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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
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Dec. 31, 2013
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|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $ 103,087us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 50,329us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Securities owned, at fair value | 5,910us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecurityOwned | 4,789us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecurityOwned |
| Receivables from clearing brokers | 38,760us-gaap_ReceivablesFromClearingOrganizations | 31,391us-gaap_ReceivablesFromClearingOrganizations |
| Receivables from other broker-dealers | 1,788us-gaap_OtherReceivablesFromBrokerDealersAndClearingOrganizations | 2,126us-gaap_OtherReceivablesFromBrokerDealersAndClearingOrganizations |
| Notes receivable from financial advisors, net | 26,152us-gaap_NotesReceivableNet | 31,751us-gaap_NotesReceivableNet |
| Other receivables, net | 36,872us-gaap_OtherReceivables | 21,687us-gaap_OtherReceivables |
| Fixed assets, net | 19,820us-gaap_PropertyPlantAndEquipmentNet | 15,866us-gaap_PropertyPlantAndEquipmentNet |
| Restricted assets | 620us-gaap_RestrictedCashAndCashEquivalents | 570us-gaap_RestrictedCashAndCashEquivalents |
| Intangible assets, net | 123,000us-gaap_IntangibleAssetsNetExcludingGoodwill | 76,251us-gaap_IntangibleAssetsNetExcludingGoodwill |
| Goodwill | 115,238us-gaap_Goodwill | 90,501us-gaap_Goodwill |
| Unamortized debt issue cost | 644us-gaap_UnamortizedDebtIssuanceExpense | 1,069us-gaap_UnamortizedDebtIssuanceExpense |
| Cash surrender value of life insurance | 10,419us-gaap_CashSurrenderValueOfLifeInsurance | 12,370us-gaap_CashSurrenderValueOfLifeInsurance |
| Other assets | 28,448us-gaap_OtherAssets | 22,120us-gaap_OtherAssets |
| Total assets | 510,758us-gaap_Assets | 360,820us-gaap_Assets |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Securities sold, but not yet purchased, at fair value | 230us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased | 83us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased |
| Accrued compensation | 23,483us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent | 20,098us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent |
| Commissions and fees payable | 45,294lts_CommissionsAndFeesPayable | 32,800lts_CommissionsAndFeesPayable |
| Accounts payable and accrued liabilities | 25,747us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | 19,846us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
| Deferred rent | 1,514us-gaap_DeferredRentCredit | 1,871us-gaap_DeferredRentCredit |
| Deferred income taxes | 3,216us-gaap_DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent | 7,499us-gaap_DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent |
| Deferred compensation liability | 17,640us-gaap_DeferredCompensationLiabilityCurrentAndNoncurrent | 19,056us-gaap_DeferredCompensationLiabilityCurrentAndNoncurrent |
| Accrued interest | 1,129us-gaap_InterestPayableCurrentAndNoncurrent | 1,506us-gaap_InterestPayableCurrentAndNoncurrent |
| Notes payable, net of $1,093 and $1,618 unamortized discount in 2014 and 2013, respectively | 56,034us-gaap_NotesPayable | 64,648us-gaap_NotesPayable |
| Total liabilities | 174,287us-gaap_Liabilities | 167,407us-gaap_Liabilities |
| Commitments and contingencies (Note 13) | ||
| Shareholders’ equity: | ||
| Preferred stock, $.0001 par value; authorized 25,000,000 shares in 2014 and 2013: 8% Series A cumulative redeemable preferred stock; 14,290,000 and 8,290,000 shares authorized in 2014 and 2013, respectively; 11,096,231 and 6,189,497 shares issued and outstanding in 2014 and 2013, respectively (liquidation preference $277,406 in 2014 and $154,737 in 2013) | 1us-gaap_PreferredStockValue | 1us-gaap_PreferredStockValue |
| Common stock, $.0001 par value; authorized 800,000,000 and 600,000,000 shares in 2014 and 2013, respectively; shares issued and outstanding, 184,968,487 in 2014 and 181,433,815 in 2013 | 18us-gaap_CommonStockValue | 18us-gaap_CommonStockValue |
| Additional paid-in capital | 460,446us-gaap_AdditionalPaidInCapital | 350,780us-gaap_AdditionalPaidInCapital |
| Accumulated deficit | (124,005)us-gaap_RetainedEarningsAccumulatedDeficit | (157,438)us-gaap_RetainedEarningsAccumulatedDeficit |
| Total shareholders’ equity of the Company | 336,460us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 193,361us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Noncontrolling interest | 11us-gaap_MinorityInterest | 52us-gaap_MinorityInterest |
| Total shareholders' equity | 336,471us-gaap_StockholdersEquity | 193,413us-gaap_StockholdersEquity |
| Total liabilities and shareholders' equity | $ 510,758us-gaap_LiabilitiesAndStockholdersEquity | $ 360,820us-gaap_LiabilitiesAndStockholdersEquity |
| X | ||||||||||
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- Definition
Transaction-based commission revenues and advisory fee revenues payable to our independent advisors and employees . No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of amounts which could be received based on the terms of the insurance contract upon surrendering life policies owned by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. No definition available.
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| X | ||||||||||
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- Definition
Amount of deferred tax liability attributable to taxable temporary differences, after deferred tax asset, and other liabilities expected to be paid after one year or operating cycle, if longer. No definition available.
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| X | ||||||||||
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- Definition
The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property by the lessor or lessee, respectively. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of other receivables due from broker-dealer. No definition available.
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of right to receive cash and securities on deposit with clearing organizations. Clearing organizations perform post trade processing and trade comparisons among numerous broker-dealers and act as settlement agents between buying and selling broker-dealers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value of financial instruments held by a broker-dealer for their own account (proprietary securities) for trading or investment purposes determined by management based upon quoted prices of a financial instrument with similar characteristics or on a valuation technique or model. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value of financial instruments sold short by a broker-dealer for their own account (proprietary securities) for trading or investment purposes determined by management based upon quoted prices of a financial instrument with similar characteristics or on a valuation technique or model. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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