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Consolidation of Sponsored Investment Products (Tables) | 9 Months Ended
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Sep. 30, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Consolidated Statement of Balance Sheets | The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 respectively:
As of September 30, 2013 |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |
Current assets |  | $ | 399,485 |  |  | $ | 139,044 | (1) |  | $ | (77,391 | ) |  | $ | 461,138 |
Non-current assets |  |  | 140,496 |  |  |  | — |  |  |  | — |  |  |  | 140,496 |
Total assets |  | $ | 539,981 |  |  | $ | 139,044 |  |  | $ | (77,391 | ) |  | $ | 601,634 |
Current liabilities |  | $ | 66,105 |  |  | $ | 42,824 |  |  | $ | (26 | ) |  | $ | 108,903 |
Non-current liabilities |  |  | 8,072 |  |  |  | — |  |  |  | — |  |  |  | 8,072 |
Total liabilities |  |  | 74,177 |  |  |  | 42,824 |  |  |  | (26 | ) |  |  | 116,975 |
Redeemable noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 18,855 |  |  |  | 18,855 |
Equity attributable to stockholders of the Company |  |  | 465,853 |  |  |  | 96,220 |  |  |  | (96,220 | ) |  |  | 465,853 |
Non-redeemable noncontrolling interest |  |  | (49 | ) |  |  | — |  |  |  | — |  |  |  | (49 | )
Total liabilities and equity |  | $ | 539,981 |  |  | $ | 139,044 |  |  | $ | (77,391 | ) |  | $ | 601,634 |
As of December 31, 2012 |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |
Current assets |  | $ | 161,286 |  |  | $ | 43,924 |  |  | $ | (40,384 | ) |  | $ | 164,826 |
Non-current assets |  |  | 167,923 |  |  |  | — |  |  |  | — |  |  |  | 167,923 |
Total assets |  | $ | 329,209 |  |  | $ | 43,924 |  |  | $ | (40,384 | ) |  | $ | 332,749 |
Current liabilities |  | $ | 62,034 |  |  | $ | 364 |  |  | $ | 13 |  |  | $ | 62,411 |
Other non-current liabilities |  |  | 22,704 |  |  |  | — |  |  |  | — |  |  |  | 22,704 |
Total liabilities |  |  | 84,738 |  |  |  | 364 |  |  |  | 13 |  |  |  | 85,115 |
Redeemable noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 3,163 |  |  |  | 3,163 |
Equity attributable to stockholders of the Company |  |  | 244,474 |  |  |  | 43,560 |  |  |  | (43,560 | ) |  |  | 244,474 |
Non-redeemable noncontrolling interest |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | (3 | )
Total liabilities and equity |  | $ | 329,209 |  |  | $ | 43,924 |  |  | $ | (40,384 | ) |  | $ | 332,749 |
(1) | Includes other current assets of $41.0 million related to unsettled fund share receivables of consolidated sponsored investment products at September 30, 2013.
Consolidated Statement of Operations | The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2013 and 2012:
For the Three Months Ended September 30, 2013 |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 100,319 |  |  | $ | — |  |  | $ | 90 |  |  | $ | 100,409 |
Total operating expenses |  |  | 68,547 |  |  |  | 142 |  |  |  | 90 |  |  |  | 68,779 |
Operating income (loss) |  |  | 31,772 |  |  |  | (142 | ) |  |  | — |  |  |  | 31,630 |
Total other non-operating income (expense) |  |  | 1,870 |  |  |  | 923 |  |  |  | (554 | ) |  |  | 2,239 |
Income (loss) before income tax expense |  |  | 33,642 |  |  |  | 781 |  |  |  | (554 | ) |  |  | 33,869 |
Income tax expense |  |  | 12,567 |  |  |  | — |  |  |  | — |  |  |  | 12,567 |
Net income (loss) |  |  | 21,075 |  |  |  | 781 |  |  |  | (554 | ) |  |  | 21,302 |
Noncontrolling interests |  |  | 14 |  |  |  | — |  |  |  | (227 | ) |  |  | (213 | )
Net income (loss) attributable to the Company |  | $ | 21,089 |  |  | $ | 781 |  |  | $ | (781 | ) |  | $ | 21,089 |
For the Three Months Ended September 30, 2012 |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 71,825 |  |  | $ | — |  |  | $ | 126 |  |  | $ | 71,951 |
Total operating expenses |  |  | 54,030 |  |  |  | 28 |  |  |  | 126 |  |  |  | 54,184 |
Operating income (loss) |  |  | 17,795 |  |  |  | (28 | ) |  |  | — |  |  |  | 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 |  |  |  | — |  |  |  | — |  |  |  | 7,279 |
Net income (loss) |  |  | 11,642 |  |  |  | 611 |  |  |  | (611 | ) |  |  | 11,642 |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) attributable to the Company |  | $ | 11,642 |  |  | $ | 611 |  |  | $ | (611 | ) |  | $ | 11,642 |
For the Nine Months Ended September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 282,575 |  |  | $ | — |  |  | $ | 142 |  |  | $ | 282,717 |
Total operating expenses |  |  | 202,557 |  |  |  | 406 |  |  |  | 142 |  |  |  | 203,105 |
Operating income (loss) |  |  | 80,018 |  |  |  | (406 | ) |  |  | — |  |  |  | 79,612 |
Total other non-operating income (expense) |  |  | 705 |  |  |  | (768 | ) |  |  | 1,056 |  |  |  | 993 |
Income (loss) before income tax expense |  |  | 80,723 |  |  |  | (1,174 | ) |  |  | 1,056 |  |  |  | 80,605 |
Income tax expense |  |  | 30,335 |  |  |  | — |  |  |  | — |  |  |  | 30,335 |
Net income (loss) |  |  | 50,388 |  |  |  | (1,174 | ) |  |  | 1,056 |  |  |  | 50,270 |
Noncontrolling interests |  |  | 46 |  |  |  | — |  |  |  | 118 |  |  |  | 164 |
Net income (loss) attributable to the Company |  | $ | 50,434 |  |  | $ | (1,174 | ) |  | $ | 1,174 |  |  | $ | 50,434 |
For the Nine Months Ended September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
Total operating revenues |  | $ | 201,041 |  |  | $ | — |  |  | $ | 126 |  |  | $ | 201,167 |
Total operating expenses |  |  | 161,040 |  |  |  | 28 |  |  |  | 126 |  |  |  | 161,194 |
Operating income (loss) |  |  | 40,001 |  |  |  | (28 | ) |  |  | — |  |  |  | 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 |  |  |  | — |  |  |  | — |  |  |  | 16,480 |
Net income (loss) |  |  | 25,459 |  |  |  | 611 |  |  |  | (611 | ) |  |  | 25,459 |
Allocation of earnings to preferred stockholders |  |  | (64 | ) |  |  | — |  |  |  | — |  |  |  | (64 | )
Net income (loss) attributable to the Company |  | $ | 25,395 |  |  | $ | 611 |  |  | $ | (611 | ) |  | $ | 25,395 |
(a) | 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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