Office Facilities

12 Months Ended

Dec. 31, 2012

5. Office Facilities

Expressed in thousands of dollars.


					December 31, 2012		December 31, 2011
	Cost		Accumulated depreciation/ Amortization		Net book value		Net book value
Furniture, fixtures and equipment	$	70,432	$	61,083	$	9,349	$	11,628
Leasehold improvements		46,927		27,944		18,983		5,348

	$	117,359	$	89,027	$	28,332	$	16,976

Depreciation and amortization expense, included in occupancy and equipment costs, was $10.5 million, $11.9 million and $12.4 million in the years ended December 31, 2012, 2011 and 2010, respectively.

During the year ended December 31, 2012, the Company was reimbursed $15.0 million from its landlord at its New York City corporate headquarters for purchases of fixed assets and leasehold improvements.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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