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Consolidation of Sponsored Investment Products | 9 Months Ended
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Sep. 30, 2012
Consolidation of Sponsored Investment Products [Abstract] |
Consolidation of Sponsored Investment Products |
15. | Consolidation of Sponsored Investment Products
In the normal course of its business, the Company sponsors and is the manager of various types of investment products. During the three and nine months ended September 30, 2012, the Company sponsored and consolidated several mutual funds in which it had a majority voting interest. The consolidation of these investment products has no impact on net income attributable to stockholders. The Company’s risk with respect to these investments is limited to its investment in these products. The Company has no right to the benefits from, nor does it bear the risks associated with, these investment products, beyond the Company’s investments in, and fees generated from them. If the Company were to liquidate, these investments would not be available to the general creditors of the Company, and as a result, the Company does not consider investments held by consolidated sponsored investment products to be assets of the Company other than its direct investment. The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheet as of September 30, 2012 and the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2012, respectively:
As of September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (1) |  |  | Balances as Reported in Condensed Consolidated Balance Sheet |
Current assets |  | $ | 131,860 |  |  | $ | 37,902 |  |  | ($ | 35,485 | ) |  | $ | 134,277 |
Non-current assets |  |  | 177,702 |  |  |  | 0 |  |  |  | 0 |  |  |  | 177,702 |
Total assets |  | $ | 309,562 |  |  | $ | 37,902 |  |  | ($ | 35,485 | ) |  | $ | 311,979 |
Current liabilities |  | $ | 50,267 |  |  | $ | 2,056 |  |  | $ | 126 |  |  | $ | 52,449 |
Other non-current liabilities |  |  | 22,598 |  |  |  | 0 |  |  |  | 0 |  |  |  | 22,598 |
Total liabilities |  |  | 72,865 |  |  |  | 2,056 |  |  |  | 126 |  |  |  | 75,047 |
Redeemable noncontrolling interest |  |  | 0 |  |  |  |  |  |  |  | 235 |  |  |  | 235 |
Equity attributable to stockholders of the Company |  |  | 236,697 |  |  |  | 35,846 |  |  |  | (35,846 | ) |  |  | 236,697 |
Total liabilities and equity |  | $ | 309,562 |  |  | $ | 37,902 |  |  | ($ | 35,485 | ) |  | $ | 311,979 |
For the Three Months Ended September 30, 2012 |  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (1) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
Total operating revenues |  | $ | 71,825 |  |  | $ | 0 |  |  | $ | 126 |  |  | $ | 71,951 |
Total operating expenses |  |  | 54,030 |  |  |  | 28 |  |  |  | 126 |  |  |  | 54,184 |
Operating income (loss) |  |  | 17,795 |  |  |  | (28 | ) |  |  | 0 |  |  |  | 17,767 |
Total other non-operating income (expense) |  |  | 1,126 |  |  |  | 639 |  |  |  | (611 | ) |  |  | 1,154 |
Income (loss) before income tax expense |  |  | 18,921 |  |  |  | 611 |  |  |  | (611 | ) |  |  | 18,921 |
Income tax expense |  |  | 7,279 |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,279 |
Net income (loss) |  |  | 11,642 |  |  |  | 611 |  |  |  | (611 | ) |  |  | 11,642 |
Less: Net income (loss) attributable to noncontrolling interest |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Net income (loss) attributable to the Company |  | $ | 11,642 |  |  | $ | 611 |  |  | ($ | 611 | ) |  | $ | 11,642 |
For the Nine Months Ended September 30, 2012 |  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (1) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
Total operating revenues |  | $ | 201,041 |  |  | $ | 0 |  |  | $ | 126 |  |  | $ | 201,167 |
Total operating expenses |  |  | 161,040 |  |  |  | 28 |  |  |  | 126 |  |  |  | 161,194 |
Operating income (loss) |  |  | 40,001 |  |  |  | (28 | ) |  |  | 0 |  |  |  | 39,973 |
Total other non-operating income (expense) |  |  | 1,938 |  |  |  | 639 |  |  |  | (611 | ) |  |  | 1,966 |
Income (loss) before income tax expense |  |  | 41,939 |  |  |  | 611 |  |  |  | (611 | ) |  |  | 41,939 |
Income tax expense |  |  | 16,480 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,480 |
Net income (loss) |  |  | 25,459 |  |  |  | 611 |  |  |  | (611 | ) |  |  | 25,459 |
Allocation of earnings to preferred stockholders |  |  | (64 | ) |  |  | 0 |  |  |  |  |  |  |  | (64 | )
Net income (loss) attributable to the Company |  | $ | 25,395 |  |  | $ | 611 |  |  | ($ | 611 | ) |  | $ | 25,395 |
(1) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.

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