Quarterly report pursuant to Section 13 or 15(d)

Segment Information - Segment Information (Details)

v2.4.0.8
Segment Information - Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Segment Reporting Information [Line Items]          
Revenues $ 220,753 $ 193,869 $ 432,571 $ 381,174  
Pre-tax income (loss) 3,690 (4,920) [1] 8,547 (4,274) [2]  
EBITDA, as adjusted 13,337 [3] 10,907 [2],[3] 27,910 [3] 24,867 [2],[3]  
Identifiable assets 398,912 356,613 398,912 356,613 360,820
Depreciation and amortization 3,787 3,870 7,625 7,777  
Interest expense (1,599) (4,876) (3,492) (11,112)  
Capital expenditures 2,688 2,125 4,725 3,037  
Non-cash compensation 2,083 1,379 4,010 2,792  
Independent brokerage and advisory services
          
Segment Reporting Information [Line Items]          
Revenues 202,855 181,780 [4] 391,257 351,617 [4]  
Pre-tax income (loss) 3,676 (1,478) [1] 5,741 (473) [2]  
EBITDA, as adjusted 11,487 [3] 12,210 [2],[3] 21,949 [3] 24,282 [1],[2],[3]  
Identifiable assets 313,085 312,075 313,085 312,075  
Depreciation and amortization 3,611 3,646 7,311 7,330  
Interest expense (1,281) (3,969) (2,854) (8,925)  
Capital expenditures 2,243 1,655 3,691 2,485  
Non-cash compensation 1,194 590 2,273 1,258  
Ladenburg
          
Segment Reporting Information [Line Items]          
Revenues 17,818 17,165 [4] 41,155 34,565 [4]  
Pre-tax income (loss) 3,412 2,839 [1] 9,776 6,678 [2]  
EBITDA, as adjusted 3,735 [3] 3,277 [2],[3],[5] 10,390 [3] 7,481 [1],[2],[3],[5]  
Identifiable assets 43,692 37,405 43,692 37,405  
Depreciation and amortization 173 206 311 412  
Interest expense (3) (65) (7) (68)  
Capital expenditures 483 470 926 552  
Non-cash compensation 153 167 305 323  
Corporate
          
Segment Reporting Information [Line Items]          
Revenues 80 (5,076) [6] 159 (5,008) [6]  
Pre-tax income (loss) (3,398) [1] (6,281) [1],[5] (6,970) [1] (10,479) [1],[2],[5]  
EBITDA, as adjusted (1,885) [3] (4,580) [2],[3],[5] (4,429) [3] (6,896) [1],[2],[3],[5]  
Identifiable assets 42,135 7,133 42,135 7,133  
Depreciation and amortization 3 18 3 35  
Interest expense (315) (842) (631) (2,119)  
Capital expenditures (38) 0 108 0  
Non-cash compensation $ 736 $ 622 $ 1,432 $ 1,211  
[1] Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[2] Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current period’s presentation.
[3] The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and six months ended June 30, 2014 and 2013: Three months ended June 30, Six months ended June 30, EBITDA, as adjusted2014 2013 2014 2013Independent Brokerage and Advisory Services$11,487 $12,210 21,949 $24,282Ladenburg3,735 3,277 10,390 7,481Corporate(1,885) (4,580) (4,429) (6,896)Total Segments13,337 10,907 27,910 24,867 Adjustments: Interest Income83 50 136 90Change in fair value of contingent consideration— (144) 12 (121)Loss on extinguishment of debt— (3,754) (314) (3,754)Interest expense(1,599) (4,876) (3,492) (11,112)Depreciation and amortization(3,787) (3,870) (7,625) (7,777)Non-cash compensation expense(2,083) (1,379) (4,010) (2,792)Amortization of retention loans(1,782) (1,841) (3,570) (3,649)Acquisition-related expenses(458) — (458) —Net loss attributable to noncontrolling interest(21) (13) (42) (26)Pre-tax income (loss)$3,690 $(4,920) $8,547 $(4,274)
[4] Includes brokerage commissions of $4,240 and $908 in the Ladenburg and Independent brokerage and advisory services segments, respectively, related to the sale of the Company's Series A Preferred Stock (eliminated in consolidation).
[5] Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sale of the Company's Series A Preferred Stock.
[6] Includes the elimination of $5,148 of revenue referred to in (1).