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Goodwill | 12 Months Ended
--- | ---
Dec. 31, 2013
Goodwill Disclosure [Abstract] |
Goodwill | 12. GOODWILL The following table presents goodwill:
GOODWILL
(Dollars in Thousands)
|  | December 31, 2013 |  | December 31, 2012
Cira SCM |  | $ | 3,121 |  | $ | 3,121
AFN |  |  | 110 |  |  | 110
JVB |  |  | 7,882 |  |  | 6,983
PrinceRidge |  |  | - |  |  | 899
Goodwill |  | $ | 11,113 |  | $ | 11,113
The Company measures its goodwill impairment on an annual basis or when events indicate that goodwill may be impaired. The Company first assesses qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Based on the results of the qualitative assessment, the Company then determines whether it needs to calculate the fair value of the reporting unit as part of the first step of the two-step goodwill impairment test. See note 4. Cira SCM Goodwill The goodwill attributable to Cira SCM relates to the Company’s acquisition of the 10% of Cira SCM that the Company did not already own in exchange for 189,901 membership units of the Company, from a non-controlling interest partner in July 2007. The annual testing date for Cira SCM is July 1. The Company determined the goodwill was not impaired as of July 1, 2013, 2012, and 2011. In addition to the annual tests, the Company identified three other triggering events at which time it tested the goodwill balance: Effective March 29, 2011, the Company sold its investment advisory agreements relating to advisory services to the Strategos Deep Value funds and certain separately managed accounts to the SCM Buyer (see note 5). The Company deemed the sale a triggering event and tested the Cira SCM goodwill for impairment. The Company determined that after the sale to the SCM Buyer during the first quarter of 2011, there was no impairment to the goodwill related to Cira SCM. During the second quarter of 2011, the Company received an incentive fee from the Strategos Deep Value funds related to a second fund that was liquidated. The Company deemed this event to be a triggering event as well; however, the Company concluded the remaining goodwill was not impaired. During the fourth quarter of 2012, the Company received an incentive fee from the Deep Value GP II related to the liquidation of a third Deep Value fund that was a master fund with an offshore feeder fund only. See notes 3-F and 15. The Company deemed this event to be a triggering event; however, the Company concluded that the remaining goodwill was not impaired. AFN Goodwill The annual impairment testing date for the AFN Goodwill is October 1. The first testing date following the Merger was October 1, 2010. The Company determined the goodwill was not impa ired as of October 1, 2013, 2012, and 2011. JVB Goodwill During the year ended December 31, 2011, goodwill related to the acquisition of JVB increased $30 for net adjustments made during the measurement period to the fair values of the assets acquired and liabilities assumed. See note 4. The annual impairment testing date for JVB Goodwill is January 1. The first testing date after the acquisition was January 1, 2012. The Company determined the goodwill was not impaired as of January 1, 2014, 2013, and 2012. In January 2014, the Company merged JVB and CCPR to attain cost savings and eliminate duplicative business lines. See note 31. Effective December 31, 2013, the Company combined the PrinceRidge and JVB reporting units in anticipation of the merger of these two entities which was effective in January 2014. The January 1, 2014 goodwill test included the combined goodwill of both entities. The goodwill amounts are combined in the table above effective December 31, 2013. All future tests will be done based on JVB’s annual impairment testing and will include the historical JVB goodwill and the historical PrinceRidge goodwill. PrinceRidge Goodwill The measurement period for the PrinceRidge acquisition expired on May 31, 2012. During the second quarter of 2012, the Company made a measurement period adjustment to the redeemable non-controlling interest with a corresponding adjustment to goodwill. The adjustment reduced goodwill and the redeemable non-controlling interest by $93. See note 4. The annual impairment testing date for PrinceRidge Goodwill was May 31. The first testing date after the acquisition was May 31, 2012. The Company determined the goodwill was not impaired as of May 31, 2013 and 2012. Effective December 31, 2013, this goodwill was combined with the JVB goodwill and will be tested on the JVB annual impairment testing dates going forward.

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