Quarterly report pursuant to sections 13 or 15(d)

Notes Payable

v2.3.0.11
Notes Payable
 6 Months Ended
Jun. 30, 2012
Notes Payable
7. Notes Payable

 

    June 30,     December 31,  
    2012     2011  
Note payable under revolving credit agreement   $ 23,550     $ 22,550  
Notes payable to clearing firm under forgivable loan     22,143       22,143  
Note payable to a subsidiary of Premier’s former shareholder     795       904  
Notes payable to finance Securities America acquisition, net of $8,116 and $9,113 of unamortized discount in 2012 and 2011, respectively     152,585       151,587  
Total   $ 199,073     $ 197,184  

 

The Company estimates that the fair value of notes payable was $187,130 at June 30, 2012 and $184,883 at December 31, 2011 based on then current interest rates at which similar amounts of debt could currently be borrowed (Level 2 inputs). As of June 30, 2012, the Company was in compliance with all debt covenants in its debt agreements.