Selected Balance Sheet Data (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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Current |
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Non-Current
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September 30, |
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December 31, |
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September 30, |
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December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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Due from independent contractors, net (1) (2)
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$ |
1,783 |
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$ |
2,545 |
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$ |
7,678 |
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$ |
7,358 |
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Security deposits
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— |
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— |
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1,054 |
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1,425 |
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Employee notes receivable (3)
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434 |
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224 |
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112 |
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158 |
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Customer trust accounts and other
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1,609 |
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2,367 |
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212 |
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175 |
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$ |
3,826 |
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$ |
5,136 |
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$ |
9,056 |
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$ |
9,116 |
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| (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 $303 and $359 as of
September 30, 2016 and December 31, 2015, respectively. The
Company recorded a provision for bad debt expense of $12 and $48
and wrote off $6 and $24 of these receivables for the three months
ended September 30, 2016 and 2015, respectively. The Company
recorded a provision for bad debt expense of $15 and $127 and wrote
off $71 and $59 of these receivables for the nine months ended
September 30, 2016 and 2015, respectively. |
| (3) |
See Note 6 –
“Related-Party Transactions” for additional
information. |
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| Components of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following
(in thousands):
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Current |
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Non-Current
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September 30, |
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December 31, |
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September 30, |
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December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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SARs liability (1)
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$ |
1,366 |
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$ |
— |
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$ |
20,719 |
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$ |
21,399 |
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Commissions payable to investment sales and financing
professionals
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28,140 |
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34,091 |
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12,755 |
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17,015 |
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Deferred compensation liability (1)
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138 |
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— |
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6,804 |
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5,264 |
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$ |
29,644 |
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$ |
34,091 |
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$ |
40,278 |
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$ |
43,678 |
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| (1) |
The SARs and deferred compensation
liability become subject to payout as a result of a participant no
longer being considered as an employee service provider. As a
result of the retirement of certain participants, estimated amounts
to be paid to the participants within the next 12 months has been
classified as current. |
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| Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability |
The net change in the carrying value of the assets held in the
rabbi trust and the net change in the carrying value of the
deferred compensation liability, each exclusive of additional
contributions, distributions and trust expenses consisted of the
following (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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Increase (decrease) in the carrying value of the assets held in the
rabbi trust (1)
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$ |
229 |
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$ |
(351 |
) |
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$ |
413 |
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$ |
(340 |
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Increase (decrease) in the carrying value of the deferred
compensation
obligation (2)
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$ |
209 |
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$ |
(307 |
) |
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$ |
397 |
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$ |
(248 |
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| (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. |
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