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Consolidation of Sponsored Investment Products
 9 Months Ended
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.