Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 13, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K/A | ' | ' |
Amendment Flag | 'true | ' | ' |
Amendment Description | 'Amendment No. 2 to Form 10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VRTS | ' | ' |
Entity Registrant Name | 'VIRTUS INVESTMENT PARTNERS, INC. | ' | ' |
Entity Central Index Key | '0000883237 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 9,105,521 | ' |
Entity Public Float | ' | ' | $490,056,156 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and cash equivalents | $271,014 | $63,432 |
Cash of consolidated sponsored investment products | 531 | 14 |
Investments | 37,258 | 18,433 |
Investments of consolidated sponsored investment products | 139,054 | 43,227 |
Accounts receivable, net | 50,166 | 37,328 |
Furniture, equipment, and leasehold improvements, net | 7,219 | 7,788 |
Intangible assets, net | 44,633 | 48,711 |
Goodwill | 5,260 | 5,260 |
Deferred taxes, net | 64,500 | 96,923 |
Other assets | 15,724 | 10,950 |
Other assets of consolidated sponsored investment products | 9,595 | 683 |
Total assets | 644,954 | 332,749 |
Liabilities: | ' | ' |
Accrued compensation and benefits | 53,140 | 41,252 |
Accounts payable and accrued liabilities | 29,912 | 19,871 |
Debt | ' | 15,000 |
Other liabilities | 18,413 | 8,615 |
Other liabilities of consolidated sponsored investment products | 8,435 | 377 |
Total liabilities | 109,900 | 85,115 |
Commitments and Contingencies (Note 9) | ' | ' |
Redeemable noncontrolling interests | 42,186 | 3,163 |
Equity attributable to stockholders: | ' | ' |
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 9,455,521 shares issued and 9,105,521 shares outstanding at December 31, 2013 and 8,071,674 shares issued and 7,826,674 shares outstanding at December 31, 2012 | 95 | 81 |
Additional paid-in capital | 1,135,644 | 942,825 |
Accumulated deficit | -605,221 | -680,411 |
Accumulated other comprehensive loss | -150 | -287 |
Treasury stock, at cost, 350,000 and 245,000 shares at December 31, 2013 and December 31, 2012, respectively | -37,438 | -17,734 |
Total equity attributable to stockholders | 492,930 | 244,474 |
Noncontrolling interest | -62 | -3 |
Total equity | 492,868 | 244,471 |
Total liabilities and equity | $644,954 | $332,749 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 9,455,521 | 8,071,674 |
Common stock, shares outstanding | 9,105,521 | 7,826,674 |
Treasury stock, shares | 350,000 | 245,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Investment management fees | $260,557 | $187,875 | $135,063 |
Distribution and service fees | 78,965 | 56,866 | 43,792 |
Administration and transfer agent fees | 48,185 | 33,779 | 23,878 |
Other income and fees | 1,508 | 1,566 | 1,919 |
Total revenues | 389,215 | 280,086 | 204,652 |
Operating Expenses | ' | ' | ' |
Employment expenses | 131,768 | 105,571 | 92,543 |
Distribution and administration expenses | 97,786 | 72,210 | 60,176 |
Other operating expenses | 38,321 | 34,017 | 30,157 |
Other operating expenses of consolidated sponsored investment products | 798 | 315 | ' |
Restructuring and severance | 203 | 1,597 | 2,008 |
Depreciation expense | 2,422 | 1,810 | 1,847 |
Amortization expense | 4,413 | 4,121 | 4,018 |
Total operating expenses | 275,711 | 219,641 | 190,749 |
Operating Income | 113,504 | 60,445 | 13,903 |
Other Income (Expense) | ' | ' | ' |
Realized and unrealized gain (loss) on investments, net | 2,350 | 1,891 | -256 |
Realized and unrealized gain on investments of consolidated sponsored investment products, net | 3,515 | 2,072 | ' |
Other income (expense), net | 74 | -38 | -194 |
Total other income (expense), net | 5,939 | 3,925 | -450 |
Interest Income (Expense) | ' | ' | ' |
Interest expense | -782 | -854 | -782 |
Interest and dividend income | 664 | 710 | 321 |
Interest and dividend income of investments of consolidated sponsored investment products | 2,583 | 577 | ' |
Total interest income (expense), net | 2,465 | 433 | -461 |
Income Before Income Taxes | 121,908 | 64,803 | 12,992 |
Income tax expense (benefit) | 44,778 | 27,030 | -132,428 |
Net Income | 77,130 | 37,773 | 145,420 |
Noncontrolling interests | -1,940 | -101 | ' |
Preferred stockholder dividends | ' | ' | -9,482 |
Allocation of earnings to preferred stockholders | ' | -64 | -24,260 |
Net Income Attributable to Common Stockholders | $75,190 | $37,608 | $111,678 |
Earnings per share-Basic | $9.18 | $4.87 | $17.98 |
Earnings per share-Diluted | $8.92 | $4.66 | $16.34 |
Weighted Average Shares Outstanding-Basic (in thousands) | 8,188 | 7,727 | 6,211 |
Weighted Average Shares Outstanding-Diluted (in thousands) | 8,433 | 8,073 | 6,834 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $77,130 | $37,773 | $145,420 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustment, net of tax of ($50) for the year ended December 31, 2013 | 81 | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net of tax of $223 and $81 for the years ended December 31, 2013 and 2012, respectively | 56 | -273 | 294 |
Other comprehensive income (loss) | 137 | -273 | 294 |
Comprehensive income | 77,267 | 37,500 | 145,714 |
Comprehensive income attributable to noncontrolling interests | -1,940 | -101 | ' |
Preferred stockholder dividends | ' | ' | -9,482 |
Allocation of comprehensive income to preferred stockholders | ' | -64 | -24,260 |
Comprehensive income attributable to common stockholders | $75,327 | $37,335 | $111,972 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Foreign currency translation adjustment, tax | ($50) | ' |
Unrealized gain (loss) on available-for-sale securities, tax | $223 | $81 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Total Attributed To Shareholders [Member] | Non-controlling Interest [Member] | Redeemable Non-controlling Interest [Member] |
In Thousands, except Share data | |||||||||
Beginning Balance at Dec. 31, 2010 | $48,270 | $63 | $912,942 | ($863,503) | ($308) | ($924) | $48,270 | ' | ' |
Beginning Balance, shares at Dec. 31, 2010 | ' | 6,251,821 | ' | ' | ' | 20,000 | ' | ' | ' |
Net income (loss) | 145,420 | ' | ' | 145,420 | ' | ' | 145,420 | ' | ' |
Net unrealized gain (loss) on securities available-for-sale | 294 | ' | ' | ' | 294 | ' | 294 | ' | ' |
Preferred stockholder dividend | -9,482 | ' | -9,482 | ' | ' | ' | -9,482 | ' | ' |
Repurchase of common shares | -7,870 | ' | ' | ' | ' | -7,870 | -7,870 | ' | ' |
Repurchase of common shares, shares | ' | -135,000 | ' | ' | ' | 135,000 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 1,720 | ' | 1,720 | ' | ' | ' | 1,720 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 71,474 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -720 | ' | -720 | ' | ' | ' | -720 | ' | ' |
Stock-based compensation | 5,523 | ' | 5,523 | ' | ' | ' | 5,523 | ' | ' |
Ending Balance at Dec. 31, 2011 | 183,155 | 63 | 909,983 | -718,083 | -14 | -8,794 | 183,155 | ' | ' |
Ending Balance, shares at Dec. 31, 2011 | ' | 6,188,295 | ' | ' | ' | 155,000 | ' | ' | ' |
Net income (loss) | 37,773 | ' | ' | 37,672 | ' | ' | 37,672 | -3 | 104 |
Net unrealized gain (loss) on securities available-for-sale | -273 | ' | ' | ' | -273 | ' | -273 | ' | ' |
Preferred stockholder dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock conversion | 35,217 | 14 | 35,203 | ' | ' | ' | 35,217 | ' | ' |
Preferred stock conversion, shares | ' | 1,349,300 | ' | ' | ' | ' | ' | ' | ' |
Activity of noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | 3,059 |
Repurchase of common shares | -8,940 | ' | ' | ' | ' | -8,940 | -8,940 | ' | ' |
Repurchase of common shares, shares | ' | -90,000 | ' | ' | ' | 90,000 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 3,188 | 4 | 3,184 | ' | ' | ' | 3,188 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 379,079 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -11,951 | ' | -11,951 | ' | ' | ' | -11,951 | ' | ' |
Stock-based compensation | 6,406 | ' | 6,406 | ' | ' | ' | 6,406 | ' | ' |
Ending Balance at Dec. 31, 2012 | 244,471 | 81 | 942,825 | -680,411 | -287 | -17,734 | 244,474 | -3 | 3,163 |
Ending Balance, shares at Dec. 31, 2012 | ' | 7,826,674 | ' | ' | ' | 245,000 | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 244,474 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 77,130 | ' | ' | 75,190 | ' | ' | 75,190 | -59 | 1,999 |
Net unrealized gain (loss) on securities available-for-sale | 56 | ' | ' | ' | 56 | ' | 56 | ' | ' |
Preferred stockholder dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 81 | ' | ' | ' | 81 | ' | 81 | ' | ' |
Activity of noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | 37,024 |
Issuance of common stock, net | 191,578 | 13 | 191,565 | ' | ' | ' | 191,578 | ' | ' |
Issuance of common stock, net, shares | ' | 1,298,386 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common shares | -19,704 | ' | ' | ' | ' | -19,704 | -19,704 | ' | ' |
Repurchase of common shares, shares | ' | -105,000 | ' | ' | ' | 105,000 | ' | ' | ' |
Issuance of common stock related to employee stock transactions | 1,111 | 1 | 1,110 | ' | ' | ' | 1,111 | ' | ' |
Issuance of common stock related to employee stock transactions, shares | ' | 85,461 | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on stock-based compensation | -7,513 | ' | -7,513 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 7,657 | ' | 7,657 | ' | ' | ' | 7,657 | ' | ' |
Ending Balance at Dec. 31, 2013 | $492,868 | $95 | $1,135,644 | ($605,221) | ($150) | ($37,438) | $492,930 | ($62) | $42,186 |
Ending Balance, shares at Dec. 31, 2013 | ' | 9,105,521 | ' | ' | ' | 350,000 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income | $77,130 | $37,773 | $145,420 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation expense, intangible asset and other amortization | 7,046 | 6,198 | 5,865 |
Stock-based compensation | 7,960 | 6,927 | 5,625 |
Excess tax benefit from stock-based compensation | -478 | -89 | ' |
Amortization of deferred commissions | 14,453 | 10,715 | 8,874 |
Payments of deferred commissions | -18,912 | -10,868 | -11,392 |
Equity in (earnings) losses of equity method investments, net of dividends | -161 | ' | 223 |
Realized and unrealized (gains) losses on trading securities | -2,350 | -1,891 | 256 |
Realized and unrealized gains on investments of consolidated sponsored investment products | -3,515 | -2,072 | ' |
(Purchase) sale of trading securities, net | -2,701 | 2,025 | -4,425 |
Purchase of investments by consolidated sponsored investment products, net | -100,499 | -41,155 | ' |
Deferred income taxes | 32,596 | 26,689 | -132,477 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net and other assets | -13,416 | -10,047 | -5,953 |
Other assets of consolidated sponsored investment products | -6,043 | -683 | -945 |
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities | 37,575 | 15,919 | 13,316 |
Other liabilities of consolidated sponsored investment products | 152 | 377 | -737 |
Net cash provided by operating activities | 28,837 | 39,818 | 23,650 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -2,009 | -3,782 | -743 |
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation | -662 | ' | ' |
Other acquisitions | -3,364 | -350 | -3,068 |
Purchase of available-for-sale securities | -196 | -379 | -259 |
Acquisitions of businesses | ' | -656 | ' |
Net cash used in investing activities | -6,231 | -5,167 | -4,070 |
Cash Flows from Financing Activities: | ' | ' | ' |
Contingent consideration paid for acquired investment management contracts | -630 | -665 | -789 |
Preferred stock dividends paid | ' | ' | -10,186 |
Repurchase of common shares | -19,704 | -8,940 | -7,870 |
Proceeds from exercise of stock options | 570 | 2,636 | 1,345 |
Payment of deferred financing costs | -26 | -700 | -41 |
Taxes paid related to net share settlement of restricted stock units | -7,513 | -11,951 | -720 |
Proceeds from issuance of common stock, net of issuance costs | 191,771 | ' | ' |
Excess tax benefit from stock-based compensation | 478 | 89 | ' |
Repayment of debt | -15,000 | ' | ' |
Contributions of noncontrolling interests, net | 35,547 | 3,059 | ' |
Net cash provided by (used in) financing activities | 185,493 | -16,472 | -18,261 |
Net increase in cash and cash equivalents | 208,099 | 18,179 | 1,319 |
Cash and cash equivalents, beginning of period | 63,446 | 45,267 | 43,948 |
Cash and Cash Equivalents, end of period | 271,545 | 63,446 | 45,267 |
Supplemental Cash Flow Information: | ' | ' | ' |
Interest paid | 393 | 415 | 362 |
Income taxes paid, net | 1,697 | 74 | 427 |
Non-Cash Investing Activities: | ' | ' | ' |
Purchase of investment management contracts | ' | 435 | ' |
Non-cash activity related to rabbi trust | -1,250 | -144 | -486 |
Non-Cash Financing Activities: | ' | ' | ' |
Satisfaction of accrued compensation through the issuance of RSU's | 609 | -58 | 273 |
Increase to noncontrolling interest due to consolidation of sponsored investment products, net | 1,477 | ' | ' |
Preferred stock conversion | ' | $35,217 | ' |
Organization_and_Business
Organization and Business | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Business | ' |
1. Organization and Business | |
Virtus Investment Partners, Inc. (the “Company,” “we,” “us,” “our” or “Virtus”), a Delaware corporation, operates in the investment management industry through its wholly-owned subsidiaries. | |
The Company provides investment management and related services to individuals and institutions throughout the United States of America. The Company’s retail investment management services are provided to individuals through products consisting of open-end mutual funds, closed-end funds, variable insurance funds and separately managed accounts. Separately managed accounts are offered through intermediary programs that are sponsored and distributed by unaffiliated broker-dealers, and individual direct managed account investment services that are provided by the Company. Institutional investment management services are provided primarily to corporations, multi-employer retirement funds, employee retirement systems, foundations and endowments. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
The Company’s significant accounting policies, which have been consistently applied, are as follows: | |
Principles of Consolidation and Basis of Presentation | |
The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and sponsored investment products in which it has a controlling financial interest. The Company is generally considered to have a controlling financial interest when it owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary. See Note 20 for additional information related to the consolidation of sponsored investment products. Material intercompany accounts and transactions have been eliminated. The Company also evaluates for consolidation any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. If the VIE qualifies for deferral in Accounting Standards Update (“ASU”) 2010-10 Amendments to Statement 167 for Certain Investment Funds, the primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. The Company evaluates whether entities in which it has an interest are VIEs and whether the Company is the primary beneficiary of any VIEs identified in its analysis. | |
Effective December 31, 2013, the Company changed the presentation of its Consolidated Balance Sheets from a classified basis, which distinguishes between current and long-term assets and liabilities, to an unclassified basis, which has no such distinction. Management believes this presentation is more useful to readers of the consolidated financial statements as it provides improved disclosure of the Company’s financial position by aggregating assets and liabilities of the same nature and reducing the presentation complexities resulting from the consolidation of sponsored investment products. This change is a presentation election made by management. There were no changes to the Consolidated Balance Sheets that impacted the Consolidated Statement of Operations. Amounts in the prior year’s consolidated financial statements have been recast to conform to the current year’s presentation. | |
Noncontrolling Interest | |
Noncontrolling interests related to certain consolidated sponsored investment products are classified as redeemable noncontrolling interests because investors in these funds may request withdrawals at any time. | |
Use of Estimates | |
The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. | |
Segment Information | |
Accounting Standards Codification (“ASC”) 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and distribution services for individual and institutional clients. The Company’s Chief Executive Officer and Chief Financial Officer are the Company’s chief operating decision makers. Although the Company does make some disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment and operational resources support multiple products, they have the same regulatory framework and that the Company’s chief operating decision makers review the Company’s financial performance at a consolidated level. All of the products and services provided relate to investment management and are subject to a similar regulatory framework and environment. Investment organizations within the Company are generally not aligned with specific product lines. Investment professionals may manage both retail and institutional products. | |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of cash in banks and money market fund investments. | |
Investments | |
Marketable Securities | |
Marketable securities consist of investments in the Company’s sponsored mutual funds and other publicly traded securities which are carried at fair value in accordance with ASC 320, Investments—Debt and Equity Securities (“ASC 320”). Marketable securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Marketable securities transactions are recorded on a trade date basis. Marketable securities include sponsored mutual funds, variable insurance funds and other equity securities classified as trading securities and sponsored closed-end funds classified as available-for-sale securities. Any unrealized appreciation or depreciation on available for sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders. | |
On a quarterly basis, the Company conducts reviews to assess whether other-than-temporary impairment exists on its available-for-sale marketable securities. Other-than-temporary declines in value may exist when the fair value of a marketable security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. | |
Equity Method Investments | |
The Company’s investment in noncontrolled investees is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company’s share of the noncontrolled affiliate’s net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statement of Operations. Distributions received reduce the Company’s investment balance. The investment is evaluated for impairment as events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed fair value and the decline in fair value is deemed to be other than temporary, an impairment charge will be recorded. | |
Non-qualified Retirement Plan Assets and Liabilities | |
The Company has a non-qualified retirement plan (the “Excess Incentive Plan”) that allows certain employees to voluntarily defer compensation. Under the Excess Incentive Plan, participants elect to defer a portion of their compensation which the Company then contributes into a trust. Each participant is responsible for designating investment options for assets they contribute and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Assets held in trust are included in investments and are carried at fair value in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets. Assets held in trust consist of mutual funds and are recorded at fair value, utilizing Level 1 valuation techniques. | |
Deferred Commissions | |
Deferred commissions, which are included in other assets, are commissions paid to broker-dealers on sales of mutual fund shares. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within one to five years, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over a one to five-year period, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate. | |
Furniture, Equipment and Leasehold Improvements, Net | |
Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of 3 to 10 years for furniture and office equipment, and 3 to 5 years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized and recurring repairs and maintenance are expensed as incurred. Leasehold improvements that are funded upfront by a landlord and are constructed for the benefit of the Company are recorded at cost and depreciated on a straight-line basis over the original minimum term of the lease and a corresponding lease incentive liability in the same amount is also recorded and initially amortized over the same period. | |
Leases | |
The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits, and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease. | |
Intangible Assets and Goodwill | |
Definite-lived intangible assets are comprised of acquired investment advisory contracts. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from 1 to 16 years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis under GAAP whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. | |
Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not being amortized. A single reporting unit has been identified for the purpose of assessing potential future impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment which states an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s fiscal 2013 and 2012 annual goodwill impairment analysis did not result in any impairment charges. | |
Indefinite-lived intangible assets are comprised of acquired, closed-end fund investment advisory contracts. These assets are tested for impairment annually and when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s fiscal 2013 and 2012 annual indefinite-lived intangible assets impairment analyses did not result in any impairment charges. | |
Treasury Stock | |
Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock. | |
Collateralized Debt Obligations | |
At December 31, 2013 and 2012, certain of the Company’s affiliates serve as the collateral managers for collateralized debt obligations (“CDOs”). The CDOs, which are investment trusts, had aggregate assets under management of $0.6 billion, $0.7 billion and $1.0 billion at December 31, 2013, 2012 and 2011, respectively, which were primarily invested in a variety of fixed income securities. The CDOs reside in bankruptcy remote, special purpose entities in which the Company provides neither recourse nor guarantees. The Company has determined that it is not the primary beneficiary of these VIEs as defined by ASC 810, Consolidation. Accordingly, the Company’s financial exposure to these CDOs is limited only to the collateral investment management fees it earns, which totaled $1.7 million, $2.5 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Revenue Recognition | |
Investment management fees, distribution and service fees and administration and transfer agent fees are recorded as revenues during the period in which services are performed. Investment management fees are earned based upon a percentage of assets under management, and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payment. Management fees for structured finance products, such as CLOs and CDOs, that accrue as services are rendered, but are subordinate to other interests and payable only if certain financial criteria of the underlying collateral are met, are recorded as revenues when the structured finance products are in compliance with required financial criteria and collectability is reasonably assured. | |
The Company accounts for investment management fees in accordance with ASC 605, Revenue Recognition, and has recorded its management fees net of fees paid to unaffiliated advisers. Amounts paid to unaffiliated advisers for the years ended December 31, 2013, 2012 and 2011 were $96.1 million, $53.7 million and $36.4 million, respectively. | |
Distribution and service fees are earned based on a percentage of assets under management and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Underwriter fees are sales-based charges on sales of certain class A-share mutual funds. | |
Administration and transfer agent fees consist of fund administration fees, transfer agent fees and fiduciary fees. Fund administration and transfer agent fees are earned based on the average daily assets in the funds. | |
Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds and distribution of nonaffiliated products. | |
Advertising and Promotion | |
Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expense in the Consolidated Statements of Operations. | |
Stock-based Compensation | |
The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes stock option valuation model. The Black-Scholes stock option valuation model incorporates assumptions as to dividend yield, volatility, an appropriate risk-free interest rate and the expected life of the stock option. | |
Restricted stock units (“RSUs”) are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time. The fair value of each RSU award is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. | |
Income Taxes | |
The Company accounts for income taxes in accordance with ASC 740, Income Taxes which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. | |
The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carryforwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized. | |
Comprehensive Income | |
The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax). | |
Earnings Per Share | |
Earnings per share (“EPS”) is calculated in accordance with ASC 260, Earnings per Share. Until the conversion of the Series B Convertible Preferred Stock (“Series B”) in January 2012, net income per common share reflected the application of the two-class method. Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of RSUs and stock options using the treasury stock method. | |
Under the two-class method, during periods of net income, participating securities are allocated a proportional share of net income. During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company. Participating securities have the effect of diluting both basic and diluted EPS during periods of net income. All of the outstanding shares of the Series B were converted to common stock in January 2012. | |
Fair Value Measurements and Fair Value of Financial Instruments | |
The FASB 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. ASC 820, Fair Value Measurements and Disclosures establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: | |
Level 1—Quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. | |
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. | |
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated Other Comprehensive Income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes thereto, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. The Company has adopted this standard as of January 2013. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for the Company on January 1, 2014. The Company does not believe the adoption of ASU 2013-11 will have a material impact on the Company’s consolidated financial statements. | |
In June, 2013, the FASB issued ASU No. 2013-08, Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements. The new standard clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. The amendments apply to an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Early application is prohibited. The Company does not believe the adoption of ASU 2013-08 will have a material impact on the Company’s consolidated financial statements. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
3. Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets, net are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
($ in thousands) | |||||||||||||
Definite-lived intangible assets, net: | |||||||||||||
Investment contracts | $ | 157,882 | $ | 197,704 | |||||||||
Accumulated amortization | (145,665 | ) | (181,409 | ) | |||||||||
Definite-lived intangible assets, net | 12,217 | 16,295 | |||||||||||
Indefinite-lived intangible assets | 32,416 | 32,416 | |||||||||||
Total intangible assets, net | $ | 44,633 | $ | 48,711 | |||||||||
Activity in goodwill and other intangible assets is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Intangible assets, net | |||||||||||||
Balance, beginning of period | $ | 48,711 | $ | 52,096 | $ | 52,977 | |||||||
Acquisition | 356 | 560 | 3,068 | ||||||||||
Amortization expense | (4,434 | ) | (3,945 | ) | (3,949 | ) | |||||||
Balance, end of period | $ | 44,633 | $ | 48,711 | $ | 52,096 | |||||||
Goodwill | |||||||||||||
Balance, beginning of period | $ | 5,260 | $ | 4,795 | $ | 4,795 | |||||||
Acquisition | — | 465 | — | ||||||||||
Balance, end of period | $ | 5,260 | $ | 5,260 | $ | 4,795 | |||||||
Definite-lived intangible asset amortization for the next five years is estimated as follows: 2014—$3.8 million, 2015—$3.1 million, 2016—$2.3 million, 2017—$0.6 million, 2018—$0.4 million, and thereafter—$2.0 million. At December 31, 2013, the weighted average estimated remaining amortization period for definite-lived intangible assets is 5.4 years. | |||||||||||||
Rampart Investment Management Company, Inc. | |||||||||||||
On October 1, 2012, the Company completed the acquisition of substantially all of the assets and certain liabilities of Rampart Investment Management Company, Inc. (“Rampart”), for $0.7 million in cash. Rampart is a registered investment adviser that specializes in customized options strategies. Under the terms of the purchase agreement, three years subsequent to the closing date, the Company may be required to make a contingent payment based on certain profitability measures. The estimated fair value of this contingent liability was $0.5 million and $0.4 million, which was recorded within other liabilities in the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012, respectively. As a result of this acquisition, $0.2 million was recorded as definite-lived intangible assets and $0.5 million was recorded as goodwill in the Company’s Consolidated Balance Sheet as of the acquisition date. The acquired contracts are being amortized on a straight-line basis over the estimated useful life of five years. | |||||||||||||
Virtus Total Return Fund | |||||||||||||
On December 9, 2011, the Company acquired the rights to act as the adviser to the former DCA Total Return Fund which was renamed to the Virtus Total Return Fund (NYSE:DCA). The estimated fair value of the acquired contract of $2.9 million was recorded as an indefinite-lived intangible asset in the Company’s Consolidated Balance Sheet as of the adoption date. The transaction was accounted for as an asset purchase and accordingly, transaction costs of $0.1 million were capitalized as of the adoption date. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
4. Investments | |||||||||||||||||
The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 20, at December 31, 2013 and 2012 are as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Marketable securities | $ | 28,968 | $ | 15,048 | |||||||||||||
Equity method investments | 4,070 | 415 | |||||||||||||||
Nonqualified retirement plan assets | 4,220 | 2,970 | |||||||||||||||
Total investments | $ | 37,258 | $ | 18,433 | |||||||||||||
Marketable Securities | |||||||||||||||||
The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 16,079 | $ | (704 | ) | $ | 2,529 | $ | 17,904 | ||||||||
Equity securities | 7,043 | — | 1,336 | 8,379 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,815 | (145 | ) | 15 | 2,685 | ||||||||||||
Total marketable securities | $ | 25,937 | $ | (849 | ) | $ | 3,880 | $ | 28,968 | ||||||||
December 31, 2012 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 7,312 | $ | (689 | ) | $ | 1,390 | $ | 8,013 | ||||||||
Equity securities | 3,739 | — | 640 | 4,379 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,619 | (37 | ) | 74 | 2,656 | ||||||||||||
Total marketable securities | $ | 13,670 | $ | (726 | ) | $ | 2,104 | $ | 15,048 | ||||||||
For the years ended December 31, 2013 and 2012, the Company recognized a realized gain of $1.0 million and $0.4 million, respectively, on trading securities. For the year ended December 31, 2011, the Company recognized a realized loss of less than $(0.1) million on trading securities. | |||||||||||||||||
Equity Method Investments | |||||||||||||||||
On April 9, 2013, the Company acquired a 24% noncontrolling Euro-denominated equity interest in Kleinwort Benson Investors International, Ltd. (“KBII”), a subsidiary of Kleinwort Benson Investors (Dublin) (“KBID”) for €2.6 million or $3.4 million. KBII is a U.S. registered investment adviser that provides specialized equity strategies. As of the date of acquisition, the Company allocated $2.5 million of this investment to goodwill, $0.6 million to definite-lived intangible assets that are being amortized over 7 years and $0.3 million allocated to the remaining assets and liabilities of KBII. In conjunction with this investment, the Company entered into a put and call option with KBID. | |||||||||||||||||
This investment is translated into U.S. dollars at current exchange rates as of the end of each accounting period. Net income or loss of the noncontrolled affiliate is translated at average exchange rates in effect during the accounting period. Net translation exchange gains and losses are excluded from income and recorded in accumulated other comprehensive income. | |||||||||||||||||
Nonqualified Retirement Plan Assets | |||||||||||||||||
The Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Assets held in trust are included in investments and are carried at fair value in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
5. Fair Value Measurements | |||||||||||||||||
The Company’s assets and liabilities measured at fair value, excluding the assets and liabilities of consolidated sponsored investment products discussed in Note 20, on a recurring basis as of December 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 270,262 | $ | — | $ | — | $ | 270,262 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | 17,904 | — | — | 17,904 | |||||||||||||
Equity securities | 8,379 | — | — | 8,379 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,685 | — | — | 2,685 | |||||||||||||
Other investments | |||||||||||||||||
Nonqualified retirement plan assets | 4,220 | — | — | 4,220 | |||||||||||||
Total assets measured at fair value | $ | 303,450 | $ | — | $ | — | $ | 303,450 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 62,289 | $ | — | $ | — | $ | 62,289 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | 8,013 | — | — | 8,013 | |||||||||||||
Equity securities | 4,379 | — | — | 4,379 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,656 | — | — | 2,656 | |||||||||||||
Other investments | |||||||||||||||||
Nonqualified retirement plan assets | 2,970 | — | — | 2,970 | |||||||||||||
Total assets measured at fair value | $ | 80,307 | $ | — | $ | — | $ | 80,307 | |||||||||
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value. | |||||||||||||||||
Sponsored mutual funds and variable insurance funds represent investments in open-end mutual funds and variable insurance funds for which the Company acts as adviser and distributor. The fair value of these securities is determined based on their published net asset values and are categorized as Level 1. | |||||||||||||||||
Equity securities include securities traded on active markets and are valued at the official closing price (typically last sale or bid) on the exchange on which the securities are primarily traded and are classified within Level 1. | |||||||||||||||||
Sponsored closed-end funds represent investments for which the Company acts as adviser and are actively traded on the New York Stock Exchange. The fair value of these securities is determined based on the official closing price and are categorized as Level 1. | |||||||||||||||||
Nonqualified retirement plan assets represent mutual funds within a nonqualified retirement plan whose fair value is determined based on their published net asset value and are classified as Level 1. | |||||||||||||||||
Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments. The estimated fair value of debt at December 31, 2012, which has a variable interest rate, approximates its carrying value and is classified as Level 2. There is no outstanding debt at December 31, 2013. Marketable securities are reflected in the consolidated financial statements at fair value based upon publicly quoted market prices. | |||||||||||||||||
Transfers into and out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable or unobservable or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a net asset value, or if the book value of certain equity method investments no longer represents fair value. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 or 2012. |
Furniture_Equipment_and_Leaseh
Furniture, Equipment and Leasehold Improvements, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Furniture, Equipment and Leasehold Improvements, Net | ' | ||||||||
6. Furniture, Equipment and Leasehold Improvements, Net | |||||||||
Furniture, equipment, and leasehold improvements, net are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
($ in thousands) | |||||||||
Furniture and office equipment | $ | 4,033 | $ | 4,058 | |||||
Computer equipment and software | 5,663 | 5,533 | |||||||
Leasehold improvements | 7,240 | 6,865 | |||||||
16,936 | 16,456 | ||||||||
Accumulated depreciation and amortization | (9,717 | ) | (8,668 | ) | |||||
Furniture, equipment and leasehold improvements, net | $ | 7,219 | $ | 7,788 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
7. Income Taxes | |||||||||||||||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Federal | $ | 10,395 | $ | — | $ | — | |||||||||||||||||||
State | 1,787 | 341 | 49 | ||||||||||||||||||||||
Total current tax expense | 12,182 | 341 | 49 | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||
Federal | 29,933 | 19,707 | (104,227 | ) | |||||||||||||||||||||
State | 2,663 | 6,982 | (28,250 | ) | |||||||||||||||||||||
Total deferred tax expense (benefit) | 32,596 | 26,689 | (132,477 | ) | |||||||||||||||||||||
Total expense (benefit) for income taxes | $ | 44,778 | $ | 27,030 | $ | (132,428 | ) | ||||||||||||||||||
The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Tax at statutory rate | $ | 41,968 | 35 | % | $ | 22,645 | 35 | % | $ | 4,547 | 35 | % | |||||||||||||
State taxes, net of federal benefit | 2,893 | 2 | 4,793 | 7 | 6,222 | 48 | |||||||||||||||||||
Affiliated stock loss | — | — | — | — | 3,283 | 25 | |||||||||||||||||||
Contingency reserve | — | — | — | — | 27,911 | 215 | |||||||||||||||||||
Change in valuation allowance | (264 | ) | — | (242 | ) | — | (174,527 | ) | (1,343 | ) | |||||||||||||||
Other, net | 181 | — | (166 | ) | — | 136 | 1 | ||||||||||||||||||
Income tax expense (benefit) | $ | 44,778 | 37 | % | $ | 27,030 | 42 | % | $ | (132,428 | ) | (1,019 | )% | ||||||||||||
Deferred taxes resulted from temporary differences between the amounts reported in the consolidated financial statements and the tax basis of assets and liabilities. The tax effects of temporary differences are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Intangible assets | $ | 43,827 | $ | 51,494 | |||||||||||||||||||||
Net operating losses | 23,705 | 49,001 | |||||||||||||||||||||||
Capital loss carryforward | — | 1,122 | |||||||||||||||||||||||
Compensation accruals | 6,280 | 4,794 | |||||||||||||||||||||||
Investments | 5,111 | 5,044 | |||||||||||||||||||||||
Other | 1,581 | 83 | |||||||||||||||||||||||
Gross deferred tax assets | 80,504 | 111,538 | |||||||||||||||||||||||
Valuation allowance | (35 | ) | (1,611 | ) | |||||||||||||||||||||
Gross deferred tax assets after valuation allowance | 80,469 | 109,927 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Intangible assets | (13,078 | ) | (10,884 | ) | |||||||||||||||||||||
Unrealized gains | (2,357 | ) | (1,214 | ) | |||||||||||||||||||||
Other investments | (534 | ) | (906 | ) | |||||||||||||||||||||
Gross deferred tax liabilities | (15,969 | ) | (13,004 | ) | |||||||||||||||||||||
Deferred tax assets (liability), net | $ | 64,500 | $ | 96,923 | |||||||||||||||||||||
At each reporting date, the Company evaluates the positive and negative evidence used to determine the likelihood of realization of all its deferred tax assets. The Company maintained a valuation allowance in the amount of $0.0 million, $1.6 million and $3.3 million at December 31, 2013, 2012 and 2011, respectively, relating to deferred tax assets on items of a capital nature as well as certain state deferred tax assets. | |||||||||||||||||||||||||
As of December 31, 2013, the Company had $45.2 million of net operating loss carryovers for federal income tax purposes. The related federal net operating loss carryovers are scheduled to begin to expire in the year 2029. The federal capital loss carryovers were fully utilized in 2013. As of December 31, 2013, the Company had state net operating loss carryforwards, varying by subsidiary and jurisdiction, represented by a $7.9 million deferred tax asset. The state net operating loss carryovers are scheduled to begin to expire in 2015. All state capital loss carryovers were fully utilized in 2013. | |||||||||||||||||||||||||
Internal Revenue Code Section 382 limits tax deductions for net operating losses, capital losses and net unrealized built-in losses after there is a substantial change in ownership in a corporation’s stock involving a 50 percentage point increase in ownership by 5% or larger stockholders. During the year ended December 31, 2009, due to changes in the Company’s stockholder base, the Company incurred an ownership change as defined in Section 382. At December 31, 2013, the Company has approximately $70.6 million in pre-change net operating loss carryovers and built-in losses that are reflected within the Company’s deferred tax assets noted above and are subject to an annual limitation of $4.2 million plus any cumulative unused 382 limitation from post-change tax years. | |||||||||||||||||||||||||
As a result of realization requirements of ASC 718, Compensation-Stock Compensation, as of December 31, 2013, the table of deferred taxes does not include $19.6 million of future tax benefits related to cumulative windfall deductions on certain stock-based incentive plans. Under the Company’s accounting policy, these tax benefits are deemed to be utilized for financial statement purposes after all available net operating loss carryovers have been exhausted and they serve to reduce income taxes payable. When recognized the benefit is recorded as an increase to Shareholder’s Equity. | |||||||||||||||||||||||||
Activity in unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Balance, beginning of year | $ | 33,948 | $ | 34,139 | $ | — | |||||||||||||||||||
Decrease related to tax positions taken in prior years | (1,346 | ) | (191 | ) | — | ||||||||||||||||||||
Increase related to positions taken in the current year | — | — | 34,139 | ||||||||||||||||||||||
Balance, end of year | $ | 32,602 | $ | 33,948 | $ | 34,139 | |||||||||||||||||||
As of December 31, 2013 the Company has unrecognized tax benefits primarily related to a loss resulting from the dissolution of a subsidiary. Included in the balance of unrecognized tax benefits are $31.0 million of tax benefits that, if recognized, would impact the effective tax rate. | |||||||||||||||||||||||||
The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. The Company recorded no interest or penalties related to uncertain tax positions at December 31, 2013, 2012 and 2011. Based upon the timing and status of its current examinations by taxing authorities, it is reasonably possible that the Company’s unrecognized tax benefits may increase or decrease in 2014, however, the Company cannot estimate the range of such possible changes. | |||||||||||||||||||||||||
In 2013, the Internal Revenue Service (“IRS”) commenced an examination of the Company’s 2011 federal corporate income tax return. At December 31, 2013, the examination is in the preliminary stages. Based upon available information, the Company does not believe that the audit will result in any adjustment that would result in a material change in the Company’s financial position. | |||||||||||||||||||||||||
The earliest federal tax year that remains open for examination is 2008 since unutilized net operating loss carryovers from 2008 could be denied when claimed in future years. The earliest open years in the Company’s major state tax jurisdictions are 1998 and 2005 for Connecticut and New York, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
8. Debt | |
Credit Facility | |
The Company has an amended and restated senior secured revolving credit facility (the “Credit Facility”) that has a five-year term and provides borrowing capacity of up to $75.0 million, with a $7.5 million sub-limit for the issuance of standby letters of credit. In addition, the Credit Facility provides for a $50.0 million increase provision conditioned on approval by the lending group. The Credit Facility is secured by substantially all of the assets of the Company. During the third quarter of 2013, the Company repaid the $15.0 million outstanding balance under the Credit Facility. At December 31, 2013, no amount was outstanding and at December 31, 2012, $15.0 million was outstanding under the Credit Facility. As of December 31, 2013, the Company had the capacity to draw on the entire $75.0 million under the Credit Facility. | |
Amounts outstanding under the Credit Facility bear interest at an annual rate equal to, at the Company’s option, either LIBOR for interest periods of 1, 2, 3 or 6 months or an alternate base rate (as defined in the Credit Facility agreement), plus, in each case, an applicable margin, that ranges from 0.75% to 2.50%. Under the terms of the Credit Facility, the Company is also required to pay certain fees, including an annual commitment fee that ranges from 0.35% to 0.50% on undrawn amounts and a letter of credit participation fee at an annual rate equal to the applicable margin as well as any applicable fronting fees, each of which is payable quarterly in arrears. | |
The Credit Facility contains customary covenants, including covenants that restrict (subject in certain instances to minimum thresholds or exceptions) the ability of the Company and certain of its subsidiaries to incur additional indebtedness, create liens, merge or make acquisitions, dispose of assets, enter into leases, sale/leasebacks or acquisitions of capital stock, and make loans, guarantees and investments, among other things. In addition, the Credit Facility contains certain financial covenants, the most restrictive of which include: (i) a minimum interest coverage ratio (generally, adjusted EBITDA to interest expense as defined in and for the period specified in the Credit Facility agreement) of at least 4.00:1, and (ii) a leverage ratio (generally, total debt as of any date to adjusted EBITDA as defined in and for the period specified in the Credit Facility agreement) of no greater than 2.75:1. For purposes of the Credit Facility, adjusted EBITDA generally means, for any period, net income of the Company before interest expense, income taxes, depreciation and amortization expense, and excluding non-cash stock-based compensation, unrealized mark-to-market gains and losses, certain severance, and certain non-cash non-recurring gains and losses as described in and specified under the Credit Facility. At December 31, 2013 and 2012, the Company was in compliance with all financial covenants under the Credit Facility. | |
The Credit Facility agreement also contains customary provisions regarding events of default which could result in an acceleration of amounts due under the facility. Such events of default include our failure to pay principal or interest when due, our failure to satisfy or comply with covenants, a change of control, the imposition of certain judgments, the invalidation of liens we have granted, and a cross-default to other debt obligations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
9. Commitments and Contingencies | |
Legal Matters | |
The Company is regularly involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. Legal and regulatory matters of this nature may involve activities as an employer, issuer of securities, investor, investment adviser, broker-dealer or taxpayer. We cannot predict the ultimate outcome of such legal claims or matters or in certain instances provide reasonable ranges of potential losses. As of the date of this report, the Company believes that the outcomes of its legal or regulatory matters are not likely, either individually or in the aggregate, to have a material adverse effect on its consolidated financial condition. However, in the event of unexpected subsequent developments and given the inherent unpredictability of these legal and regulatory matters, there can be no assurance that the Company’s assessment of any claim, dispute, regulatory examination or investigation or other legal matter will reflect the ultimate outcome and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. | |
Lease Commitments | |
The Company incurred rental expenses, primarily related to office space, under operating leases of $3.4 million, $3.3 million and $2.4 million in 2013, 2012 and 2011, respectively. Minimum aggregate rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013 are as follows: $3.1 million in 2014; $2.6 million in 2015; $2.6 million in 2016; $2.5 million in 2017; $2.5 million in 2018; and $4.7 million thereafter. |
Equity_Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Equity Transactions | ' |
10. Equity Transactions | |
In September 2013, the Company issued 1.3 million shares of common stock in a public offering for net proceeds of $191.8 million after underwriting discounts, commissions and other offering expenses, pursuant to an already effective shelf registration statement. | |
During the year ended December 31, 2013, pursuant to the Company’s initial share repurchase program implemented in the fourth quarter of 2010, the Company repurchased 105,000 common shares at a weighted average price of $187.61 per share plus transaction costs for a total cost of approximately $19.7 million. During the year ended December 31, 2012, the Company repurchased 90,000 common shares at a weighted average price of $99.30 per share for a total cost of approximately $8.9 million under the initial share repurchase program. As of December 31, 2013, the Company has repurchased a total of 350,000 shares of common stock at a weighted average price of $106.92 per share plus transaction costs for a total cost of $37.4 million completing the initial share repurchase program. | |
In May 2013, the Company’s board of directors authorized an extension of its share repurchase program to permit the purchase of an additional 350,000 shares of common stock prior to May 21, 2016. At December 31, 2013, there were 350,000 shares of common stock remaining authorized for repurchase under the extended share repurchase program. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Income | ' | ||||||||
11. Accumulated Other Comprehensive Income | |||||||||
The changes in accumulated other comprehensive income by component for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
Unrealized Gains | Foreign Currency | ||||||||
and (Losses) | Translation Adjustments | ||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
($ in thousands) | |||||||||
Balance December 31, 2012 | $ | (287 | ) | $ | — | ||||
Unrealized net gains on investments, net of tax of $223 | 56 | — | |||||||
Foreign currency translation adjustments, net of tax of ($50) | — | 81 | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 56 | 81 | |||||||
Balance December 31, 2013 | $ | (231 | ) | $ | 81 | ||||
Unrealized | |||||||||
Losses | |||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
($ in thousands) | |||||||||
Balance December 31, 2011 | $ | (14 | ) | ||||||
Unrealized net losses on investments, net of tax of $81 | (273 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | ||||||||
Net current-period other comprehensive income | (273 | ) | |||||||
Balance December 31, 2012 | $ | (287 | ) | ||||||
Capital_and_Reserve_Requiremen
Capital and Reserve Requirement Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Capital and Reserve Requirement Information | ' | ||||||||||||
12. Capital and Reserve Requirement Information | |||||||||||||
As a broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, our subsidiary, VP Distributors, LLC (“VPD”), is subject to certain rules regarding minimum net capital. VPD operates pursuant to Rule 15c3-1(a), promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and, accordingly, is required to maintain a ratio of “aggregate indebtedness” to “net capital” (as those items are defined in the rule) which may not exceed 15.0 to 1.0. | |||||||||||||
Aggregate indebtedness, net capital, and the resultant ratio for VPD were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Aggregate indebtedness | $ | 28,020 | $ | 23,443 | $ | 17,527 | |||||||
Net capital | 22,086 | 16,617 | 10,874 | ||||||||||
Ratio of aggregate indebtedness to net capital | 1.3 to 1 | 1.4 to 1 | 1.6 to 1 | ||||||||||
VPD’s minimum required net capital at December 31, 2013 and 2012 based on its aggregate indebtedness on those dates was $1.9 million and $1.6 million, respectively. | |||||||||||||
The operations of VPD do not include the physical handling of securities or the maintenance of open customer accounts. Accordingly, VPD is exempt from the reserve provisions of Rule 15c3-3 promulgated under the Exchange Act under the exemption allowed by paragraph (k)(2)(i) of such rule. |
Restructuring_and_Severance
Restructuring and Severance | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Severance | ' |
13. Restructuring and Severance | |
During 2013, 2012 and 2011, the Company recorded restructuring charges of $0.2 million, $1.6 million and $2.0 million, respectively, related to headcount reductions and consolidation activities. These restructuring and severance charges have been included within restructuring and severance expenses in the accompanying Consolidated Statements of Operations. There was no unpaid severance and related charges as of December 31, 2013. |
BMO_Related_Party_Transactions
BMO Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
BMO Related Party Transactions | ' |
14. BMO Related Party Transactions | |
In May 2006, the Company acquired the rights to advise, distribute and administer the Insight Funds from BMO Asset Management Corp. (“BMO”), a subsidiary of BMO Financial Corp. BMO and BMO Financial Corp., a significant stockholder of the Company, are related parties of the Company. | |
Subadvisory investment management fees and distribution and administration fee expenses paid or payable to BMO were $0.5 million, $2.1 million and $3.0 million for the years ended December 31, 2013, 2012, and 2011 respectively. At both December 31, 2013 and December 31, 2012, less than $0.1 million was payable to BMO and its affiliates related to subadvisory investment management fees and distribution fees. |
Series_B_Convertible_Preferred
Series B Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Series B Convertible Preferred Stock | ' |
15. Series B Convertible Preferred Stock | |
On January 6, 2012, pursuant to an agreement with BMO, BMO’s 35,217 shares of the Series B converted into 1,349,300 shares of the Company’s common stock. As a result of this conversion, all of the shares of Series B have been retired. |
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Retirement Savings Plan | ' |
16. Retirement Savings Plan | |
The Company sponsors a defined contribution 401(k) retirement plan (the “401(k) Plan”) covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. The Company matches employees’ contributions at a rate of 100% of employees’ contributions up to the first 3.0% and 50.0% of the next 2.0% of the employees’ compensation contributed to the 401(k) Plan. The Company’s matching contributions were $2.5 million, $2.0 million and $1.6 million in 2013, 2012 and 2011, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
17. Stock-Based Compensation | |||||||||||||
The Company has an Omnibus Incentive and Equity Plan (the “Plan”) under which officers, employees, directors and consultants may be granted equity-based awards, including RSUs, stock options and unrestricted shares of common stock. At December 31, 2013, 1,800,000 shares of common stock were authorized for issuance under the Plan, of which 495,658 remain available for grant. Each RSU entitles the holder to one share of Virtus common stock when the restriction expires. RSUs generally have a term of one to three years and may be either time-vested or performance-contingent. Stock options generally vest over three years and have a contractual life of ten years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. The fair value of each RSU is estimated using the intrinsic value method which is based on the fair market value price on the date of grant. Shares that are issued upon exercise of stock options and vesting of RSUs are newly issued shares and not issued from treasury stock. | |||||||||||||
The Company estimated the grant-date fair value of stock options last granted using the Black-Scholes option valuation model with the following assumptions: | |||||||||||||
2011 | |||||||||||||
Expected dividend yield | 0.00% | ||||||||||||
Expected volatility | 47.20% | ||||||||||||
Risk-free interest rate | 2.4%-2.9% | ||||||||||||
Expected life | 6.5 years | ||||||||||||
Expected dividend yield—The Company has never declared or paid dividends on its common stock. | |||||||||||||
Expected volatility—Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. The Company based its estimated volatility on the historical volatility of a peer group of publically traded companies, which includes companies that are in the same industry or are competitors, because of the Company’s limited history as an independent public company. | |||||||||||||
Risk-free interest rate—This is the average U.S. Treasury rate at the time of grant having a term that most closely approximates the expected term of the option. | |||||||||||||
Expected life—This is the period of time that the stock option grants are expected to remain outstanding. The Company calculates the expected life of the stock options using the “simplified method” as prescribed under the provisions of ASC 718. The simplified method was used because sufficient historical exercise data necessary for the Company to provide a reasonable basis to estimate the expected life does not exist. The Company generally uses the midpoint between the end of the vesting period and the contractual life of the grant to estimate stock option exercise timing. The simplified method was applied for all stock options granted during 2011. | |||||||||||||
Stock-based compensation expense is summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Stock-based compensation expense | $ | 7,960 | $ | 6,927 | $ | 5,625 | |||||||
During the years ended December 31, 2013 and December 31, 2012, the Company granted 15,237 and 47,996 performance contingent RSUs, respectively. During the years ended December 31, 2013, December 31, 2012 and December 31 2011, total stock-based compensation expense included $1.1 million, $1.7 million and $1.3 million, respectively, for these performance contingent RSUs. As of December 31, 2013 and 2012, unamortized stock-based compensation expense for performance contingent RSUs was $2.1 million and $3.2 million, respectively. | |||||||||||||
As of December 31, 2013, unamortized stock-based compensation expense for outstanding RSUs and stock options was $8.9 million and $0.1 million, respectively, with weighted average remaining amortization periods of 1.0 years and 0.2 years, respectively. As of December 31, 2012, unamortized stock-based compensation expense for outstanding RSUs and stock options was $7.1 million and $0.2 million, respectively, with weighted average remaining amortization periods of 1.4 years and 0.7 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Stock option activity for the year ended December 31, 2013 is summarized as follows: | |||||||||||||
Number | Weighted | ||||||||||||
of shares | Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding at December 31, 2012 | 220,349 | $ | 20.03 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (29,826 | ) | $ | 19.1 | |||||||||
Forfeited | (363 | ) | $ | 55.18 | |||||||||
Outstanding at December 31, 2013 | 190,160 | $ | 20.11 | ||||||||||
Vested and exercisable at December 31, 2013 | 182,077 | $ | 18.54 | ||||||||||
Stock options expected to vest at December 31, 2013 | 8,083 | $ | 55.33 | ||||||||||
The weighted-average grant-date fair value of stock options granted during the year ended December 31, 2011 was $27.56. The weighted-average remaining contractual term for stock options outstanding at December 31, 2013 and December 31, 2012 was 4.8 and 5.8 years, respectively. The weighted-average remaining contractual term for stock options vested and exercisable at December 31, 2013 was 4.7 years. The weighted-average remaining contractual term for stock options expected to vest at December 31, 2013 was 7.2 years. At December 31, 2013, the aggregate intrinsic value of stock options outstanding, stock options vested and exercisable, and stock options expected to vest was $34.2 million, $33.0 million, and $1.2 million, respectively. The total grant-date fair value of stock options vested during the years ended December 31, 2013, 2012 and 2011 was $0.2 million, $1.2 million and less than $0.1 million, respectively. The total intrinsic value of stock options exercised for the years ended December 31, 2013, 2012 and 2011 was $5.1 million, $9.2, $0.9 million, respectively. Cash received from stock option exercises was $0.6 million, $2.6 million and $1.3 million for 2013, 2012 and 2011, respectively. | |||||||||||||
RSU activity for the year ended December 31, 2013 is summarized as follows: | |||||||||||||
Number | Weighted | ||||||||||||
of shares | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 292,057 | $ | 57.89 | ||||||||||
Granted | 46,000 | $ | 188.36 | ||||||||||
Forfeited | (12,750 | ) | $ | 94.22 | |||||||||
Settled | (91,544 | ) | $ | 41.45 | |||||||||
Outstanding at December 31, 2013 | 233,763 | $ | 87.97 | ||||||||||
The grant-date intrinsic value of RSUs granted during the year ended December 31, 2013 was $8.7 million. At December 31, 2013, outstanding RSUs have a weighted average remaining contractual life of 1.0 years. The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2013, 2012 and 2011 was $188.36, $81.47 and $52.28 per share, respectively. The total fair value of RSUs vested during the years ended December 31, 2013, 2012 and 2011 was $17.9 million, $30.7 million and $2.9 million, respectively. For the years ended December 31, 2013, 2012 and 2011, a total of 38,222, 143,102 and 12,484 RSUs, respectively, were withheld through net share settlement by the Company to settle employee tax withholding obligations. The Company paid $7.5 million, $11.5 million and $0.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, in employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
18. Earnings Per Share | |||||||||||||
The computation of basic and diluted earnings per share is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands, except per share amounts) | |||||||||||||
Net Income | $ | 77,130 | $ | 37,773 | $ | 145,420 | |||||||
Noncontrolling interests | (1,940 | ) | (101 | ) | — | ||||||||
Preferred stockholder dividends | — | — | (9,482 | ) | |||||||||
Allocation of earnings to preferred stockholders | — | (64 | ) | (24,260 | ) | ||||||||
Net Income Attributable to Common Stockholders | $ | 75,190 | $ | 37,608 | $ | 111,678 | |||||||
Shares: | |||||||||||||
Basic: Weighted-average number of shares outstanding | 8,188 | 7,727 | 6,211 | ||||||||||
Plus: Incremental shares from assumed conversion of dilutive instruments | 245 | 346 | 623 | ||||||||||
Diluted: Weighted-average number of shares outstanding | 8,433 | 8,073 | 6,834 | ||||||||||
Earnings per share—basic | $ | 9.18 | $ | 4.87 | $ | 17.98 | |||||||
Earnings per share—diluted | $ | 8.92 | $ | 4.66 | $ | 16.34 | |||||||
For the years ended December 31, 2013, 2012 and 2011, there were no instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
19. Concentration of Credit Risk | |||||||||||||
The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. The following funds provided 10 percent or more of the total revenues of the Company: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Virtus Emerging Markets Opportunities Fund | |||||||||||||
Investment management, administration and transfer agent fees | $ | 53,202 | $ | 29,818 | * | ||||||||
Percent of total revenues | 14 | % | 12 | % | * | ||||||||
Virtus Multi-Sector Short Term Bond Fund | |||||||||||||
Investment management, administration and transfer agent fees | $ | 52,568 | $ | 39,475 | $ | 24,445 | |||||||
Percent of total revenues | 14 | % | 17 | % | 14 | % | |||||||
Virtus Premium AlphaSector™ Fund | |||||||||||||
Investment management, administration and transfer agent fees | $ | 41,921 | $ | 27,987 | * | ||||||||
Percent of total revenues | 11 | % | 12 | % | * | ||||||||
* | Less than 10 percent of total revenues of the Company. |
Consolidated_Sponsored_Investm
Consolidated Sponsored Investment Products | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||
Consolidated Sponsored Investment Products | ' | ||||||||||||||||
20. Consolidated Sponsored Investment Products | |||||||||||||||||
In the normal course of its business, the Company sponsors and is the manager of various types of investment products. During the years ended December 31, 2013 and 2012, the Company sponsored and consolidated several mutual funds in which it had a majority voting interest. The consolidation of these investment products has no impact on net income attributable to stockholders. The Company’s risk with respect to these investments is limited to its investment in these products. The Company has no right to the benefits from, nor does it bear the risks associated with, these investment products, beyond the Company’s investments in, and fees generated from these products. If the Company were to liquidate, these investments would not be available to the general creditors of the Company. The Company does not consider cash and investments held by consolidated sponsored investment products to be assets of the Company other than its direct investment in these products. | |||||||||||||||||
During the year ended December 31, 2012, the Company consolidated eight mutual funds. During the year ended December 31, 2013, the Company consolidated five additional mutual funds and deconsolidated five mutual funds because it no longer had a majority voting interest. As of December 31, 2013, the Company consolidated a total of eight mutual funds. No mutual funds were consolidated during the year ended December 31, 2011. | |||||||||||||||||
The following table presents the balances of the consolidated sponsored investment products that were reflected in the Consolidated Balance Sheets as of December 31, 2013 and 2012: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 531 | $ | 14 | |||||||||||||
Total investments | 139,054 | 43,227 | |||||||||||||||
All other assets | 9,595 | 683 | |||||||||||||||
Total liabilities | (8,435 | ) | (377 | ) | |||||||||||||
Redeemable noncontrolling interest | (42,186 | ) | (3,163 | ) | |||||||||||||
The Company’s net interests in consolidated sponsored investment products | $ | 98,559 | $ | 40,384 | |||||||||||||
Consolidation | |||||||||||||||||
The following tables reflect the impact of the consolidated sponsored investment products in the Consolidated Balance Sheets as of December 31, 2013 and 2012 and the Consolidated Statements of Income for the years ended December 31, 2013 and 2012, respectively. The Company had no consolidated sponsored investment products during the year ended December 31, 2011: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Balance Sheet | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 271,014 | $ | 531 | $ | — | $ | 271,545 | |||||||||
Total investments | 135,692 | 139,054 | (98,434 | ) | 176,312 | ||||||||||||
All other assets | 187,627 | 9,595 | (125 | ) | 197,097 | ||||||||||||
Total assets | $ | 594,333 | $ | 149,180 | $ | (98,559 | ) | $ | 644,954 | ||||||||
Total liabilities | 101,465 | 8,560 | (125 | ) | 109,900 | ||||||||||||
Redeemable noncontrolling interest | — | — | 42,186 | 42,186 | |||||||||||||
Equity attributable to stockholders of the Company | 492,930 | 140,620 | (140,620 | ) | 492,930 | ||||||||||||
Non-redeemable noncontrolling interest | (62 | ) | — | — | (62 | ) | |||||||||||
Total liabilities and equity | $ | 594,333 | $ | 149,180 | $ | (98,559 | ) | $ | 644,954 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Balance Sheet | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 63,432 | $ | 14 | $ | — | $ | 63,446 | |||||||||
Total investments | 58,830 | 43,227 | (40,397 | ) | 61,660 | ||||||||||||
All other assets | 206,947 | 683 | 13 | 207,643 | |||||||||||||
Total assets | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
Total liabilities | 84,738 | 364 | 13 | 85,115 | |||||||||||||
Redeemable noncontrolling interest | — | — | 3,163 | 3,163 | |||||||||||||
Equity attributable to stockholders of the Company | 244,474 | 43,560 | (43,560 | ) | 244,474 | ||||||||||||
Non-redeemable noncontrolling interest | (3 | ) | — | — | (3 | ) | |||||||||||
Total liabilities and equity | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest. | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Statement of | ||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 389,202 | $ | — | $ | 13 | $ | 389,215 | |||||||||
Total operating expenses | 274,913 | 785 | 13 | 275,711 | |||||||||||||
Operating income (loss) | 114,289 | (785 | ) | — | 113,504 | ||||||||||||
Total other non-operating income (expense) | 5,620 | 6,098 | (3,314 | ) | 8,404 | ||||||||||||
Income (loss) before income tax expense | 119,909 | 5,313 | (3,314 | ) | 121,908 | ||||||||||||
Income tax expense | 44,778 | — | — | 44,778 | |||||||||||||
Net income (loss) | 75,131 | 5,313 | (3,314 | ) | 77,130 | ||||||||||||
Noncontrolling interests | 59 | — | (1,999 | ) | (1,940 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 75,190 | $ | 5,313 | $ | (5,313 | ) | $ | 75,190 | ||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Statement of | ||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 279,919 | $ | — | $ | 167 | $ | 280,086 | |||||||||
Total operating expenses | 219,326 | 148 | 167 | 219,641 | |||||||||||||
Operating income (loss) | 60,593 | (148 | ) | — | 60,445 | ||||||||||||
Total other non-operating income (expense) | 4,106 | 2,649 | (2,397 | ) | 4,358 | ||||||||||||
Income (loss) before income tax expense | 64,699 | 2,501 | (2,397 | ) | 64,803 | ||||||||||||
Income tax expense | 27,030 | — | — | 27,030 | |||||||||||||
Net income (loss) | 37,669 | 2,501 | (2,397 | ) | 37,773 | ||||||||||||
Noncontrolling interests | 3 | — | (104 | ) | (101 | ) | |||||||||||
Allocation of earnings to preferred stockholders | (64 | ) | — | — | (64 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 37,608 | $ | 2,501 | $ | (2,501 | ) | $ | 37,608 | ||||||||
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest. | ||||||||||||||||
Investments of Consolidated Sponsored Investment Products | |||||||||||||||||
Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored mutual funds in which the Company has an investment and are consolidated by the Company. They are summarized as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading debt securities | $ | 48,994 | $ | (2,097 | ) | $ | 217 | $ | 47,114 | ||||||||
Trading equity securities | 84,862 | (882 | ) | 7,960 | 91,940 | ||||||||||||
Total Investments of Consolidated Sponsored Investment Products | $ | 133,856 | $ | (2,979 | ) | $ | 8,177 | $ | 139,054 | ||||||||
December 31, 2012 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading debt securities | $ | 24,830 | $ | (21 | ) | $ | 1,003 | $ | 25,812 | ||||||||
Trading equity securities | 16,537 | (144 | ) | 1,022 | 17,415 | ||||||||||||
Total Investments of Consolidated Sponsored Investment Products | $ | 41,367 | $ | (165 | ) | $ | 2,025 | $ | 43,227 | ||||||||
Fair Value Measurements of Consolidated Sponsored Investment Products | |||||||||||||||||
The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Debt securities | $ | — | $ | 47,114 | $ | — | $ | 47,114 | |||||||||
Equity securities | 91,940 | — | — | 91,940 | |||||||||||||
Total Investments of Consolidated Sponsored Investment Products at Fair Value | $ | 91,940 | $ | 47,114 | $ | — | $ | 139,054 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Debt securities | $ | — | $ | 25,812 | $ | — | $ | 25,812 | |||||||||
Equity securities | 10,092 | 7,323 | — | 17,415 | |||||||||||||
Total Investments of Consolidated Sponsored Investment Products at Fair Value | $ | 10,092 | $ | 33,135 | $ | — | $ | 43,227 | |||||||||
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value. | |||||||||||||||||
Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored mutual funds in which the Company has an investment and are consolidated by the Company. Equity securities are valued at the official closing price on the exchange on which the securities are traded and are categorized within Level 1. Level 2 investments include certain non-U.S. securities for which closing prices are not readily available or are deemed to not reflect readily available market prices and are valued using an independent pricing service as well as most debt securities, which are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized, which are based on pricing models used by market makers in the security and are also included within Level 2. | |||||||||||||||||
There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012, respectively. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Data | ' | ||||||||||||||||
21. Selected Quarterly Data (Unaudited) | |||||||||||||||||
2013 | |||||||||||||||||
($ in thousands, except share data) | Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 106,498 | $ | 100,409 | $ | 96,140 | $ | 86,168 | |||||||||
Operating Income | 33,892 | 31,630 | 26,882 | 21,100 | |||||||||||||
Net Income Attributable to Common Stockholders | 24,756 | 21,089 | 15,385 | 13,960 | |||||||||||||
Earnings per share—Basic | $ | 2.72 | $ | 2.64 | $ | 1.97 | $ | 1.79 | |||||||||
Earnings per share—Diluted | $ | 2.65 | $ | 2.56 | $ | 1.91 | $ | 1.73 | |||||||||
2012 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 78,919 | $ | 71,951 | $ | 66,818 | $ | 62,398 | |||||||||
Operating Income | 20,472 | 17,767 | 14,253 | 7,953 | |||||||||||||
Net Income Attributable to Common Stockholders | 12,213 | 11,642 | 8,367 | 5,386 | |||||||||||||
Earnings per share—Basic | $ | 1.56 | $ | 1.48 | $ | 1.08 | $ | 0.72 | |||||||||
Earnings per share—Diluted | $ | 1.5 | $ | 1.43 | $ | 1.04 | $ | 0.68 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and sponsored investment products in which it has a controlling financial interest. The Company is generally considered to have a controlling financial interest when it owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the subsidiary. See Note 20 for additional information related to the consolidation of sponsored investment products. Material intercompany accounts and transactions have been eliminated. The Company also evaluates for consolidation any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. If the VIE qualifies for deferral in Accounting Standards Update (“ASU”) 2010-10 Amendments to Statement 167 for Certain Investment Funds, the primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. The Company evaluates whether entities in which it has an interest are VIEs and whether the Company is the primary beneficiary of any VIEs identified in its analysis. | |
Effective December 31, 2013, the Company changed the presentation of its Consolidated Balance Sheets from a classified basis, which distinguishes between current and long-term assets and liabilities, to an unclassified basis, which has no such distinction. Management believes this presentation is more useful to readers of the consolidated financial statements as it provides improved disclosure of the Company’s financial position by aggregating assets and liabilities of the same nature and reducing the presentation complexities resulting from the consolidation of sponsored investment products. This change is a presentation election made by management. There were no changes to the Consolidated Balance Sheets that impacted the Consolidated Statement of Operations. Amounts in the prior year’s consolidated financial statements have been recast to conform to the current year’s presentation | |
Noncontrolling Interest | ' |
Noncontrolling Interest | |
Noncontrolling interests related to certain consolidated sponsored investment products are classified as redeemable noncontrolling interests because investors in these funds may request withdrawals at any time. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. | |
Segment Information | ' |
Segment Information | |
Accounting Standards Codification (“ASC”) 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Business or operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company operates in one business segment, namely as an asset manager providing investment management and distribution services for individual and institutional clients. The Company’s Chief Executive Officer and Chief Financial Officer are the Company’s chief operating decision makers. Although the Company does make some disclosures regarding assets under management and other asset flows by product, the Company’s determination that it operates in one business segment is based on the fact that the same investment and operational resources support multiple products, they have the same regulatory framework and that the Company’s chief operating decision makers review the Company’s financial performance at a consolidated level. All of the products and services provided relate to investment management and are subject to a similar regulatory framework and environment. Investment organizations within the Company are generally not aligned with specific product lines. Investment professionals may manage both retail and institutional products. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of cash in banks and money market fund investments. | |
Marketable Securities | ' |
Marketable Securities | |
Marketable securities consist of investments in the Company’s sponsored mutual funds and other publicly traded securities which are carried at fair value in accordance with ASC 320, Investments—Debt and Equity Securities (“ASC 320”). Marketable securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Marketable securities transactions are recorded on a trade date basis. Marketable securities include sponsored mutual funds, variable insurance funds and other equity securities classified as trading securities and sponsored closed-end funds classified as available-for-sale securities. Any unrealized appreciation or depreciation on available for sale securities, net of income taxes, is reported as a component of accumulated other comprehensive income in equity attributable to stockholders. | |
On a quarterly basis, the Company conducts reviews to assess whether other-than-temporary impairment exists on its available-for-sale marketable securities. Other-than-temporary declines in value may exist when the fair value of a marketable security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax, is recognized in the Consolidated Statements of Operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. | |
Equity Method Investments | ' |
Equity Method Investments | |
The Company’s investment in noncontrolled investees is accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company’s share of the noncontrolled affiliate’s net income or loss is recorded in other income (expense), net in the accompanying Consolidated Statement of Operations. Distributions received reduce the Company’s investment balance. The investment is evaluated for impairment as events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed fair value and the decline in fair value is deemed to be other than temporary, an impairment charge will be recorded. | |
Non-qualified Retirement Plan Assets and Liabilities | ' |
Non-qualified Retirement Plan Assets and Liabilities | |
The Company has a non-qualified retirement plan (the “Excess Incentive Plan”) that allows certain employees to voluntarily defer compensation. Under the Excess Incentive Plan, participants elect to defer a portion of their compensation which the Company then contributes into a trust. Each participant is responsible for designating investment options for assets they contribute and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Assets held in trust are included in investments and are carried at fair value in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets. Assets held in trust consist of mutual funds and are recorded at fair value, utilizing Level 1 valuation techniques. | |
Deferred Commissions | ' |
Deferred Commissions | |
Deferred commissions, which are included in other assets, are commissions paid to broker-dealers on sales of mutual fund shares. Deferred commissions are recovered by the receipt of monthly asset-based distributor fees from the mutual funds or contingent deferred sales charges received upon redemption of shares within one to five years, depending on the fund share class. The deferred costs resulting from the sale of shares are amortized on a straight-line basis over a one to five-year period, depending on the fund share class, or until the underlying shares are redeemed. Deferred commissions are periodically assessed for impairment and additional amortization expense is recorded, as appropriate. | |
Furniture, Equipment and Leasehold Improvements, Net | ' |
Furniture, Equipment and Leasehold Improvements, Net | |
Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of 3 to 10 years for furniture and office equipment, and 3 to 5 years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized and recurring repairs and maintenance are expensed as incurred. Leasehold improvements that are funded upfront by a landlord and are constructed for the benefit of the Company are recorded at cost and depreciated on a straight-line basis over the original minimum term of the lease and a corresponding lease incentive liability in the same amount is also recorded and initially amortized over the same period. | |
Leases | ' |
Leases | |
The Company currently leases office space and equipment under various leasing arrangements. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements are classified as operating leases and contain renewal options, rent escalation clauses or other inducements provided by the lessor. Rent expense under non-cancelable operating leases with scheduled rent increases or rent holidays is accounted for on a straight-line basis over the lease term, beginning on the date of initial possession or the effective date of the lease agreement. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Build-out allowances and other such lease incentives are recorded as deferred credits, and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which generally coincides with the effective date of the lease. | |
Intangible Assets and Goodwill | ' |
Intangible Assets and Goodwill | |
Definite-lived intangible assets are comprised of acquired investment advisory contracts. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from 1 to 16 years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis under GAAP whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be fully recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows. | |
Goodwill represents the excess of the purchase price of acquisitions and mergers over the identified net assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not being amortized. A single reporting unit has been identified for the purpose of assessing potential future impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company’s business. The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-08, Testing Goodwill for Impairment which states an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company’s fiscal 2013 and 2012 annual goodwill impairment analysis did not result in any impairment charges. | |
Indefinite-lived intangible assets are comprised of acquired, closed-end fund investment advisory contracts. These assets are tested for impairment annually and when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, which provides entities with an option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company’s fiscal 2013 and 2012 annual indefinite-lived intangible assets impairment analyses did not result in any impairment charges. | |
Treasury Stock | ' |
Treasury Stock | |
Treasury stock is accounted for under the cost method and is included as a deduction from equity in the Stockholders’ Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock. | |
Collateralized Debt Obligations | ' |
Collateralized Debt Obligations | |
At December 31, 2013 and 2012, certain of the Company’s affiliates serve as the collateral managers for collateralized debt obligations (“CDOs”). The CDOs, which are investment trusts, had aggregate assets under management of $0.6 billion, $0.7 billion and $1.0 billion at December 31, 2013, 2012 and 2011, respectively, which were primarily invested in a variety of fixed income securities. The CDOs reside in bankruptcy remote, special purpose entities in which the Company provides neither recourse nor guarantees. The Company has determined that it is not the primary beneficiary of these VIEs as defined by ASC 810, Consolidation. Accordingly, the Company’s financial exposure to these CDOs is limited only to the collateral investment management fees it earns, which totaled $1.7 million, $2.5 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Revenue Recognition | ' |
Revenue Recognition | |
Investment management fees, distribution and service fees and administration and transfer agent fees are recorded as revenues during the period in which services are performed. Investment management fees are earned based upon a percentage of assets under management, and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payment. Management fees for structured finance products, such as CLOs and CDOs, that accrue as services are rendered, but are subordinate to other interests and payable only if certain financial criteria of the underlying collateral are met, are recorded as revenues when the structured finance products are in compliance with required financial criteria and collectability is reasonably assured. | |
The Company accounts for investment management fees in accordance with ASC 605, Revenue Recognition, and has recorded its management fees net of fees paid to unaffiliated advisers. Amounts paid to unaffiliated advisers for the years ended December 31, 2013, 2012 and 2011 were $96.1 million, $53.7 million and $36.4 million, respectively. | |
Distribution and service fees are earned based on a percentage of assets under management and are paid monthly pursuant to the terms of the respective distribution and service fee contracts. Underwriter fees are sales-based charges on sales of certain class A-share mutual funds. | |
Administration and transfer agent fees consist of fund administration fees, transfer agent fees and fiduciary fees. Fund administration and transfer agent fees are earned based on the average daily assets in the funds. | |
Other income and fees consist primarily of redemption income on the early redemption of certain share classes of mutual funds and distribution of nonaffiliated products. | |
Advertising and Promotion | ' |
Advertising and Promotion | |
Advertising and promotional costs include print advertising and promotional items and are expensed as incurred. These costs are classified in other operating expense in the Consolidated Statements of Operations. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes stock option valuation model. The Black-Scholes stock option valuation model incorporates assumptions as to dividend yield, volatility, an appropriate risk-free interest rate and the expected life of the stock option. | |
Restricted stock units (“RSUs”) are stock awards that entitle the holder to receive shares of the Company’s common stock as the award vests over time. The fair value of each RSU award is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant. Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes in accordance with ASC 740, Income Taxes which requires recognition of the amount of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events that have been included in the Company’s financial statements or tax returns. Deferred tax liabilities and assets result from differences between the book value and tax basis of the Company’s assets, liabilities and carry-forwards, such as net operating losses or tax credits. | |
The Company’s methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s) if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company’s methodology also includes estimates of future taxable income from its operations, as well as the expiration dates and amounts of carryforwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Changes in future operating results not currently forecasted may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized. | |
Comprehensive Income | ' |
Comprehensive Income | |
The Company reports all changes in comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss), foreign currency translation adjustments (net of tax) and unrealized gains and losses on investments classified as available-for-sale (net of tax). | |
Earnings Per Share | ' |
Earnings Per Share | |
Earnings per share (“EPS”) is calculated in accordance with ASC 260, Earnings per Share. Until the conversion of the Series B Convertible Preferred Stock (“Series B”) in January 2012, net income per common share reflected the application of the two-class method. Basic EPS excludes dilution for potential common stock issuances and is computed by dividing basic net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of RSUs and stock options using the treasury stock method. | |
Under the two-class method, during periods of net income, participating securities are allocated a proportional share of net income. During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company. Participating securities have the effect of diluting both basic and diluted EPS during periods of net income. All of the outstanding shares of the Series B were converted to common stock in January 2012. | |
Fair Value Measurements and Fair Value of Financial Instruments | ' |
Fair Value Measurements and Fair Value of Financial Instruments | |
The FASB 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. ASC 820, Fair Value Measurements and Disclosures establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows: | |
Level 1—Quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market. | |
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. | |
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated Other Comprehensive Income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes thereto, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. The Company has adopted this standard as of January 2013. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for the Company on January 1, 2014. The Company does not believe the adoption of ASU 2013-11 will have a material impact on the Company’s consolidated financial statements. | |
In June, 2013, the FASB issued ASU No. 2013-08, Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements. The new standard clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. The amendments apply to an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Early application is prohibited. The Company does not believe the adoption of ASU 2013-08 will have a material impact on the Company’s consolidated financial statements. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangible Assets, Net | ' | ||||||||||||
Intangible assets, net are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
($ in thousands) | |||||||||||||
Definite-lived intangible assets, net: | |||||||||||||
Investment contracts | $ | 157,882 | $ | 197,704 | |||||||||
Accumulated amortization | (145,665 | ) | (181,409 | ) | |||||||||
Definite-lived intangible assets, net | 12,217 | 16,295 | |||||||||||
Indefinite-lived intangible assets | 32,416 | 32,416 | |||||||||||
Total intangible assets, net | $ | 44,633 | $ | 48,711 | |||||||||
Schedule of Activity in Goodwill and Other Intangible Assets | ' | ||||||||||||
Activity in goodwill and other intangible assets is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Intangible assets, net | |||||||||||||
Balance, beginning of period | $ | 48,711 | $ | 52,096 | $ | 52,977 | |||||||
Acquisition | 356 | 560 | 3,068 | ||||||||||
Amortization expense | (4,434 | ) | (3,945 | ) | (3,949 | ) | |||||||
Balance, end of period | $ | 44,633 | $ | 48,711 | $ | 52,096 | |||||||
Goodwill | |||||||||||||
Balance, beginning of period | $ | 5,260 | $ | 4,795 | $ | 4,795 | |||||||
Acquisition | — | 465 | — | ||||||||||
Balance, end of period | $ | 5,260 | $ | 5,260 | $ | 4,795 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 20, at December 31, 2013 and 2012 are as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Marketable securities | $ | 28,968 | $ | 15,048 | |||||||||||||
Equity method investments | 4,070 | 415 | |||||||||||||||
Nonqualified retirement plan assets | 4,220 | 2,970 | |||||||||||||||
Total investments | $ | 37,258 | $ | 18,433 | |||||||||||||
Schedule of Marketable Securities | ' | ||||||||||||||||
The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 16,079 | $ | (704 | ) | $ | 2,529 | $ | 17,904 | ||||||||
Equity securities | 7,043 | — | 1,336 | 8,379 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,815 | (145 | ) | 15 | 2,685 | ||||||||||||
Total marketable securities | $ | 25,937 | $ | (849 | ) | $ | 3,880 | $ | 28,968 | ||||||||
December 31, 2012 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | $ | 7,312 | $ | (689 | ) | $ | 1,390 | $ | 8,013 | ||||||||
Equity securities | 3,739 | — | 640 | 4,379 | |||||||||||||
Available-for-sale: | |||||||||||||||||
Sponsored closed-end funds | 2,619 | (37 | ) | 74 | 2,656 | ||||||||||||
Total marketable securities | $ | 13,670 | $ | (726 | ) | $ | 2,104 | $ | 15,048 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company’s assets and liabilities measured at fair value, excluding the assets and liabilities of consolidated sponsored investment products discussed in Note 20, on a recurring basis as of December 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 270,262 | $ | — | $ | — | $ | 270,262 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | 17,904 | — | — | 17,904 | |||||||||||||
Equity securities | 8,379 | — | — | 8,379 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,685 | — | — | 2,685 | |||||||||||||
Other investments | |||||||||||||||||
Nonqualified retirement plan assets | 4,220 | — | — | 4,220 | |||||||||||||
Total assets measured at fair value | $ | 303,450 | $ | — | $ | — | $ | 303,450 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 62,289 | $ | — | $ | — | $ | 62,289 | |||||||||
Marketable securities trading: | |||||||||||||||||
Sponsored mutual funds and variable insurance funds | 8,013 | — | — | 8,013 | |||||||||||||
Equity securities | 4,379 | — | — | 4,379 | |||||||||||||
Marketable securities available for sale: | |||||||||||||||||
Sponsored closed-end funds | 2,656 | — | — | 2,656 | |||||||||||||
Other investments | |||||||||||||||||
Nonqualified retirement plan assets | 2,970 | — | — | 2,970 | |||||||||||||
Total assets measured at fair value | $ | 80,307 | $ | — | $ | — | $ | 80,307 | |||||||||
Furniture_Equipment_and_Leaseh1
Furniture, Equipment and Leasehold Improvements, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Furniture, Equipment and Leasehold Improvements, Net | ' | ||||||||
Furniture, equipment, and leasehold improvements, net are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
($ in thousands) | |||||||||
Furniture and office equipment | $ | 4,033 | $ | 4,058 | |||||
Computer equipment and software | 5,663 | 5,533 | |||||||
Leasehold improvements | 7,240 | 6,865 | |||||||
16,936 | 16,456 | ||||||||
Accumulated depreciation and amortization | (9,717 | ) | (8,668 | ) | |||||
Furniture, equipment and leasehold improvements, net | $ | 7,219 | $ | 7,788 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Federal | $ | 10,395 | $ | — | $ | — | |||||||||||||||||||
State | 1,787 | 341 | 49 | ||||||||||||||||||||||
Total current tax expense | 12,182 | 341 | 49 | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||
Federal | 29,933 | 19,707 | (104,227 | ) | |||||||||||||||||||||
State | 2,663 | 6,982 | (28,250 | ) | |||||||||||||||||||||
Total deferred tax expense (benefit) | 32,596 | 26,689 | (132,477 | ) | |||||||||||||||||||||
Total expense (benefit) for income taxes | $ | 44,778 | $ | 27,030 | $ | (132,428 | ) | ||||||||||||||||||
Reconciliation of Provision (Benefit) for Income Taxes | ' | ||||||||||||||||||||||||
The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Tax at statutory rate | $ | 41,968 | 35 | % | $ | 22,645 | 35 | % | $ | 4,547 | 35 | % | |||||||||||||
State taxes, net of federal benefit | 2,893 | 2 | 4,793 | 7 | 6,222 | 48 | |||||||||||||||||||
Affiliated stock loss | — | — | — | — | 3,283 | 25 | |||||||||||||||||||
Contingency reserve | — | — | — | — | 27,911 | 215 | |||||||||||||||||||
Change in valuation allowance | (264 | ) | — | (242 | ) | — | (174,527 | ) | (1,343 | ) | |||||||||||||||
Other, net | 181 | — | (166 | ) | — | 136 | 1 | ||||||||||||||||||
Income tax expense (benefit) | $ | 44,778 | 37 | % | $ | 27,030 | 42 | % | $ | (132,428 | ) | (1,019 | )% | ||||||||||||
Summary of Tax Effects of Temporary Differences | ' | ||||||||||||||||||||||||
The tax effects of temporary differences are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Intangible assets | $ | 43,827 | $ | 51,494 | |||||||||||||||||||||
Net operating losses | 23,705 | 49,001 | |||||||||||||||||||||||
Capital loss carryforward | — | 1,122 | |||||||||||||||||||||||
Compensation accruals | 6,280 | 4,794 | |||||||||||||||||||||||
Investments | 5,111 | 5,044 | |||||||||||||||||||||||
Other | 1,581 | 83 | |||||||||||||||||||||||
Gross deferred tax assets | 80,504 | 111,538 | |||||||||||||||||||||||
Valuation allowance | (35 | ) | (1,611 | ) | |||||||||||||||||||||
Gross deferred tax assets after valuation allowance | 80,469 | 109,927 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Intangible assets | (13,078 | ) | (10,884 | ) | |||||||||||||||||||||
Unrealized gains | (2,357 | ) | (1,214 | ) | |||||||||||||||||||||
Other investments | (534 | ) | (906 | ) | |||||||||||||||||||||
Gross deferred tax liabilities | (15,969 | ) | (13,004 | ) | |||||||||||||||||||||
Deferred tax assets (liability), net | $ | 64,500 | $ | 96,923 | |||||||||||||||||||||
Summary of Activity in Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||
Activity in unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Balance, beginning of year | $ | 33,948 | $ | 34,139 | $ | — | |||||||||||||||||||
Decrease related to tax positions taken in prior years | (1,346 | ) | (191 | ) | — | ||||||||||||||||||||
Increase related to positions taken in the current year | — | — | 34,139 | ||||||||||||||||||||||
Balance, end of year | $ | 32,602 | $ | 33,948 | $ | 34,139 | |||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||
The changes in accumulated other comprehensive income by component for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
Unrealized Gains | Foreign Currency | ||||||||
and (Losses) | Translation Adjustments | ||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
($ in thousands) | |||||||||
Balance December 31, 2012 | $ | (287 | ) | $ | — | ||||
Unrealized net gains on investments, net of tax of $223 | 56 | — | |||||||
Foreign currency translation adjustments, net of tax of ($50) | — | 81 | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current-period other comprehensive income | 56 | 81 | |||||||
Balance December 31, 2013 | $ | (231 | ) | $ | 81 | ||||
Unrealized | |||||||||
Losses | |||||||||
on Securities | |||||||||
Available-for- | |||||||||
Sale | |||||||||
($ in thousands) | |||||||||
Balance December 31, 2011 | $ | (14 | ) | ||||||
Unrealized net losses on investments, net of tax of $81 | (273 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | ||||||||
Net current-period other comprehensive income | (273 | ) | |||||||
Balance December 31, 2012 | $ | (287 | ) | ||||||
Capital_and_Reserve_Requiremen1
Capital and Reserve Requirement Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Aggregate Indebtedness, Net Capital and Resultant Ratio for VPD | ' | ||||||||||||
Aggregate indebtedness, net capital, and the resultant ratio for VPD were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Aggregate indebtedness | $ | 28,020 | $ | 23,443 | $ | 17,527 | |||||||
Net capital | 22,086 | 16,617 | 10,874 | ||||||||||
Ratio of aggregate indebtedness to net capital | 1.3 to 1 | 1.4 to 1 | 1.6 to 1 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Company Estimated Grant-date Fair Value of Stock Options Last Granted Using Black-Scholes Option Valuation Model | ' | ||||||||||||
The Company estimated the grant-date fair value of stock options last granted using the Black-Scholes option valuation model with the following assumptions: | |||||||||||||
2011 | |||||||||||||
Expected dividend yield | 0.00% | ||||||||||||
Expected volatility | 47.20% | ||||||||||||
Risk-free interest rate | 2.4%-2.9% | ||||||||||||
Expected life | 6.5 years | ||||||||||||
Summary of Stock-based Compensation Expense | ' | ||||||||||||
Stock-based compensation expense is summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Stock-based compensation expense | $ | 7,960 | $ | 6,927 | $ | 5,625 | |||||||
Summary of Stock Option Activity | ' | ||||||||||||
Stock option activity for the year ended December 31, 2013 is summarized as follows: | |||||||||||||
Number | Weighted | ||||||||||||
of shares | Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding at December 31, 2012 | 220,349 | $ | 20.03 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (29,826 | ) | $ | 19.1 | |||||||||
Forfeited | (363 | ) | $ | 55.18 | |||||||||
Outstanding at December 31, 2013 | 190,160 | $ | 20.11 | ||||||||||
Vested and exercisable at December 31, 2013 | 182,077 | $ | 18.54 | ||||||||||
Stock options expected to vest at December 31, 2013 | 8,083 | $ | 55.33 | ||||||||||
Summary of Restricted Stock Units Activity | ' | ||||||||||||
RSU activity for the year ended December 31, 2013 is summarized as follows: | |||||||||||||
Number | Weighted | ||||||||||||
of shares | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 292,057 | $ | 57.89 | ||||||||||
Granted | 46,000 | $ | 188.36 | ||||||||||
Forfeited | (12,750 | ) | $ | 94.22 | |||||||||
Settled | (91,544 | ) | $ | 41.45 | |||||||||
Outstanding at December 31, 2013 | 233,763 | $ | 87.97 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The computation of basic and diluted earnings per share is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands, except per share amounts) | |||||||||||||
Net Income | $ | 77,130 | $ | 37,773 | $ | 145,420 | |||||||
Noncontrolling interests | (1,940 | ) | (101 | ) | — | ||||||||
Preferred stockholder dividends | — | — | (9,482 | ) | |||||||||
Allocation of earnings to preferred stockholders | — | (64 | ) | (24,260 | ) | ||||||||
Net Income Attributable to Common Stockholders | $ | 75,190 | $ | 37,608 | $ | 111,678 | |||||||
Shares: | |||||||||||||
Basic: Weighted-average number of shares outstanding | 8,188 | 7,727 | 6,211 | ||||||||||
Plus: Incremental shares from assumed conversion of dilutive instruments | 245 | 346 | 623 | ||||||||||
Diluted: Weighted-average number of shares outstanding | 8,433 | 8,073 | 6,834 | ||||||||||
Earnings per share—basic | $ | 9.18 | $ | 4.87 | $ | 17.98 | |||||||
Earnings per share—diluted | $ | 8.92 | $ | 4.66 | $ | 16.34 |
Concentration_of_Credit_Risk_T
Concentration of Credit Risk (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||
Summary of Funds Provided Ten Percent or More of Total Revenues | ' | ||||||||||||
The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. The following funds provided 10 percent or more of the total revenues of the Company: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
($ in thousands) | |||||||||||||
Virtus Emerging Markets Opportunities Fund | |||||||||||||
Investment management, administration and transfer agent fees | $ | 53,202 | $ | 29,818 | * | ||||||||
Percent of total revenues | 14 | % | 12 | % | * | ||||||||
Virtus Multi-Sector Short Term Bond Fund | |||||||||||||
Investment management, administration and transfer agent fees | $ | 52,568 | $ | 39,475 | $ | 24,445 | |||||||
Percent of total revenues | 14 | % | 17 | % | 14 | % | |||||||
Virtus Premium AlphaSector™ Fund | |||||||||||||
Investment management, administration and transfer agent fees | $ | 41,921 | $ | 27,987 | * | ||||||||
Percent of total revenues | 11 | % | 12 | % | * | ||||||||
* | Less than 10 percent of total revenues of the Company. |
Consolidated_Sponsored_Investm1
Consolidated Sponsored Investment Products (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||
Balances of Consolidated Sponsored Investment Products | ' | ||||||||||||||||
The following table presents the balances of the consolidated sponsored investment products that were reflected in the Consolidated Balance Sheets as of December 31, 2013 and 2012: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 531 | $ | 14 | |||||||||||||
Total investments | 139,054 | 43,227 | |||||||||||||||
All other assets | 9,595 | 683 | |||||||||||||||
Total liabilities | (8,435 | ) | (377 | ) | |||||||||||||
Redeemable noncontrolling interest | (42,186 | ) | (3,163 | ) | |||||||||||||
The Company’s net interests in consolidated sponsored investment products | $ | 98,559 | $ | 40,384 | |||||||||||||
Consolidated Balance Sheets | ' | ||||||||||||||||
The following tables reflect the impact of the consolidated sponsored investment products in the Consolidated Balance Sheets as of December 31, 2013 and 2012 and the Consolidated Statements of Income for the years ended December 31, 2013 and 2012, respectively. The Company had no consolidated sponsored investment products during the year ended December 31, 2011: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Balance Sheet | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 271,014 | $ | 531 | $ | — | $ | 271,545 | |||||||||
Total investments | 135,692 | 139,054 | (98,434 | ) | 176,312 | ||||||||||||
All other assets | 187,627 | 9,595 | (125 | ) | 197,097 | ||||||||||||
Total assets | $ | 594,333 | $ | 149,180 | $ | (98,559 | ) | $ | 644,954 | ||||||||
Total liabilities | 101,465 | 8,560 | (125 | ) | 109,900 | ||||||||||||
Redeemable noncontrolling interest | — | — | 42,186 | 42,186 | |||||||||||||
Equity attributable to stockholders of the Company | 492,930 | 140,620 | (140,620 | ) | 492,930 | ||||||||||||
Non-redeemable noncontrolling interest | (62 | ) | — | — | (62 | ) | |||||||||||
Total liabilities and equity | $ | 594,333 | $ | 149,180 | $ | (98,559 | ) | $ | 644,954 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Balance Sheet | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Total cash | $ | 63,432 | $ | 14 | $ | — | $ | 63,446 | |||||||||
Total investments | 58,830 | 43,227 | (40,397 | ) | 61,660 | ||||||||||||
All other assets | 206,947 | 683 | 13 | 207,643 | |||||||||||||
Total assets | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
Total liabilities | 84,738 | 364 | 13 | 85,115 | |||||||||||||
Redeemable noncontrolling interest | — | — | 3,163 | 3,163 | |||||||||||||
Equity attributable to stockholders of the Company | 244,474 | 43,560 | (43,560 | ) | 244,474 | ||||||||||||
Non-redeemable noncontrolling interest | (3 | ) | — | — | (3 | ) | |||||||||||
Total liabilities and equity | $ | 329,209 | $ | 43,924 | $ | (40,384 | ) | $ | 332,749 | ||||||||
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest. | ||||||||||||||||
Consolidated Statements of Income | ' | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Statement of | ||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 389,202 | $ | — | $ | 13 | $ | 389,215 | |||||||||
Total operating expenses | 274,913 | 785 | 13 | 275,711 | |||||||||||||
Operating income (loss) | 114,289 | (785 | ) | — | 113,504 | ||||||||||||
Total other non-operating income (expense) | 5,620 | 6,098 | (3,314 | ) | 8,404 | ||||||||||||
Income (loss) before income tax expense | 119,909 | 5,313 | (3,314 | ) | 121,908 | ||||||||||||
Income tax expense | 44,778 | — | — | 44,778 | |||||||||||||
Net income (loss) | 75,131 | 5,313 | (3,314 | ) | 77,130 | ||||||||||||
Noncontrolling interests | 59 | — | (1,999 | ) | (1,940 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 75,190 | $ | 5,313 | $ | (5,313 | ) | $ | 75,190 | ||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Balance Before | Consolidated | Eliminations | Balances as | ||||||||||||||
Consolidation of | Sponsored | and | Reported in | ||||||||||||||
Investment Products | Investment | Adjustments (a) | Consolidated | ||||||||||||||
Products | Statement of | ||||||||||||||||
Operations | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Total operating revenues | $ | 279,919 | $ | — | $ | 167 | $ | 280,086 | |||||||||
Total operating expenses | 219,326 | 148 | 167 | 219,641 | |||||||||||||
Operating income (loss) | 60,593 | (148 | ) | — | 60,445 | ||||||||||||
Total other non-operating income (expense) | 4,106 | 2,649 | (2,397 | ) | 4,358 | ||||||||||||
Income (loss) before income tax expense | 64,699 | 2,501 | (2,397 | ) | 64,803 | ||||||||||||
Income tax expense | 27,030 | — | — | 27,030 | |||||||||||||
Net income (loss) | 37,669 | 2,501 | (2,397 | ) | 37,773 | ||||||||||||
Noncontrolling interests | 3 | — | (104 | ) | (101 | ) | |||||||||||
Allocation of earnings to preferred stockholders | (64 | ) | — | — | (64 | ) | |||||||||||
Net income (loss) attributable to the Company | $ | 37,608 | $ | 2,501 | $ | (2,501 | ) | $ | 37,608 | ||||||||
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest. | ||||||||||||||||
Schedule of Trading Securities | ' | ||||||||||||||||
Investments of consolidated sponsored investment products represent the underlying debt and equity securities held in sponsored mutual funds in which the Company has an investment and are consolidated by the Company. They are summarized as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading debt securities | $ | 48,994 | $ | (2,097 | ) | $ | 217 | $ | 47,114 | ||||||||
Trading equity securities | 84,862 | (882 | ) | 7,960 | 91,940 | ||||||||||||
Total Investments of Consolidated Sponsored Investment Products | $ | 133,856 | $ | (2,979 | ) | $ | 8,177 | $ | 139,054 | ||||||||
December 31, 2012 | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Loss | Gain | Value | |||||||||||||||
($ in thousands) | |||||||||||||||||
Trading debt securities | $ | 24,830 | $ | (21 | ) | $ | 1,003 | $ | 25,812 | ||||||||
Trading equity securities | 16,537 | (144 | ) | 1,022 | 17,415 | ||||||||||||
Total Investments of Consolidated Sponsored Investment Products | $ | 41,367 | $ | (165 | ) | $ | 2,025 | $ | 43,227 | ||||||||
Summary of Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 by fair value hierarchy level were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Debt securities | $ | — | $ | 47,114 | $ | — | $ | 47,114 | |||||||||
Equity securities | 91,940 | — | — | 91,940 | |||||||||||||
Total Investments of Consolidated Sponsored Investment Products at Fair Value | $ | 91,940 | $ | 47,114 | $ | — | $ | 139,054 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
($ in thousands) | |||||||||||||||||
Debt securities | $ | — | $ | 25,812 | $ | — | $ | 25,812 | |||||||||
Equity securities | 10,092 | 7,323 | — | 17,415 | |||||||||||||
Total Investments of Consolidated Sponsored Investment Products at Fair Value | $ | 10,092 | $ | 33,135 | $ | — | $ | 43,227 | |||||||||
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Data | ' | ||||||||||||||||
2013 | |||||||||||||||||
($ in thousands, except share data) | Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 106,498 | $ | 100,409 | $ | 96,140 | $ | 86,168 | |||||||||
Operating Income | 33,892 | 31,630 | 26,882 | 21,100 | |||||||||||||
Net Income Attributable to Common Stockholders | 24,756 | 21,089 | 15,385 | 13,960 | |||||||||||||
Earnings per share—Basic | $ | 2.72 | $ | 2.64 | $ | 1.97 | $ | 1.79 | |||||||||
Earnings per share—Diluted | $ | 2.65 | $ | 2.56 | $ | 1.91 | $ | 1.73 | |||||||||
2012 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Revenues | $ | 78,919 | $ | 71,951 | $ | 66,818 | $ | 62,398 | |||||||||
Operating Income | 20,472 | 17,767 | 14,253 | 7,953 | |||||||||||||
Net Income Attributable to Common Stockholders | 12,213 | 11,642 | 8,367 | 5,386 | |||||||||||||
Earnings per share—Basic | $ | 1.56 | $ | 1.48 | $ | 1.08 | $ | 0.72 | |||||||||
Earnings per share—Diluted | $ | 1.5 | $ | 1.43 | $ | 1.04 | $ | 0.68 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Oct. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of operating segment | ' | 1 | ' | ' |
Estimated useful lives of intangibles | '5 years | ' | ' | ' |
Aggregate assets under management | ' | $600,000,000 | $700,000,000 | $1,000,000,000 |
Investment management fees | ' | 1,700,000 | 2,500,000 | 3,300,000 |
Management fees net of fees paid | ' | $96,100,000 | $53,700,000 | $36,400,000 |
Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred sales charges receiving period | ' | '1 year | ' | ' |
Deferred commissions amortization period | ' | '1 year | ' | ' |
Estimated useful lives of intangibles | ' | '1 year | ' | ' |
Minimum [Member] | Furniture and Office Equipment [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Useful lives of fixed assets | ' | '3 years | ' | ' |
Minimum [Member] | Computer Equipment and Software [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Useful lives of fixed assets | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred sales charges receiving period | ' | '5 years | ' | ' |
Deferred commissions amortization period | ' | '5 years | ' | ' |
Estimated useful lives of intangibles | ' | '16 years | ' | ' |
Maximum [Member] | Furniture and Office Equipment [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Useful lives of fixed assets | ' | '10 years | ' | ' |
Maximum [Member] | Computer Equipment and Software [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Useful lives of fixed assets | ' | '5 years | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Intangible Assets, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Definite-lived intangible assets, net: | ' | ' | ' | ' |
Investment contracts | $157,882 | $197,704 | ' | ' |
Accumulated amortization | -145,665 | -181,409 | ' | ' |
Definite-lived intangible assets, net | 12,217 | 16,295 | ' | ' |
Indefinite-lived intangible assets | 32,416 | 32,416 | ' | ' |
Total intangible assets, net | $44,633 | $48,711 | $52,096 | $52,977 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Activity in Goodwill and Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 09, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Intangible assets, net | $48,711 | $52,096 | $52,977 | ' |
Acquisition | 356 | 560 | 3,068 | 2,900 |
Amortization expense | -4,434 | -3,945 | -3,949 | ' |
Intangible assets, net | 44,633 | 48,711 | 52,096 | ' |
Goodwill | 5,260 | 4,795 | 4,795 | ' |
Acquisition | ' | 465 | ' | ' |
Goodwill | $5,260 | $5,260 | $4,795 | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Oct. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 09, 2011 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
2014 | ' | $3,800,000 | ' | ' | ' |
2015 | ' | 3,100,000 | ' | ' | ' |
2016 | ' | 2,300,000 | ' | ' | ' |
2017 | ' | 600,000 | ' | ' | ' |
2018 | ' | 400,000 | ' | ' | ' |
Thereafter | ' | 2,000,000 | ' | ' | ' |
Weighted average estimated remaining amortization period | ' | '5 years 4 months 24 days | ' | ' | ' |
Acquisition of assets | 700,000 | ' | ' | ' | ' |
Fair value of contingent liability | ' | 500,000 | 400,000 | ' | ' |
Purchases | 200,000 | ' | ' | ' | ' |
Acquisition of goodwill recorded value | 500,000 | ' | ' | ' | ' |
Intangible assets estimated useful life in year | '5 years | ' | ' | ' | ' |
Estimated fair value of contracts acquired | ' | 356,000 | 560,000 | 3,068,000 | 2,900,000 |
Transaction costs | ' | ' | ' | ' | $100,000 |
Investments_Investments_Detail
Investments - Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ' | ' |
Marketable securities | $28,968 | $15,048 |
Equity method investments | 4,070 | 415 |
Nonqualified retirement plan assets | 4,220 | 2,970 |
Total investments | $37,258 | $18,433 |
Investments_Schedule_of_Market
Investments - Schedule of Marketable Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $25,937 | $13,670 |
Unrealized Loss | -849 | -726 |
Unrealized Gain | 3,880 | 2,104 |
Fair Value | 28,968 | 15,048 |
Sponsored Mutual Funds and Variable Insurance Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 16,079 | 7,312 |
Unrealized Loss | -704 | -689 |
Unrealized Gain | 2,529 | 1,390 |
Fair Value | 17,904 | 8,013 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 7,043 | 3,739 |
Unrealized Loss | ' | ' |
Unrealized Gain | 1,336 | 640 |
Fair Value | 8,379 | 4,379 |
Sponsored Closed-End Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 2,815 | 2,619 |
Unrealized Loss | -145 | -37 |
Unrealized Gain | 15 | 74 |
Fair Value | $2,685 | $2,656 |
Investments_Additional_Informa
Investments - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 09, 2013 | Apr. 09, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Kleinwort Benson Investors International, Ltd. [Member] | Kleinwort Benson Investors International, Ltd. [Member] | |
USD ($) | EUR (€) | |||||
Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Realized gain (loss) on trading securities | $1,000,000 | $400,000 | ($100,000) | ' | ' | ' |
Acquisition date | ' | ' | ' | ' | 9-Apr-13 | 9-Apr-13 |
Percentage of noncontrolling equity interest acquired | 50.00% | ' | ' | ' | 24.00% | 24.00% |
Noncontrolling equity interest acquired, amount | ' | ' | ' | ' | 3,400,000 | 2,600,000 |
Investment to goodwill | 5,260,000 | 5,260,000 | 4,795,000 | 4,795,000 | 2,500,000 | ' |
Definite-lived intangible assets | ' | ' | ' | ' | 600,000 | ' |
Period of amortization of definite-lived intangible assets | ' | ' | ' | ' | '7 years | '7 years |
Remaining assets and liabilities | ' | ' | ' | ' | $300,000 | ' |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | $270,262 | $62,289 |
Total assets measured at fair value | 303,450 | 80,307 |
Sponsored Mutual Funds and Variable Insurance Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 17,904 | 8,013 |
Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 8,379 | 4,379 |
Sponsored Closed-End Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | 2,685 | 2,656 |
Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | 4,220 | 2,970 |
Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | 270,262 | 62,289 |
Total assets measured at fair value | 303,450 | 80,307 |
Level 1 [Member] | Sponsored Mutual Funds and Variable Insurance Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 17,904 | 8,013 |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | 8,379 | 4,379 |
Level 1 [Member] | Sponsored Closed-End Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | 2,685 | 2,656 |
Level 1 [Member] | Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | 4,220 | 2,970 |
Level 2 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Total assets measured at fair value | ' | ' |
Level 2 [Member] | Sponsored Mutual Funds and Variable Insurance Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Level 2 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Level 2 [Member] | Sponsored Closed-End Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | ' | ' |
Level 2 [Member] | Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Total assets measured at fair value | ' | ' |
Level 3 [Member] | Sponsored Mutual Funds and Variable Insurance Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Level 3 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities trading | ' | ' |
Level 3 [Member] | Sponsored Closed-End Funds [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Marketable securities available for sale | ' | ' |
Level 3 [Member] | Nonqualified Retirement Plan Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other investments, nonqualified retirement plan assets | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Outstanding debt | $0 | ' |
Fair value, equity, Level 1 to Level 2 transfers, amount | $0 | $0 |
Furniture_Equipment_and_Leaseh2
Furniture, Equipment and Leasehold Improvements, Net - Furniture, Equipment and Leasehold Improvements, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, equipment and leasehold improvements, gross | $16,936 | $16,456 |
Accumulated depreciation and amortization | -9,717 | -8,668 |
Furniture, equipment and leasehold improvements, net | 7,219 | 7,788 |
Furniture and Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, equipment and leasehold improvements, gross | 4,033 | 4,058 |
Computer Equipment and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, equipment and leasehold improvements, gross | 5,663 | 5,533 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, equipment and leasehold improvements, gross | $7,240 | $6,865 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $10,395 | ' | ' |
State | 1,787 | 341 | 49 |
Total current tax expense | 12,182 | 341 | 49 |
Deferred | ' | ' | ' |
Federal | 29,933 | 19,707 | -104,227 |
State | 2,663 | 6,982 | -28,250 |
Total deferred tax expense (benefit) | 32,596 | 26,689 | -132,477 |
Income tax expense (benefit) | $44,778 | $27,030 | ($132,428) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.00% | 7.00% | 48.00% |
Affiliated stock loss | ' | ' | 25.00% |
Contingency reserve | ' | ' | 215.00% |
Change in valuation allowance | ' | ' | -1343.00% |
Other, net | ' | ' | 1.00% |
Income tax expense (benefit) | 37.00% | 42.00% | -1019.00% |
Tax at statutory rate | $41,968 | $22,645 | $4,547 |
State taxes, net of federal benefit | 2,893 | 4,793 | 6,222 |
Affiliated stock loss | ' | ' | 3,283 |
Contingency reserve | ' | ' | 27,911 |
Change in valuation allowance | -264 | -242 | -174,527 |
Other, net | 181 | -166 | 136 |
Income tax expense (benefit) | $44,778 | $27,030 | ($132,428) |
Income_Taxes_Summary_of_Tax_Ef
Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Intangible assets | $43,827 | $51,494 | ' |
Net operating losses | 23,705 | 49,001 | ' |
Capital loss carryforward | ' | 1,122 | ' |
Compensation accruals | 6,280 | 4,794 | ' |
Investments | 5,111 | 5,044 | ' |
Other | 1,581 | 83 | ' |
Gross deferred tax assets | 80,504 | 111,538 | ' |
Valuation allowance | -35 | -1,611 | -3,300 |
Gross deferred tax assets after valuation allowance | 80,469 | 109,927 | ' |
Deferred tax liabilities: | ' | ' | ' |
Intangible assets | -13,078 | -10,884 | ' |
Unrealized gains | -2,357 | -1,214 | ' |
Other investments | -534 | -906 | ' |
Gross deferred tax liabilities | -15,969 | -13,004 | ' |
Deferred tax assets (liability), net | $64,500 | $96,923 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Domestic Tax Authority [Member] | Domestic Tax Authority [Member] | State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | ||||
Minimum [Member] | Minimum [Member] | ||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | $35,000 | $1,611,000 | $3,300,000 | ' | ' | ' | ' |
Deferred tax assets related to net operating losses for federal income tax purposes | 23,705,000 | 49,001,000 | ' | 45,200,000 | ' | 7,900,000 | ' |
Operating loss carryovers, expiration beginning year | ' | ' | ' | ' | '2029 | ' | '2015 |
Capital loss carryovers, utilized year | ' | ' | ' | '2013 | ' | '2013 | ' |
Ownership percentage | 50.00% | ' | ' | ' | ' | ' | ' |
Percentage increasing ownership | 5.00% | ' | ' | ' | ' | ' | ' |
Pre-tax net operating loss carryovers | 70,600,000 | ' | ' | ' | ' | ' | ' |
Built-in losses annual Limitation | 4,200,000 | ' | ' | ' | ' | ' | ' |
Future tax return benefits | 19,600,000 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | 31,000,000 | ' | ' | ' | ' | ' | ' |
Interest or penalties related to uncertain tax positions | $0 | $0 | $0 | ' | ' | ' | ' |
Income_Taxes_Summary_of_Activi
Income Taxes - Summary of Activity in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance, beginning of year | $33,948 | $34,139 | ' |
Decrease related to tax positions taken in prior years | -1,346 | -191 | ' |
Increase related to positions taken in the current year | ' | ' | 34,139 |
Balance, end of year | $32,602 | $33,948 | $34,139 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2012 | Sep. 10, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Maximum [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term for credit facility | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' |
Credit facility amount increase provision on condition | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Repayment of debt | ' | 15,000,000 | ' | ' | ' | 15,000,000 | ' | ' | ' |
Limit for the issuance of standby letters of credit | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
Outstanding under the Credit Facility | ' | $0 | $15,000,000 | ' | ' | ' | ' | ' | ' |
Credit Facility Interest Periods | ' | ' | ' | ' | ' | ' | '1, 2, 3 or 6 months | ' | ' |
percentage of margin on principal amount | ' | ' | ' | ' | ' | ' | ' | 2.50% | 0.75% |
Commitment fee | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.35% |
Minimum interest coverage ratio | ' | ' | ' | ' | ' | ' | 'At least 4.00:1 | ' | ' |
Minimum percentage of interest adjustment | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | 'No greater than 2.75:1 | ' | ' |
Maximum indebtedness to EBITDA | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expenses | $3.40 | $3.30 | $2.40 |
Minimum aggregate rental payments required under operating lease, 2014 | 3.1 | ' | ' |
2015 | 2.6 | ' | ' |
2016 | 2.6 | ' | ' |
2017 | 2.5 | ' | ' |
2018 | 2.5 | ' | ' |
thereafter | $4.70 | ' | ' |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | |
Public Offering [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | 1,300,000 |
Common stock value | $191,578,000 | ' | ' | $191,800,000 |
Treasury stock, shares acquired | 105,000 | 90,000 | ' | ' |
Weighted average purchase price per share | $187.61 | $99.30 | ' | ' |
Total cost of treasury shares acquired | 19,700,000 | 8,900,000 | ' | ' |
Treasury stock, shares | 350,000 | 245,000 | ' | ' |
Treasury stock, at cost | $37,438,000 | $17,734,000 | ' | ' |
Repurchased additional shares of common stock, shares | ' | ' | 350,000 | ' |
Common stock remaining authorized for repurchase | 350,000 | ' | ' | ' |
Repurchase program expiration date | 21-May-16 | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | ($287) | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 56 | -273 | 294 |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | 81 | ' | ' |
Other comprehensive income (loss) | 137 | -273 | 294 |
Ending Balance | -150 | -287 | ' |
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -287 | -14 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 56 | -273 | ' |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' |
Other comprehensive income (loss) | 56 | -273 | ' |
Ending Balance | -231 | -287 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, foreign currency translation adjustments, net of tax | 81 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' |
Other comprehensive income (loss) | 81 | ' | ' |
Ending Balance | $81 | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | $223 | $81 |
Other comprehensive income (loss) before reclassifications, tax | -50 | ' |
Unrealized Gains and (Losses) on Securities Available-for-Sale [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | 223 | 81 |
Foreign Currency Translation Adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other comprehensive income (loss) before reclassifications, tax | ($50) | ' |
Capital_and_Reserve_Requiremen2
Capital and Reserve Requirement Information - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Brokers and Dealers [Abstract] | ' | ' |
Aggregate indebtedness to net capital | 15 | ' |
Minimum net capital requirement based on aggregate indebtedness | $1.90 | $1.60 |
Capital_and_Reserve_Requiremen3
Capital and Reserve Requirement Information - Summary of Aggregate Indebtedness, Net Capital and Resultant Ratio for VPD (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Brokers and Dealers [Abstract] | ' | ' | ' |
Aggregate indebtedness | $28,020 | $23,443 | $17,527 |
Net capital | $22,086 | $16,617 | $10,874 |
Ratio of aggregate indebtedness to net capital | 1.3 | 1.4 | 1.6 |
Restructuring_and_Severance_Ad
Restructuring and Severance - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Unpaid severance and related charges | $0 | ' | ' |
Reduction [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and severance charges | $200,000 | $1,600,000 | $2,000,000 |
BMO_Related_Party_Transactions1
BMO Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Distribution and administration expenses | $0.50 | $2.10 | $3 |
Maximum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Accounts payable, related parties | $0.10 | $0.10 | ' |
Series_B_Convertible_Preferred1
Series B Convertible Preferred Stock - Additional Information (Detail) | 0 Months Ended |
Jan. 06, 2012 | |
Temporary Equity Disclosure [Abstract] | ' |
Outstanding shares of the Series B | 35,217 |
Common stock of shares | 1,349,300 |
Retirement_Savings_Plans_Addit
Retirement Savings Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Employees' contributions at a rate | 3.00% | ' | ' |
Matching Contribution Percentage | 50.00% | ' | ' |
Employees' contributions at a rate | 2.00% | ' | ' |
Matching Contribution Amount | $2.50 | $2 | $1.60 |
Matching Contribution Percentage | 100.00% | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock authorized for issuance | 1,800,000 | ' | ' |
Remaining shares of common stock available for grant | 495,658 | ' | ' |
Contractual life in years | ' | ' | '6 years 6 months |
Vesting period of stock options in years | '3 years | ' | ' |
The weighted-average grant-date fair value of stock options granted | ' | ' | $27.56 |
The weighted-average remaining contractual term for stock options outstanding | '4 years 9 months 18 days | '5 years 9 months 18 days | ' |
The weighted-average remaining contractual term for stock options vested and exercisable | '4 years 8 months 12 days | ' | ' |
The weighted-average remaining contractual term for stock options expected to vest | '7 years 2 months 12 days | ' | ' |
Aggregate intrinsic value of stock options outstanding | $34,200,000 | ' | ' |
Aggregate intrinsic value of stock options vested and exercisable | 33,000,000 | ' | ' |
Aggregate intrinsic value of stock options expected to vest | 1,200,000 | ' | ' |
The total grant-date fair value of stock options vested | 200,000 | 1,200,000 | 100,000 |
The total intrinsic value of stock options exercised | 5,100,000 | 9,200,000 | 900,000 |
Cash received from stock option exercises | 570,000 | 2,636,000 | 1,345,000 |
Grant-date intrinsic value of RSU | $8.70 | ' | ' |
Weighted average remaining contractual life | '1 year | ' | ' |
Weighted-average grant-date fair value | $188.36 | $81.47 | $52.28 |
The total grant-date fair value of options vested | 17,900,000 | 30,700,000 | 2,900,000 |
Cash used for employee withholding tax payments | 7,500,000 | 11,500,000 | 700,000 |
Share settlement under RSUs | 38,222 | 143,102 | 12,484 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unamortized stock-based compensation expense | 8,900,000 | 7,100,000 | ' |
Weighted average remaining amortization periods | '1 year | '1 year 4 months 24 days | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual life in years | '10 years | ' | ' |
Unamortized stock-based compensation expense | 100,000 | 200,000 | ' |
Weighted average remaining amortization periods | '2 months 12 days | '8 months 12 days | ' |
RSU and Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Company granted performance contingent RSU | 15,237 | 47,996 | ' |
Stock-based compensation expense | 1,100,000 | 1,700,000 | 1,300,000 |
Unamortized stock-based compensation expense | $2,100,000 | $3,200,000 | ' |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual life in years | '1 year | ' | ' |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual life in years | '3 years | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Company Estimated Grant-Date Fair Value of Stock Options Last Granted Using Black-Scholes Option Valuation Model (Detail) | 12 Months Ended |
Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Expected dividend yield | 0.00% |
Expected volatility | 47.20% |
Risk-free interest rate | 2.40% |
Risk-free interest rate | 2.90% |
Expected life | '6 years 6 months |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Stock-based compensation expense | $7,960 | $6,927 | $5,625 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Number of shares, Beginning Balance | 220,349 |
Number of shares, Granted | ' |
Number of shares, Exercised | -29,826 |
Number of shares, Forfeited | -363 |
Number of shares, Ending Balance | 190,160 |
Vested and exercisable at December 31, 2013 | 182,077 |
Stock options expected to vest at December 31, 2013 | 8,083 |
Weighted Average Exercise Price, Beginning Balance | $20.03 |
Weighted Average Exercise Price, Granted | ' |
Weighted Average Exercise Price, Exercised | $19.10 |
Weighted Average Exercise Price, Forfeited | $55.18 |
Weighted Average Exercise Price, Ending Balance | $20.11 |
Vested and exercisable at December 31, 2013 | $18.54 |
Stock options expected to vest at December 31, 2013 | $55.33 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $188.36 | $81.47 | $52.28 |
Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares, Beginning Balance | 292,057 | ' | ' |
Number of shares, Granted | 46,000 | ' | ' |
Number of shares, Forfeited | -12,750 | ' | ' |
Number of shares, Settled | -91,544 | ' | ' |
Number of shares, Ending Balance | 233,763 | ' | ' |
Weighted Average Grant Date Fair Value, Beginning Balance | $57.89 | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $188.36 | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | $94.22 | ' | ' |
Weighted Average Grant Date Fair Value, Settled | $41.45 | ' | ' |
Weighted Average Grant Date Fair Value, Ending Balance | $87.97 | ' | ' |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Computation 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, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $77,130 | $37,773 | $145,420 |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,940 | -101 | ' |
Preferred stockholder dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,482 |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -24,260 |
Net Income Attributable to Common Stockholders | $24,756 | $21,089 | $15,385 | $13,960 | $12,213 | $11,642 | $8,367 | $5,386 | $75,190 | $37,608 | $111,678 |
Shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic: Weighted-average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 8,188 | 7,727 | 6,211 |
Plus: Incremental shares from assumed conversion of dilutive instruments | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 346 | 623 |
Diluted: Weighted-average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 8,433 | 8,073 | 6,834 |
Earnings per share-Basic | $2.72 | $2.64 | $1.97 | $1.79 | $1.56 | $1.48 | $1.08 | $0.72 | $9.18 | $4.87 | $17.98 |
Earnings per share-Diluted | $2.65 | $2.56 | $1.91 | $1.73 | $1.50 | $1.43 | $1.04 | $0.68 | $8.92 | $4.66 | $16.34 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Number of anti-dilutive instruments excluded from computation of weighted-average shares for diluted earnings per share | 0 | 0 | 0 |
Concentration_of_Credit_Risk_S
Concentration of Credit Risk - Summary of Funds Provided Ten Percent or More of Total Revenues (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Virtus Emerging Markets Opportunities Fund [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Investment management, administration and transfer agent fees | $53,202 | $29,818 | ' |
Virtus Premium AlphaSector Fund [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Investment management, administration and transfer agent fees | 41,921 | 27,987 | ' |
Virtus Multi-Sector Short Term Bond Fund [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Investment management, administration and transfer agent fees | $52,568 | $39,475 | $24,445 |
Sales Revenue, Services, Net [Member] | Virtus Emerging Markets Opportunities Fund [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent of total revenues | 14.00% | 12.00% | ' |
Sales Revenue, Services, Net [Member] | Virtus Premium AlphaSector Fund [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent of total revenues | 11.00% | 12.00% | ' |
Sales Revenue, Services, Net [Member] | Virtus Multi-Sector Short Term Bond Fund [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent of total revenues | 14.00% | 17.00% | 14.00% |
Concentration_of_Credit_Risk_S1
Concentration of Credit Risk - Summary of Funds Provided Ten Percent or More of Total Revenues (Parenthetical) (Detail) (Sales Revenue, Services, Net [Member]) | 12 Months Ended |
Dec. 31, 2011 | |
Virtus Emerging Markets Opportunities Fund [Member] | ' |
Concentration Risk [Line Items] | ' |
Percent of total revenues | 'Less than 10 percent of total revenues |
Virtus Premium AlphaSector Fund [Member] | ' |
Concentration Risk [Line Items] | ' |
Percent of total revenues | 'Less than 10 percent of total revenues |
Consolidated_Sponsored_Investm2
Consolidated Sponsored Investment Products - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |
Funds | Investment | Funds | |
Funds | |||
Investments [Abstract] | ' | ' | ' |
Number of consolidated mutual funds | 8 | 0 | 8 |
Number of additional consolidated mutual funds | 5 | ' | ' |
Number of deconsolidated mutual funds | 5 | ' | ' |
Number of consolidated sponsored investment products | ' | 0 | ' |
Fair value, equity, Level 1 to Level 2 transfers, amount | $0 | ' | $0 |
Consolidated_Sponsored_Investm3
Consolidated Sponsored Investment Products - Balances of Consolidated Sponsored Investment Products (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Total cash | $531 | $14 |
Total investments | 139,054 | 43,227 |
All other assets | 9,595 | 683 |
Total liabilities | -8,435 | -377 |
Redeemable noncontrolling interest | -42,186 | -3,163 |
Company's net interests in consolidated sponsored investment products | $98,559 | $40,384 |
Consolidated_Sponsored_Investm4
Consolidated Sponsored Investment Products - Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Total cash | $271,014 | $63,432 | ' |
Total investments | 37,258 | 18,433 | ' |
All other assets | 15,724 | 10,950 | ' |
Total assets | 644,954 | 332,749 | ' |
Total liabilities | 109,900 | 85,115 | ' |
Redeemable noncontrolling interest | 42,186 | 3,163 | ' |
Equity attributable to stockholders of the Company | 492,930 | 244,474 | 48,270 |
Non-redeemable noncontrolling interest | -62 | -3 | ' |
Total liabilities and equity | 644,954 | 332,749 | ' |
Balances as Reported in Consolidated Balance Sheet [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Total cash | 271,545 | 63,446 | ' |
Total investments | 176,312 | 61,660 | ' |
All other assets | 197,097 | 207,643 | ' |
Total assets | 644,954 | 332,749 | ' |
Total liabilities | 109,900 | 85,115 | ' |
Redeemable noncontrolling interest | 42,186 | 3,163 | ' |
Equity attributable to stockholders of the Company | 492,930 | 244,474 | ' |
Non-redeemable noncontrolling interest | -62 | -3 | ' |
Total liabilities and equity | 644,954 | 332,749 | ' |
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Total cash | 271,014 | 63,432 | ' |
Total investments | 135,692 | 58,830 | ' |
All other assets | 187,627 | 206,947 | ' |
Total assets | 594,333 | 329,209 | ' |
Total liabilities | 101,465 | 84,738 | ' |
Redeemable noncontrolling interest | ' | ' | ' |
Equity attributable to stockholders of the Company | 492,930 | 244,474 | ' |
Non-redeemable noncontrolling interest | -62 | -3 | ' |
Total liabilities and equity | 594,333 | 329,209 | ' |
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Total cash | 531 | 14 | ' |
Total investments | 139,054 | 43,227 | ' |
All other assets | 9,595 | 683 | ' |
Total assets | 149,180 | 43,924 | ' |
Total liabilities | 8,560 | 364 | ' |
Redeemable noncontrolling interest | ' | ' | ' |
Equity attributable to stockholders of the Company | 140,620 | 43,560 | ' |
Non-redeemable noncontrolling interest | ' | ' | ' |
Total liabilities and equity | 149,180 | 43,924 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Total cash | ' | ' | ' |
Total investments | -98,434 | -40,397 | ' |
All other assets | -125 | 13 | ' |
Total assets | -98,559 | -40,384 | ' |
Total liabilities | -125 | 13 | ' |
Redeemable noncontrolling interest | 42,186 | 3,163 | ' |
Equity attributable to stockholders of the Company | -140,620 | -43,560 | ' |
Non-redeemable noncontrolling interest | ' | ' | ' |
Total liabilities and equity | ($98,559) | ($40,384) | ' |
Consolidated_Sponsored_Investm5
Consolidated Sponsored Investment Products - Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | $106,498 | $100,409 | $96,140 | $86,168 | $78,919 | $71,951 | $66,818 | $62,398 | $389,215 | $280,086 | $204,652 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 275,711 | 219,641 | 190,749 |
Operating income (loss) | 33,892 | 31,630 | 26,882 | 21,100 | 20,472 | 17,767 | 14,253 | 7,953 | 113,504 | 60,445 | 13,903 |
Total other non-operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 8,404 | 4,358 | ' |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 121,908 | 64,803 | 12,992 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 44,778 | 27,030 | -132,428 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 77,130 | 37,773 | 145,420 |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,940 | -101 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -24,260 |
Net Income Attributable to Common Stockholders | 24,756 | 21,089 | 15,385 | 13,960 | 12,213 | 11,642 | 8,367 | 5,386 | 75,190 | 37,608 | 111,678 |
Reportable Legal Entities [Member] | Balance Before Consolidation of Investment Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 389,202 | 279,919 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 274,913 | 219,326 | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 114,289 | 60,593 | ' |
Total other non-operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 5,620 | 4,106 | ' |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 119,909 | 64,699 | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 44,778 | 27,030 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 75,131 | 37,669 | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 3 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | ' |
Net Income Attributable to Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 75,190 | 37,608 | ' |
Reportable Legal Entities [Member] | Consolidated Sponsored Investment Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 785 | 148 | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -785 | -148 | ' |
Total other non-operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 6,098 | 2,649 | ' |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,313 | 2,501 | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,313 | 2,501 | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Attributable to Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 5,313 | 2,501 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 167 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 167 | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other non-operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,314 | -2,397 | ' |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,314 | -2,397 | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,314 | -2,397 | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,999 | -104 | ' |
Allocation of earnings to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Attributable to Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ($5,313) | ($2,501) | ' |
Consolidated_Sponsored_Investm6
Consolidated Sponsored Investment Products - Schedule of Trading Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | $133,856 | $41,367 |
Unrealized Loss | -2,979 | -165 |
Unrealized Gain | 8,177 | 2,025 |
Fair Value | 139,054 | 43,227 |
Trading Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 48,994 | 24,830 |
Unrealized Loss | -2,097 | -21 |
Unrealized Gain | 217 | 1,003 |
Fair Value | 47,114 | 25,812 |
Trading Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 84,862 | 16,537 |
Unrealized Loss | -882 | -144 |
Unrealized Gain | 7,960 | 1,022 |
Fair Value | $91,940 | $17,415 |
Consolidated_Sponsored_Investm7
Consolidated Sponsored Investment Products - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | $139,054 | $43,227 |
Debt Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 47,114 | 25,812 |
Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 91,940 | 17,415 |
Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 91,940 | 10,092 |
Level 1 [Member] | Debt Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | ' | ' |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 91,940 | 10,092 |
Level 2 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 47,114 | 33,135 |
Level 2 [Member] | Debt Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | 47,114 | 25,812 |
Level 2 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | ' | 7,323 |
Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | ' | ' |
Level 3 [Member] | Debt Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | ' | ' |
Level 3 [Member] | Equity Securities [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Total Investments of Consolidated Sponsored Investment Products at Fair Value | ' | ' |
Selected_Quarterly_Data_Summar
Selected Quarterly Data - Summary of Selected Quarterly Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $106,498 | $100,409 | $96,140 | $86,168 | $78,919 | $71,951 | $66,818 | $62,398 | $389,215 | $280,086 | $204,652 |
Operating Income | 33,892 | 31,630 | 26,882 | 21,100 | 20,472 | 17,767 | 14,253 | 7,953 | 113,504 | 60,445 | 13,903 |
Net Income Attributable to Common Stockholders | $24,756 | $21,089 | $15,385 | $13,960 | $12,213 | $11,642 | $8,367 | $5,386 | $75,190 | $37,608 | $111,678 |
Earnings per share-Basic | $2.72 | $2.64 | $1.97 | $1.79 | $1.56 | $1.48 | $1.08 | $0.72 | $9.18 | $4.87 | $17.98 |
Earnings per share-Diluted | $2.65 | $2.56 | $1.91 | $1.73 | $1.50 | $1.43 | $1.04 | $0.68 | $8.92 | $4.66 | $16.34 |