Quarterly report pursuant to Section 13 or 15(d)

Segment Information - Reconciliation of EBITDA (Details)

v2.4.0.8
Segment Information - Reconciliation of EBITDA (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
Segment Reporting Information [Line Items]        
EBITDA, as adjusted $ 13,337 [1] $ 10,907 [1],[2] $ 27,910 [1] $ 24,867 [1],[2]
Interest Income 83 50 136 90
Change in fair value of contingent consideration 0 (144) 12 (121)
Loss on extinguishment of debt 0 (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) 0 (458) 0
Net loss attributable to noncontrolling interest (21) (13) (42) (26)
Pre-tax income (loss) 3,690 (4,920) [3] 8,547 (4,274) [2]
Independent brokerage and advisory services
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted 11,487 [1] 12,210 [1],[2] 21,949 [1] 24,282 [1],[2],[3]
Interest expense (1,281) (3,969) (2,854) (8,925)
Depreciation and amortization (3,611) (3,646) (7,311) (7,330)
Non-cash compensation expense (1,194) (590) (2,273) (1,258)
Pre-tax income (loss) 3,676 (1,478) [3] 5,741 (473) [2]
Ladenburg
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted 3,735 [1] 3,277 [1],[2],[4] 10,390 [1] 7,481 [1],[2],[3],[4]
Interest expense (3) (65) (7) (68)
Depreciation and amortization (173) (206) (311) (412)
Non-cash compensation expense (153) (167) (305) (323)
Pre-tax income (loss) 3,412 2,839 [3] 9,776 6,678 [2]
Corporate
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted (1,885) [1] (4,580) [1],[2],[4] (4,429) [1] (6,896) [1],[2],[3],[4]
Interest expense (315) (842) (631) (2,119)
Depreciation and amortization (3) (18) (3) (35)
Non-cash compensation expense (736) (622) (1,432) (1,211)
Pre-tax income (loss) $ (3,398) [3] $ (6,281) [3],[4] $ (6,970) [3] $ (10,479) [2],[3],[4]
[1] 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)
[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] Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[4] 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.