date. If the Company determines at a future date that an impairment of a marketable equity security is other-than-temporary, the applicable unrealized loss will be reclassified from accumulated other comprehensive income and recognized as an other-than-temporary impairment loss at the time the determination is made. | |||||||||||||||||||||
Realized gains and losses on sales of equity and debt securities are determined using the specific identification method. | |||||||||||||||||||||
For restricted shares, including private company shares, these investments by their nature have limited or no price transparency. Adjustments to carrying value may be based on third-party transactions evidencing a change in value and output from the Company’s valuation models and estimates of fair value. In reaching that determination, the Company may consider factors such as, but not limited to, the financial performance of the companies relative to projections, trends within sectors, underlying business models and expected exit timing and strategy. | |||||||||||||||||||||
The Company’s investments in proprietary investment funds have included non-registered investment companies as well as open-ended registered investment companies, or mutual funds. As of December 31, 2014 and 2013, these investments are comprised of non-registered investment companies where the underlying fund investments consist primarily of corporate and asset-backed fixed income securities. These funds record their investments in securities at fair value and report NAV to investors representing the fair value of the underlying investments held by the funds. The funds’ determination of these fair values is a matter of judgment. The Company reflects the increase/decrease in NAV (including realized and unrealized gains and losses) in net investment income in the consolidated statements of operations. The Company’s disposition of these investment funds may be subject to contractual restrictions. | |||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||
The Company’s intangible assets consist of intangible assets with finite useful lives. All of these intangible assets were recognized as a result of a business combination that was completed in August 2014 (see Note 4). Goodwill is not amortized but is tested annually for impairment (during the third quarter) or more frequently if an adverse event occurs that may indicate impairment. The values of the intangible assets with finite useful lives are amortized in proportion to their expected economic benefit over their estimated useful life or straight-line if the economic benefit cannot be reliably determined. These intangible assets are periodically tested for impairment by comparing expected future gross cash flows to the asset’s carrying amount. If the expected gross cash flows are less than the carrying amount, the asset is impaired and is written-down to its fair value. | |||||||||||||||||||||
Furniture, Equipment, Software and Leasehold Improvements | |||||||||||||||||||||
Furniture, equipment, software and leasehold improvements are stated at cost less accumulated depreciation and amortization. Furniture and equipment are depreciated using the straight-line method over their estimated useful lives of three to five years. Amortization of purchased software is recorded over the estimated useful lives of three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the useful life or lease term. | |||||||||||||||||||||
Leases | |||||||||||||||||||||
The Company leases its corporate headquarters and other offices under non-cancelable leases. The terms of the Company’s lease agreements range up to 11 years and may contain renewal options, escalation clauses, rent-free periods and operating cost adjustments. | |||||||||||||||||||||
For leases that contain escalation clauses or rent-free periods, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent amounts and amounts payable under the leases as part of accounts payable and accrued expenses and other liabilities. Lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the incentive to the end of the initial lease term. The Company records the unamortized portion of lease incentives as part of accounts payable, accrued expenses and other liabilities. | |||||||||||||||||||||
Investment Banking Revenues | |||||||||||||||||||||
Capital raising revenues represent fees earned from private placement transactions and from public offerings of securities in which the Company acts as placement agent or underwriter. These revenues consist of placement fees, selling concessions, underwriting fees, management fees and reimbursed expenses. Advisory revenues represent fees earned from mergers and acquisitions, mutual conversions, financial restructuring and other advisory services provided to clients. Capital raising revenues are recorded as revenue at the time the underwriting or private placement is completed under the terms of each engagement. Advisory fees are recorded as revenue when the related service has been rendered and the client is contractually obligated to pay. Certain fees received in advance of services rendered are deferred and recognized as revenue over the service period. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded or cancelled, at which time such expenses are recognized. | |||||||||||||||||||||
Institutional Brokerage Revenues | |||||||||||||||||||||
Institutional brokerage revenues consist of commissions resulting from securities transactions executed as agent or principal and related net trading gains and losses. Revenues generated from securities transactions and related commission income and expense are recorded on the trade date. Institutional brokerage revenues also include direct payments received by the Company for equity research. | |||||||||||||||||||||
Compensation and Benefits | |||||||||||||||||||||
Compensation and benefits includes base salaries, incentive compensation, stock-based compensation, employee benefit costs, and employer taxes. Incentive compensation is a significant component of compensation expense and is accrued based on the Company’s performance and the contribution of key business units, and in certain limited cases, using pre-defined formulas. The Company’s compensation accruals are reviewed and evaluated on a quarterly basis. The Company recognizes stock-based compensation expense in the consolidated statements of operations based on the grant-date fair value of awards of equity instruments issued to employees. The grant-date fair value is based on the closing price of FBR & Co.’s common stock on the date of grant. The expense is recognized over the period during which employees are required to provide service. The expense is recorded net of an estimated forfeiture rate for awards on the date of grant. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Company files a consolidated U.S. federal income tax return. The Company is also subject to income tax in various states and municipalities in which it operates. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on our evaluation and our consideration of the criteria in ASC 740, “Income Taxes” (“ASC 740”), it is more likely than not that they will not be realized. Tax liabilities for uncertain tax positions are recorded in accordance with ASC 740. The Company’s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of other operating expenses in the consolidated statements of operations. | |||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||
Comprehensive income includes net income as currently reported by the Company on the consolidated statements of operations adjusted for other comprehensive income. Other comprehensive income for the Company represents changes in unrealized gains and losses related to the Company’s investment securities accounted for as available-for-sale with changes in fair value recorded through shareholders’ equity. | |||||||||||||||||||||
Income Per Share | |||||||||||||||||||||
Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, including restricted stock units (“RSUs”) that are not subject to forfeiture. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to include the dilutive effect of unvested RSUs and shares of restricted stock that are subject forfeiture and the conversion of all potentially dilutive options to purchase common stock. | |||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||
In July 2013, the FASB issued 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 U.S. 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. | |||||||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. The Company does not anticipate that the adoption of ASU 2014-15 will have a material impact on its consolidated financial statements. | |||||||||||||||||||||
Investments
Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||
Investments | |||||||||||||||||
Note 3. Investments: | |||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, financial instruments and long-term investments accounted for under ASC 820 as of December 31, 2014 and 2013, respectively. 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 | |||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial instruments owned, at fair value: | |||||||||||||||||
Financial instruments held for trading activities at | |||||||||||||||||
broker-dealer subsidiary: | |||||||||||||||||
Marketable and non-public equity securities | $ | 14,832 | $ | 14,758 | $ | — | $ | 74 | |||||||||
Listed options | 2 | 2 | — | — | |||||||||||||
Convertible and fixed income debt instruments | 42,864 | — | 42,864 | — | |||||||||||||
57,698 | 14,760 | 42,864 | 74 | ||||||||||||||
Financial instruments held for investment activities: | |||||||||||||||||
Designated as trading: | |||||||||||||||||
Marketable and non-public equity securities | 2,325 | 175 | — | 2,150 | |||||||||||||
Warrants | 964 | — | — | 964 | |||||||||||||
Designated as available-for-sale: | |||||||||||||||||
Marketable equity securities | 172 | 172 | — | — | |||||||||||||
3,461 | 347 | — | 3,114 | ||||||||||||||
Investment funds | 104,888 | — | 58,292 | 46,596 | |||||||||||||
Total | $ | 166,047 | $ | 15,107 | $ | 101,156 | $ | 49,784 | |||||||||
Securities sold but not yet purchased, at fair value: | |||||||||||||||||
U.S. Treasury securities | $ | 84,950 | $ | 84,950 | $ | — | $ | — | |||||||||
Marketable and non-public equity securities | 34,043 | 34,043 | — | — | |||||||||||||
Convertible and fixed income debt instruments | 2,317 | — | 2,317 | — | |||||||||||||
Total | $ | 121,310 | $ | 118,993 | $ | 2,317 | $ | — | |||||||||
As of December 31, 2014, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $49,784 or 4.8% 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 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, 2014: | |||||||||||||||||
Valuation Technique | Fair Value | Unobservable Input | Range | Weighted Average | |||||||||||||
Market approach—assets | $ | 2,224 | Over-the-counter trading activity | $0 - $34.00/share | $11.56 | ||||||||||||
Black-Scholes—assets | $ | 964 | Volatility | 30% | 30% | ||||||||||||
Dividend Yield | 0% | 0% | |||||||||||||||
Interest Rate | 2.10% | 2.10% | |||||||||||||||
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 $46,596 of investments in 10 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 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. | |||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||
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% | 2.90% | |||||||||||||||
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 and liabilities that are measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013. As of December 31, 2014 and 2013, the Company did not have any net unrealized gains (losses) included in accumulated other comprehensive income on Level 3 financial assets: | |||||||||||||||||
Trading | Trading | Investment | Total | ||||||||||||||
Securities | Securities Sold | Funds | |||||||||||||||
not yet | |||||||||||||||||
Purchased | |||||||||||||||||
Beginning balance, January 1, 2014 | $ | 11,535 | $ | (1,499 | ) | $ | 61,197 | $ | 71,233 | ||||||||
Total net gains (losses) (realized/unrealized) | |||||||||||||||||
Included in earnings | (254 | ) | (122 | ) | 2,825 | 2,449 | |||||||||||
Included in other comprehensive income | — | — | — | — | |||||||||||||
Purchases | 124,223 | 6,043 | 51,696 | 181,962 | |||||||||||||
Sales/Distributions | (126,067 | ) | (4,422 | ) | (10,830 | ) | (141,319 | ) | |||||||||
Transfers out of Level 3 | (6,249 | ) | — | (58,292 | ) | (64,541 | ) | ||||||||||
Ending balance, December 31, 2014 | $ | 3,188 | $ | — | $ | 46,596 | $ | 49,784 | |||||||||
The amount of total gains or losses for the period | $ | 266 | $ | — | $ | 2,376 | $ | 2,642 | |||||||||
included in earnings attributable to the change in | |||||||||||||||||
unrealized gains or losses relating to assets and | |||||||||||||||||
liabilities still held at the reporting date | |||||||||||||||||
Trading | Trading | Investment | Total | ||||||||||||||
Securities | Securities Sold | Funds | |||||||||||||||
not yet | |||||||||||||||||
Purchased | |||||||||||||||||
Beginning balance, January 1, 2013 | $ | 2,615 | $ | — | $ | 17,600 | $ | 20,215 | |||||||||
Total net gains (losses) (realized/unrealized) | |||||||||||||||||
Included in earnings | 4,095 | 275 | 4,269 | 8,639 | |||||||||||||
Included in other comprehensive income | — | — | — | — | |||||||||||||
Purchases | 427,110 | — | 39,671 | 466,781 | |||||||||||||
Sales/Distributions | (421,116 | ) | (1,774 | ) | (343 | ) | (423,233 | ) | |||||||||
Transfers out of Level 3 | (1,169 | ) | — | — | (1,169 | ) | |||||||||||
Ending balance, December 31, 2013 | $ | 11,535 | $ | (1,499 | ) | $ | 61,197 | $ | 71,233 | ||||||||
The amount of total gains or losses for the period | $ | 2,714 | $ | 275 | $ | 4,273 | $ | 7,262 | |||||||||
included in earnings attributable to the change in | |||||||||||||||||
unrealized gains or losses relating to assets and | |||||||||||||||||
liabilities still held at the reporting date | |||||||||||||||||
During the years ended December 31, 2014 and 2013, transfers were made out of Level 3 and into Level 1 for equity securities that were previously non-public equity securities and during the periods became publicly traded. Additionally, transfers were made out of Level 3 and into Level 2 during the year ended December 31, 2014 for nine investment funds based on the redemption provisions of the funds. There were no transfers of securities into, or out of, Level 2 financial assets during the year ended December 31, 2013. | |||||||||||||||||
Gains and losses from Level 3 financial assets and liabilities that are measured at fair value on a recurring basis, that are included in earnings for the years ended December 31, 2014, 2013, and 2012, are reported in the following line descriptions on the Company’s consolidated statements of operations: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total gains and losses included in earnings for the | |||||||||||||||||
period: | |||||||||||||||||
Institutional brokerage | $ | 38 | $ | 1,722 | $ | 187 | |||||||||||
Net investment income | 2,410 | 6,917 | 1,033 | ||||||||||||||
Change in unrealized gains or losses relating to assets | |||||||||||||||||
still held at the end of the respective period: | |||||||||||||||||
Institutional brokerage | (38 | ) | 438 | 50 | |||||||||||||
Net investment income | 2,680 | 6,824 | 910 | ||||||||||||||
Items Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||
The Company also measures certain financial assets and liabilities and other assets at fair value on a non-recurring basis including items such as intangibles, fixed assets and estimated contingent consideration payable. Adjustments to the fair value of these assets and liabilities usually result from the application of lower-of-cost-or-market accounting or impairments of individual assets. Adjustments to the fair value of contingent consideration payable would result from differences between the underlying forecasted securities lending results and actual results (see Note 4). Due to the nature of these assets, unobservable inputs are used to value these assets and liabilities. In determining the fair value, the Company analyzes various financial, performance, and market factors to estimate the fair value, including where applicable, market activity. As a result, these assets and liabilities are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
During the year ended December 31, 2014, there were no assets or liabilities measured at fair value for which there was a change in carrying value. During the year ended December 31, 2013, other than the recognition of an other-than-temporary impairment loss of $545 related to a marketable equity security, there were no assets measured at fair value on a non-recurring basis for which there was a change in carrying value. During the year ended December 31, 2012, other than the recognition of a $9,846 receivable related to the sale of the FBR Funds (see Note 14), there were no assets measured at fair value on a non-recurring basis for which there was a change in carrying value. | |||||||||||||||||
Financial Instruments Held for Investment—Designated as Trading | |||||||||||||||||
As of December 31, 2014, and during the years ended December 31, 2014 and 2013, the Company had certain investments in marketable equity securities held by other than its broker-dealer subsidiary that were classified as trading securities. In addition, as of December 31, 2014, the Company had short positions in U.S. Treasury securities held by other than its broker-dealer subsidiary that were 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, these securities are carried at fair value with resulting realized and unrealized gains and losses reflected as net investment income in the consolidated statements of operations. In addition, pursuant to 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 consolidated statements of operations. During 2014, the Company elected to account for two non-public equity securities, purchased at a cost of $6,148, at fair value. During 2013, the Company elected to account for one non-public equity security, purchased at a cost of $3,854, at fair value. Net gains and losses on such trading securities as of the dates indicated were as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Net gains recognized on trading securities | $ | 3,630 | $ | 1,213 | $ | 3,722 | |||||||||||
Less: Net gains recognized on trading | (3,732 | ) | (261 | ) | (3,665 | ) | |||||||||||
securities sold during the period | |||||||||||||||||
Unrealized (losses) gains recognized on | $ | (102 | ) | $ | 952 | $ | 57 | ||||||||||
trading securities still held at the reporting date | |||||||||||||||||
As part of the Company’s investing activities, during 2014 the Company entered into one short-sale of a $75,000 face value 7.25% U.S. Treasury security and 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. The Company closed the two $100,000 face value positions during the fourth quarter of 2014. The $75,000 face value position was open at December 31, 2014 and is included in securities sold but not yet purchased on the Company’s consolidated balances sheet. During the year ended December 31, 2014, the Company recognized realized and unrealized gains of $10,451 related to these short sales. Proceeds from open 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 year ended December 31, 2014, the Company incurred $11,678 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. | |||||||||||||||||
Fair Value of the Investments Valued at NAV | |||||||||||||||||
As of December 31, 2014 and 2013, the Company has $104,888 and $61,197, respectively, of investments that are valued at NAV. The following table presents information about the Company’s investments in hedge funds and private equity funds measured at fair value based on NAV at December 31, 2014 and 2013: | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Fair Value | Unfunded Commitment | Fair Value | Unfunded Commitment | ||||||||||||||
Hedge funds: | |||||||||||||||||
Fixed income/credit-related | $ | 57,532 | $ | — | $ | 44,789 | $ | — | |||||||||
Multi-strategy | 37,890 | — | 15,439 | — | |||||||||||||
Private equity funds | 9,466 | 2,586 | 969 | 400 | |||||||||||||
Total | $ | 104,888 | $ | 2,586 | $ | 61,197 | $ | 400 | |||||||||
Investments in hedge funds may be subject to lock-up restrictions or gates. A hedge fund lockup provision is a provision that provides that an investor may not make a withdrawal from the fund or may be subject to withdrawal fees. The purpose of a gate is to restrict the level of redemptions that an investor in a particular hedge fund can demand at any redemption date. All of the Company’s hedge fund investments have the ability to impose redemption gates. As of December 31, 2014, 56% of the fair value of the Company’s fund investments, or $58,292 of the hedge funds, was redeemable on either a monthly or quarterly basis with notice periods of 60 days or less, 25% of the fair value, or $26,059 of the hedge funds, was redeemable on a quarterly basis with notice periods of between 90 days and 180 days. In addition, 11% of the fair value, or $11,071 of the hedge funds was subject to lockup provisions 46% of which will expire during 2015. | |||||||||||||||||
The Company’s fixed income and credit-related hedge fund investments include funds that primarily employ long-short or relative value strategies in order to benefit from investments in undervalued or overvalued securities that are primarily debt or credit related. The Company’s multi-strategy fund investments include funds that pursue a variety of fixed income, credit and asset-backed strategies to realize short and long term gains. Management of these hedge funds has the ability to overweight or underweight different strategies to best capitalize on current investment opportunities. | |||||||||||||||||
The Company’s private equity fund investments include funds that pursue multiple strategies including direct lending, asset securitization and real estate development. These investments by the Company are generally not redeemable with the funds. The nature of these fund investments is that distributions are received through the liquidation of the underlying assets of the fund. At December 31, 2014 it was estimated that these funds will be liquidated in the next three years. | |||||||||||||||||
Financial Instruments Held for Investment—Designated as Available-for-Sale | |||||||||||||||||
As of December 31, 2014 and 2013, the Company has 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, they 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: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gains | Losses | Fair Value | ||||||||||||||
Marketable equity securities | $ | 100 | $ | 72 | $ | — | $ | 172 | |||||||||
December 31, 2013 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gains | Losses | Fair Value | ||||||||||||||
Marketable equity securities | $ | 108 | $ | 48 | $ | — | $ | 156 | |||||||||
The following provides detail of the amounts included in accumulated other comprehensive income and reclassified to earnings during the specified periods: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 34 | $ | (1,094 | ) | $ | 19 | ||||||||||
Net unrealized investment gains (losses) during the | |||||||||||||||||
period: | |||||||||||||||||
Unrealized holding gains (losses), net of taxes | 10 | 619 | (1,113 | ) | |||||||||||||
Reclassification adjustment for recognized | — | 509 | — | ||||||||||||||
losses included in net income, net of taxes | |||||||||||||||||
Ending balance | $ | 44 | $ | 34 | $ | (1,094 | ) | ||||||||||
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. During the years ended December 31, 2014, 2013 and 2012, the Company recorded other-than-temporary impairment losses of $-0-, $545 and $-0-, respectively, in the consolidated statements of operations relating to marketable equity securities. | |||||||||||||||||
The Company did not hold any marketable equity securities that were in unrealized loss positions as of December 31, 2014 and 2013. During the year ended December 31, 2013, the Company recognized a $545 other-than-temporary impairment loss related to a company in the financial services industry. The Company recognized this impairment loss 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 2013 specific to this investment. The carrying value of this investment subsequent to the impairment was $4,257. | |||||||||||||||||
There were no sales of marketable equity securities designated as available-for-sale during the year ended December 31, 2014. During the year ended December 31, 2013, the Company received $25,431 from sales of marketable equity securities designated as available-for-sale resulting in gross gains of $698 and gross losses of $32. There were no sales of marketable equity securities designated as available-for-sale during the year ended December 31, 2012. | |||||||||||||||||
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: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated other comprehensive income (loss), | $ | 34 | $ | (1,094 | ) | ||||||||||||
Beginning balance | |||||||||||||||||
Other comprehensive income before reclassifications | 10 | 619 | |||||||||||||||
Amounts reclassified from other comprehensive loss | — | 509 | |||||||||||||||
Accumulated other comprehensive income, at period end | $ | 44 | $ | 34 | |||||||||||||
Year Ended December 31, | |||||||||||||||||
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: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-public equity securities | $ | 7,000 | $ | 2,681 | |||||||||||||
Corporate debt investments | — | 5,000 | |||||||||||||||
$ | 7,000 | $ | 7,681 | ||||||||||||||
The Company evaluates its portfolio of other investments, carried at cost, for impairment as of each reporting date. This evaluation includes consideration of the operating performance of the respective underlying 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 years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
During the year ended December 31, 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, and the Company received $5,000 reflecting the full repayment at its maturity of a corporate debt investment. In addition, during the year ended December 31, 2014, a non-public equity security carried at cost with a basis of $428 became publicly traded during the period. The Company designated this security as trading at the time it became publicly traded. There were no sales of, or distributions from, non-public equity securities during 2013. The Company received $317 from the maturity of a note receivable that was carried at cost during 2013. In addition, during 2013 a non-public equity security carried at cost with a basis of $2,390 became publicly traded. The Company designated this security as trading at the time it became publicly traded. There were no sales of, or distribution from, non-public equity securities during 2012. | |||||||||||||||||
Securities_Lending
Securities Lending | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Securities Lending [Abstract] | |||||||||||||||||||||
Securities Lending | Note 4. Securities Lending: | ||||||||||||||||||||
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”) and on August 4, 2014, the Company completed its purchase of this business. As a result of this acquisition, the Company has an active securities borrowed and loaned business in which it borrows securities from one party and lends them to another. The Company believes that this acquisition will be accretive to its overall revenue per employee and operating margin. Pursuant to the terms of the Transaction Agreement, the Company made an initial cash payment of $1,000 at closing and is obligated to make additional payments that are contingent on the performance of the business over the next 18 months. As described below, as of December 31, 2014, the Company has estimated these aggregate contingent payments to be $4,070 and has included this in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. The Company will continue to assess the value of this contingent consideration at each reporting date until its obligations are satisfied. As a result of this purchase, the Company recorded goodwill of $2,570 and a finite-lived intangible asset related to acquired customer relationships of $2,500. | |||||||||||||||||||||
The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of December 31, 2014: | |||||||||||||||||||||
Gross amounts recognized | Gross amounts | Net amounts | Amounts not | Net amounts | |||||||||||||||||
offset in the | included in the | offset in the | |||||||||||||||||||
consolidated | consolidated | balance sheet but | |||||||||||||||||||
balance sheets (1) | balance sheets | eligible for | |||||||||||||||||||
offset | |||||||||||||||||||||
ing upon counterparty | |||||||||||||||||||||
default (2) | |||||||||||||||||||||
Securities borrowed | $ | 594,674 | $ | — | $ | 594,674 | $ | 594,674 | $ | — | |||||||||||
Securities loaned | $ | 595,717 | $ | — | $ | 595,717 | $ | 595,717 | $ | — | |||||||||||
-1 | Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred. | ||||||||||||||||||||
-2 | Includes the amount of cash collateral held/posted. | ||||||||||||||||||||
The Company accounted for its acquisition of LCM’s securities lending business in accordance with ASC 805, “Business Combinations” (“ASC 805”), using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. The Company’s estimate of contingent consideration and estimates of fair value included in the financial statements, in conformity with ASC 820, represent the Company’s best estimates and valuations. These estimates and underlying assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in its valuations will be realized, and actual results could vary materially. The table below summarizes the preliminary estimates of contingent consideration, and the fair value of the assets acquired and liabilities assumed as of the acquisition date. The Company incurred $379 of transaction costs related to this acquisition that are included in professional services expense in the consolidated statements of operations: | |||||||||||||||||||||
Purchase Price: | |||||||||||||||||||||
Cash paid | $ | 1,000 | |||||||||||||||||||
Estimated contingent consideration | 4,070 | ||||||||||||||||||||
Total | $ | 5,070 | |||||||||||||||||||
Fair Value of Assets Acquired: | |||||||||||||||||||||
Securities borrowed | 675,709 | ||||||||||||||||||||
Due from brokers, dealers and clearing organizations | 357 | ||||||||||||||||||||
Total | $ | 676,066 | |||||||||||||||||||
Fair Value of Liabilities Assumed: | |||||||||||||||||||||
Securities loaned | $ | 676,066 | |||||||||||||||||||
Purchase price allocated to goodwill | $ | 2,570 | |||||||||||||||||||
Purchase price allocated to intangible assets | 2,500 | ||||||||||||||||||||
Total purchase price | $ | 5,070 | |||||||||||||||||||
The goodwill and intangible asset balances are included in the Company’s capital markets segment and these balances are expected to be deductible for tax purposes. The customer relationship intangible assets will be amortized over their estimated useful life of seven years on a straight-line basis. During the year ended December 31, 2014, the Company recorded $149 of amortization expense related to this intangible asset that is included in other operating expenses in the Company’s statement of operations. The Company expects to recognize $358 of comparable amortization expense annually over the next five years. |
Furniture_Equipment_Software_a
Furniture, Equipment, Software and Leasehold Improvements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Furniture, Equipment, Software and Leasehold Improvements | Note 5. Furniture, Equipment, Software and Leasehold Improvements: | ||||||||
Furniture, equipment, software and leasehold improvements, summarized by major classification, were: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Leasehold improvements | $ | 17,340 | $ | 16,277 | |||||
Furniture and equipment | 10,776 | 13,001 | |||||||
Software | 7,303 | 8,192 | |||||||
35,419 | 37,470 | ||||||||
Less: Accumulated depreciation and amortization | (20,031 | ) | (34,184 | ) | |||||
$ | 15,388 | $ | 3,286 | ||||||
For the years ended December 31, 2014, 2013 and 2012, depreciation expense was $1,841, $1,290, and $2,160, respectively. For the year ended December 31, 2014, the Company incurred losses of $26 related to the write-off of retired fixed assets. For the year ended December 31, 2013, the Company did not incur any losses related to fixed assets, and during the year ended December 31, 2012 the Company incurred losses of $769 related to the write-off of leasehold improvements as a result of lease terminations. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 6. Income Taxes: | ||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal | $ | (2,030 | ) | $ | 3,010 | $ | (1,122 | ) | |||||
State and local | 126 | 317 | 44 | ||||||||||
$ | (1,904 | ) | $ | 3,327 | $ | (1,078 | ) | ||||||
Current | $ | (1,904 | ) | $ | 3,327 | $ | (1,078 | ) | |||||
Deferred | 2,245 | (30,810 | ) | — | |||||||||
$ | 341 | $ | (27,483 | ) | $ | (1,078 | ) | ||||||
Deferred tax assets and liabilities consisted of the following as of December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Stock-based and other compensation | $ | 23,105 | $ | 22,775 | |||||||||
Capital loss carry forward | 5,383 | 17,593 | |||||||||||
Net operating loss, Domestic | 4,574 | 4,115 | |||||||||||
AMT credit carry forward | 1,666 | — | |||||||||||
Depreciation and amortization | 367 | 5,670 | |||||||||||
Other, net | 556 | 1,083 | |||||||||||
Total deferred tax assets | 35,651 | 51,236 | |||||||||||
Deferred tax liabilities | |||||||||||||
Partnership income | (2,077 | ) | (2,071 | ) | |||||||||
Deferred expenses | (1,391 | ) | — | ||||||||||
Net deferred tax assets | 32,183 | 49,165 | |||||||||||
Valuation allowance | (3,535 | ) | (18,272 | ) | |||||||||
Net deferred tax asset | $ | 28,648 | $ | 30,893 | |||||||||
Following the criteria in ASC 740, the Company evaluates the need for a valuation allowance against its deferred tax assets on a quarterly basis by 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. At December 31, 2013, the Company’s net deferred tax assets totaled $49,165 and were offset by a 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 December 31, 2014, the Company determined that a valuation allowance of $3,535 related to its $5,383 of capital loss carryforwards was appropriate. The Company will continue to assess the need to maintain this valuation allowance at each reporting date. Recognition of these deferred tax assets will be dependent on the Company’s ability to generate capital gains. | |||||||||||||
As of December 31, 2014, the Company has $1,580 of domestic federal net operating loss carryforwards. The Company has state and local net operating loss carryforwards of $6,185 on a tax-effected basis, excluding the federal tax benefit. The state and local net operating losses include no tax benefit related to windfalls from the vesting of equity compensation. The state and local net operating loss carryforwards begin to expire in 2028. | |||||||||||||
As of December 31, 2014, the Company has pre-tax capital loss carryforwards for federal tax purposes of $13,012 which will expire in 2015 if not utilized. As of December 31, 2014, the Company has pre-tax capital loss carryforwards for state tax purposes of $11,512 and $9,783 which will expire in years 2015 and 2017, respectively. | |||||||||||||
The Company’s effective tax rate for the years ended December 31, 2014, 2013 and 2012 was 2.0%, (48.0%) and (27.5%), respectively. The provision for income taxes results in effective tax rates that differ from the federal statutory rates. The reconciliation of the Company’s reported amount of income tax provision (benefit) attributable to continuing operations to the amount of income tax expense that would result from applying domestic federal statutory tax rates to income from continuing operations was: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax provision, at statutory rate | $ | 6,076 | $ | 20,045 | $ | 1,375 | |||||||
State and local income taxes benefit, net of federal | 1,322 | 2,693 | 113 | ||||||||||
benefit | |||||||||||||
Nondeductible expenses | 281 | 7 | 259 | ||||||||||
Effect of stock-based compensation | 87 | 82 | 2 | ||||||||||
Other, net | (622 | ) | 1,047 | 633 | |||||||||
Uncertain tax positions | — | — | (1,165 | ) | |||||||||
Valuation allowance | (6,803 | ) | (51,357 | ) | (2,295 | ) | |||||||
Effective income tax provision (benefit) | $ | 341 | $ | (27,483 | ) | $ | (1,078 | ) | |||||
The Components of income before income taxes were as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 17,360 | $ | 57,368 | $ | 4,140 | |||||||
United Kingdom | — | (98 | ) | (212 | ) | ||||||||
$ | 17,360 | $ | 57,270 | $ | 3,928 | ||||||||
As of December 31, 2014 and 2013, the Company had no liability for uncertain tax positions and during the years ended December 31, 2014 and 2013 did not recognize any uncertain tax benefits. The Company had no accrued interest related to uncertain tax positions as of December 31, 2014 and 2013. During the year ended December 31, 2012, the statute of limitations related to the Company’s uncertain tax positions expired. As such, the Company recognized a tax benefit of $1,247 in 2012 upon the release of its liability for uncertain tax positions. The Company records interest and penalties in other operating expenses and other revenue respectively in the consolidated statements of operations. The Company did not recognize any interest or penalties related to tax uncertainties in the statements of operations for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The Company is not currently under audit related to its federal tax returns. As of December 31, 2014, tax years subsequent to December 31, 2010 remain open under the federal statute of limitations and for the Company’s significant state jurisdictions. The Company is currently under audit in New York State for tax years 2011 through 2013. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2014 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 7. Regulatory Capital Requirements: |
FBRCM is registered with the SEC and is a member of FINRA. As such, FBRCM is subject to the minimum net capital requirements promulgated by the SEC. As of December 31, 2014 and 2013, FBRCM had net capital of $60,761 and $108,983, respectively, that was $56,994 and $104,006, respectively, in excess of its required net capital of $3,767 and $4,977, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Commitments and Contingencies | Note 8. Commitments and Contingencies: | ||||||||||||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||||||||||
The Company has contractual obligations to make future payments in connection with non-cancelable lease agreements and other contractual commitments as well as an uncalled capital commitment to an investment partnership that may be called over the next two years. The following table sets forth these contractual obligations by fiscal year: | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Minimum rental commitments(1) | $ | 2,709 | $ | 4,952 | $ | 4,562 | $ | 3,649 | $ | 3,241 | $ | 20,845 | $ | 39,958 | |||||||||||||||
Capital commitments(2) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total Contractual Obligations | $ | 2,709 | $ | 4,952 | $ | 4,562 | $ | 3,649 | $ | 3,241 | $ | 20,845 | $ | 39,958 | |||||||||||||||
-1 | These commitments are for operating leases of the Company. The Company currently has no commitments associated with capital leases. Equipment and office rent expense for the years ended December 31, 2014, 2013 and 2012 was $5,351, $5,353 and $8,478, respectively. | ||||||||||||||||||||||||||||
-2 | The table above excludes $2,586 of uncalled capital commitments to investment partnerships that may be called over the next two years. This amount was excluded because the Company cannot currently determine when, if ever, the commitments will be called. | ||||||||||||||||||||||||||||
Clearing Brokers | |||||||||||||||||||||||||||||
The Company’s broker-dealer subsidiary clears all of its securities transactions through clearing brokers on a fully disclosed basis. Pursuant to the terms of the agreements between our broker-dealer subsidiary and its respective clearing brokers, the clearing brokers have the right to charge our broker-dealer subsidiary for losses that result from a counterparty’s failure to fulfill its contractual obligations. | |||||||||||||||||||||||||||||
As the right to charge our broker-dealer subsidiary has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right. At December 31, 2014 and 2013, the Company has recorded no liabilities, and during the years ended December 31, 2014, 2013 and 2012, the Company did not incur any significant costs, with regard to this right. | |||||||||||||||||||||||||||||
Litigation | |||||||||||||||||||||||||||||
As of December 31, 2014, except as described below, the Company was neither a defendant nor plaintiff in any lawsuits or arbitrations nor involved in any governmental or self-regulatory organization matters that are expected to have a material adverse effect on its financial condition, results of operations, or liquidity. The Company has been named as a defendant in a small number of civil lawsuits relating to its various businesses. In addition, the Company is subject to various reviews, examinations, investigations and other inquiries by governmental agencies and self regulatory organizations. There can be no assurance that these matters individually or in aggregate will not have a material adverse effect on the Company’s financial condition, results of operations, or liquidity in a future period. However, based on management’s review with counsel, resolution of these matters is not expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity. | |||||||||||||||||||||||||||||
Many aspects of the Company’s business involve substantial risks of liability and litigation. Underwriters, broker-dealers and investment advisers are exposed to liability under federal and state securities laws, other federal and state laws and court decisions, including decisions with respect to underwriters’ liability and limitations on indemnification, as well as with respect to the handling of customer accounts. For example, underwriters may be held liable for material misstatements or omissions of fact in a prospectus used in connection with the securities being offered and broker-dealers may be held liable for statements made by their securities analysts or other personnel. In the past, FBRCM has been named as a defendant in a small number of securities claims involving investment banking clients of FBRCM as a result of FBRCM’s role as an underwriter. In these cases, the underwriting agreement provides, subject to certain conditions, that the investment banking client is required to indemnify FBRCM against certain claims or liabilities, including claims or liabilities under the Securities Act of 1933, as amended (the “Securities Act”), or contribute to payments which FBRCM is required to make as a result of the litigation. There can be no assurance that such indemnification or contribution will ultimately be available to the Company or that an investment banking client will be able to satisfy its indemnity or contribution obligations when due. | |||||||||||||||||||||||||||||
FBRCM has been named a defendant in the putative class action lawsuit Waterford Township Police & Fire, Retirement System, vs. Regional Management Corp. et al., pending in the United States District Court for the Southern District of New York. The amended complaint, filed on November 24, 2014 (the “Amended Complaint”), names FBRCM as a co-managing underwriter of offerings in September 2013 and December 2013. Plaintiffs allege that the Registration Statement and Prospectus used in connection with these offerings were negligently prepared and, as a result, contained untrue statements of material fact and omitted to state other facts necessary to make the statements made not misleading. The Amended Complaint asserts claims against all the underwriters under Sections 11 and 12 of the Securities Act. Regional Management has agreed to indemnify all the underwriters, including FBRCM, pursuant to the operative underwriting agreement. In response to the defendants’ motions to dismiss, filed on January 23, 2015, the putative class plaintiffs filed a second amended complaint (the ”Second Amended Complaint”), which shall serve as the operative complaint. The defendants have until April 28, 2015 to file a motion to dismiss the Second Amended Complaint. | |||||||||||||||||||||||||||||
In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, management, in conjunction with counsel, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. The pending case discussed above involving FBRCM is at a preliminary stage, and based on management’s review with counsel and present information known by management, a loss contingency for this matter was not probable and estimable as of December 31, 2014. | |||||||||||||||||||||||||||||
In certain circumstances, broker-dealers and asset managers may also be held liable by customers and clients for losses sustained on investments. In recent years, there has been an increasing incidence of litigation and actions by government agencies and self regulatory organizations involving the securities industry, including class actions that seek substantial damages. The Company is also subject to the risk of litigation, including litigation that may be without merit. As the Company intends to actively defend any such litigation, significant legal expenses could be incurred. An adverse resolution of any future litigation against the Company could materially affect its financial condition, operating results and liquidity. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
In February 2012, pursuant to a compensation plan, the Company granted certain employees an interest in a pool of assets valued at $3,000. The individual awards are subject to a 4-year cliff vesting requirement based on continued service. The terms of the compensation plan provide that any forfeited awards be reallocated to remaining award recipients and that the total value of the asset pool at the date of vesting be distributed. The specific assets in the pool may change over the vesting period and the Company may settle the awards in cash. The value of the asset pool was $3,937 as of December 31, 2014. During the years ended December 31, 2014, 2013 and 2012 the Company recorded expense of $1,267, $879 and $728, respectively, related to this plan. These amounts are included in compensation and benefits in the consolidated statements of operations. | |||||||||||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Shareholders' Equity | Note 9. Shareholders’ Equity: | ||||||||||||
Share Repurchases | |||||||||||||
During the year ended December 31, 2014, the Company repurchased 2,380,504 shares of its common stock at a weighted average share price of $26.92 per share for a total cost of $64,094. Included in these share repurchases were 1,178,607 shares repurchased in open market transactions at a weighted average share price of $25.76 per share for a total cost $30,362 and 1,201,897 shares repurchased pursuant to a modified “Dutch auction” tender offer at a weighted average share price of $28.06 per share and a total cost, including transaction costs, of $33,732. As of December 31, 2014, the Company had remaining authority to repurchase 437,059 additional shares. In February 2015, the Company’s Board of Directors approved an increase in the Company’s repurchase authorization to 1,000,000 shares. | |||||||||||||
During the year ended December 31, 2013, the Company repurchased 2,377,583 shares of its common stock in privately negotiated or open market transactions at a weighted average share price of $23.36 per share for a total cost of $55,541. During the year ended December 31, 2012, the Company repurchased 1,863,140 shares of its common stock at a weighted average share price of $11.20 per share for a total cost of $20,870. Included in these 2012 share repurchases were two tender offers to repurchase shares pursuant to a modified “Dutch auction” tender offer where the Company repurchased 1,325,167 shares of its common stock at a weighted average share price of $11.32 per share for a total cost, including transaction costs, of $14,983. | |||||||||||||
FBR & Co. Employee Stock Purchase Plan | |||||||||||||
Under the Employee Stock Purchase Plan (“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” (“ASC 718”), the Company is required to recognize compensation expense relating to shares offered under the Purchase Plan. For the years ended December 31, 2014, 2013 and 2012, the Company recognized compensation expense of $247, $220 and $133, respectively, related to the Purchase Plan. | |||||||||||||
Partner Leveraged Stock Purchase Program | |||||||||||||
The Company initiated the Partner Leveraged Stock Purchase Program (“PLSPP”) in December 2009. Under the PLSPP, non-executive officer employees who are members of the Company’s Partnership Group as well as the Company’s Chief Financial Officer and General Counsel were granted the right to purchase shares of the Company’s common stock on four specific offering dates during the fourth quarter of 2009 and the first half of 2010. Each participant was initially granted the right to purchase up to either 6,250 shares or 12,500 shares. The Company offered to provide a full recourse loan at market rates and terms to each non-executive officer participant for up to 50% of the aggregate purchase price, collateralized by the shares purchased, bearing interest at market rates, and maturing three years from the date of issuance. For each share purchased by the participant, the Company would grant two options (three options in the case of each of the Company’s Chief Financial Officer and General Counsel) to purchase the Company’s common stock under the FBR & Co. Long-Term Incentive Plan (described below) that are subject to a 3-year cliff vesting requirement. For the years ended December 31, 2010 and 2009, participants purchased 66,134 and 52,625, respectively, for an aggregate purchase price of $1,286 and $1,431, respectively. As of December 31, 2014 and 2013 all loans had been repaid and there were no loans outstanding. The employee stock loan receivable balance was included in shareholders’ equity on the consolidated balance sheets prior to the loans being repaid. | |||||||||||||
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 performance conditions. The following table presents compensation expense related to these awards for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock Options | $ | (44 | ) | $ | 484 | $ | 1,526 | ||||||
Restricted shares | 296 | 146 | 148 | ||||||||||
RSUs | 8,897 | 7,589 | 5,489 | ||||||||||
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 December 31, 2014 | |||||||||||||
Stock | Restricted | RSUs | |||||||||||
Options | Shares | ||||||||||||
Unrecognized compensation | $ | 7 | $ | 136 | $ | 11,355 | |||||||
Unvested awards | 36,418 | 12,218 | 1,988,912 | ||||||||||
Weighted average vesting period | 0.08 years | 0.42 years | 1.17 years | ||||||||||
Stock Options | |||||||||||||
A summary of option activity under the FBR & Co. Long Term Incentive Plan as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | |||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Exercise Prices | Remaining | ||||||||||||
Contractual Life | |||||||||||||
Share Balance as of December 31, 2011 | 1,767,301 | $ | 30.84 | 3.5 | |||||||||
Granted | — | — | |||||||||||
Forfeitures/Expirations | (479,274 | ) | $ | 55.4 | |||||||||
Share Balance as of December 31, 2012 | 1,288,027 | $ | 21.72 | 2.12 | |||||||||
Granted | — | — | |||||||||||
Forfeitures/Expirations | (102,802 | ) | 24.14 | ||||||||||
Option Exercised | (118,422 | ) | 20.34 | ||||||||||
Share Balance as of December 31, 2013 | 1,066,803 | $ | 21.63 | 0.13 | |||||||||
Granted | — | — | |||||||||||
Forfeitures/Expirations | (13,334 | ) | 22.44 | ||||||||||
Option Exercised | (63,368 | ) | 16.87 | ||||||||||
Share Balance as of December 31, 2014 | 990,101 | $ | 21.92 | 0.08 | |||||||||
Options Exercisable as of December 31, 2014 | 953,683 | $ | 21.89 | 1.7 | |||||||||
The Company did not grant any options during the years ended December 2014, 2013 and 2012. | |||||||||||||
Restricted Stock | |||||||||||||
A summary of unvested restricted stock awards as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | |||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Grant-date Fair | Remaining | ||||||||||||
Value | Vested Period | ||||||||||||
Share Balance as of December 31, 2011 | 66,319 | $ | 56.36 | 0.6 | |||||||||
Granted | — | — | |||||||||||
Vestings | (54,045 | ) | 62.28 | ||||||||||
Forfeitures | (6,022 | ) | 35.92 | ||||||||||
Share Balance as of December 31, 2012 | 6,252 | $ | 25.04 | 0.15 | |||||||||
Granted | 10,421 | 24.23 | 0.43 | ||||||||||
Vestings | (6,252 | ) | 26.13 | ||||||||||
Forfeitures | — | — | |||||||||||
Share Balance as of December 31, 2013 | 10,421 | $ | 24.23 | 0.43 | |||||||||
Granted | 12,218 | 26.19 | 0.42 | ||||||||||
Vestings | (10,421 | ) | 24.23 | ||||||||||
Forfeitures | — | — | |||||||||||
Share Balance as of December 31, 2014 | 12,218 | 26.19 | 0.42 | ||||||||||
RSUs | |||||||||||||
A summary of unvested restricted stock units as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | |||||||||||||
Number of Shares | Weighted-average | Weighted-average Remaining | |||||||||||
Grant-date Fair | Vested Period | ||||||||||||
Value | |||||||||||||
Share Balance as of December 31, 2011 | 1,382,000 | $ | 20.16 | 2.1 | |||||||||
Granted | 799,590 | 10 | |||||||||||
Vestings | (342,879 | ) | 21.24 | ||||||||||
Forfeitures | (171,300 | ) | 14.36 | ||||||||||
Share Balance as of December 31, 2012 | 1,667,411 | $ | 15.72 | 2.1 | |||||||||
Granted | 827,562 | 18.94 | |||||||||||
Vestings | (501,307 | ) | 22.11 | ||||||||||
Forfeitures | (90,332 | ) | 14.58 | ||||||||||
Share Balance as of December 31, 2013 | 1,903,334 | $ | 15.69 | 1.88 | |||||||||
Granted | 374,939 | 24.71 | |||||||||||
Vestings | (162,993 | ) | 18.81 | ||||||||||
Forfeitures | (126,368 | ) | 16.82 | ||||||||||
Share Balance as of December 31, 2014 | 1,988,912 | $ | 17.06 | 1.17 | |||||||||
Included in the RSUs granted during the year ended December 31, 2014 were 277,405 RSU awards that will vest based on both individual service requirements and the Company’s achievement of a specified performance goal. For awards granted in 2014, the performance goal will be met at (1) a 50% rate 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 (the “2014 performance period”); (2) a 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 2014 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 2014 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 2014 performance period, no performance share units will be earned and the award will be forfeited. During the year ended December 31 2014, compensation expense was recognized based on the Company’s assessment that the awards would vest at a 50% rate. | |||||||||||||
Included in the RSUs granted during the year ended December 31, 2013 were 375,000 RSU awards that will vest based on both individual service requirements and the Company’s achievement of a specified performance goal. For awards granted in 2013, the performance goal will be met at (1) a 100% rate if the combined net worth of the Company, measured on a per share basis has increased by an amount equal to a 7% compound annual growth rate over the three year period beginning on April 1, 2013 (the “2013 performance period”); (2) a 50% rate if the combined net worth of the Company, measured on a per share basis has increased by an amount equal to a 4% compound annual growth over the 2013 performance period; and (3) a proportional rate between 50% and 100% in the event that the combined net worth of the Company, measured on a per share basis has increased by an amount between 4% and 7% compound annual growth over the 2013 performance period. During the years ended December 31, 2014 and 2013, compensation expense was recognized based on the Company’s assessment that the awards would vest at a 100% rate. | |||||||||||||
Deferred Compensation Awards | |||||||||||||
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 restricted shares of common stock or RSUs in lieu of cash payments. These shares and RSUs are issued to an irrevocable trust for the benefit of the employees and are not returnable to the Company. For the years ended December 31, 2014, 2013, and 2012, the Company granted such stock-based awards with an aggregate fair value upon grant date of $3,219, $2,099 and $0, respectively. A summary of restricted stock irrevocable trust awards as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | |||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Grant-date | Remaining | ||||||||||||
Fair Value | Vested Period | ||||||||||||
Share Balance as of December 31, 2011 | 25,239 | $ | 39.56 | 0.6 | |||||||||
Granted | — | — | |||||||||||
Vestings | (19,338 | ) | 40.6 | ||||||||||
Share Balance as of December 31, 2012 | 5,901 | $ | 19.6 | 0.64 | |||||||||
Granted | — | — | |||||||||||
Vestings | (4,399 | ) | 16.15 | ||||||||||
Share Balance as of December 31, 2013 | 1,502 | $ | 13.51 | 0.46 | |||||||||
Granted | — | — | |||||||||||
Vestings | (1,225 | ) | 14.4 | ||||||||||
Share Balance as of December 31, 2014 | 277 | $ | 9.56 | 1.1 | |||||||||
A summary of restricted stock unit awards held in the irrevocable trust as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | |||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Grant-date Fair | Remaining | ||||||||||||
Value | Vested Period | ||||||||||||
Share Balance as of December 31, 2011 | 342,444 | $ | 19.24 | 1.3 | |||||||||
Granted | — | — | |||||||||||
Vestings | (157,104 | ) | 17.6 | ||||||||||
Share Balance as of December 31, 2012 | 185,340 | $ | 18.68 | 1.48 | |||||||||
Granted | 127,977 | 16.4 | |||||||||||
Vestings | (77,953 | ) | 19.45 | ||||||||||
Share Balance as of December 31, 2013 | 235,364 | $ | 18.09 | 1.92 | |||||||||
Granted | 294,843 | 24.82 | |||||||||||
Vestings | (34,737 | ) | 15.43 | ||||||||||
Share Balance as of December 31, 2014 | 495,470 | $ | 20.79 | 1.68 | |||||||||
Income_Per_Share
Income Per Share | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Income Per Share | Note 10. Income 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, including RSUs that are not subject to forfeiture. Diluted earnings per share includes the impact of dilutive securities such as stock options, and unvested shares of restricted stock and RSUs that are subject to forfeiture. The following table presents the computations of basic and diluted earnings per share for the periods indicated: | |||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||
Common stock (in thousands) | 10,283 | 10,283 | 11,963 | 11,963 | 13,274 | 13,274 | |||||||||||||||||||
Stock options, unvested restricted stock and RSUs (in thousands) | — | 1,182 | — | 997 | — | 524 | |||||||||||||||||||
Weighted average common and common equivalent shares outstanding (in thousands) | 10,283 | 11,465 | 11,963 | 12,960 | 13,274 | 13,798 | |||||||||||||||||||
Net income applicable to common stock | $ | 17,019 | $ | 17,019 | $ | 92,912 | $ | 92,912 | $ | 29,691 | $ | 29,691 | |||||||||||||
Net income per common share | $ | 1.66 | $ | 1.48 | $ | 7.77 | $ | 7.17 | $ | 2.24 | $ | 2.15 | |||||||||||||
The following table presents the number of antidilutive stock options, unvested restricted stock and RSUs outstanding for the periods indicated (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Stock Options—Employees and directors | 731 | 840 | 1,288 | ||||||||||||||||||||||
Stock Options—Non-employee | 27 | 32 | 265 | ||||||||||||||||||||||
Restricted Stock, unvested | 12 | 8 | 2 | ||||||||||||||||||||||
Restricted Stock Units, unvested | 1,074 | 1,136 | 1,150 | ||||||||||||||||||||||
Total | 1,844 | 2,016 | 2,705 | ||||||||||||||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance-Sheet Risk and Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Risks And Uncertainties [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk and Credit Risk | Note 11. Financial Instruments with Off-Balance-Sheet Risk and Credit Risk: |
Financial Instruments | |
The Company’s trading and investment activities include equity securities, convertible debt securities, corporate debt securities, bank loans, and listed equity options that are primarily traded in United States markets. The Company also invests in non-registered investment funds that trade and invest in public and non-public debt and equity securities. As of December 31, 2014 and 2013, the Company had not entered into any transactions involving financial instruments that would expose the Company to significant related off-balance-sheet risk. | |
In addition, as part of its market making activities, the Company sells equity and debt securities it does not currently own (securities sold but not yet purchased—see Note 3). When the Company sells a security short and borrows the security to make a delivery, a gain, limited to the price at which the Company sold the security short, or a loss, unlimited in size, will be realized upon the termination of the short sale. | |
Market Risk | |
The securities industry is subject to numerous risks, including the risk of loss associated with the underwriting, ownership, and trading of securities, and the risk of reduced revenues in periods of reduced demand for security offerings and activity in secondary trading markets. Changing economic and market trends may negatively impact the liquidity and value of the Company’s investments and the level of security offerings underwritten by the Company, which may adversely affect the Company’s revenues and profitability. | |
Market risk is primarily caused by movements in market prices of the Company’s trading and investment account securities and changes in value of the underlying securities of the investment funds in which the Company invests. The Company’s trading securities and investments are also subject to interest rate volatility and possible illiquidity in markets in which the Company trades or invests. The Company seeks to manage market risk through monitoring procedures. The Company’s principal transactions are primarily long and short equity and convertible debt transactions. | |
Positions taken and commitments made by the Company, including those made in connection with investment banking activities, may result in substantial amounts of exposure to individual issuers and businesses, including non-investment grade issuers, securities with low trading volumes and those not readily marketable. These issuers and securities may expose the Company to a higher degree of risk than associated with investment grade instruments. | |
Credit Risk | |
The Company’s broker-dealer subsidiary clears all of its securities transactions through clearing brokers on a fully disclosed basis. Pursuant to the terms of the agreements between the Company’s broker-dealer subsidiary and its clearing brokers, the clearing brokers have the right to charge the Company for losses that result from a counterparty’s failure to fulfill its contractual obligations. As the right to charge our broker-dealer subsidiary has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right. At December 31, 2014 and 2013, the Company has recorded no liabilities, and during the years ended December 31, 2014, 2013 and 2012, the Company did not incur any significant costs, with regard to this right. In addition, the Company has the right to pursue collection from the counterparties who do not perform under their contractual obligations. The Company monitors the credit standing of the clearing brokers and all counterparties with which it conducts business. The Company attempts to limit its credit spread risk by offsetting long or short positions in various related securities. | |
The due from and to brokers, dealers, and clearing organizations balance may include unsettled trades associated with the Company’s credit sales and trading platform. These transactions include corporate bonds and syndicated loan trades. As part of this activity, the Company incurs counterparty credit risk due to the extended settlement nature of most par and distressed bank loan transactions. Par loan and distressed loan trades have extended settlement periods due to the administrative and legal requirements associated with transferring title of such instruments. During this period whereby a trade has been executed but not settled, the Company is at risk if one of its counterparties defaults on a trade obligation and the Company has to meet this obligation at market prices that are adverse relative to the original trade. The Company manages this exposure by calculating the current and potential default exposure on each trade and by maintaining risk limits for each counterparty with whom it has outstanding bank loan trades. | |
Through indemnification provisions in agreements with clearing organizations, customer activities may expose the Company to off-balance-sheet credit risk. Financial instruments may have to be purchased or sold at prevailing market prices in the event a customer fails to settle a trade on its original terms or in the event cash and securities in customer margin accounts are not sufficient to fully cover customer obligations. The Company seeks to manage the risks associated with customer activities through customer screening and selection procedures as well as through requirements on customers to maintain margin collateral in compliance with various regulations and clearing organization policies. | |
Credit risk from the Company’s securities lending operations arises if a lender or borrower defaults on an outstanding securities loan or borrow transaction and the cash or securities the Company is holding is insufficient to cover the amount they owe the Company for that receivable. The Company assigns credit limits and collateral posting thresholds for each counterparty and these limits and thresholds are reviewed periodically. | |
The Company’s equity and debt securities held for trading and investment purposes include non-investment grade securities of privately held issuers with no ready markets. The concentration and illiquidity of these investments expose the Company to a higher degree of risk than associated with readily marketable securities. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12. Related-Party Transactions: |
Professional Services Agreement | |
During the years ended December 31, 2013 and 2012, under a professional services agreement, as amended, with Crestview Partners, L.P. (“Crestview”), a party that prior to 2014 had designated for election two members of the Company’s Board of Directors, the Company agreed to pay Crestview Advisors, L.L.C. a $1,000 annual strategic advisory fee plus reimbursement of reasonable out-of-pocket expenses as long as Crestview continued to own at least 50% of the shares purchased by certain Crestview affiliates in our 2006 private offering. In June 2010, the Company and Crestview agreed to amend the professional services agreement to allow Crestview the ability to elect to receive a portion of their fee in restricted stock and/or options to purchase shares of the Company’s common stock. If elected, stock options would be issued with a strike price equal to the prevailing market price per share as of the grant date and with an expiration of 4 years. Based on Crestview’s elections, in June 2013 and 2012, the Company issued 32,432 and 61,225, respectively, such options to Crestview Advisors, L.L.C. valued at issuance at $270 and $240, respectively. The remainders of the respective annual strategic advisory fees were paid in cash. During the years ended December 31, 2013 and 2012, the Company recognized $905 and $1,000, respectively, of expense associated with this agreement. | |
Other | |
During the third quarter of 2013, Crestview exercised options to purchase 54,369 shares of the Company’s common stock at an average price of $15.85 per share at an aggregate cost of $862. The Company subsequently repurchased those 54,369 shares and 670,631 other shares from Crestview at $26.25 per share at a total cost of $19,031. | |
During the fourth quarter of 2013, Crestview exercised options to purchase 87,332 shares of the Company’s common stock at an average price of $12.02 per share at an aggregate cost of $1,050. The Company subsequently repurchased those 87,332 shares and 649,449 other shares from Crestview at $25.75 per share at a total cost of $18,974. Subsequent to these share repurchases, Crestview no longer holds any shares of the Company’s common stock and the Company no longer has any obligations under the Professional Services Agreement with Crestview discussed above. | |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 13. Employee Benefits: |
Employees of the Company are eligible to participate in the FBR & Co 401(k) Plan (the “401(k) Plan”), a defined contribution plan sponsored by FBR & Co. Participants may contribute to the Plan up to the limits set by the United States Internal Revenue Service. The Company may make discretionary contributions to the 401(k) Plan for the benefit of eligible employees contingent upon achieving certain annual Company goals. Employee contributions and discretionary Company matches paid by the Company are 100% vested when made. During the year ended December 31, 2014 the Company contributed $717, to the 401(k) Plan for the benefit of eligible employees. The Company did not make any comparable contributions during the years ended December 31, 2013 and 2012. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | Note 14. 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 no continuing involvement in the management of these funds. As a result of this sale transaction, the Company reports the results of its asset management operations as discontinued operations. As described below, the Company received the final proceeds from this sale in 2013, and accordingly has no activity related to discontinued operations in 2014. The results related to the asset management operations reflected in the consolidated statements of operations are presented in the following table. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | — | $ | — | $ | 14,275 | |||||||
Gain on sale of assets | — | 8,944 | 24,189 | ||||||||||
Expenses | — | 170 | 12,514 | ||||||||||
Income from discontinued operations before income taxes | — | 8,774 | 25,950 | ||||||||||
Income tax provision | — | 615 | 1,265 | ||||||||||
Income from discontinued operations, net of taxes | $ | — | $ | 8,159 | $ | 24,685 | |||||||
For the year ended December 31, 2014, the Company did not generate any income from discontinued operations. For the year ended December 31, 2013, the Company generated $8,159 of net income from discontinued operations compared to $24,685 in 2012. The Company’s 2012 net income from discontinued operations was primarily derived from the gain recorded on the October 2012 sale of the assets related to our former mutual funds business. The Company’s 2013 net income from discontinued operations reflects the change in value during the year 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 provisions recognized in 2013 and 2012 relate primarily to state taxes on income that could not be offset by either net operating loss or capital loss carryforwards. | |||||||||||||
Regarding our proceeds from this sale, in accordance with the asset sale agreement, we received an initial payment upon closing in October 2012 and a subsequent payment upon the first anniversary of closing, in each case based on a percentage of assets under management for the applicable funds. Specifically, in October 2012, the Company received proceeds of $19,692 representing an initial payment equal to 60% of the sales price as calculated on the closing date and the Company received $19,294 representing the remaining 40% of the sales price as calculated on the first anniversary of the closing in the fourth quarter of 2013. In total, the Company received $38,986 from this sale and generated a pre-tax gain of $33,133. | |||||||||||||
The Company’s 2012 net income from discontinued operations was primarily derived from the gain recorded on the asset sale. The 2012 results from discontinued operations during the period prior to the sale reflect the activities of our former fee-based asset management operations. The $24,189 gain recorded on the asset sale in 2012 included an estimate of the contingent payment to be received in 2013. Specifically, as of December 31, 2012, the Company valued this contingent payment at $9,846. This value reflected an approximate 25% discount to the assets under management at closing and was recorded as a receivable on the Company’s consolidated balance sheets. The value recorded was based on the Company’s consideration of various factors outside of our control that could have had a significant effect on the value of prospective assets under management. As discussed above, based primarily on market appreciation during 2013, the Company received $19,294 representing the remaining 40% of the sales price in the fourth quarter of 2013. | |||||||||||||
Costs related to the sale were expensed as incurred during 2012 year and were comprised primarily of professional fees, including costs for advisory services, legal services and costs associated with the fund shareholder proxy. In addition, upon the close of the sale, the Company recognized in expense its remaining management contract intangible assets with a value of $1,890 at that time. During 2013, the Company incurred additional costs related to the sale of $504. These costs were directly related to the increase in value of the assets under management and the related amount of contingent proceeds received by the Company. | |||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | Note 15. 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 have been included in the net revenue and pre-tax income of each segment. | |||||||||||||||||
The increase in the capital markets segment’s total assets as of December 31, 2014 compared to December 31, 2013 that is specified in the tables below was due primarily to the purchase of a securities lending business resulting in an increase in securities borrowed, an asset, of $594,674 which was offset by securities loaned, a liability, of $595,717 (see Note 4). The increase in the principal investing segment’s total assets as of December 31, 2014 compared to December 31, 2013 was a result of investing activities during the year ended December 31, 2014, in particular a short-sale of a $75,000 face value, 7.25% U.S. Treasury security that was outstanding at December 31, 2014, and net additions to the Company’s long positions in investment funds and other securities. The increase in the capital markets segment’s total assets as of December 31, 2013 compared to December 31, 2012 is due to both the pre-tax income recognized during 2013 as well as the release during 2013 of a significant portion of the valuation allowance that had been recorded against the Company’s deferred tax assets (see Note 6). | |||||||||||||||||
The following tables illustrate the financial information for the Company’s segments for the periods indicated: | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Capital | Principal | Total | |||||||||||||||
Markets | Investing | ||||||||||||||||
Revenues, net of interest expense: | |||||||||||||||||
Investment banking | $ | 115,255 | $ | — | $ | 115,255 | |||||||||||
Institutional brokerage | 56,182 | — | 56,182 | ||||||||||||||
Net investment income | — | 17,774 | 17,774 | ||||||||||||||
Interest | 12,945 | 122 | 13,067 | ||||||||||||||
Dividends and other | 549 | 481 | 1,030 | ||||||||||||||
Total revenues | 184,931 | 18,377 | 203,308 | ||||||||||||||
Interest expense | 9,505 | 11,678 | 21,183 | ||||||||||||||
Revenues, net of interest expense | 175,426 | 6,699 | 182,125 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Variable | 59,500 | 316 | 59,816 | ||||||||||||||
Fixed | 102,426 | 2,523 | 104,949 | ||||||||||||||
Total | 161,926 | 2,839 | 164,765 | ||||||||||||||
Pre-tax income | $ | 13,500 | $ | 3,860 | $ | 17,360 | |||||||||||
Compensation and benefits: | |||||||||||||||||
Variable | $ | 42,408 | $ | 305 | $ | 42,713 | |||||||||||
Fixed | 59,639 | 1,459 | 61,098 | ||||||||||||||
Total | $ | 102,047 | $ | 1,764 | $ | 103,811 | |||||||||||
Total assets | $ | 830,938 | $ | 204,159 | $ | 1,035,097 | |||||||||||
Total net assets | $ | 177,826 | $ | 82,580 | $ | 260,406 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Capital | Principal | Total | |||||||||||||||
Markets | Investing | ||||||||||||||||
Revenues, net of interest expense: | |||||||||||||||||
Investment banking | $ | 196,213 | $ | — | $ | 196,213 | |||||||||||
Institutional brokerage | 53,738 | — | 53,738 | ||||||||||||||
Net investment income | — | 6,920 | 6,920 | ||||||||||||||
Interest | 1,050 | 740 | 1,790 | ||||||||||||||
Dividends and other | 432 | 728 | 1,160 | ||||||||||||||
Total revenues | 251,433 | 8,388 | 259,821 | ||||||||||||||
Interest expense | — | — | — | ||||||||||||||
Revenues, net of interest expense | 251,433 | 8,388 | 259,821 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Variable | 103,755 | 1,179 | 104,934 | ||||||||||||||
Fixed | 96,121 | 1,496 | 97,617 | ||||||||||||||
Total | 199,876 | 2,675 | 202,551 | ||||||||||||||
Pre-tax income | $ | 51,557 | $ | 5,713 | $ | 57,270 | |||||||||||
Compensation and benefits: | |||||||||||||||||
Variable | $ | 89,574 | $ | 1,172 | $ | 90,746 | |||||||||||
Fixed | 53,013 | 961 | 53,974 | ||||||||||||||
Total | $ | 142,587 | $ | 2,133 | $ | 144,720 | |||||||||||
Total assets | $ | 308,870 | $ | 101,702 | $ | 410,572 | |||||||||||
Total net assets | $ | 183,779 | $ | 106,998 | $ | 290,777 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Capital | Principal | Other (1) | Total | ||||||||||||||
Markets | Investing | ||||||||||||||||
Revenues, net of interest expense: | |||||||||||||||||
Investment banking | $ | 90,669 | $ | — | $ | — | $ | 90,669 | |||||||||
Institutional brokerage | 52,472 | — | — | 52,472 | |||||||||||||
Net investment income | — | 4,906 | — | 4,906 | |||||||||||||
Interest | 2,364 | 400 | 1 | 2,765 | |||||||||||||
Dividends and other | (219 | ) | 899 | — | 680 | ||||||||||||
Total revenues | 145,286 | 6,205 | 1 | 151,492 | |||||||||||||
Interest expense | — | — | — | — | |||||||||||||
Revenues, net of interest expense | 145,286 | 6,205 | 1 | 151,492 | |||||||||||||
Operating expenses: | |||||||||||||||||
Variable | 45,977 | 761 | 27 | 46,765 | |||||||||||||
Fixed | 98,919 | 434 | 1,446 | 100,799 | |||||||||||||
Total | 144,896 | 1,195 | 1,473 | 147,564 | |||||||||||||
Pre-tax income | $ | 390 | $ | 5,010 | $ | (1,472 | ) | $ | 3,928 | ||||||||
Compensation and benefits: | |||||||||||||||||
Variable | $ | 26,183 | $ | 758 | $ | 12 | $ | 26,953 | |||||||||
Fixed | 54,814 | 163 | 742 | 55,719 | |||||||||||||
Total | $ | 80,997 | $ | 921 | $ | 754 | $ | 82,672 | |||||||||
Total assets | $ | 214,290 | $ | 104,253 | $ | 14,901 | $ | 333,444 | |||||||||
Total net assets | $ | 129,671 | $ | 102,135 | $ | 8,058 | $ | 239,864 | |||||||||
-1 | Included in “Other” are net revenues and operating expenses related to the Company’s continuing operations that are allocated to the previous Asset Management segment. | ||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events: |
The Company has evaluated and determined that no events or transactions occurred after December 31, 2014 that would require recognition or disclosure in these financial statements. | |
Quarterly_Data
Quarterly Data | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Quarterly Data | Note 17. Quarterly Data (Unaudited): | |||||||||||||||||||||||||
The following tables set forth selected information for each of the fiscal quarters during the years ended December 31, 2014 and 2013. The selected quarterly data is derived from unaudited financial statements of the Company and has been prepared on the same basis as the annual, audited financial statements to include, in the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for fair statement of the results for such periods: | ||||||||||||||||||||||||||
Note: The sum of quarterly earnings per share amounts may not equal full year earnings per share amounts due to differing average outstanding shares amounts for the respective periods. | ||||||||||||||||||||||||||
Revenues, net of interest expense | Net income | Net income | Net income | Basic | Diluted | |||||||||||||||||||||
(loss) before income taxes | from | earnings | earnings | |||||||||||||||||||||||
discontinued operations, | per | per | ||||||||||||||||||||||||
net of taxes | share | share | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
First Quarter | $ | 54,358 | $ | 9,015 | $ | — | $ | 5,610 | $ | 0.51 | $ | 0.46 | ||||||||||||||
Second Quarter | 57,098 | 8,975 | — | 6,976 | 0.65 | 0.58 | ||||||||||||||||||||
Third Quarter | 42,097 | 3,308 | — | 3,501 | 0.34 | 0.31 | ||||||||||||||||||||
Fourth Quarter | 28,572 | (3,938 | ) | — | 932 | 0.1 | 0.09 | |||||||||||||||||||
Total Year | $ | 182,125 | $ | 17,360 | $ | — | $ | 17,019 | $ | 1.66 | $ | 1.48 | ||||||||||||||
2013 | ||||||||||||||||||||||||||
First Quarter | $ | 117,926 | $ | 35,907 | $ | 806 | $ | 35,254 | $ | 2.87 | $ | 2.65 | ||||||||||||||
Second Quarter | 67,242 | 14,632 | 2,316 | 42,648 | -1 | 3.51 | -1 | 3.23 | -1 | |||||||||||||||||
Third Quarter | 34,056 | 3,150 | 3,622 | 6,411 | 0.53 | 0.48 | ||||||||||||||||||||
Fourth Quarter | 40,597 | 3,581 | 1,415 | 8,599 | 0.76 | 0.69 | ||||||||||||||||||||
Total Year | $ | 259,821 | $ | 57,270 | $ | 8,159 | $ | 92,912 | $ | 7.77 | $ | 7.17 | ||||||||||||||
-1 | During the fourth quarter of 2013, the Company identified an error with respect to certain amounts that were included in the Company’s second quarter 2013 tax benefit and valuation allowance reversal. The Company evaluated the impact of this error in accordance with the SEC’s Staff Accounting Bulletin No. 99 and concluded that the error was not material to its June 30, 2013 financial statements. However, because the correction would be material to the three month period ended December 31, 2013, the Company revised its June 30, 2013 and year to date September 30, 2013 financial statements when they were filed in the Company’s quarterly reports on Form 10-Q for the quarters ended June 30, 2014 and September 30, 2014. In addition, the Company has reflected the revision in this quarterly table to reduce previously reported second quarter 2013 net income by $3,891, basic earnings per share by $0.32 and diluted earnings per share by $0.29. | |||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Principles of Consolidated Financial Statements and Basis of Presentation | Principles of Consolidated Financial Statements and Basis of Presentation | ||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior period amounts in order to conform with the current period presentation. | |||||||||||||||||||||
On February 28, 2013, the Company affected a one-for-four reverse stock split of the Company’s issued and outstanding common stock. While this reverse stock split reduced the number of issued and outstanding common shares, it had no effect on the Company’s total shareholders’ equity. Pursuant to the requirements of the FBR & Co. Long Term Incentive Plan and the provisions of the reverse stock split, all outstanding stock awards under the plan have been adjusted. These adjustments reduced the number of outstanding awards and, in addition for options to purchase common stock, the applicable exercise price, but had no effect on the unrecognized compensation expense applicable to these awards. | |||||||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||||||
The preparation of the Company’s 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 these estimates. | |||||||||||||||||||||
Cash Equivalents | Cash Equivalents | ||||||||||||||||||||
Cash equivalents include demand deposits with banks, money market accounts and highly liquid investments with original maturities of three months or less at the date of acquisition that are not held for sale in the ordinary course of business. As of December 31, 2014 and 2013, approximately 92% and 87%, respectively, of the Company’s cash equivalents were invested in money market funds that invest primarily in U.S. Treasuries and other securities directly or indirectly guaranteed by the U.S. government. The Company holds cash in financial institutions in excess of FDIC insured limits, and the Company periodically reviews the financial condition of the financial institutions and assesses the credit risk of such investments. | |||||||||||||||||||||
Securities Borrowed and Securities Loaned | Securities Borrowed and Securities Loaned | ||||||||||||||||||||
Securities borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained, or excess collateral recalled, when deemed appropriate. A substantial portion of the Company’s interest revenue and interest expense results from these activities. | |||||||||||||||||||||
The Company accounts for securities lending transactions in accordance with Accounting Standards Update (“ASU”) 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” requiring companies to report disclosures of offsetting assets and liabilities. The Company does not net securities borrowed and securities loaned and these items are presented on a gross basis in the consolidated balance sheets. | |||||||||||||||||||||
Due from/to Brokers, Dealers, and Clearing Organizations | Due from/to Brokers, Dealers, and Clearing Organizations | ||||||||||||||||||||
The Company clears all of its proprietary and customer transactions through other broker-dealers on a fully disclosed basis. The amount receivable from or payable to the clearing brokers represents the net of proceeds from unsettled securities sold, the Company’s clearing deposit and amounts receivable for commissions less amounts payable for unsettled securities purchased by the Company and amounts payable for clearing costs and other settlement charges. This amount also includes the cash collateral received for securities loaned less cash collateral for securities borrowed. The amounts payable are fully collateralized by all of the securities owned by the Company and held on deposit at the clearing broker. In addition, these balances include unsettled trades associated with our credit sales and trading platform. These transactions include trades in certain sectors of the corporate bond and syndicated loan markets. | |||||||||||||||||||||
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. | |||||||||||||||||||
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 (hedge funds and private equity funds), the Company classifies these investments within Level 2 or Level 3 depending on the redemption attributes of the Company’s investment. 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 the fund administrators are derived from the fair values of the underlying investments as of the reporting date. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instrument assets and liabilities which are not measured at fair value on the consolidated balance sheets are as follows: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 108,962 | $ | 108,962 | $ | — | $ | — | $ | 108,962 | |||||||||||
Due from broker, dealers and clearing organizations | 94,489 | — | 94,489 | — | 94,489 | ||||||||||||||||
Non-interest bearing receivables | 103,065 | — | 103,065 | — | 103,065 | ||||||||||||||||
Other investments, at cost | 7,000 | — | — | 7,395 | 7,395 | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 23,093 | — | 23,093 | — | 23,093 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 207,973 | $ | 207,973 | $ | — | $ | — | $ | 207,973 | |||||||||||
Due from brokers, dealers and clearing organizations | 4,949 | — | 4,949 | — | 4,949 | ||||||||||||||||
Non-interest bearing receivables | 5,143 | — | 5,143 | — | 5,143 | ||||||||||||||||
Other investments, at cost | 7,681 | — | — | 7,828 | 7,828 | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Accounts payable, accrued expenses and other | 10,351 | — | 10,351 | — | 10,351 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Due to brokers, dealers and clearing organizations | 8,701 | — | 8,701 | — | 8,701 | ||||||||||||||||
The carrying amounts noted above for cash and cash equivalents, due from brokers, dealers and clearing organizations, non-interest bearing receivables, accounts payable, accrued expenses and other liabilities and due to brokers, dealers and clearing organizations approximate fair value due to the short term nature of these items and/or minimal credit risk. The fair value of other investments, at cost is determined based on the Company’s assessment of enterprise values as discussed above. | |||||||||||||||||||||
Securities and Principal Investments | Securities and Principal Investments | ||||||||||||||||||||
Trading securities and investments owned by the Company’s broker-dealer subsidiary and securities sold but not yet purchased are recorded on the trade-date and carried at fair value. Realized and unrealized gains and losses from trading desk securities are reflected in institutional brokerage revenue in the consolidated statements of operations. Realized and unrealized gains and losses from investment portfolio positions are reflected in net investment income in the consolidated statements of operations. | |||||||||||||||||||||
Marketable equity and debt securities held for investment purposes at non-broker-dealer subsidiaries are recorded on the trade date and designated as either available-for-sale or trading investments pursuant to ASC 320, “Investments—Debt and Equity Securities” (“ASC 320”). These investments are carried at fair value with resulting unrealized gains and losses on available-for-sale securities reflected in accumulated other comprehensive income (loss) in the consolidated balance sheets and unrealized gains and losses on trading securities reflected in net investment income in the consolidated statements of operations. Investments in equity securities of non-public companies that are held in non-broker-dealer subsidiaries are carried at cost, unless an election is made pursuant to ASC 825, “Financial Instruments” (“ASC 825”), to account for the security at fair value. Such elections are made at the date of purchase based on the Company’s assessment of the prospective liquidity of the non-public equity security. | |||||||||||||||||||||
The Company evaluates available-for-sale securities and investments in securities of non-public companies carried at cost for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The value of the Company’s investments in marketable equity securities designated as available-for-sale can fluctuate significantly. The value of the Company’s investments in securities of non-public companies can also fluctuate significantly. Such values may be based on unobservable inputs, including significant assumptions of the Company and consideration of the liquidity and size of the Company’s position. In evaluating these investments for other-than-temporary impairment, consideration is given to (1) the length of time and the extent to which the fair value has been lower than carrying value, (2) the severity of the decline in fair value, (3) the financial condition and near-term prospects of the issuer, and (4) the Company’s intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. If it is determined that an investment impairment is other-than-temporary then the amount that the fair value is below its current basis is recorded as an impairment charge and recorded through earnings in net investment income in the consolidated statements of operations. | |||||||||||||||||||||
For unrealized losses that are determined to be temporary, the Company continues to evaluate these at each reporting date. If the Company determines at a future date that an impairment of a marketable equity security is other-than-temporary, the applicable unrealized loss will be reclassified from accumulated other comprehensive income and recognized as an other-than-temporary impairment loss at the time the determination is made. | |||||||||||||||||||||
Realized gains and losses on sales of equity and debt securities are determined using the specific identification method. | |||||||||||||||||||||
For restricted shares, including private company shares, these investments by their nature have limited or no price transparency. Adjustments to carrying value may be based on third-party transactions evidencing a change in value and output from the Company’s valuation models and estimates of fair value. In reaching that determination, the Company may consider factors such as, but not limited to, the financial performance of the companies relative to projections, trends within sectors, underlying business models and expected exit timing and strategy. | |||||||||||||||||||||
The Company’s investments in proprietary investment funds have included non-registered investment companies as well as open-ended registered investment companies, or mutual funds. As of December 31, 2014 and 2013, these investments are comprised of non-registered investment companies where the underlying fund investments consist primarily of corporate and asset-backed fixed income securities. These funds record their investments in securities at fair value and report NAV to investors representing the fair value of the underlying investments held by the funds. The funds’ determination of these fair values is a matter of judgment. The Company reflects the increase/decrease in NAV (including realized and unrealized gains and losses) in net investment income in the consolidated statements of operations. The Company’s disposition of these investment funds may be subject to contractual restrictions. | |||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||||||
The Company’s intangible assets consist of intangible assets with finite useful lives. All of these intangible assets were recognized as a result of a business combination that was completed in August 2014 (see Note 4). Goodwill is not amortized but is tested annually for impairment (during the third quarter) or more frequently if an adverse event occurs that may indicate impairment. The values of the intangible assets with finite useful lives are amortized in proportion to their expected economic benefit over their estimated useful life or straight-line if the economic benefit cannot be reliably determined. These intangible assets are periodically tested for impairment by comparing expected future gross cash flows to the asset’s carrying amount. If the expected gross cash flows are less than the carrying amount, the asset is impaired and is written-down to its fair value. | |||||||||||||||||||||
Furniture, Equipment, Software and Leasehold Improvements | Furniture, Equipment, Software and Leasehold Improvements | ||||||||||||||||||||
Furniture, equipment, software and leasehold improvements are stated at cost less accumulated depreciation and amortization. Furniture and equipment are depreciated using the straight-line method over their estimated useful lives of three to five years. Amortization of purchased software is recorded over the estimated useful lives of three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the useful life or lease term. | |||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||
The Company leases its corporate headquarters and other offices under non-cancelable leases. The terms of the Company’s lease agreements range up to 11 years and may contain renewal options, escalation clauses, rent-free periods and operating cost adjustments. | |||||||||||||||||||||
For leases that contain escalation clauses or rent-free periods, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent amounts and amounts payable under the leases as part of accounts payable and accrued expenses and other liabilities. Lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the incentive to the end of the initial lease term. The Company records the unamortized portion of lease incentives as part of accounts payable, accrued expenses and other liabilities. | |||||||||||||||||||||
Investment Banking Revenues | Investment Banking Revenues | ||||||||||||||||||||
Capital raising revenues represent fees earned from private placement transactions and from public offerings of securities in which the Company acts as placement agent or underwriter. These revenues consist of placement fees, selling concessions, underwriting fees, management fees and reimbursed expenses. Advisory revenues represent fees earned from mergers and acquisitions, mutual conversions, financial restructuring and other advisory services provided to clients. Capital raising revenues are recorded as revenue at the time the underwriting or private placement is completed under the terms of each engagement. Advisory fees are recorded as revenue when the related service has been rendered and the client is contractually obligated to pay. Certain fees received in advance of services rendered are deferred and recognized as revenue over the service period. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded or cancelled, at which time such expenses are recognized. | |||||||||||||||||||||
Institutional Brokerage Revenues | Institutional Brokerage Revenues | ||||||||||||||||||||
Institutional brokerage revenues consist of commissions resulting from securities transactions executed as agent or principal and related net trading gains and losses. Revenues generated from securities transactions and related commission income and expense are recorded on the trade date. Institutional brokerage revenues also include direct payments received by the Company for equity research. | |||||||||||||||||||||
Compensation and Benefits | Compensation and Benefits | ||||||||||||||||||||
Compensation and benefits includes base salaries, incentive compensation, stock-based compensation, employee benefit costs, and employer taxes. Incentive compensation is a significant component of compensation expense and is accrued based on the Company’s performance and the contribution of key business units, and in certain limited cases, using pre-defined formulas. The Company’s compensation accruals are reviewed and evaluated on a quarterly basis. The Company recognizes stock-based compensation expense in the consolidated statements of operations based on the grant-date fair value of awards of equity instruments issued to employees. The grant-date fair value is based on the closing price of FBR & Co.’s common stock on the date of grant. The expense is recognized over the period during which employees are required to provide service. The expense is recorded net of an estimated forfeiture rate for awards on the date of grant. | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
The Company files a consolidated U.S. federal income tax return. The Company is also subject to income tax in various states and municipalities in which it operates. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on our evaluation and our consideration of the criteria in ASC 740, “Income Taxes” (“ASC 740”), it is more likely than not that they will not be realized. Tax liabilities for uncertain tax positions are recorded in accordance with ASC 740. The Company’s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of other operating expenses in the consolidated statements of operations. | |||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income | ||||||||||||||||||||
Comprehensive income includes net income as currently reported by the Company on the consolidated statements of operations adjusted for other comprehensive income. Other comprehensive income for the Company represents changes in unrealized gains and losses related to the Company’s investment securities accounted for as available-for-sale with changes in fair value recorded through shareholders’ equity. | |||||||||||||||||||||
Income Per Share | Income Per Share | ||||||||||||||||||||
Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, including restricted stock units (“RSUs”) that are not subject to forfeiture. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to include the dilutive effect of unvested RSUs and shares of restricted stock that are subject forfeiture and the conversion of all potentially dilutive options to purchase common stock. | |||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||
In July 2013, the FASB issued 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 U.S. 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. | |||||||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. The Company does not anticipate that the adoption of ASU 2014-15 will have a material impact on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Estimated Fair Values of Financial Instrument Assets and Liabilities Which are Not Measured at Fair Value on the Consolidated Balance Sheets | The estimated fair values of the Company’s financial instrument assets and liabilities which are not measured at fair value on the consolidated balance sheets are as follows: | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 108,962 | $ | 108,962 | $ | — | $ | — | $ | 108,962 | |||||||||||
Due from broker, dealers and clearing organizations | 94,489 | — | 94,489 | — | 94,489 | ||||||||||||||||
Non-interest bearing receivables | 103,065 | — | 103,065 | — | 103,065 | ||||||||||||||||
Other investments, at cost | 7,000 | — | — | 7,395 | 7,395 | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 23,093 | — | 23,093 | — | 23,093 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 207,973 | $ | 207,973 | $ | — | $ | — | $ | 207,973 | |||||||||||
Due from brokers, dealers and clearing organizations | 4,949 | — | 4,949 | — | 4,949 | ||||||||||||||||
Non-interest bearing receivables | 5,143 | — | 5,143 | — | 5,143 | ||||||||||||||||
Other investments, at cost | 7,681 | — | — | 7,828 | 7,828 | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Accounts payable, accrued expenses and other | 10,351 | — | 10,351 | — | 10,351 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Due to brokers, dealers and clearing organizations | 8,701 | — | 8,701 | — | 8,701 | ||||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | The following tables set forth, by level within the fair value hierarchy, financial instruments and long-term investments accounted for under ASC 820 as of December 31, 2014 and 2013, respectively. 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 | |||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial instruments owned, at fair value: | |||||||||||||||||
Financial instruments held for trading activities at | |||||||||||||||||
broker-dealer subsidiary: | |||||||||||||||||
Marketable and non-public equity securities | $ | 14,832 | $ | 14,758 | $ | — | $ | 74 | |||||||||
Listed options | 2 | 2 | — | — | |||||||||||||
Convertible and fixed income debt instruments | 42,864 | — | 42,864 | — | |||||||||||||
57,698 | 14,760 | 42,864 | 74 | ||||||||||||||
Financial instruments held for investment activities: | |||||||||||||||||
Designated as trading: | |||||||||||||||||
Marketable and non-public equity securities | 2,325 | 175 | — | 2,150 | |||||||||||||
Warrants | 964 | — | — | 964 | |||||||||||||
Designated as available-for-sale: | |||||||||||||||||
Marketable equity securities | 172 | 172 | — | — | |||||||||||||
3,461 | 347 | — | 3,114 | ||||||||||||||
Investment funds | 104,888 | — | 58,292 | 46,596 | |||||||||||||
Total | $ | 166,047 | $ | 15,107 | $ | 101,156 | $ | 49,784 | |||||||||
Securities sold but not yet purchased, at fair value: | |||||||||||||||||
U.S. Treasury securities | $ | 84,950 | $ | 84,950 | $ | — | $ | — | |||||||||
Marketable and non-public equity securities | 34,043 | 34,043 | — | — | |||||||||||||
Convertible and fixed income debt instruments | 2,317 | — | 2,317 | — | |||||||||||||
Total | $ | 121,310 | $ | 118,993 | $ | 2,317 | $ | — | |||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||
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 December 31, 2014: | ||||||||||||||||
Valuation Technique | Fair Value | Unobservable Input | Range | Weighted Average | |||||||||||||
Market approach—assets | $ | 2,224 | Over-the-counter trading activity | $0 - $34.00/share | $11.56 | ||||||||||||
Black-Scholes—assets | $ | 964 | Volatility | 30% | 30% | ||||||||||||
Dividend Yield | 0% | 0% | |||||||||||||||
Interest Rate | 2.10% | 2.10% | |||||||||||||||
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% | 2.90% | |||||||||||||||
Changes in Fair Value of Company's Level 3 Financial Assets and Liabilities 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 and liabilities that are measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013. As of December 31, 2014 and 2013, the Company did not have any net unrealized gains (losses) included in accumulated other comprehensive income on Level 3 financial assets: | ||||||||||||||||
Trading | Trading | Investment | Total | ||||||||||||||
Securities | Securities Sold | Funds | |||||||||||||||
not yet | |||||||||||||||||
Purchased | |||||||||||||||||
Beginning balance, January 1, 2014 | $ | 11,535 | $ | (1,499 | ) | $ | 61,197 | $ | 71,233 | ||||||||
Total net gains (losses) (realized/unrealized) | |||||||||||||||||
Included in earnings | (254 | ) | (122 | ) | 2,825 | 2,449 | |||||||||||
Included in other comprehensive income | — | — | — | — | |||||||||||||
Purchases | 124,223 | 6,043 | 51,696 | 181,962 | |||||||||||||
Sales/Distributions | (126,067 | ) | (4,422 | ) | (10,830 | ) | (141,319 | ) | |||||||||
Transfers out of Level 3 | (6,249 | ) | — | (58,292 | ) | (64,541 | ) | ||||||||||
Ending balance, December 31, 2014 | $ | 3,188 | $ | — | $ | 46,596 | $ | 49,784 | |||||||||
The amount of total gains or losses for the period | $ | 266 | $ | — | $ | 2,376 | $ | 2,642 | |||||||||
included in earnings attributable to the change in | |||||||||||||||||
unrealized gains or losses relating to assets and | |||||||||||||||||
liabilities still held at the reporting date | |||||||||||||||||
Trading | Trading | Investment | Total | ||||||||||||||
Securities | Securities Sold | Funds | |||||||||||||||
not yet | |||||||||||||||||
Purchased | |||||||||||||||||
Beginning balance, January 1, 2013 | $ | 2,615 | $ | — | $ | 17,600 | $ | 20,215 | |||||||||
Total net gains (losses) (realized/unrealized) | |||||||||||||||||
Included in earnings | 4,095 | 275 | 4,269 | 8,639 | |||||||||||||
Included in other comprehensive income | — | — | — | — | |||||||||||||
Purchases | 427,110 | — | 39,671 | 466,781 | |||||||||||||
Sales/Distributions | (421,116 | ) | (1,774 | ) | (343 | ) | (423,233 | ) | |||||||||
Transfers out of Level 3 | (1,169 | ) | — | — | (1,169 | ) | |||||||||||
Ending balance, December 31, 2013 | $ | 11,535 | $ | (1,499 | ) | $ | 61,197 | $ | 71,233 | ||||||||
The amount of total gains or losses for the period | $ | 2,714 | $ | 275 | $ | 4,273 | $ | 7,262 | |||||||||
included in earnings attributable to the change in | |||||||||||||||||
unrealized gains or losses relating to assets and | |||||||||||||||||
liabilities still held at the reporting date | |||||||||||||||||
Gains (Losses) from Level 3 Financial Assets Measured on Recurring Basis | Gains and losses from Level 3 financial assets and liabilities that are measured at fair value on a recurring basis, that are included in earnings for the years ended December 31, 2014, 2013, and 2012, are reported in the following line descriptions on the Company’s consolidated statements of operations: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total gains and losses included in earnings for the | |||||||||||||||||
period: | |||||||||||||||||
Institutional brokerage | $ | 38 | $ | 1,722 | $ | 187 | |||||||||||
Net investment income | 2,410 | 6,917 | 1,033 | ||||||||||||||
Change in unrealized gains or losses relating to assets | |||||||||||||||||
still held at the end of the respective period: | |||||||||||||||||
Institutional brokerage | (38 | ) | 438 | 50 | |||||||||||||
Net investment income | 2,680 | 6,824 | 910 | ||||||||||||||
Financial Instruments Held for Investment - Designated as Trading | Net gains and losses on such trading securities as of the dates indicated were as follows: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Net gains recognized on trading securities | $ | 3,630 | $ | 1,213 | $ | 3,722 | |||||||||||
Less: Net gains recognized on trading | (3,732 | ) | (261 | ) | (3,665 | ) | |||||||||||
securities sold during the period | |||||||||||||||||
Unrealized (losses) gains recognized on | $ | (102 | ) | $ | 952 | $ | 57 | ||||||||||
trading securities still held at the reporting date | |||||||||||||||||
Company's Investments in Hedge Funds and Private Equity Funds Measured at Fair Value Based on Net Asset Value | The following table presents information about the Company’s investments in hedge funds and private equity funds measured at fair value based on NAV at December 31, 2014 and 2013: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Fair Value | Unfunded Commitment | Fair Value | Unfunded Commitment | ||||||||||||||
Hedge funds: | |||||||||||||||||
Fixed income/credit-related | $ | 57,532 | $ | — | $ | 44,789 | $ | — | |||||||||
Multi-strategy | 37,890 | — | 15,439 | — | |||||||||||||
Private equity funds | 9,466 | 2,586 | 969 | 400 | |||||||||||||
Total | $ | 104,888 | $ | 2,586 | $ | 61,197 | $ | 400 | |||||||||
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: | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gains | Losses | Fair Value | ||||||||||||||
Marketable equity securities | $ | 100 | $ | 72 | $ | — | $ | 172 | |||||||||
December 31, 2013 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gains | Losses | Fair Value | ||||||||||||||
Marketable equity securities | $ | 108 | $ | 48 | $ | — | $ | 156 | |||||||||
Detail of the Amounts Included in Accumulated Other Comprehensive Income and Reclassified to Earnings | 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: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated other comprehensive income (loss), | $ | 34 | $ | (1,094 | ) | ||||||||||||
Beginning balance | |||||||||||||||||
Other comprehensive income before reclassifications | 10 | 619 | |||||||||||||||
Amounts reclassified from other comprehensive loss | — | 509 | |||||||||||||||
Accumulated other comprehensive income, at period end | $ | 44 | $ | 34 | |||||||||||||
Year Ended December 31, | |||||||||||||||||
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: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-public equity securities | $ | 7,000 | $ | 2,681 | |||||||||||||
Corporate debt investments | — | 5,000 | |||||||||||||||
$ | 7,000 | $ | 7,681 | ||||||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||||||||
Detail of the Amounts Included in Accumulated Other Comprehensive Income and Reclassified to Earnings | The following provides detail of the amounts included in accumulated other comprehensive income and reclassified to earnings during the specified periods: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 34 | $ | (1,094 | ) | $ | 19 | ||||||||||
Net unrealized investment gains (losses) during the | |||||||||||||||||
period: | |||||||||||||||||
Unrealized holding gains (losses), net of taxes | 10 | 619 | (1,113 | ) | |||||||||||||
Reclassification adjustment for recognized | — | 509 | — | ||||||||||||||
losses included in net income, net of taxes | |||||||||||||||||
Ending balance | $ | 44 | $ | 34 | $ | (1,094 | ) | ||||||||||
Securities_Lending_Tables
Securities Lending (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Securities Lending [Abstract] | |||||||||||||||||||||
Gross and Net Securities Borrowing and Lending Balances | The following table presents the contractual gross and net securities borrowing and lending balances and the related offsetting amount as of December 31, 2014: | ||||||||||||||||||||
Gross amounts recognized | Gross amounts | Net amounts | Amounts not | Net amounts | |||||||||||||||||
offset in the | included in the | offset in the | |||||||||||||||||||
consolidated | consolidated | balance sheet but | |||||||||||||||||||
balance sheets (1) | balance sheets | eligible for | |||||||||||||||||||
offset | |||||||||||||||||||||
ing upon counterparty | |||||||||||||||||||||
default (2) | |||||||||||||||||||||
Securities borrowed | $ | 594,674 | $ | — | $ | 594,674 | $ | 594,674 | $ | — | |||||||||||
Securities loaned | $ | 595,717 | $ | — | $ | 595,717 | $ | 595,717 | $ | — | |||||||||||
-1 | Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred. | ||||||||||||||||||||
-2 | Includes the amount of cash collateral held/posted. | ||||||||||||||||||||
Summary of Preliminary Estimates of Contingent Consideration, and Fair Value of Assets Acquired and Liabilities Assumed | The table below summarizes the preliminary estimates of contingent consideration, and the fair value of the assets acquired and liabilities assumed as of the acquisition date. | ||||||||||||||||||||
Purchase Price: | |||||||||||||||||||||
Cash paid | $ | 1,000 | |||||||||||||||||||
Estimated contingent consideration | 4,070 | ||||||||||||||||||||
Total | $ | 5,070 | |||||||||||||||||||
Fair Value of Assets Acquired: | |||||||||||||||||||||
Securities borrowed | 675,709 | ||||||||||||||||||||
Due from brokers, dealers and clearing organizations | 357 | ||||||||||||||||||||
Total | $ | 676,066 | |||||||||||||||||||
Fair Value of Liabilities Assumed: | |||||||||||||||||||||
Securities loaned | $ | 676,066 | |||||||||||||||||||
Purchase price allocated to goodwill | $ | 2,570 | |||||||||||||||||||
Purchase price allocated to intangible assets | 2,500 | ||||||||||||||||||||
Total purchase price | $ | 5,070 | |||||||||||||||||||
Furniture_Equipment_Software_a1
Furniture, Equipment, Software and Leasehold Improvements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Furniture, Equipment, Software and Leasehold Improvements Summarized by Major Classification | Furniture, equipment, software and leasehold improvements, summarized by major classification, were: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Leasehold improvements | $ | 17,340 | $ | 16,277 | |||||
Furniture and equipment | 10,776 | 13,001 | |||||||
Software | 7,303 | 8,192 | |||||||
35,419 | 37,470 | ||||||||
Less: Accumulated depreciation and amortization | (20,031 | ) | (34,184 | ) | |||||
$ | 15,388 | $ | 3,286 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
The (Benefit) Provision for Income Taxes | The provision (benefit) for income taxes consists of the following for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal | $ | (2,030 | ) | $ | 3,010 | $ | (1,122 | ) | |||||
State and local | 126 | 317 | 44 | ||||||||||
$ | (1,904 | ) | $ | 3,327 | $ | (1,078 | ) | ||||||
Current | $ | (1,904 | ) | $ | 3,327 | $ | (1,078 | ) | |||||
Deferred | 2,245 | (30,810 | ) | — | |||||||||
$ | 341 | $ | (27,483 | ) | $ | (1,078 | ) | ||||||
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following as of December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Stock-based and other compensation | $ | 23,105 | $ | 22,775 | |||||||||
Capital loss carry forward | 5,383 | 17,593 | |||||||||||
Net operating loss, Domestic | 4,574 | 4,115 | |||||||||||
AMT credit carry forward | 1,666 | — | |||||||||||
Depreciation and amortization | 367 | 5,670 | |||||||||||
Other, net | 556 | 1,083 | |||||||||||
Total deferred tax assets | 35,651 | 51,236 | |||||||||||
Deferred tax liabilities | |||||||||||||
Partnership income | (2,077 | ) | (2,071 | ) | |||||||||
Deferred expenses | (1,391 | ) | — | ||||||||||
Net deferred tax assets | 32,183 | 49,165 | |||||||||||
Valuation allowance | (3,535 | ) | (18,272 | ) | |||||||||
Net deferred tax asset | $ | 28,648 | $ | 30,893 | |||||||||
Provision Attributable to Continuing Operations to the Amount of Income Tax Expense | The reconciliation of the Company’s reported amount of income tax provision (benefit) attributable to continuing operations to the amount of income tax expense that would result from applying domestic federal statutory tax rates to income from continuing operations was: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax provision, at statutory rate | $ | 6,076 | $ | 20,045 | $ | 1,375 | |||||||
State and local income taxes benefit, net of federal | 1,322 | 2,693 | 113 | ||||||||||
benefit | |||||||||||||
Nondeductible expenses | 281 | 7 | 259 | ||||||||||
Effect of stock-based compensation | 87 | 82 | 2 | ||||||||||
Other, net | (622 | ) | 1,047 | 633 | |||||||||
Uncertain tax positions | — | — | (1,165 | ) | |||||||||
Valuation allowance | (6,803 | ) | (51,357 | ) | (2,295 | ) | |||||||
Effective income tax provision (benefit) | $ | 341 | $ | (27,483 | ) | $ | (1,078 | ) | |||||
Components of Income (Losses) Before Income Taxes | The Components of income before income taxes were as follows: | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 17,360 | $ | 57,368 | $ | 4,140 | |||||||
United Kingdom | — | (98 | ) | (212 | ) | ||||||||
$ | 17,360 | $ | 57,270 | $ | 3,928 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Contractual Obligations by Fiscal Year | The following table sets forth these contractual obligations by fiscal year: | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Minimum rental commitments(1) | $ | 2,709 | $ | 4,952 | $ | 4,562 | $ | 3,649 | $ | 3,241 | $ | 20,845 | $ | 39,958 | |||||||||||||||
Capital commitments(2) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total Contractual Obligations | $ | 2,709 | $ | 4,952 | $ | 4,562 | $ | 3,649 | $ | 3,241 | $ | 20,845 | $ | 39,958 | |||||||||||||||
-1 | These commitments are for operating leases of the Company. The Company currently has no commitments associated with capital leases. Equipment and office rent expense for the years ended December 31, 2014, 2013 and 2012 was $5,351, $5,353 and $8,478, respectively. | ||||||||||||||||||||||||||||
-2 | The table above excludes $2,586 of uncalled capital commitments to investment partnerships that may be called over the next two years. This amount was excluded because the Company cannot currently determine when, if ever, the commitments will be called. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation Expense Related to Awards | The following table presents compensation expense related to these awards for the periods indicated: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock Options | $ | (44 | ) | $ | 484 | $ | 1,526 | ||||||
Restricted shares | 296 | 146 | 148 | ||||||||||
RSUs | 8,897 | 7,589 | 5,489 | ||||||||||
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 December 31, 2014 | |||||||||||||
Stock | Restricted | RSUs | |||||||||||
Options | Shares | ||||||||||||
Unrecognized compensation | $ | 7 | $ | 136 | $ | 11,355 | |||||||
Unvested awards | 36,418 | 12,218 | 1,988,912 | ||||||||||
Weighted average vesting period | 0.08 years | 0.42 years | 1.17 years | ||||||||||
Summary of Option Activity under the FBR & Co. Long Term Incentive Plan | A summary of option activity under the FBR & Co. Long Term Incentive Plan as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | ||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Exercise Prices | Remaining | ||||||||||||
Contractual Life | |||||||||||||
Share Balance as of December 31, 2011 | 1,767,301 | $ | 30.84 | 3.5 | |||||||||
Granted | — | — | |||||||||||
Forfeitures/Expirations | (479,274 | ) | $ | 55.4 | |||||||||
Share Balance as of December 31, 2012 | 1,288,027 | $ | 21.72 | 2.12 | |||||||||
Granted | — | — | |||||||||||
Forfeitures/Expirations | (102,802 | ) | 24.14 | ||||||||||
Option Exercised | (118,422 | ) | 20.34 | ||||||||||
Share Balance as of December 31, 2013 | 1,066,803 | $ | 21.63 | 0.13 | |||||||||
Granted | — | — | |||||||||||
Forfeitures/Expirations | (13,334 | ) | 22.44 | ||||||||||
Option Exercised | (63,368 | ) | 16.87 | ||||||||||
Share Balance as of December 31, 2014 | 990,101 | $ | 21.92 | 0.08 | |||||||||
Options Exercisable as of December 31, 2014 | 953,683 | $ | 21.89 | 1.7 | |||||||||
Summary of Unvested Restricted Stock Awards | A summary of unvested restricted stock awards as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | ||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Grant-date Fair | Remaining | ||||||||||||
Value | Vested Period | ||||||||||||
Share Balance as of December 31, 2011 | 66,319 | $ | 56.36 | 0.6 | |||||||||
Granted | — | — | |||||||||||
Vestings | (54,045 | ) | 62.28 | ||||||||||
Forfeitures | (6,022 | ) | 35.92 | ||||||||||
Share Balance as of December 31, 2012 | 6,252 | $ | 25.04 | 0.15 | |||||||||
Granted | 10,421 | 24.23 | 0.43 | ||||||||||
Vestings | (6,252 | ) | 26.13 | ||||||||||
Forfeitures | — | — | |||||||||||
Share Balance as of December 31, 2013 | 10,421 | $ | 24.23 | 0.43 | |||||||||
Granted | 12,218 | 26.19 | 0.42 | ||||||||||
Vestings | (10,421 | ) | 24.23 | ||||||||||
Forfeitures | — | — | |||||||||||
Share Balance as of December 31, 2014 | 12,218 | 26.19 | 0.42 | ||||||||||
Summary of Unvested Restricted Stock Units | A summary of unvested restricted stock units as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | ||||||||||||
Number of Shares | Weighted-average | Weighted-average Remaining | |||||||||||
Grant-date Fair | Vested Period | ||||||||||||
Value | |||||||||||||
Share Balance as of December 31, 2011 | 1,382,000 | $ | 20.16 | 2.1 | |||||||||
Granted | 799,590 | 10 | |||||||||||
Vestings | (342,879 | ) | 21.24 | ||||||||||
Forfeitures | (171,300 | ) | 14.36 | ||||||||||
Share Balance as of December 31, 2012 | 1,667,411 | $ | 15.72 | 2.1 | |||||||||
Granted | 827,562 | 18.94 | |||||||||||
Vestings | (501,307 | ) | 22.11 | ||||||||||
Forfeitures | (90,332 | ) | 14.58 | ||||||||||
Share Balance as of December 31, 2013 | 1,903,334 | $ | 15.69 | 1.88 | |||||||||
Granted | 374,939 | 24.71 | |||||||||||
Vestings | (162,993 | ) | 18.81 | ||||||||||
Forfeitures | (126,368 | ) | 16.82 | ||||||||||
Share Balance as of December 31, 2014 | 1,988,912 | $ | 17.06 | 1.17 | |||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Summary of Restricted Stock and Restricted Stock Unit Awards Held in the Irrevocable Trust | A summary of restricted stock irrevocable trust awards as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | ||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Grant-date | Remaining | ||||||||||||
Fair Value | Vested Period | ||||||||||||
Share Balance as of December 31, 2011 | 25,239 | $ | 39.56 | 0.6 | |||||||||
Granted | — | — | |||||||||||
Vestings | (19,338 | ) | 40.6 | ||||||||||
Share Balance as of December 31, 2012 | 5,901 | $ | 19.6 | 0.64 | |||||||||
Granted | — | — | |||||||||||
Vestings | (4,399 | ) | 16.15 | ||||||||||
Share Balance as of December 31, 2013 | 1,502 | $ | 13.51 | 0.46 | |||||||||
Granted | — | — | |||||||||||
Vestings | (1,225 | ) | 14.4 | ||||||||||
Share Balance as of December 31, 2014 | 277 | $ | 9.56 | 1.1 | |||||||||
RSUs [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Summary of Restricted Stock and Restricted Stock Unit Awards Held in the Irrevocable Trust | A summary of restricted stock unit awards held in the irrevocable trust as of December 31, 2014, and changes during the years ended December 31, 2014, 2013, and 2012 are presented below: | ||||||||||||
Number of Shares | Weighted-average | Weighted-average | |||||||||||
Grant-date Fair | Remaining | ||||||||||||
Value | Vested Period | ||||||||||||
Share Balance as of December 31, 2011 | 342,444 | $ | 19.24 | 1.3 | |||||||||
Granted | — | — | |||||||||||
Vestings | (157,104 | ) | 17.6 | ||||||||||
Share Balance as of December 31, 2012 | 185,340 | $ | 18.68 | 1.48 | |||||||||
Granted | 127,977 | 16.4 | |||||||||||
Vestings | (77,953 | ) | 19.45 | ||||||||||
Share Balance as of December 31, 2013 | 235,364 | $ | 18.09 | 1.92 | |||||||||
Granted | 294,843 | 24.82 | |||||||||||
Vestings | (34,737 | ) | 15.43 | ||||||||||
Share Balance as of December 31, 2014 | 495,470 | $ | 20.79 | 1.68 | |||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Computations of Basic and Diluted Earnings Per Share | The following table presents the computations of basic and diluted earnings per share for the periods indicated: | ||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||
Common stock (in thousands) | 10,283 | 10,283 | 11,963 | 11,963 | 13,274 | 13,274 | |||||||||||||||||||
Stock options, unvested restricted stock and RSUs (in thousands) | — | 1,182 | — | 997 | — | 524 | |||||||||||||||||||
Weighted average common and common equivalent shares outstanding (in thousands) | 10,283 | 11,465 | 11,963 | 12,960 | 13,274 | 13,798 | |||||||||||||||||||
Net income applicable to common stock | $ | 17,019 | $ | 17,019 | $ | 92,912 | $ | 92,912 | $ | 29,691 | $ | 29,691 | |||||||||||||
Net income per common share | $ | 1.66 | $ | 1.48 | $ | 7.77 | $ | 7.17 | $ | 2.24 | $ | 2.15 | |||||||||||||
Number of Anti-Dilutive Stock Options, Unvested Restricted Stock and Unvested RSUs Outstanding | The following table presents the number of antidilutive stock options, unvested restricted stock and RSUs outstanding for the periods indicated (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Stock Options—Employees and directors | 731 | 840 | 1,288 | ||||||||||||||||||||||
Stock Options—Non-employee | 27 | 32 | 265 | ||||||||||||||||||||||
Restricted Stock, unvested | 12 | 8 | 2 | ||||||||||||||||||||||
Restricted Stock Units, unvested | 1,074 | 1,136 | 1,150 | ||||||||||||||||||||||
Total | 1,844 | 2,016 | 2,705 | ||||||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||
Summary of Asset Management Operations Reflected in Consolidated Statements of Operations | The results related to the asset management operations reflected in the consolidated statements of operations are presented in the following table. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | — | $ | — | $ | 14,275 | |||||||
Gain on sale of assets | — | 8,944 | 24,189 | ||||||||||
Expenses | — | 170 | 12,514 | ||||||||||
Income from discontinued operations before income taxes | — | 8,774 | 25,950 | ||||||||||
Income tax provision | — | 615 | 1,265 | ||||||||||
Income from discontinued operations, net of taxes | $ | — | $ | 8,159 | $ | 24,685 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Summary of Financial Information of Company's Segments | The following tables illustrate the financial information for the Company’s segments for the periods indicated: | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Capital | Principal | Total | |||||||||||||||
Markets | Investing | ||||||||||||||||
Revenues, net of interest expense: | |||||||||||||||||
Investment banking | $ | 115,255 | $ | — | $ | 115,255 | |||||||||||
Institutional brokerage | 56,182 | — | 56,182 | ||||||||||||||
Net investment income | — | 17,774 | 17,774 | ||||||||||||||
Interest | 12,945 | 122 | 13,067 | ||||||||||||||
Dividends and other | 549 | 481 | 1,030 | ||||||||||||||
Total revenues | 184,931 | 18,377 | 203,308 | ||||||||||||||
Interest expense | 9,505 | 11,678 | 21,183 | ||||||||||||||
Revenues, net of interest expense | 175,426 | 6,699 | 182,125 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Variable | 59,500 | 316 | 59,816 | ||||||||||||||
Fixed | 102,426 | 2,523 | 104,949 | ||||||||||||||
Total | 161,926 | 2,839 | 164,765 | ||||||||||||||
Pre-tax income | $ | 13,500 | $ | 3,860 | $ | 17,360 | |||||||||||
Compensation and benefits: | |||||||||||||||||
Variable | $ | 42,408 | $ | 305 | $ | 42,713 | |||||||||||
Fixed | 59,639 | 1,459 | 61,098 | ||||||||||||||
Total | $ | 102,047 | $ | 1,764 | $ | 103,811 | |||||||||||
Total assets | $ | 830,938 | $ | 204,159 | $ | 1,035,097 | |||||||||||
Total net assets | $ | 177,826 | $ | 82,580 | $ | 260,406 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Capital | Principal | Total | |||||||||||||||
Markets | Investing | ||||||||||||||||
Revenues, net of interest expense: | |||||||||||||||||
Investment banking | $ | 196,213 | $ | — | $ | 196,213 | |||||||||||
Institutional brokerage | 53,738 | — | 53,738 | ||||||||||||||
Net investment income | — | 6,920 | 6,920 | ||||||||||||||
Interest | 1,050 | 740 | 1,790 | ||||||||||||||
Dividends and other | 432 | 728 | 1,160 | ||||||||||||||
Total revenues | 251,433 | 8,388 | 259,821 | ||||||||||||||
Interest expense | — | — | — | ||||||||||||||
Revenues, net of interest expense | 251,433 | 8,388 | 259,821 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Variable | 103,755 | 1,179 | 104,934 | ||||||||||||||
Fixed | 96,121 | 1,496 | 97,617 | ||||||||||||||
Total | 199,876 | 2,675 | 202,551 | ||||||||||||||
Pre-tax income | $ | 51,557 | $ | 5,713 | $ | 57,270 | |||||||||||
Compensation and benefits: | |||||||||||||||||
Variable | $ | 89,574 | $ | 1,172 | $ | 90,746 | |||||||||||
Fixed | 53,013 | 961 | 53,974 | ||||||||||||||
Total | $ | 142,587 | $ | 2,133 | $ | 144,720 | |||||||||||
Total assets | $ | 308,870 | $ | 101,702 | $ | 410,572 | |||||||||||
Total net assets | $ | 183,779 | $ | 106,998 | $ | 290,777 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Capital | Principal | Other (1) | Total | ||||||||||||||
Markets | Investing | ||||||||||||||||
Revenues, net of interest expense: | |||||||||||||||||
Investment banking | $ | 90,669 | $ | — | $ | — | $ | 90,669 | |||||||||
Institutional brokerage | 52,472 | — | — | 52,472 | |||||||||||||
Net investment income | — | 4,906 | — | 4,906 | |||||||||||||
Interest | 2,364 | 400 | 1 | 2,765 | |||||||||||||
Dividends and other | (219 | ) | 899 | — | 680 | ||||||||||||
Total revenues | 145,286 | 6,205 | 1 | 151,492 | |||||||||||||
Interest expense | — | — | — | — | |||||||||||||
Revenues, net of interest expense | 145,286 | 6,205 | 1 | 151,492 | |||||||||||||
Operating expenses: | |||||||||||||||||
Variable | 45,977 | 761 | 27 | 46,765 | |||||||||||||
Fixed | 98,919 | 434 | 1,446 | 100,799 | |||||||||||||
Total | 144,896 | 1,195 | 1,473 | 147,564 | |||||||||||||
Pre-tax income | $ | 390 | $ | 5,010 | $ | (1,472 | ) | $ | 3,928 | ||||||||
Compensation and benefits: | |||||||||||||||||
Variable | $ | 26,183 | $ | 758 | $ | 12 | $ | 26,953 | |||||||||
Fixed | 54,814 | 163 | 742 | 55,719 | |||||||||||||
Total | $ | 80,997 | $ | 921 | $ | 754 | $ | 82,672 | |||||||||
Total assets | $ | 214,290 | $ | 104,253 | $ | 14,901 | $ | 333,444 | |||||||||
Total net assets | $ | 129,671 | $ | 102,135 | $ | 8,058 | $ | 239,864 | |||||||||
-1 | Included in “Other” are net revenues and operating expenses related to the Company’s continuing operations that are allocated to the previous Asset Management segment. |
Quarterly_Data_Tables
Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Details of Quarterly Financial Information | The following tables set forth selected information for each of the fiscal quarters during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||
Note: The sum of quarterly earnings per share amounts may not equal full year earnings per share amounts due to differing average outstanding shares amounts for the respective periods. | ||||||||||||||||||||||||||
Revenues, net of interest expense | Net income | Net income | Net income | Basic | Diluted | |||||||||||||||||||||
(loss) before income taxes | from | earnings | earnings | |||||||||||||||||||||||
discontinued operations, | per | per | ||||||||||||||||||||||||
net of taxes | share | share | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
First Quarter | $ | 54,358 | $ | 9,015 | $ | — | $ | 5,610 | $ | 0.51 | $ | 0.46 | ||||||||||||||
Second Quarter | 57,098 | 8,975 | — | 6,976 | 0.65 | 0.58 | ||||||||||||||||||||
Third Quarter | 42,097 | 3,308 | — | 3,501 | 0.34 | 0.31 | ||||||||||||||||||||
Fourth Quarter | 28,572 | (3,938 | ) | — | 932 | 0.1 | 0.09 | |||||||||||||||||||
Total Year | $ | 182,125 | $ | 17,360 | $ | — | $ | 17,019 | $ | 1.66 | $ | 1.48 | ||||||||||||||
2013 | ||||||||||||||||||||||||||
First Quarter | $ | 117,926 | $ | 35,907 | $ | 806 | $ | 35,254 | $ | 2.87 | $ | 2.65 | ||||||||||||||
Second Quarter | 67,242 | 14,632 | 2,316 | 42,648 | -1 | 3.51 | -1 | 3.23 | -1 | |||||||||||||||||
Third Quarter | 34,056 | 3,150 | 3,622 | 6,411 | 0.53 | 0.48 | ||||||||||||||||||||
Fourth Quarter | 40,597 | 3,581 | 1,415 | 8,599 | 0.76 | 0.69 | ||||||||||||||||||||
Total Year | $ | 259,821 | $ | 57,270 | $ | 8,159 | $ | 92,912 | $ | 7.77 | $ | 7.17 | ||||||||||||||
-1 | During the fourth quarter of 2013, the Company identified an error with respect to certain amounts that were included in the Company’s second quarter 2013 tax benefit and valuation allowance reversal. The Company evaluated the impact of this error in accordance with the SEC’s Staff Accounting Bulletin No. 99 and concluded that the error was not material to its June 30, 2013 financial statements. However, because the correction would be material to the three month period ended December 31, 2013, the Company revised its June 30, 2013 and year to date September 30, 2013 financial statements when they were filed in the Company’s quarterly reports on Form 10-Q for the quarters ended June 30, 2014 and September 30, 2014. In addition, the Company has reflected the revision in this quarterly table to reduce previously reported second quarter 2013 net income by $3,891, basic earnings per share by $0.32 and diluted earnings per share by $0.29. |
Organization_and_Nature_of_Ope1
Organization and Nature of Operations - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Collaboration Arrangement Disclosure [Abstract] | |||
Investment banking revenue | 63.00% | 76.00% | 60.00% |
Investment banking revenues related to the financial and real estate sectors | 74.00% | 89.00% | 86.00% |
Percentage of investment banking revenues derived from major transactions | 46.00% | 41.00% | 54.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies And Estimates [Line Items] | ||
Reverse stock split | One-for-four reverse stock split | |
Cash equivalents, invested in money market funds | 92.00% | 87.00% |
Maximum [Member] | ||
Summary Of Significant Accounting Policies And Estimates [Line Items] | ||
Terms of lease agreements for corporate headquarters and other offices | 11 years | |
Software [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies And Estimates [Line Items] | ||
Estimated useful life | 3 years | |
Software [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies And Estimates [Line Items] | ||
Estimated useful life | 5 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies And Estimates [Line Items] | ||
Estimated useful life | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies And Estimates [Line Items] | ||
Estimated useful life | 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Fair Values of Financial Instrument Assets and Liabilities Which are Not Measured at Fair Value on the Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ||
Financial Assets | ||
Cash and cash equivalents | $108,962 | $207,973 |
Due from broker, dealers and clearing organizations | 94,489 | 4,949 |
Non-interest bearing receivables | 103,065 | 5,143 |
Other investments, at cost | 7,000 | 7,681 |
Financial Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 23,093 | 10,351 |
Due to brokers, dealers and clearing organizations | 8,701 | |
Estimated Fair Value [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 108,962 | 207,973 |
Due from broker, dealers and clearing organizations | 94,489 | 4,949 |
Non-interest bearing receivables | 103,065 | 5,143 |
Other investments, at cost | 7,395 | 7,828 |
Financial Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 23,093 | 10,351 |
Due to brokers, dealers and clearing organizations | 8,701 | |
Estimated Fair Value [Member] | Estimated Fair Value, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 108,962 | 207,973 |
Due from broker, dealers and clearing organizations | 0 | 0 |
Non-interest bearing receivables | 0 | 0 |
Other investments, at cost | 0 | 0 |
Financial Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 0 | 0 |
Due to brokers, dealers and clearing organizations | 0 | |
Estimated Fair Value [Member] | Estimated Fair Value, Level 2 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Due from broker, dealers and clearing organizations | 94,489 | 4,949 |
Non-interest bearing receivables | 103,065 | 5,143 |
Other investments, at cost | 0 | 0 |
Financial Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 23,093 | 10,351 |
Due to brokers, dealers and clearing organizations | 8,701 | |
Estimated Fair Value [Member] | Estimated Fair Value, Level 3 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Due from broker, dealers and clearing organizations | 0 | 0 |
Non-interest bearing receivables | 0 | 0 |
Other investments, at cost | 7,395 | 7,828 |
Financial Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 0 | 0 |
Due to brokers, dealers and clearing organizations | $0 |
Investments_Items_Measured_at_
Investments - Items Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for trading activities at broker-dealer subsidiary | $57,698 | $58,197 |
Financial instruments held for investment activities | 3,461 | 25,349 |
Investment funds | 104,888 | 61,197 |
Total | 166,047 | 144,743 |
Securities sold but not yet purchased, at fair value | 121,310 | 42,241 |
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 | 14,760 | 22,825 |
Financial instruments held for investment activities | 347 | 15,107 |
Investment funds | 0 | 0 |
Total | 15,107 | 37,932 |
Securities sold but not yet purchased, at fair value | 118,993 | 34,575 |
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 | 42,864 | 32,024 |
Financial instruments held for investment activities | 0 | 2,055 |
Investment funds | 58,292 | 0 |
Total | 101,156 | 34,079 |
Securities sold but not yet purchased, at fair value | 2,317 | 6,167 |
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 | 74 | 3,348 |
Financial instruments held for investment activities | 3,114 | 8,187 |
Investment funds | 46,596 | 61,197 |
Total | 49,784 | 72,732 |
Securities sold but not yet purchased, at fair value | 0 | 1,499 |
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 | 14,832 | 25,402 |
Securities sold but not yet purchased, at fair value | 34,043 | 35,720 |
Marketable and Non-Public Equity Securities [Member] | 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 | 14,758 | 22,054 |
Securities sold but not yet purchased, at fair value | 34,043 | 34,221 |
Marketable and Non-Public Equity Securities [Member] | 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 | 0 | 0 |
Securities sold but not yet purchased, at fair value | 0 | 0 |
Marketable and Non-Public Equity Securities [Member] | 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 | 74 | 3,348 |
Securities sold but not yet purchased, at fair value | 0 | 1,499 |
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 | 2 | 771 |
Securities sold but not yet purchased, at fair value | 354 | |
Listed Options [Member] | 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 | 2 | 771 |
Securities sold but not yet purchased, at fair value | 354 | |
Listed Options [Member] | 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 | 0 | 0 |
Securities sold but not yet purchased, at fair value | 0 | |
Listed Options [Member] | 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 | 0 | 0 |
Securities sold but not yet purchased, at fair value | 0 | |
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 | 42,864 | 32,024 |
Securities sold but not yet purchased, at fair value | 2,317 | 6,167 |
Convertible and Fixed Income Debt Instruments [Member] | 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 | 0 | 0 |
Securities sold but not yet purchased, at fair value | 0 | 0 |
Convertible and Fixed Income Debt Instruments [Member] | 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 | 42,864 | 32,024 |
Securities sold but not yet purchased, at fair value | 2,317 | 6,167 |
Convertible and Fixed Income Debt Instruments [Member] | 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 | 0 | 0 |
Securities sold but not yet purchased, at fair value | 0 | 0 |
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 | 84,950 | |
U.S. Treasury Securities [Member] | Estimated Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold but not yet purchased, at fair value | 84,950 | |
U.S. Treasury Securities [Member] | Estimated Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold but not yet purchased, at fair value | 0 | |
U.S. Treasury Securities [Member] | Estimated Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold but not yet purchased, at fair value | 0 | |
Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 2,325 | 21,142 |
Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member] | Estimated Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 175 | 14,951 |
Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member] | Estimated Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 0 | 0 |
Trading Securities [Member] | Marketable and Non-Public Equity Securities [Member] | Estimated Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 2,150 | 6,191 |
Trading Securities [Member] | Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 964 | 1,996 |
Trading Securities [Member] | Warrants [Member] | Estimated Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 0 | 0 |
Trading Securities [Member] | Warrants [Member] | Estimated Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 0 | 0 |
Trading Securities [Member] | Warrants [Member] | Estimated Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 964 | 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 | |
Trading Securities [Member] | Fixed Income Debt Instruments [Member] | Estimated Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 0 | |
Trading Securities [Member] | Fixed Income Debt Instruments [Member] | Estimated Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 2,055 | |
Trading Securities [Member] | Fixed Income Debt Instruments [Member] | Estimated Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 0 | |
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 | 172 | 156 |
Available-for-Sale Securities [Member] | Marketable Equity Securities [Member] | Estimated Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 172 | 156 |
Available-for-Sale Securities [Member] | Marketable Equity Securities [Member] | Estimated Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | 0 | 0 |
Available-for-Sale Securities [Member] | Marketable Equity Securities [Member] | Estimated Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments held for investment activities | $0 | $0 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Short_Sale | Short_Sale | |||
Investment | Security | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets measured on recurring basis | $166,047,000 | $166,047,000 | $144,743,000 | |
Investment funds | 104,888,000 | 104,888,000 | 61,197,000 | |
Percentage of liabilities measured on recurring basis to total liabilities | 1.30% | |||
Number of investment funds based on redemption provisions | 9 | |||
Transfer made out of Level 2 | 0 | |||
Transfer made into Level 2 | 0 | |||
Other-than-temporary impairment losses | 0 | 545,000 | ||
Recognition of receivable related to the sale of the FBR Funds | 9,846,000 | |||
Non-public equity security purchased at a cost | 6,148,000 | 6,148,000 | 3,854,000 | |
Number of short-sales | 1 | 2 | ||
Face value amount | 100,000,000 | 75,000,000 | 100,000,000 | |
Coupon rate of treasury securities | 7.25% | 4.50% | ||
Securities Maturity date | 2016-05 | |||
Securities Maturity date | 2015-11 | |||
Securities Maturity date | 2016-02 | |||
Realized and unrealized gains | 10,451,000 | |||
Interest expense incurred | 11,678,000 | |||
Number Of Short Sale Positions Liquidated | 2 | |||
Marketable securities with unrealized loss position | 0 | 0 | 0 | |
Carrying value of investment | 4,257,000 | 4,257,000 | ||
Impairment losses | 0 | 0 | 0 | |
Other investments, at cost | 7,000,000 | 7,000,000 | 7,681,000 | |
Non-Public Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments, at cost | 7,000,000 | 7,000,000 | 2,681,000 | |
Other Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proceeds maturity of note receivable carried at cost | 317,000 | |||
Other Investments [Member] | Non-Public Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gross Gains from sale of marketable securities | 1,176,000 | |||
Proceeds from sale of corporate debt investment | 1,428,000 | 0 | 0 | |
Non-public equity security with a cost basis | 428,000 | 428,000 | 2,390,000 | |
Other investments, at cost | 5,000,000 | 5,000,000 | ||
Available-for-Sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other-than-temporary impairment losses | 0 | 545,000 | 0 | |
Proceeds from sale of marketable securities | 0 | 25,431,000 | 0 | |
Hedge Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Percentage of fair value redeemable on 60 days or less | 56.00% | |||
Amount of fair value redeemable on 60 days or less | 58,292,000 | |||
Percentage of fair value redeemable between 90 and 180 days | 25.00% | |||
Amount of fair value redeemable between 90 and 180 days | 26,059,000 | |||
Percentage of fair market value subject to lockup provisions | 11.00% | |||
Amount of fair market value subject to lockup provisions | 11,071,000 | |||
Percentage of fair market value expired during twenty fifteen | 46.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of Liabilities measured on recurring basis | 0 | 0 | ||
Assets measured at fair value on a non-recurring basis | 0 | 0 | 0 | 0 |
Minimum [Member] | Hedge Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Redeemable notice period on quarterly basis | 90 days | |||
Maximum [Member] | Hedge Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Redeemable notice period | 60 days | |||
Redeemable notice period on quarterly basis | 180 days | |||
Non Registered Investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment funds | 46,596,000 | 46,596,000 | 61,197,000 | |
Number of non-registered investment | 10 | 14 | ||
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 | 49,784,000 | 49,784,000 | 72,732,000 | |
Percentage of assets measured on recurring basis to assets | 4.80% | 4.80% | 17.70% | |
Investment funds | 46,596,000 | 46,596,000 | 61,197,000 | |
Fair value of Liabilities measured on recurring basis | 1,499,000 | |||
Gain [Member] | Available-for-Sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gross Gains from sale of marketable securities | 698,000 | |||
Gross loss from sale of marketable securities | ($32,000) |
Investments_Valuation_Techniqu
Investments - Valuation Technique and Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Assets Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $2,224 | $9,539 |
Assets Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Over-the-counter trading activity | $0 | $0.77 |
Assets Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Over-the-counter trading activity | $34 | $19 |
Assets Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Over-the-counter trading activity | $11.56 | $13.44 |
Black-Scholes [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 964 | 1,996 |
Volatility | 30.00% | 30.00% |
Dividend Yield | 0.00% | 0.00% |
Interest Rate | 2.10% | 2.90% |
Volatility, weighted average | 30.00% | 30.00% |
Black-Scholes [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Dividend Yield | 0.00% | 0.00% |
Interest Rate | 2.10% | 2.90% |
Liabilities Approach [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Over-the-counter trading activity | $65.15 | |
Fair Value | $1,499 | |
Liabilities Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Over-the-counter trading activity | $65.15 |
Investments_Changes_in_Fair_Va
Investments - Changes in Fair Value of Company's Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $71,233 | $20,215 |
Total net gains (losses) (realized/unrealized) | ||
Included in earnings | 2,449 | 8,639 |
Included in other comprehensive income | 0 | 0 |
Purchases | 181,962 | 466,781 |
Sales/Distributions | -141,319 | -423,233 |
Transfers out of Level 3 | -64,541 | -1,169 |
Ending balance | 49,784 | 71,233 |
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 | 2,642 | 7,262 |
Trading Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 11,535 | 2,615 |
Total net gains (losses) (realized/unrealized) | ||
Included in earnings | -254 | 4,095 |
Included in other comprehensive income | 0 | 0 |
Purchases | 124,223 | 427,110 |
Sales/Distributions | -126,067 | -421,116 |
Transfers out of Level 3 | -6,249 | -1,169 |
Ending balance | 3,188 | 11,535 |
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 | 266 | 2,714 |
Investment Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 61,197 | 17,600 |
Total net gains (losses) (realized/unrealized) | ||
Included in earnings | 2,825 | 4,269 |
Included in other comprehensive income | 0 | 0 |
Purchases | 51,696 | 39,671 |
Sales/Distributions | -10,830 | -343 |
Transfers out of Level 3 | -58,292 | 0 |
Ending balance | 46,596 | 61,197 |
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 | 2,376 | 4,273 |
Trading Securities Sold not yet Purchased [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | -1,499 | 0 |
Total net gains (losses) (realized/unrealized) | ||
Included in earnings | -122 | 275 |
Included in other comprehensive income | 0 | 0 |
Purchases | 6,043 | 0 |
Sales/Distributions | -4,422 | -1,774 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | 0 | -1,499 |
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 | $0 | $275 |
Investments_Gains_Losses_from_
Investments - Gains (Losses) from Level 3 Financial Assets Measured on Recurring Basis (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Institutional Brokerage [Member] | |||
Total gains and losses included in earnings for the period: | |||
Included in earnings | $38 | $1,722 | $187 |
Change in unrealized gains or losses relating to assets still held at the end of the respective period | -38 | 438 | 50 |
Net Investment Income [Member] | |||
Total gains and losses included in earnings for the period: | |||
Included in earnings | 2,410 | 6,917 | 1,033 |
Change in unrealized gains or losses relating to assets still held at the end of the respective period | $2,680 | $6,824 | $910 |
Investments_Financial_Instrume
Investments - Financial Instruments Held for Investment - Designated as Trading (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract] | |||
Net gains recognized on trading securities | $3,630 | $1,213 | $3,722 |
Less: Net gains recognized on trading securities sold during the period | -3,732 | -261 | -3,665 |
Unrealized (losses) gains recognized on trading securities still held at the reporting date | ($102) | $952 | $57 |
Investments_Companys_Investmen
Investments - Company's Investments in Hedge Funds and Private Equity Funds Measured at Fair Value Based on Net Asset Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $104,888 | $61,197 |
Unfunded Commitment | 2,586 | 400 |
Hedge Funds, Fixed Income/Credit-related | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 57,532 | 44,789 |
Unfunded Commitment | 0 | 0 |
Hedge Funds, Multi-strategy | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 37,890 | 15,439 |
Unfunded Commitment | 0 | 0 |
Private Equity Funds | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 9,466 | 969 |
Unfunded Commitment | $2,586 | $400 |
Investments_Financial_Instrume1
Investments - Financial Instruments Held for Investment - Designated as Available-for-Sale (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments Held For Investment Designated As Available For Sale [Abstract] | ||
Marketable equity securities, Cost Basis | $100 | $108 |
Marketable equity securities, Unrealized Gains | 72 | 48 |
Marketable equity securities, Unrealized Losses | 0 | 0 |
Marketable equity securities, Fair Value | $172 | $156 |
Investments_Detail_of_the_Amou
Investments - Detail of the Amounts Included in Accumulated Other Comprehensive Income and Reclassified to Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||
Accumulated other Comprehensive Income (Loss), Beginning balance | $34 | ($1,094) | $19 |
Net unrealized investment gains (losses) during the period: | |||
Unrealized holding gains (losses), net of taxes | 10 | 619 | -1,113 |
Reclassification adjustment for recognized losses included in net income, net of taxes | 0 | 509 | 0 |
Accumulated other Comprehensive Income, Ending balance | $44 | $34 | ($1,094) |
Investments_Changes_in_the_Com
Investments - Changes in the Company's Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Amortized Cost And Fair Value Debt Securities [Abstract] | |||
Accumulated other Comprehensive Income (Loss), Beginning balance | $34 | ($1,094) | $19 |
Other comprehensive income before reclassifications | 10 | 619 | |
Amounts reclassified from other comprehensive loss | 0 | 509 | |
Accumulated other Comprehensive Income, Ending balance | 44 | 34 | 19 |
Reclassifications from other comprehensive income (loss) | |||
Other-than-temporary impairment loss | 0 | 545 | |
Realized gains on sale of securities | 0 | -36 | |
Total | $0 | $509 |
Investments_Other_Investments_
Investments - Other Investments, at Cost (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Cost Method Investments [Line Items] | ||
Other investments, at cost | $7,000 | $7,681 |
Non-Public Equity Securities [Member] | ||
Schedule Of Cost Method Investments [Line Items] | ||
Other investments, at cost | 7,000 | 2,681 |
Corporate Debt Investments [Member] | ||
Schedule Of Cost Method Investments [Line Items] | ||
Other investments, at cost | $0 | $5,000 |
Securities_Lending_Additional_
Securities Lending - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 27, 2014 | Aug. 04, 2014 |
Securities Financing Transaction [Line Items] | |||||
Initial cash payment on securities lending business | $1,000 | $0 | $0 | ||
Amortization of intangible assets | 149 | ||||
Expected amortization expense annually over the next five years | 358 | ||||
Customer Relationships [Member] | |||||
Securities Financing Transaction [Line Items] | |||||
Estimated useful life of intangible assets | 7 years | ||||
Lazard Capital Markets LLC [Member] | |||||
Securities Financing Transaction [Line Items] | |||||
Initial cash payment on securities lending business | 1,000 | ||||
Completed date of purchase of LCM's securities lending business | 4-Aug-14 | ||||
Estimated additional payment on securities lending business | 4,070 | ||||
Contingent on performance of business | 18 months | ||||
Goodwill recorded | 2,570 | ||||
Finite-lived intangible asset acquired | 2,500 | ||||
Transaction costs related to acquisition | 379 | ||||
Lazard Capital Markets LLC [Member] | Customer Relationships [Member] | |||||
Securities Financing Transaction [Line Items] | |||||
Finite-lived intangible asset acquired | $2,500 |
Securities_Lending_Gross_and_N
Securities Lending - Gross and Net Securities Borrowing and Lending Balances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Brokers And Dealers [Abstract] | ||
Gross amounts recognized | $594,674 | |
Gross amounts offset in the consolidated balance sheets | 0 | |
Net amounts included in the consolidated balance sheets | 594,674 | 0 |
Amounts not offset in the balance sheet but eligible for offsetting upon counterparty default | 594,674 | |
Net amounts | 0 | |
Gross amounts recognized | 595,717 | |
Gross amounts offset in the consolidated balance sheets | 0 | |
Net amounts included in the consolidated balance sheets | 595,717 | 0 |
Amounts not offset in the balance sheet but eligible for offsetting upon counterparty default | 595,717 | |
Net amounts | $0 |
Securities_Lending_Summary_of_
Securities Lending - Summary of Preliminary Estimates of Contingent Consideration, and Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 27, 2014 |
Purchase Price: | ||||
Cash paid | $1,000 | $0 | $0 | |
Lazard Capital Markets LLC [Member] | ||||
Purchase Price: | ||||
Cash paid | 1,000 | |||
Estimated contingent consideration | 4,070 | |||
Total | 5,070 | |||
Fair Value of Assets Acquired: | ||||
Securities borrowed | 675,709 | |||
Due from brokers, dealers and clearing organizations | 357 | |||
Total | 676,066 | |||
Fair Value of Liabilities Assumed: | ||||
Securities loaned | 676,066 | |||
Purchase price allocated to goodwill | 2,570 | |||
Purchase price allocated to intangible assets | 2,500 | |||
Total purchase price | $5,070 |
Furniture_Equipment_Software_a2
Furniture, Equipment, Software and Leasehold Improvements - Furniture, Equipment, Software and Leasehold Improvements Summarized by Major Classification (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Furniture, equipment, software and leasehold improvements | $35,419 | $37,470 |
Less: Accumulated depreciation and amortization | -20,031 | -34,184 |
Furniture, equipment, software, and leasehold improvements, net of accumulated depreciation and amortization | 15,388 | 3,286 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture, equipment, software and leasehold improvements | 17,340 | 16,277 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture, equipment, software and leasehold improvements | 10,776 | 13,001 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture, equipment, software and leasehold improvements | $7,303 | $8,192 |
Furniture_Equipment_Software_a3
Furniture, Equipment, Software and Leasehold Improvements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $1,841 | $1,290 | $2,160 |
Retired Fixed Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Losses related to write-off | 26 | 0 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Losses related to write-off | $769 |
Income_Taxes_The_Provision_Ben
Income Taxes - The Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal | ($2,030) | $3,010 | ($1,122) |
State and local | 126 | 317 | 44 |
Current | -1,904 | 3,327 | -1,078 |
Deferred | 2,245 | -30,810 | 0 |
Effective income tax provision (benefit) | $341 | ($27,483) | ($1,078) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ||
Stock-based and other compensation | $23,105 | $22,775 |
Capital loss carry forward | 5,383 | 17,593 |
Net operating loss, Domestic | 4,574 | 4,115 |
AMT credit carry forward | 1,666 | 0 |
Depreciation and amortization | 367 | 5,670 |
Other, net | 556 | 1,083 |
Total deferred tax assets | 35,651 | 51,236 |
Deferred tax liabilities | ||
Partnership income | -2,077 | -2,071 |
Deferred expenses | -1,391 | 0 |
Net deferred tax assets | 32,183 | 49,165 |
Valuation allowance | -3,535 | -18,272 |
Net deferred tax asset | $28,648 | $30,893 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Deferred tax assets | $32,183 | $49,165 | |
Valuation allowance | 3,535 | 18,272 | |
Net unrealized losses | 0 | ||
Capital loss carry forward | 5,383 | 17,593 | |
Effective tax rate | 2.00% | -48.00% | -27.50% |
Liability for uncertain tax positions | 0 | 0 | |
Interest related to tax uncertainties | 0 | 0 | 0 |
Accrued interest related to uncertain tax | 0 | 0 | |
Company recognized a tax benefit | 0 | 0 | 1,247 |
Audit tax years | 2011 through 2013 | ||
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax benefit related to windfalls | 1,580 | ||
Pre-tax capital loss carryforwards | 13,012 | ||
Capital loss carryforwards expiration dates | 2015 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Tax benefit related to windfalls | 0 | ||
Net operating losses carryforwards | 6,185 | ||
State net operating losses carryforwards, Beginning year | 2028 | ||
Pre-tax capital loss carryforwards | 11,512 | ||
Capital loss carryforwards expiration dates | 2015 and 2017 | ||
Pre-tax capital loss carryforwards, period one | $9,783 |
Income_Taxes_Provision_Attribu
Income Taxes - Provision Attributable to Continuing Operations to the Amount of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal income tax provision, at statutory rate | $6,076 | $20,045 | $1,375 |
State and local income taxes benefit, net of federal benefit | 1,322 | 2,693 | 113 |
Nondeductible expenses | 281 | 7 | 259 |
Effect of stock-based compensation | 87 | 82 | 2 |
Other, net | -622 | 1,047 | 633 |
Uncertain tax positions | 0 | 0 | -1,165 |
Valuation allowance | -6,803 | -51,357 | -2,295 |
Effective income tax provision (benefit) | $341 | ($27,483) | ($1,078) |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Losses) Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $17,360 | $57,368 | $4,140 | ||||||||
United Kingdom | 0 | -98 | -212 | ||||||||
Income from continuing operations before income taxes | ($3,938) | $3,308 | $8,975 | $9,015 | $3,581 | $3,150 | $14,632 | $35,907 | $17,360 | $57,270 | $3,928 |
Regulatory_Capital_Requirement1
Regulatory Capital Requirements - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Brokers And Dealers [Abstract] | ||
Net capital | $60,761 | $108,983 |
Net capital, excess of minimum required capital | 56,994 | 104,006 |
Minimum net capital required | $3,767 | $4,977 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Contractual Obligations by Fiscal Year (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
Minimum rental commitments, 2015 | $2,709 |
Minimum rental commitments, 2016 | 4,952 |
Minimum rental commitments, 2017 | 4,562 |
Minimum rental commitments, 2018 | 3,649 |
Minimum rental commitments, 2019 | 3,241 |
Minimum rental commitments, Thereafter | 20,845 |
Minimum rental commitments, Total | 39,958 |
Capital commitments, 2015 | 0 |
Capital commitments, 2016 | 0 |
Capital commitments, 2017 | 0 |
Capital commitments, 2018 | 0 |
Capital commitments, 2019 | 0 |
Capital commitments, Thereafter | 0 |
Capital commitments, Total | 0 |
Contractual Obligations, 2015 | 2,709 |
Contractual Obligations, 2016 | 4,952 |
Contractual Obligations, 2017 | 4,562 |
Contractual Obligations, 2018 | 3,649 |
Contractual Obligations, 2019 | 3,241 |
Contractual Obligations, Thereafter | 20,845 |
Contractual Obligations, Total | $39,958 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Contractual Obligations by Fiscal Year (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | |||
Commitments associated with capital leases | $0 | ||
Equipment and office rent expense | 5,351 | 5,353 | 8,478 |
Uncalled capital commitments to be called over next two year | $2,586 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 |
Commitments And Contingencies [Line Items] | ||||
Brokerage liability | $0 | $0 | ||
Amount of cost related to broker right | 0 | 0 | 0 | |
Value of pool of assets | 3,937 | 3,000 | ||
Compensation and benefits | 103,811 | 144,720 | 82,672 | |
Stock Compensation Plan [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Compensation and benefits | $1,267 | $879 | $728 | |
Cliff vesting period | 4 years |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Feb. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Repurchases of common stock | $64,094 | $55,541 | $20,870 | |||
Number of shares authorized to repurchase | 437,059 | |||||
Discounted purchase price of market value for Employee Stock Purchase Plan | 85.00% | |||||
Compensation expense | 247 | 220 | 133 | |||
Number of options to purchase stock | 0 | 0 | 0 | |||
Exercised | 0 | |||||
Forfeited | 0 | |||||
Percentage of compensation expense | 100.00% | |||||
Percentage of compensation expense | 50.00% | |||||
Aggregate fair value upon grant date | 3,219 | 2,099 | 0 | |||
Performance Period Commencing January 1, 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
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 two of performance goal | 6.00% | |||||
Percentage of compound annual growth rate in performance period used under condition one of performance goal | 9.00% | |||||
Performance Period Commencing April 1, 2013 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of rate used under condition one of performance goal | 100.00% | |||||
Percentage of rate used under condition two of performance goal | 50.00% | |||||
Performance period under performance goal | 3 years | |||||
Percentage of compound annual growth rate in performance period used under condition two of performance goal | 4.00% | |||||
Percentage of compound annual growth rate in performance period used under condition one of performance goal | 7.00% | |||||
Partner Leveraged Stock Purchase Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Right granted to purchase shares under option one | 6,250 | |||||
Right granted to purchase shares under option two | 12,500 | |||||
Full recourse loan at market rates | 50.00% | |||||
Maturity period of loan granted | 3 years | |||||
Options granted for purchase of shares | 2 | |||||
Cliff vesting period | 3 years | |||||
Shares purchased | 66,134 | 52,625 | ||||
Aggregate purchase price | 1,286 | 1,431 | ||||
Loans outstanding | 0 | 0 | ||||
Partner Leveraged Stock Purchase Program [Member] | Participants | Chief Financial Officer and General Counsel [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted for purchase of shares | 3 | |||||
Stock Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cliff vesting period | 4 years | |||||
Number of stock-based awards available for grant under the long-term incentive plan | 7,217,496 | |||||
Period for long-term incentive plan | 10 years | |||||
Termination date | 22-Oct-23 | |||||
Stock Compensation Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cliff vesting period | 5 years | |||||
Exercise period of stock options | 10 years | |||||
Stock Compensation Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cliff vesting period | 3 years | |||||
RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Granted | 374,939 | 827,562 | 799,590 | |||
Forfeited | 126,368 | 90,332 | 171,300 | |||
RSUs [Member] | Share-based Compensation Award, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Granted | 277,405 | 375,000 | ||||
RSUs [Member] | Maximum [Member] | Performance Period Commencing January 1, 2014 | ||||||
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% | |||||
RSUs [Member] | Maximum [Member] | Performance Period Commencing April 1, 2013 | ||||||
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 | 7.00% | |||||
RSUs [Member] | Minimum [Member] | Performance Period Commencing January 1, 2014 | ||||||
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% | |||||
RSUs [Member] | Minimum [Member] | Performance Period Commencing April 1, 2013 | ||||||
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 | 4.00% | |||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized to be repurchased | 1,000,000 | |||||
Privately Negotiated or Open Market Transactions [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock repurchased | 2,380,504 | 2,377,583 | 1,863,140 | |||
Weighted average price | $26.92 | $23.36 | $11.20 | |||
Repurchases of common stock | 64,094 | 55,541 | 20,870 | |||
Open Market Transaction [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock repurchased | 1,178,607 | |||||
Weighted average price | $25.76 | |||||
Repurchases of common stock | 30,362 | |||||
Dutch Auction Tender Offer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock repurchased | 1,201,897 | 1,325,167 | ||||
Weighted average price | $28.06 | $11.32 | ||||
Repurchases of common stock | $33,732 | $14,983 | ||||
Number of tender offers completed | 2 |
Shareholders_Equity_Compensati
Shareholders' Equity - Compensation Expense Related to Awards (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $9,397 | $8,457 | $7,894 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | -44 | 484 | 1,526 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 296 | 146 | 148 |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $8,897 | $7,589 | $5,489 |
Shareholders_Equity_Unrecogniz
Shareholders' Equity - Unrecognized Compensation Related to Awards (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation | $7 |
Unvested awards | 36,418 |
Weighted average vesting period | 29 days |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation | 136 |
Unvested awards | 12,218 |
Weighted average vesting period | 5 months 1 day |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation | $11,355 |
Unvested awards | 1,988,912 |
Weighted average vesting period | 1 year 2 months 1 day |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Option Activity under the FBR & Co. Long Term Incentive Plan (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Number of Shares, Beginning Balance | 1,066,803 | 1,288,027 | 1,767,301 | |
Number of Shares, Granted | 0 | 0 | 0 | |
Number of Shares, Forfeitures/Expirations | -13,334 | -102,802 | -479,274 | |
Option Exercised, Number of Shares | -63,368 | -118,422 | ||
Number of Shares, Ending Balance | 990,101 | 1,066,803 | 1,288,027 | 1,767,301 |
Options Exercisable, Number of Shares | 953,683 | |||
Weighted-average Exercise Prices, Beginning Balance | $21.63 | $21.72 | $30.84 | |
Weighted-average Exercise Prices, Granted | $0 | $0 | $0 | |
Weighted-average Exercise Prices, Forfeitures/Expirations | $22.44 | $24.14 | $55.40 | |
Option Exercised, Weighted-average Exercise Prices | $16.87 | $20.34 | ||
Weighted-average Exercise Prices, Ending Balance | $21.92 | $21.63 | $21.72 | $30.84 |
Options Exercisable, Weighted-average Exercise Prices | $21.89 | |||
Weighted Average Remaining Contractual Life | 29 days | 1 month 17 days | 2 years 1 month 13 days | 3 years 6 months |
Options Exercisable, Weighted-average Remaining Contractual Life | 1 year 8 months 12 days |
Shareholders_Equity_Summary_of1
Shareholders' Equity - Summary of Unvested Restricted Stock Awards and Restricted Stock Units (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Forfeitures | 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Beginning Balance | 10,421 | 6,252 | 66,319 | |
Number of Shares, Granted | 12,218 | 10,421 | 0 | |
Number of Shares, Vestings | -10,421 | -6,252 | -54,045 | |
Number of Shares, Forfeitures | 0 | 0 | -6,022 | |
Number of Shares, Ending Balance | 12,218 | 10,421 | 6,252 | 66,319 |
Weighted-average Grant-date Fair Value, Beginning Balance | $24.23 | $25.04 | $56.36 | |
Weighted-average Grant-date Fair Value, Granted | $26.19 | $24.23 | $0 | |
Weighted-average Grant-date Fair Value, Vestings | $24.23 | $26.13 | $62.28 | |
Weighted-average Grant-date Fair Value, Forfeitures | $0 | $0 | $35.92 | |
Weighted-average Grant-date Fair Value, Ending Balance | $26.19 | $24.23 | $25.04 | $56.36 |
Weighted-average Remaining Vested Period | 5 months 1 day | 5 months 5 days | 1 month 24 days | 7 months 6 days |
Weighted-average Remaining Vested Period, Granted | 5 months 1 day | 5 months 5 days | ||
RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Beginning Balance | 1,903,334 | 1,667,411 | 1,382,000 | |
Number of Shares, Granted | 374,939 | 827,562 | 799,590 | |
Number of Shares, Vestings | -162,993 | -501,307 | -342,879 | |
Number of Shares, Forfeitures | -126,368 | -90,332 | -171,300 | |
Number of Shares, Ending Balance | 1,988,912 | 1,903,334 | 1,667,411 | 1,382,000 |
Weighted-average Grant-date Fair Value, Beginning Balance | $15.69 | $15.72 | $20.16 | |
Weighted-average Grant-date Fair Value, Granted | $24.71 | $18.94 | $10 | |
Weighted-average Grant-date Fair Value, Vestings | $18.81 | $22.11 | $21.24 | |
Weighted-average Grant-date Fair Value, Forfeitures | $16.82 | $14.58 | $14.36 | |
Weighted-average Grant-date Fair Value, Ending Balance | $17.06 | $15.69 | $15.72 | $20.16 |
Weighted-average Remaining Vested Period | 1 year 2 months 1 day | 1 year 10 months 17 days | 2 years 1 month 6 days | 2 years 1 month 6 days |
Shareholders_Equity_Summary_of2
Shareholders' Equity - Summary of Restricted Stock and Restricted Stock Unit Awards Held in the Irrevocable Trust (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Number of Shares, Beginning Balance | 10,421 | 6,252 | 66,319 | |
Number of Shares, Granted | 12,218 | 10,421 | 0 | |
Number of Shares, Vestings | -10,421 | -6,252 | -54,045 | |
Number of Shares, Ending Balance | 12,218 | 10,421 | 6,252 | 66,319 |
Weighted-average Grant-date Fair Value, Beginning Balance | $24.23 | $25.04 | $56.36 | |
Weighted-average Grant-date Fair Value, Granted | $26.19 | $24.23 | $0 | |
Weighted-average Grant-date Fair Value, Vestings | $24.23 | $26.13 | $62.28 | |
Weighted-average Grant-date Fair Value, Ending Balance | $26.19 | $24.23 | $25.04 | $56.36 |
Weighted-average Remaining Vested Period | 5 months 1 day | 5 months 5 days | 1 month 24 days | 7 months 6 days |
Restricted Stock [Member] | Deferred Compensation Awards [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Number of Shares, Beginning Balance | 1,502 | 5,901 | 25,239 | |
Number of Shares, Granted | 0 | 0 | 0 | |
Number of Shares, Vestings | -1,225 | -4,399 | -19,338 | |
Number of Shares, Ending Balance | 277 | 1,502 | 5,901 | 25,239 |
Weighted-average Grant-date Fair Value, Beginning Balance | $13.51 | $19.60 | $39.56 | |
Weighted-average Grant-date Fair Value, Granted | $0 | $0 | $0 | |
Weighted-average Grant-date Fair Value, Vestings | $14.40 | $16.15 | $40.60 | |
Weighted-average Grant-date Fair Value, Ending Balance | $9.56 | $13.51 | $19.60 | $39.56 |
Weighted-average Remaining Vested Period | 1 year 1 month 6 days | 5 months 16 days | 7 months 21 days | 7 months 6 days |
RSUs [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Number of Shares, Beginning Balance | 1,903,334 | 1,667,411 | 1,382,000 | |
Number of Shares, Granted | 374,939 | 827,562 | 799,590 | |
Number of Shares, Vestings | -162,993 | -501,307 | -342,879 | |
Number of Shares, Ending Balance | 1,988,912 | 1,903,334 | 1,667,411 | 1,382,000 |
Weighted-average Grant-date Fair Value, Beginning Balance | $15.69 | $15.72 | $20.16 | |
Weighted-average Grant-date Fair Value, Granted | $24.71 | $18.94 | $10 | |
Weighted-average Grant-date Fair Value, Vestings | $18.81 | $22.11 | $21.24 | |
Weighted-average Grant-date Fair Value, Ending Balance | $17.06 | $15.69 | $15.72 | $20.16 |
Weighted-average Remaining Vested Period | 1 year 2 months 1 day | 1 year 10 months 17 days | 2 years 1 month 6 days | 2 years 1 month 6 days |
RSUs [Member] | Deferred Compensation Awards [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Number of Shares, Beginning Balance | 235,364 | 185,340 | 342,444 | |
Number of Shares, Granted | 294,843 | 127,977 | 0 | |
Number of Shares, Vestings | -34,737 | -77,953 | -157,104 | |
Number of Shares, Ending Balance | 495,470 | 235,364 | 185,340 | 342,444 |
Weighted-average Grant-date Fair Value, Beginning Balance | $18.09 | $18.68 | $19.24 | |
Weighted-average Grant-date Fair Value, Granted | $24.82 | $16.40 | $0 | |
Weighted-average Grant-date Fair Value, Vestings | $15.43 | $19.45 | $17.60 | |
Weighted-average Grant-date Fair Value, Ending Balance | $20.79 | $18.09 | $18.68 | $19.24 |
Weighted-average Remaining Vested Period | 1 year 8 months 5 days | 1 year 11 months 1 day | 1 year 5 months 23 days | 1 year 3 months 18 days |
Income_Per_Share_Computations_
Income Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted average shares outstanding, Basic: | |||||||||||
Common stock, Basic | 10,283 | 11,963 | 13,274 | ||||||||
Stock options, unvested restricted stock and RSUs, Basic | 0 | 0 | 0 | ||||||||
Weighted average common and common equivalent shares outstanding, Basic | 10,283 | 11,963 | 13,274 | ||||||||
Net income applicable to common stock, Basic | $17,019 | $92,912 | $29,691 | ||||||||
Net income per common share, Basic | $0.10 | $0.34 | $0.65 | $0.51 | $0.76 | $0.53 | $3.51 | $2.87 | $1.66 | $7.77 | $2.24 |
Weighted average shares outstanding, Diluted: | |||||||||||
Common stock, Diluted | 10,283 | 11,963 | 13,274 | ||||||||
Stock options, unvested restricted stock and RSUs, Diluted | 1,182 | 997 | 524 | ||||||||
Weighted average common and common equivalent shares outstanding, Diluted | 11,465 | 12,960 | 13,798 | ||||||||
Net income applicable to common stock, Diluted | $17,019 | $92,912 | $29,691 | ||||||||
Net income per common share, Diluted | $0.09 | $0.31 | $0.58 | $0.46 | $0.69 | $0.48 | $3.23 | $2.65 | $1.48 | $7.17 | $2.15 |
Income_Per_Share_Number_of_Ant
Income Per Share - Number of Anti-Dilutive Stock Options, Unvested Restricted Stock and Unvested RSUs Outstanding (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock-based awards | 1,844 | 2,016 | 2,705 |
Stock Options-Employees and Directors [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock-based awards | 731 | 840 | 1,288 |
Stock Options-Non-Employee [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock-based awards | 27 | 32 | 265 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock-based awards | 12 | 8 | 2 |
RSUs [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock-based awards | 1,074 | 1,136 | 1,150 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance-Sheet Risk and Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Risks And Uncertainties [Abstract] | |||
Liabilities related to right | $0 | $0 | |
Significant cost related to right | $0 | $0 | $0 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transaction [Line Items] | |||||||
Professional fees | $1,000 | ||||||
Minimum percentage of voting right in subsidiary to get advisory fee | 50.00% | ||||||
Establishing terms for professional fees | In June 2010, the Company and Crestview agreed to amend the professional services agreement to allow Crestview the ability to elect to receive a portion of their fee in restricted stock and/or options to purchase shares of the Company’s common stock. If elected, stock options would be issued with a strike price equal to the prevailing market price per share as of the grant date and with an expiration of 4 years. | ||||||
Shares issued, option exercised | 63,368 | 118,422 | |||||
Repurchases of common stock | 64,094 | 55,541 | 20,870 | ||||
Crestview Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Shares issued, option exercised | 87,332 | 54,369 | |||||
Shares repurchase | 87,332 | 54,369 | |||||
Shares repurchase, other | 649,449 | 670,631 | |||||
Average exercise price of shares | $12.02 | $12.02 | $15.85 | ||||
Aggregate cost of shares | 1,050 | 862 | |||||
Price per common shares repurchased | $25.75 | $26.25 | |||||
Repurchases of common stock | 18,974 | 19,031 | |||||
Crestview Company [Member] | Third Party [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Common stock issued | 32,432 | 61,225 | |||||
Common stock value | 270 | 240 | |||||
Professional Services Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Expense associated with professional services agreement | $905 | $1,000 | |||||
Employee Stock Option [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stock options expiration period | 4 years |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation And Retirement Disclosure [Abstract] | |||
Employee contribution plan, employers matching contribution, vesting percentage | 100.00% | ||
Employee benefit plan, contributions by employer | $717 | $0 | $0 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Asset Management Operations Reflected in Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ||||||||||||
Revenues | $0 | $0 | $14,275 | |||||||||
Gain on sale of assets | 0 | 8,944 | 24,189 | 33,133 | ||||||||
Expenses | 0 | 170 | 12,514 | |||||||||
Income from discontinued operations before income taxes | 0 | 8,774 | 25,950 | |||||||||
Income tax provision | 0 | 615 | 1,265 | |||||||||
Income from discontinued operations, net of taxes | $0 | $0 | $0 | $0 | $1,415 | $3,622 | $2,316 | $806 | $0 | $8,159 | $24,685 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||
Net income from discontinued operations | $0 | $0 | $0 | $0 | $1,415 | $3,622 | $2,316 | $806 | $0 | $8,159 | $24,685 | ||
Proceeds from sale of assets under asset management operation | 19,692 | 19,294 | 0 | 19,294 | 19,692 | 38,986 | |||||||
Percentage of sales price of FBR funds as calculated on the closing date | 60.00% | ||||||||||||
Percentage of sales price of FBR funds as calculated on first anniversary of closing | 40.00% | ||||||||||||
Gain recorded on the asset sale | 0 | 8,944 | 24,189 | 33,133 | |||||||||
Contingent payment | 9,846 | ||||||||||||
Percentage of discount to the assets under management | 25.00% | ||||||||||||
Percentage of sales price | 40.00% | ||||||||||||
Proceeds from contingent payments | 19,294 | ||||||||||||
Expense of remaining management contract intangible assets | 1,890 | ||||||||||||
Costs related to the sale | $504 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Securities borrowed | $594,674,000 | $594,674,000 | $0 |
Securities loaned | 595,717,000 | 595,717,000 | 0 |
Face value amount | $100,000,000 | $75,000,000 | $100,000,000 |
Coupon rate of treasury securities | 7.25% | 4.50% |
Segment_Information_Summary_of
Segment Information - Summary of Financial Information of Company's Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues, net of interest expense: | ||||||||||||
Investment banking | $115,255 | $196,213 | $90,669 | |||||||||
Institutional brokerage | 56,182 | 53,738 | 52,472 | |||||||||
Net investment income | 17,774 | 6,920 | 4,906 | |||||||||
Interest | 13,067 | 1,790 | 2,765 | |||||||||
Dividends and other | 1,030 | 1,160 | 680 | |||||||||
Total revenues | 203,308 | 259,821 | 151,492 | |||||||||
Interest expense | 21,183 | 0 | 0 | |||||||||
Revenues, net of interest expense | 28,572 | 42,097 | 57,098 | 54,358 | 40,597 | 34,056 | 67,242 | 117,926 | 182,125 | 259,821 | 151,492 | |
Operating expenses: | ||||||||||||
Variable | 59,816 | 104,934 | 46,765 | |||||||||
Fixed | 104,949 | 97,617 | 100,799 | |||||||||
Total non-interest expenses | 164,765 | 202,551 | 147,564 | |||||||||
Pre-tax income | -3,938 | 3,308 | 8,975 | 9,015 | 3,581 | 3,150 | 14,632 | 35,907 | 17,360 | 57,270 | 3,928 | |
Compensation and benefits: | ||||||||||||
Variable | 42,713 | 90,746 | 26,953 | |||||||||
Fixed | 61,098 | 53,974 | 55,719 | |||||||||
Total | 103,811 | 144,720 | 82,672 | |||||||||
Total assets | 1,035,097 | 410,572 | 1,035,097 | 410,572 | 333,444 | |||||||
Total net assets | 260,406 | 290,777 | 260,406 | 290,777 | 239,864 | |||||||
Capital Markets [Member] | ||||||||||||
Revenues, net of interest expense: | ||||||||||||
Investment banking | 115,255 | 196,213 | 90,669 | |||||||||
Institutional brokerage | 56,182 | 53,738 | 52,472 | |||||||||
Net investment income | 0 | 0 | 0 | |||||||||
Interest | 12,945 | 1,050 | 2,364 | |||||||||
Dividends and other | 549 | 432 | -219 | |||||||||
Total revenues | 184,931 | 251,433 | 145,286 | |||||||||
Interest expense | 9,505 | 0 | 0 | |||||||||
Revenues, net of interest expense | 175,426 | 251,433 | 145,286 | |||||||||
Operating expenses: | ||||||||||||
Variable | 59,500 | 103,755 | 45,977 | |||||||||
Fixed | 102,426 | 96,121 | 98,919 | |||||||||
Total non-interest expenses | 161,926 | 199,876 | 144,896 | |||||||||
Pre-tax income | 13,500 | 51,557 | 390 | |||||||||
Compensation and benefits: | ||||||||||||
Variable | 42,408 | 89,574 | 26,183 | |||||||||
Fixed | 59,639 | 53,013 | 54,814 | |||||||||
Total | 102,047 | 142,587 | 80,997 | |||||||||
Total assets | 830,938 | 308,870 | 830,938 | 308,870 | 214,290 | |||||||
Total net assets | 177,826 | 183,779 | 177,826 | 183,779 | 129,671 | |||||||
Principal Investing [Member] | ||||||||||||
Revenues, net of interest expense: | ||||||||||||
Investment banking | 0 | 0 | 0 | |||||||||
Institutional brokerage | 0 | 0 | 0 | |||||||||
Net investment income | 17,774 | 6,920 | 4,906 | |||||||||
Interest | 122 | 740 | 400 | |||||||||
Dividends and other | 481 | 728 | 899 | |||||||||
Total revenues | 18,377 | 8,388 | 6,205 | |||||||||
Interest expense | 11,678 | 0 | 0 | |||||||||
Revenues, net of interest expense | 6,699 | 8,388 | 6,205 | |||||||||
Operating expenses: | ||||||||||||
Variable | 316 | 1,179 | 761 | |||||||||
Fixed | 2,523 | 1,496 | 434 | |||||||||
Total non-interest expenses | 2,839 | 2,675 | 1,195 | |||||||||
Pre-tax income | 3,860 | 5,713 | 5,010 | |||||||||
Compensation and benefits: | ||||||||||||
Variable | 305 | 1,172 | 758 | |||||||||
Fixed | 1,459 | 961 | 163 | |||||||||
Total | 1,764 | 2,133 | 921 | |||||||||
Total assets | 204,159 | 101,702 | 204,159 | 101,702 | 104,253 | |||||||
Total net assets | 82,580 | 106,998 | 82,580 | 106,998 | 102,135 | |||||||
Other [Member] | ||||||||||||
Revenues, net of interest expense: | ||||||||||||
Investment banking | 0 | [1] | ||||||||||
Institutional brokerage | 0 | [1] | ||||||||||
Net investment income | 0 | [1] | ||||||||||
Interest | 1 | [1] | ||||||||||
Dividends and other | 0 | [1] | ||||||||||
Total revenues | 1 | [1] | ||||||||||
Interest expense | 0 | [1] | ||||||||||
Revenues, net of interest expense | 1 | [1] | ||||||||||
Operating expenses: | ||||||||||||
Variable | 27 | [1] | ||||||||||
Fixed | 1,446 | [1] | ||||||||||
Total non-interest expenses | 1,473 | [1] | ||||||||||
Pre-tax income | -1,472 | [1] | ||||||||||
Compensation and benefits: | ||||||||||||
Variable | 12 | [1] | ||||||||||
Fixed | 742 | [1] | ||||||||||
Total | 754 | [1] | ||||||||||
Total assets | 14,901 | [1] | ||||||||||
Total net assets | $8,058 | [1] | ||||||||||
[1] | Included in “Other†are net revenues and operating expenses related to the Company’s continuing operations that are allocated to the previous Asset Management segment. |
Quarterly_Data_Details_of_Quar
Quarterly Data - Details of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net of interest expense | $28,572 | $42,097 | $57,098 | $54,358 | $40,597 | $34,056 | $67,242 | $117,926 | $182,125 | $259,821 | $151,492 |
Net income (loss) before income taxes | -3,938 | 3,308 | 8,975 | 9,015 | 3,581 | 3,150 | 14,632 | 35,907 | 17,360 | 57,270 | 3,928 |
Net income from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | 1,415 | 3,622 | 2,316 | 806 | 0 | 8,159 | 24,685 |
Net income | $932 | $3,501 | $6,976 | $5,610 | $8,599 | $6,411 | $42,648 | $35,254 | $17,019 | $92,912 | $29,691 |
Basic earnings per share | $0.10 | $0.34 | $0.65 | $0.51 | $0.76 | $0.53 | $3.51 | $2.87 | $1.66 | $7.77 | $2.24 |
Diluted earnings per share | $0.09 | $0.31 | $0.58 | $0.46 | $0.69 | $0.48 | $3.23 | $2.65 | $1.48 | $7.17 | $2.15 |
Quarterly_Data_Details_of_Quar1
Quarterly Data - Details of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net income | $932 | $3,501 | $6,976 | $5,610 | $8,599 | $6,411 | $42,648 | $35,254 | $17,019 | $92,912 | $29,691 |
Basic earnings per share | $0.10 | $0.34 | $0.65 | $0.51 | $0.76 | $0.53 | $3.51 | $2.87 | $1.66 | $7.77 | $2.24 |
Diluted earnings per share | $0.09 | $0.31 | $0.58 | $0.46 | $0.69 | $0.48 | $3.23 | $2.65 | $1.48 | $7.17 | $2.15 |
Restatement Adjustment [Member] | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net income | $3,891 | ||||||||||
Basic earnings per share | $0.32 | ||||||||||
Diluted earnings per share | $0.29 |