Consolidation of Sponsored Investment Products (Tables)

9 Months Ended

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.