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Redeemable Non-Controlling Interest (Temporary Equity) And Mandatorily Redeemable Equity Interests
9 Months Ended
Sep. 30, 2013
Redeemable Non-Controlling Interest (Temporary Equity) [Abstract]  
Redeemable Non-Controlling Interest (Temporary Equity) And Mandatorily Redeemable Equity Interests

13. REDEEMABLE NON-CONTROLLING INTEREST (TEMPORARY EQUITY) AND MANDATORILY REDEEMABLE EQUITY INTERESTS

Redeemable Non-Controlling Interest

The redeemable non-controlling interest represents the equity interests of PrinceRidge that are not owned by the Company. The members of PrinceRidge have the right to withdraw from PrinceRidge and require PrinceRidge to redeem the interests for cash over a contractual payment period. The Company accounts for these interests as temporary equity under Accounting Series Release 268 (“ASR 268”). These interests are shown outside of the permanent equity of IFMI in its consolidated balance sheet as redeemable non-controlling interests.

During the nine months ended September 30, 2012, the Company reclassified $6,446 from redeemable non-controlling interest to mandatorily redeemable equity interests on its consolidated balance sheets due to partnership withdrawals from PrinceRidge. In addition, PrinceRidge purchased $6,172 of non-controlling interests for cash during the nine months ended September 30, 2012 from existing partners, including the former chief executive officer of PrinceRidge and member of the board of managers of PrinceRidge GP, Michael T. Hutchins, and the former chairman of the board of managers of PrinceRidge GP, John P. Costas, and received $20 in cash related to capital contributions made to PrinceRidge during the nine months ended September 30, 2012.

During the nine months ended September 30, 2013, the Company purchased $317 of non-controlling interest for cash from existing partners. As of September 30, 2013 and December 31, 2012, the redeemable non-controlling interests totaled $535 and $829, respectively.

Mandatorily Redeemable Equity Interests

Per the terms of the operating agreement, PrinceRidge must redeem a withdrawing partner’s equity interests over a period of time of up to two to five years. The amount actually due to a withdrawing partner will fluctuate over time based on the operating results of PrinceRidge. The carrying value of the liability owed to a withdrawing partner will be recorded at the amount owed as of each balance sheet date. Any increases or decreases in the amount owed will be recorded as interest income or expense and will be included in the non-operating section of the consolidated statement of operations.

During the nine months ended September 30, 2013 and 2012, the Company distributed cash of $86 and $790, respectively, to the holders of mandatorily redeemable equity interests.  As of September 30, 2013 and December 31, 2012, the mandatorily redeemable equity interests totaled $0 and $86, respectively. See note 10.