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Investments (Tables) | 6 Months Ended
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Jun. 30, 2012
Investments [Abstract] |
Investment holdings by type of instrument | The following table presents the Company’s investment holdings by type of instrument as of the periods presented (in thousands):
|  | As of June 30, 2012 |  |  | As of December 31, 2011 |
|  | Cost or Amortized Cost |  |  | Fair Value |  |  | Carrying Value |  |  | Cost or Amortized Cost |  |  | Fair Value |  |  | Carrying Value |
Cash and cash equivalents (1) |  | $ | 356,325 |  |  | $ | 356,325 |  |  | $ | 356,325 |  |  | $ | 229,685 |  |  | $ | 229,685 |  |  | $ | 229,685 |
Restricted cash and cash equivalents (1) |  |  | 74,274 |  |  |  | 74,274 |  |  |  | 74,274 |  |  |  | 78,312 |  |  |  | 78,312 |  |  |  | 78,312 |
Trading portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies (2) |  |  | 3,342 |  |  |  | 3,913 |  |  |  | 3,913 |  |  |  | 3,179 |  |  |  | 3,801 |  |  |  | 3,801 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | 30,637 |  |  |  | 23,546 |  |  |  | 23,546 |  |  |  | 50,121 |  |  |  | 38,816 |  |  |  | 38,816 |
Energy |  |  | 11,854 |  |  |  | 8,962 |  |  |  | 8,962 |  |  |  | 6,077 |  |  |  | 4,999 |  |  |  | 4,999 |
Other |  |  | 2,904 |  |  |  | 2,517 |  |  |  | 2,517 |  |  |  | 8,044 |  |  |  | 6,945 |  |  |  | 6,945 |
Exchange-traded and mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | 24,140 |  |  |  | 22,437 |  |  |  | 22,437 |  |  |  | 28,311 |  |  |  | 25,997 |  |  |  | 25,997 |
Agriculture |  |  | 18,761 |  |  |  | 18,172 |  |  |  | 18,172 |  |  |  | 17,781 |  |  |  | 16,878 |  |  |  | 16,878 |
Energy |  |  | 4,420 |  |  |  | 4,090 |  |  |  | 4,090 |  |  |  | — |  |  |  | — |  |  |  | — |
Indices |  |  | 2,378 |  |  |  | 1,989 |  |  |  | 1,989 |  |  |  | 2,006 |  |  |  | 1,710 |  |  |  | 1,710 |
Non-hedging derivative asset (3) |  |  | 147 |  |  |  | 31 |  |  |  | 31 |  |  |  | 357 |  |  |  | 123 |  |  |  | 123 |
Non-hedging derivative (liability) (3) |  |  | (174 | ) |  |  | (174 | ) |  |  | (174 | ) |  |  | — |  |  |  | — |  |  |  | — |
Other investments (4) |  |  | 517 |  |  |  | 344 |  |  |  | 344 |  |  |  | 517 |  |  |  | 371 |  |  |  | 371 |
Total trading portfolio investments |  |  | 98,926 |  |  |  | 85,827 |  |  |  | 85,827 |  |  |  | 116,393 |  |  |  | 99,640 |  |  |  | 99,640 |
Total investments |  | $ | 529,525 |  |  | $ | 516,426 |  |  | $ | 516,426 |  |  | $ | 424,390 |  |  | $ | 407,637 |  |  | $ | 407,637 |
(1) | Cash and cash equivalents include short-term debt securities consisting of direct obligations of the U.S. Treasury or money-market accounts that invest in direct obligations of the U.S. Treasury.
(2) | The Company is required by various state laws and regulations to maintain certain securities on deposit in depositary accounts with the states in which we do business. As of June 30, 2012 and December 31, 2011, securities having fair values of $3.9 million and $3.8 million, respectively, were on deposit. These laws and regulations govern not only the amount, but also the type of security that is eligible for deposit.
(3) | Derivatives are included in Other assets and Other liabilities and accrued expenses in the Condensed Consolidated Balance Sheets.
(4) | Other investments represent physical metals held by the Company and are included in Other assets in the Condensed Consolidated Balance Sheets.
Investment income comprised primarily of interest and dividends | The following table presents net investment income (expense) comprised primarily of interest and dividends (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Cash and cash equivalents (1) |  | $ | 60 |  |  | $ | 35 |  |  | $ | 239 |  |  | $ | 50 |
Debt securities |  |  | 1 |  |  |  | 67 |  |  |  | 11 |  |  |  | 468 |
Equity securities |  |  | 160 |  |  |  | 34 |  |  |  | 219 |  |  |  | 60 |
Total investment income |  |  | 221 |  |  |  | 136 |  |  |  | 469 |  |  |  | 578 |
Less investment expenses |  |  | (237 | ) |  |  | (157 | ) |  |  | (521 | ) |  |  | (342 | )
Net investment (expense) income |  | $ | (16 | ) |  | $ | (21 | ) |  | $ | (52 | ) |  | $ | 236 |
(1) | Includes interest earned on restricted cash and cash equivalents.
Effect of trading activities by type of instrument and by line item in the condensed consolidated statements of income | The following table presents the effect of trading activities on the Company’s results of operations by type of instrument and by line item in the condensed consolidated statements of income (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Realized gains (losses) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 523 |  |  | $ | — |  |  | $ | (3,617 | )
Equity securities |  |  | (1,836 | ) |  |  | 2,682 |  |  |  | (9,429 | ) |  |  | 10,867 |
Derivatives (non-hedging instruments) (1) |  |  | 131 |  |  |  | (245 | ) |  |  | 275 |  |  |  | (638 | )
Total realized gains (losses) on trading portfolio |  |  | (1,705 | ) |  |  | 2,960 |  |  |  | (9,154 | ) |  |  | 6,612 |
Unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | 100 |  |  |  | 2,741 |  |  |  | 137 |  |  |  | 8,260 |
Equity securities |  |  | (5,817 | ) |  |  | (11,699 | ) |  |  | 3,172 |  |  |  | (14,894 | )
Derivatives (non-hedging instruments) (1) |  |  | (30 | ) |  |  | (681 | ) |  |  | 117 |  |  |  | (418 | )
Other |  |  | (41 | ) |  |  | — |  |  |  | (27 | ) |  |  | — |
Total unrealized gains (losses) on trading portfolio |  |  | (5,788 | ) |  |  | (9,639 | ) |  |  | 3,399 |  |  |  | (7,052 | )
Net gains (losses) recognized on trading securities |  | $ | (7,493 | ) |  | $ | (6,679 | ) |  | $ | (5,755 | ) |  | $ | (440 | )
(1) | This table represents the alternative quantitative disclosures permitted for derivatives that are not used as hedging instruments and are included in the trading portfolio.

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- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 7, 13, 16, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 21 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 12 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713 + Details
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