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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Segment Reporting Information [Line Items]          
Revenues $ 223,732 $ 200,489 $ 656,303 $ 581,663  
Pre-tax income (loss) (571) 2,958 [1] 7,976 (1,316) [1]  
EBITDA, as adjusted 12,060 [2] 12,768 [1],[2] 39,970 [2] 37,635 [1],[2]  
Identifiable assets 493,332 354,835 493,332 354,835 360,820
Depreciation and amortization 4,902 3,776 12,527 11,553  
Interest 1,701 2,283 5,193 13,395  
Capital expenditures 1,162 1,569 5,887 4,606  
Non-cash compensation 3,679 1,647 7,689 4,439  
Independent brokerage and advisory services
          
Segment Reporting Information [Line Items]          
Revenues 197,730 184,085 588,987 535,702 [3]  
Pre-tax income (loss) 1,186 4,199 [1] 6,927 3,726 [1]  
EBITDA, as adjusted 10,369 [2] 12,592 [1],[2] 32,318 [2] 36,874 [1],[2],[4]  
Identifiable assets 314,083 315,401 314,083 315,401  
Depreciation and amortization 3,771 3,550 11,082 10,880  
Interest 1,267 1,906 4,121 10,830  
Capital expenditures 1,114 1,090 4,805 3,575  
Non-cash compensation 2,640 851 4,913 2,109  
Ladenburg
          
Segment Reporting Information [Line Items]          
Revenues 16,675 16,325 57,830 50,890 [3]  
Pre-tax income (loss) 3,400 2,284 [1] 13,176 8,962 [1]  
EBITDA, as adjusted 3,734 [2] 2,654 [1],[2] 14,123 [2] 10,135 [1],[2],[4],[5]  
Identifiable assets 72,190 [6] 34,526 72,190 [6] 34,526  
Depreciation and amortization 176 214 486 626  
Interest 11 3 18 71  
Capital expenditures 0 479 926 1,031  
Non-cash compensation 153 163 458 486  
Wholesale insurance
          
Segment Reporting Information [Line Items]          
Revenues 9,242   9,242    
Pre-tax income (loss) (742)   (742)    
EBITDA, as adjusted 386 [2] 0 386 [2] 0  
Identifiable assets 62,812   62,812    
Depreciation and amortization 952   952    
Interest 118   118    
Capital expenditures 48   48    
Non-cash compensation 58   58    
Corporate
          
Segment Reporting Information [Line Items]          
Revenues 85 79 244 (4,929) [7]  
Pre-tax income (loss) (4,415) [4] (3,525) [1],[4] (11,385) [4] (14,004) [1],[4],[5]  
EBITDA, as adjusted (2,429) [2] (2,478) [1],[2] (6,857) [2] (9,374) [1],[2],[4],[5]  
Identifiable assets 44,247 [6] 4,908 44,247 [6] 4,908  
Depreciation and amortization 3 12 7 47  
Interest 305 374 936 2,494  
Capital expenditures 0 0 108 0  
Non-cash compensation $ 828 $ 633 $ 2,260 $ 1,844  
[1] 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.
[2] (7) The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013: Three months ended September 30, Nine months ended September 30, EBITDA, as adjusted2014 2013 2014 2013Independent Brokerage and Advisory Services$10,369 $12,592 $32,318 $36,874Ladenburg3,734 2,654 14,123 10,135Insurance Brokerage386 — 386 —Corporate(2,429) (2,478) (6,857) (9,374)Total Segments12,060 12,768 39,970 37,635 Adjustments: Interest income59 55 195 145Change in fair value of contingent consideration— — 12 (121)Loss on extinguishment of debt— (446) (314) (4,200)Interest expense(1,701) (2,283) (5,193) (13,395)Depreciation and amortization(4,902) (3,776) (12,527) (11,553)Non-cash compensation expense(3,679) (1,647) (7,689) (4,439)Amortization of retention loans(1,538) (1,690) (5,108) (5,339)Acquisition-related expenses(850) — (1,308) —Net loss attributable to noncontrolling interest(20) (23) (62) (49)Pre-tax income (loss)$(571) $2,958 $7,976 $(1,316)
[3] 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).
[4] Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[5] Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sales of the Company's Series A Preferred Stock.
[6] Includes a temporary subordinated loan of $25,000 made to Ladenburg from Corporate and repaid on October 7, 2014.
[7] Includes the elimination of $5,148 of revenue referred to in (1).