Quarterly report pursuant to Section 13 or 15(d)

Selected Balance Sheet Data (Tables)

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Selected Balance Sheet Data (Tables)
3 Months Ended
Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets

Other assets consisted of the following (in thousands):

 

     Current      Non-Current  
     March 31,      December 31,      March 31,      December 31,  
     2016      2015      2016      2015  

Due from independent contractors, net (1) (2)

   $ 1,696       $ 2,545       $ 8,325       $ 7,358   

Security deposits

     —           —           1,340         1,425   

Employee notes receivable (3)

     153         224         122         158   

Customer trust accounts and other

     1,998         2,367         196         175   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 3,847       $ 5,136       $ 9,983       $ 9,116   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)  Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years.
(2)  Includes allowance for doubtful accounts related to current receivables of $321 and $359 as of March 31, 2016 and December 31, 2015, respectively. The Company recorded a provision for bad debt expense of $16 and $21 and wrote off $54 and $6 of these receivables for the three months ended March 31, 2016 and 2015, respectively.
(3)  See Note 6 – “Related-Party Transactions” for additional information.
Components of Deferred Compensation and Commissions

Deferred compensation and commissions consisted of the following (in thousands):

 

     March 31,
2016
     December 31,
2015
 

SARs liability

   $ 21,628       $ 21,399   

Commissions payable to investment sales and financing professionals

     10,751         17,015   

Deferred compensation liability

     6,573         5,264   
  

 

 

    

 

 

 
   $ 38,952       $ 43,678   
  

 

 

    

 

 

 
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Obligation

distributions and trust expenses consisted of the following (in thousands):

 

     March 31,  
     2016      2015  

Increase in the carrying value of the assets held in the rabbi trust (1)

   $ 34       $ 115   
  

 

 

    

 

 

 

Increase in the carrying value of the deferred compensation obligation (2)

   $ 37       $ 101   
  

 

 

    

 

 

 

 

(1)  Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income.
(2)  Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.