View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Feb. 20, 2012	Jun. 30, 2011
Entity Information [Line Items]
Entity Registrant Name	LPL Investment Holdings Inc.
Entity Central Index Key	0001397911
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2011
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		110,814,426
Entity Public Float			$ 1,300,000,000

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
REVENUES:
Commissions	$ 1,754,435	$ 1,620,811	$ 1,477,655
Advisory fees	1,027,473	860,227	704,139
Asset-based fees	359,724	317,505	272,893
Transaction and other fees	292,207	274,148	255,574
Interest income, net of interest expense	20,065	19,807	20,545
Other	25,471	20,988	18,699
Total net revenues	3,479,375	3,113,486	2,749,505
EXPENSES:
Commissions and advisory fees	2,410,337	2,362,910	1,872,478
Compensation and benefits	322,126	308,656	270,436
Promotional	82,885	69,191	61,451
Depreciation and amortization	72,741	86,037	108,296
Occupancy and equipment	55,470	50,159	50,475
Professional services	41,590	39,521	38,071
Brokerage, clearing and exchange	38,087	34,625	32,101
Communications and data processing	36,696	34,372	36,194
Regulatory fees and expenses	26,116	26,143	23,217
Restructuring charges	21,407	13,922	58,695
Other	20,471	48,413	24,602
Total operating expenses	3,127,926	3,073,949	2,576,016
Interest expense from senior credit facilities, subordinated notes and revolving line of credit	68,764	90,407	100,922
Loss on extinguishment of debt	0	37,979	0
Total expenses	3,196,690	3,202,335	2,676,938
INCOME (LOSS) BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES	282,685	(88,849)	72,567
PROVISION FOR (BENEFIT FROM) INCOME TAXES	112,303	(31,987)	25,047
Net income (loss)	$ 170,382	$ (56,862)	$ 47,520
EARNINGS (LOSS) PER SHARE (Note 16):
Basic	$ 1.55	$ (0.64)	$ 0.54
Diluted	$ 1.50	$ (0.64)	$ 0.47

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 720,772	$ 419,208
Cash and securities segregated under federal and other regulations	382,905	373,634
Receivables from:
Clients, net of allowance of $716 at December 31, 2011 and $655 at December 31, 2010	301,292	271,051
Product sponsors, broker-dealers and clearing organizations	143,493	203,332
Others, net of allowances of $8,833 at December 31, 2011 and $6,796 at December 31, 2010	187,408	169,391
Securities owned:
Trading — at fair value	6,290	9,259
Held-to-maturity	11,167	9,563
Securities borrowed	7,890	8,391
Income taxes receivable	0	144,041
Fixed assets, net of accumulated depreciation and amortization of $305,143 at December 31, 2011 and $276,501 at December 31, 2010	91,317	78,671
Debt issuance costs, net of accumulated amortization of $19,197 at December 31, 2011 and $14,106 at December 31, 2010	18,620	23,711
Goodwill	1,334,086	1,293,366
Intangible assets, net of accumulated amortization of $198,139 at December 31, 2011 and $172,726 at December 31, 2010	537,670	560,077
Other assets	73,416	82,472
Total assets	3,816,326	3,646,167
LIABILITIES:
Drafts payable	187,575	182,489
Payables to clients	456,719	383,289
Payables to broker-dealers and clearing organizations	34,755	39,070
Accrued commissions and advisory fees payable	109,715	130,408
Accounts payable and accrued liabilities	160,399	154,586
Income taxes payable	906	0
Unearned revenue	59,537	53,618
Interest rate swaps	1,377	7,281
Securities sold but not yet purchased — at fair value	161	4,821
Senior credit facilities	1,332,668	1,386,639
Deferred income taxes — net	127,766	130,211
Total liabilities	2,471,578	2,472,412
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 110,531,939 shares issued at December 31, 2011, and 108,714,757 shares issued at December 31, 2010	110	109
Additional paid-in capital	1,137,723	1,051,722
Treasury stock, at cost — 2,617,629 shares at December 31, 2011 and 0 shares at December 31, 2010	(89,037)	0
Accumulated other comprehensive loss	(850)	(4,496)
Retained earnings	296,802	126,420
Total stockholders' equity	1,344,748	1,173,755
Total liabilities and stockholders' equity	$ 3,816,326	$ 3,646,167

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Allowances on receivable from client	$ 716	$ 655
Allowances on other receivable from client	8,833	6,796
Accumulated depreciation and amortization, Fixed assets	305,143	276,501
Accumulated amortization, Debt issuance costs	19,197	14,106
Accumulated amortization, Intangible assets	$ 198,139	$ 172,726
STOCKHOLDERS' EQUITY:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	110,531,939	108,714,757
Treasury stock, shares	2,617,629	0

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital	Stockholder Loans	Accumulated Other Comprehensive Loss	Treasury Stock	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2008	$ 790,312,000	$ 87,000	$ 670,897,000	$ (936,000)	$ (15,498,000)	$ 0	$ 135,762,000
BEGINNING BALANCE, shares at Dec. 31, 2008		93,968,000				0
Comprehensive income:
Net income (loss)	47,520,000						47,520,000
Unrealized gain on interest rate swaps, net of tax expense	4,226,000				4,226,000
Total comprehensive income (loss)	51,746,000
Stockholder loans	437,000			437,000
Exercise of stock options	290,000		290,000
Exercise of stock options and/or warrants, shares		257,000
Excess tax benefits from stock options exercised	147,000		147,000
Share-based compensation	8,124,000		8,124,000
Repurchase of common stock	(181,000)		(181,000)
Repurchase of common stock, shares		(10,000)
ENDING BALANCE at Dec. 31, 2009	850,875,000	$ 87,000	679,277,000	(499,000)	(11,272,000)	$ 0	183,282,000
ENDING BALANCE, shares at Dec. 31, 2009		94,215,000				0
Comprehensive income:
Net income (loss)	(56,862,000)						(56,862,000)
Unrealized gain on interest rate swaps, net of tax expense	6,776,000				6,776,000
Total comprehensive income (loss)	(50,086,000)
Stockholder loans	499,000			499,000
Exercise of stock options	101,000	$ 13,000	88,000
Exercise of stock options and/or warrants, shares		13,039,000
Revocation of restricted stock awards, shares		(25,000)
Release on the restriction of stock awards	221,982,000	$ 7,000	221,975,000
Excess tax benefits from stock options exercised	93,445,000		93,445,000
Share-based compensation	15,137,000		15,137,000
Issuance of common stock	41,802,000	$ 2,000	41,800,000
Issuance of common stock, shares		1,486,000
ENDING BALANCE at Dec. 31, 2010	1,173,755,000	$ 109,000	1,051,722,000	0	(4,496,000)	$ 0	126,420,000
ENDING BALANCE, shares at Dec. 31, 2010		108,715,000				0
Comprehensive income:
Net income (loss)	170,382,000						170,382,000
Unrealized gain on interest rate swaps, net of tax expense	3,646,000				3,646,000
Total comprehensive income (loss)	174,028,000
Treasury stock purchases	(89,037,000)					$ (89,037,000)
Treasury stock purchases, shares						2,618,000
Exercise of stock options	10,162,000	$ 1,000	10,161,000
Exercise of stock options and/or warrants, shares		1,817,000
Excess tax benefits from stock options exercised	57,590,000		57,590,000
Share-based compensation	18,250,000		18,250,000
ENDING BALANCE at Dec. 31, 2011	$ 1,344,748,000	$ 110,000	$ 1,137,723,000	$ 0	$ (850,000)	$ (89,037,000)	$ 296,802,000
ENDING BALANCE, shares at Dec. 31, 2011		110,532,000				2,618,000

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Accumulated Other Comprehensive Loss
Tax expense on unrealized gain on interest rate swaps	$ 2,258	$ 3,235	$ 3,899

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 170,382	$ (56,862)	$ 47,520
Noncash items:
Depreciation and amortization	72,741	86,037	108,296
Amortization of debt issuance costs	5,091	4,896	3,757
Impairment of fixed assets	0	840	1,288
Loss on disposal of fixed assets	112	160	329
Share-based compensation	18,250	237,119	8,124
Excess tax benefits related to share-based compensation	(57,590)	(93,445)	(147)
Provision for bad debts	3,833	1,621	3,319
Deferred income tax provision	(8,432)	(21,619)	(41,460)
Loss on extinguishment of debt	0	37,979	0
Impairment of intangible assets	2,776	0	18,636
Lease abandonment	1,054	5,383	6,612
Loan forgiveness	1,530	4,359	2,072
Other	1,511	(160)	(347)
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	(9,271)	(85,026)	52,967
Receivables from clients	(30,302)	(13,522)	38,268
Receivables from product sponsors, broker-dealers and clearing organizations	59,839	(31,432)	59,500
Receivables from others	(22,549)	(35,546)	(50,937)
Securities owned	3,158	6,297	(3,832)
Securities borrowed	501	(3,441)	(4,346)
Other assets	(7,806)	(3,877)	(8,061)
Drafts payable	5,086	56,722	(28,664)
Payables to clients	73,430	(110,654)	30,932
Payables to broker-dealers and clearing organizations	(4,315)	20,853	(3,517)
Accrued commissions and advisory fees payable	(20,693)	20,368	9,713
Accounts payable and accrued liabilities	(19,754)	15,279	(236)
Income taxes receivable/payable	202,537	(73,835)	12,092
Unearned revenue	5,919	7,774	9,186
Securities sold but not yet purchased	(4,660)	818	93
Net cash (used in) provided by operating activities	442,378	(22,914)	271,157
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(36,347)	(23,095)	(8,313)
Proceeds from disposal of fixed assets	0	0	200
Purchase of securities classified as held-to-maturity	(7,685)	(5,392)	(3,746)
Proceeds from maturity of securities classified as held-to-maturity	6,000	6,200	3,700
Proceeds from the sale of equity investment	0	0	31
Deposits of restricted cash	(7,794)	(24,121)	(12,759)
Release of restricted cash	22,245	7,216	7,163
Acquisitions (Note 3)	(41,977)	0	0
Net cash used in investing activities	(65,558)	(39,192)	(13,724)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of revolving line of credit	0	0	(90,000)
Repayment of senior credit facilities	(53,971)	(12,584)	(8,424)
Proceeds from senior credit facilities	0	566,700	0
Redemption of subordinated notes	0	(579,563)	0
Payment of debt amendment costs	0	(7,181)	(372)
Excess tax benefits related to share-based compensation	57,590	93,445	147
Repayment of stockholder loans	0	0	462
Proceeds from stock options and warrants exercised	10,162	101	290
Issuance of common stock	0	41,802	0
Repurchase of common stock	(89,037)	0	(181)
Net cash (used in) provided by financing activities	(75,256)	102,720	(98,078)
NET INCREASE IN CASH AND CASH EQUIVALENTS	301,564	40,614	159,355
CASH AND CASH EQUIVALENTS - Beginning of year	419,208	378,594	219,239
CASH AND CASH EQUIVALENTS - End of year	720,772	419,208	378,594
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	68,669	92,888	101,128
Income taxes paid	60,651	63,387	54,919
NONCASH DISCLOSURES:
Capital expenditures purchased through short-term credit	6,226	4,023	2,640
Increase in unrealized gain on interest rate swaps, net of tax expense	3,646	6,776	4,226
Discount on proceeds from senior credit facilities recorded as debt issuance costs	$ 0	$ 13,300	$ 0

Organization and Description of the Company	12 Months Ended
Organization and Description of the Company	Dec. 31, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Investment Holdings Inc. (“LPLIH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”) provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively “advisors”) in the United States of America. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services enabling its advisors to offer independent financial advice and brokerage services to retail investors (their “clients”). On December 28, 2005, LPL Holdings, Inc. (“LPLH”), and its subsidiaries were acquired through a merger transaction with BD Acquisition Inc., a wholly owned subsidiary of LPLIH (previously named BD Investment Holdings, Inc.). LPLIH was formed by investment funds affiliated with TPG Capital and Hellman & Friedman LLC (collectively, the “Majority Holders”). The acquisition was accomplished through the merger of BD Acquisition Inc. with and into LPLH, with LPLH being the surviving entity (the “Acquisition”). The Acquisition was financed by a combination of borrowings under the Company’s senior credit facilities, the issuance of senior unsecured subordinated notes and direct and indirect equity investments from the Majority Holders, co-investors, management and the Company’s advisors. Description of Our Subsidiaries — LPLH, a Massachusetts holding corporation, owns 100% of the issued and outstanding common stock of LPL Financial LLC (“LPL Financial”), UVEST Financial Services Group, Inc. (“UVEST”), LPL Independent Advisor Services Group LLC (“IASG”), Independent Advisers Group Corporation (“IAG”), LPL Insurance Associates, Inc. (“LPLIA”) and Concord Capital Partners (“Concord Wealth Management” or “CCP”). LPLH is also the majority stockholder in PTC Holdings, Inc. (“PTCH”), and owns 100% of the issued and outstanding voting common stock. As required by the Office of the Comptroller of the Currency, members of the Board of Directors of PTCH own shares of nonvoting common stock in PTCH. LPL Financial, headquartered in Boston, San Diego and Charlotte, is a clearing broker-dealer and an investment adviser that principally transacts business as an agent for its advisors and financial institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C. and Puerto Rico. UVEST, headquartered in Charlotte, is an introducing broker-dealer and investment adviser that provides independent, nonproprietary third-party brokerage and advisory services to banks, credit unions and other financial institutions. UVEST is licensed to operate in all 50 states and Washington D.C. During 2011, the Company committed to a corporate restructuring plan to enhance its service offering, while generating efficiencies by consolidating the operations of UVEST with those of LPL Financial (see Note 4). IASG is a holding company for Mutual Service Corporation (“MSC”), Associated Financial Group, Inc. (“AFG”), Associated Securities Corp., Inc. (“Associated”), Associated Planners Investment Advisory, Inc. (“APIA”) and Waterstone Financial Group, Inc. (“WFG”) (together, the “Affiliated Entities”). On July 10, 2009, the Company committed to a corporate restructuring plan to consolidate the operations of the Affiliated Entities with those of LPL Financial. Prior to the consolidation of operations, the Affiliated Entities engaged primarily in introducing brokerage and advisory transactions to unaffiliated third-party clearing broker-dealers. The Affiliated Entities ceased operations as active broker-dealers on September 14, 2009 and the securities licenses of advisors associated with the Affiliated Entities who elected to transfer, as well as their respective client accounts which had previously cleared through a third-party platform, were transferred to the LPL Financial clearing platform. Following the completion of these transfer activities, advisors and client accounts previously associated with the Affiliated Entities are associated with LPL Financial. The Affiliated Entities had no active employees, advisors or client accounts as of December 31, 2011. Associated and WFG have withdrawn their registration with the Financial Industry Regulatory Authority’s (“FINRA”) effective February 5, 2011, and MSC has withdrawn its registration with FINRA effective November 11, 2011. See Note 4 for further discussion. IAG is a registered investment adviser which offers an investment advisory platform for clients of advisors working for other financial institutions. LPLIA operates as a brokerage general agency, which offers life, long-term care and disability insurance sales and services. PTCH is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight and custodial services for estates and families. PTC also provides Individual Retirement Account custodial services for LPL Financial. Concord Capital Partners provides technology and open architecture investment management solutions for trust departments of financial institutions. See Note 3 for additional details.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation — These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, intangible assets, allowance for doubtful accounts, valuation of share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the consolidated financial statements and related disclosures. Actual results could differ materially from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation. The Company has evaluated subsequent events up to and including the date these consolidated financial statements were issued.

Consolidation — These consolidated financial statements include the accounts of LPLIH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.

Revenue Recognition Policies:

Commission — The Company records commissions received from mutual funds, annuity, insurance, equity, fixed income, direct investment, option and commodity transactions. Commissions also include mutual fund and variable annuity trails, which are recognized as earned. Due to the significant volume of mutual fund and variable annuity purchases and sales transacted by advisors directly with product manufacturers, management estimates its trail revenues and upfront commission for each accounting period for which the proceeds have not yet been received. These estimates are based on a number of factors, primarily on market levels and the volume of similar transactions in prior periods. The amount of such accruals are shown as commissions receivable from product sponsors and others (see Note 7), and are classified within receivables from product sponsors, broker-dealers and clearing organizations in the consolidated statements of financial condition. The Company also records commissions payable based upon standard payout ratios for each product as it accrues for commission revenue. Clients' securities transactions are recorded on a settlement-date basis, with related commission income and expense reported on a trade-date basis.

Advisory Fees — The Company charges investment advisory fees based on each client’s portfolio value, primarily on the last business day of the preceding quarter. Advisory fees collected in advance are recorded as unearned revenue and are recognized ratably over the period in which such fees are earned. Advisory fees collected in arrears are recorded as earned.

Certain advisors conduct their advisory business through separate entities by establishing their own Registered Investment Advisor (“RIA”) pursuant to the Investment Advisers Act of 1940, rather than using the Company’s corporate registered RIA. These stand-alone RIAs ("Independent RIA") engage the Company for clearing, regulatory and custody services, as well as access to the Company’s investment advisory platforms. The advisory fees charged to clients are earned by the Independent RIA, and accordingly are not recorded as advisory revenue of the Company. Furthermore, the Company supports certain financial advisors with customized clearing, advisory platforms. Accordingly, the Company charges administrative fees to Independent RIAs including custody and clearing and trading fees, based on the value of assets within these advisory accounts.

Asset-Based Fees — Asset-based fees are comprised of fees from cash sweep programs, financial product manufacturer sponsorship programs, and omnibus processing and networking services and are recorded and recognized ratably over the period in which services are provided.

Transaction and Other Fees — The Company charges transaction fees for executing noncommissionable transactions in client accounts. Transaction related charges are recognized on a trade-date basis. Other fees relate to services provided and other account charges generally outlined in the Company’s agreements with its clients, advisors and financial institutions. Such fees are recognized as services are performed or as earned, as applicable. In addition, the Company offers various services, for which fees are charged on a subscription basis and are recognized over the subscription period.

Interest Income, Net of Interest Expense — The Company earns interest income from its cash equivalents and client margin balances, less interest expense on related transactions. Because interest expense incurred in connection with cash equivalents and client margin balances is completely offset by revenue on related transactions, the Company considers such interest to be an operating expense. Interest expense from operations for the years ended December 31, 2011, 2010 and 2009 did not exceed $1.0 million in any fiscal year presented.

Compensation and Benefits — The Company records compensation and benefits for all cash and deferred compensation, benefits and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities. Temporary employee and contractor services of $21.0 million, $21.8 million, and $18.0 million were incurred during the years ended December 31, 2011, 2010, and 2009, respectively.

Share-Based Compensation — The Company recognizes share-based compensation expense related to employee stock option awards based on the grant-date fair value over the requisite service period of the individual grants, which generally equals the vesting period. The Company accounts for stock options and warrants awarded to its advisors and financial institutions based on the fair value of the award at each interim reporting period.

Earnings Per Share — In calculating earnings (loss) per share using the two-class method, the Company is required to allocate a portion of its earnings to employees that hold stock units that contain non-forfeitable rights to dividends or dividend equivalents under its 2008 Nonqualified Deferred Compensation Plan. Basic earnings per share is computed by dividing income less earnings attributable to employees that hold stock units under the 2008 Nonqualified Deferred Compensation Plan by the basic weighted average number of shares outstanding. Diluted earnings per share is computed in a manner similar to basic earnings per share, except the weighted average number of shares outstanding is increased to include the dilutive effect of outstanding stock options, warrants and other stock-based awards.

Income Taxes — In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company must then assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more-likely-than-not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, the Company generally records a corresponding increase or decrease to tax expense in the consolidated statements of operations. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities, and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions and newly enacted statutory, judicial and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of financial condition, operations or cash flows in the period or periods in which they occur.

The Company recognizes the tax effects of a position in the financial statements only if it is more-likely-than-not to be sustained based solely on its technical merits, otherwise no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. See Note 11 for additional detail regarding the Company’s uncertain tax positions.

Employee Health Care Self-Insurance — The Company is partially self-insured for benefits paid under employee healthcare programs. Self-insurance estimates are determined with the assistance of insurance actuaries, based on historical experience and trends related to claims and payments, information provided by the insurance broker, and industry experience. The Company has coverage for excess losses on either an individual or an aggregate case basis. Estimates of future claim costs are recorded on an undiscounted basis, and are recognized as a liability within accounts payable and accrued liabilities in the consolidated statements of financial condition.

Cash and Cash Equivalents — Cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds and U.S. government obligations that meet the definition of a cash equivalent. Cash equivalents are highly liquid investments, with original maturities of less than 90 days that are not required to be segregated under federal or other regulations.

Cash and Securities Segregated Under Federal and Other Regulations — Certain subsidiaries of the Company are subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with SEC Rule 15c3-3 and other regulations.

Receivables From and Payables to Clients — Receivables from and payables to clients includes amounts due on cash and margin transactions. The Company extends credit to its clients to finance their purchases of securities on margin. The Company receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. Of the balance at December 31, 2011, $445.9 million of the balance represent free credit balances which are held pending re-investment by the clients. The remaining balance represents funds received from clients to support their trading activities, primarily as collateral for clients' short selling of securities. The Company pays interest on certain client payable balances.

To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client and/or the client’s advisor and the Company’s historical experience in collecting on such transactions.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients for the years ended December 31, 2011 and 2010 (in thousands):



	2011		2010
Beginning balance — January 1	$	655	$	792
Provision for bad debts	61		—
Charge-offs — net of recoveries	—		(137		)
Ending balance — December 31	$	716	$	655

Receivables From Product Sponsors, Broker-Dealers and Clearing Organizations — Receivables from product sponsors, broker-dealers and clearing organizations primarily consists of commission and transaction-related receivables.

Receivables From Others — Receivables from others primarily consists of other accrued fees from product sponsors and advisors. The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decisions to extend credit to advisors are generally based on either the advisors’ credit history, their ability to generate future commissions, or both. Management maintains an allowance for uncollectible amounts using an aging analysis that takes into account the advisors’ registration status and the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others for the years ended December 31, 2011 and 2010 (in thousands):



	2011			2010
Beginning balance — January 1	$	6,796		$	6,159
Provision for bad debts	3,772			1,621
Charge-offs — net of recoveries	(1,735		)	(984		)
Ending balance — December 31	$	8,833		$	6,796

Classification and Valuation of Certain Investments — The classification of an investment determines its accounting treatment. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds and municipal bonds) as trading securities, except for government notes held by PTC, which are classified as held-to-maturity based on management’s intent and ability to hold them to maturity. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and can change. Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at cost or amortized cost. When possible, the fair value of securities is determined by obtaining quoted market prices. The Company also makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If its estimates change, the Company may recognize additional losses. Both unrealized and realized gains and losses on trading securities are recognized in other revenue on a net basis in the consolidated statements of operations.

Securities Owned and Sold But Not Yet Purchased — Securities owned and securities sold but not yet purchased are reflected on a trade-date basis at market value with realized and unrealized gains and losses being recorded in other revenue in the consolidated statements of operations. Interest income is accrued as earned and dividends are recorded on the ex-dividend date.

U.S. government notes are carried at amortized cost and classified as held-to-maturity, as the Company has both the intent and ability to hold them to maturity. Interest income is accrued as earned. Premiums and discounts are amortized, using a method that approximates the effective yield method, over the term of the security and recorded as an adjustment to the investment yield.

Securities Borrowed and Loaned — Securities borrowed and securities loaned are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions and the amount of cash received for securities loaned (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned, is continuously monitored and adjusted when considered necessary to minimize the risk associated with this activity. The collateral received for securities loaned is generally cash and is adjusted daily through the National Securities Clearing Corporation's ("NSCC") net settlement process, and is classified as payables to broker-dealers and clearing organizations in the consolidated statements of financial condition. Securities loaned generally represent client securities that can be hypothecated under standard margin loan agreements.

At December 31, 2011 and 2010, the values of the securities borrowed by the Company and the rehypothecated securities loaned under the NSCC Stock Borrow Program are as follows (in thousands):



	2011				2010
	Contract Value		Collateral Market Value		Contract Value		Collateral Market Value
Securities borrowed	$	7,890	$	7,653	$	8,391	$	8,176
Securities loaned	$	14,302	$	14,302	$	8,113	$	8,113

Fixed Assets — Furniture, equipment, computers, purchased software, capitalized software and leasehold improvements are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. Furniture, equipment, computers and purchased software are depreciated over a period of three to seven years. Automobiles have depreciable lives of five years. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. In 2010, the Company recorded a fixed asset impairment charge of $0.6 million for certain fixed assets that were attributed to the Affiliated Entities business, whose use has since been discontinued, as well as $0.2 million related to fixed assets at the abandoned lease locations.

Software Development Costs — Software development costs are charged to operations as incurred. Software development costs include costs incurred in the development and enhancement of software used in connection with services provided by the Company that do not otherwise qualify for capitalization.

The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The costs of internally developed software are included in fixed assets at the point at which the conceptual formulation, design and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The Company does not capitalize pilot projects and projects where it believes that the future economic benefits are less than probable.

Acquisitions — When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, the Company's estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations.

Accounting for business combinations requires the Company's management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, support liabilities assumed, and pre-acquisition contingencies. Although the Company believes the assumptions and estimates it has made in the past have been reasonable and appropriate, they are based in part on historical experience, market data and information obtained from the management of the acquired companies and are inherently uncertain.

Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include but are not limited to: (i) future expected cash flows from client relationships, advisor relationships and product sponsor relationships; (ii) estimates to develop or use software; and (iii) discount rates.

If the Company determines that a pre-acquisition contingency is probable in nature and estimable as of the acquisition date, the Company records its best estimate for such a contingency as a part of the preliminary purchase price allocation. The Company continues to gather information for and evaluate pre-acquisition contingencies throughout the measurement period and if the Company makes changes to the amounts recorded or if the Company identifies additional pre-acquisition contingencies during the measurement period, such amounts will be included in the purchase price allocation during the measurement period and, subsequently, in our results of operations.

Reportable Segment — The Company’s internal reporting is organized into three service channels; Independent Advisor Services, Institution Services and Custom Clearing Services, which are designed to enhance the services provided to its advisors and financial institutions. These service channels qualify as individual operating segments, but are aggregated and viewed as one single reportable segment due to their similar economic characteristics, products and services, production and distribution process, regulatory environment and quantitative thresholds.

Intangible Assets, Trademarks and Trade Names and Goodwill — The Company classifies intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual term of any agreement, the history of the asset, the Company's long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 - 20 years. See Note 9 for further discussion.

When facts and circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, the Company assesses the recoverability of the carrying value by preparing estimates of future cash flows. The Company recognizes an impairment loss if the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. The Company uses a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which are consistent with the assumptions the Company believes hypothetical marketplace participants would use. For the years ended December 31, 2011 and 2009, the Company recorded a $2.8 million and $17.5 million, respectively, charge for the impairment of advisor and financial institution relationship intangible assets which is included in restructuring charges within the consolidated statements of operations. See Notes 4 and 9 for further discussion. No impairment occurred for the year ended December 31, 2010.

The Company tests intangible assets determined to have indefinite useful lives, including trademarks, trade names and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. The Company performs these annual impairment reviews as of the first day of the fourth quarter (October 1). The Company uses a variety of methodologies in conducting impairment assessments of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which are based on the assumptions the Company believes hypothetical marketplace participants would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. For the year ended December 31, 2009, the Company recorded a $1.1 million charge for the impairment of trademarks and trade names which is included in restructuring charges within the consolidated statements of operations. No impairment occurred for the years ended December 31, 2011 and 2010.

On the first day of the Company's fourth fiscal quarter of 2011 (October 1^st), the Company elected to adopt Accounting Standards Update (“ASU”) No. 2011-08, Goodwill and Other (Topic 350)-Testing Goodwill for Impairment (“ASU 2011-08”), which updated guidance on the periodic testing of goodwill for impairment. ASU 2011-08 allows entities to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test.

ASU 2011-08 is intended to reduce the costs and complexity of performing the annual goodwill impairment test. The qualitative assessment requires management to perform the assessment using a more-likely-than-not approach to determine whether there is a greater than 50 percent chance that the fair value of the reporting unit is less than its carrying values. If, after performing the qualitative assessment, management determines there is a less than a 50 percent chance that the fair value of a reporting unit is less than its carrying amount, then performing the two-step test is unnecessary.

If the Company deems the two-step test is necessary, the first step is to compare the fair value of a reporting unit to its carrying value, including goodwill. The Company typically uses an income approach methodology to determine the fair value of a reporting unit, which includes the discounted cash flow method and the market approach methodology that includes the use of market multiples. The assumptions used in these models are consistent with those the Company believes hypothetical marketplace participants would use. If the fair value of the reporting unit is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill.

As part of the qualitative assessment, the Company considered macroeconomic conditions such as general deterioration in economic conditions, limitations on accessing capital and other developments in equity and credit markets. The Company evaluated industry and market considerations for any deterioration in the environment in which the Company operates, the increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), any change in the market for products or services and regulatory and political developments. The Company assessed its overall financial performance, cost factors that would have a negative effect on earnings and prior quantitative assessments.

Based on a qualitative assessment and a historical cushion of approximately three times the carrying amount, the Company has determined that it is not necessary to perform a quantitative goodwill impairment test. Annual goodwill impairment assessments performed has indicated that it is more-likely-than-not that the fair value of the reporting units is substantially in excess of carrying value and not at risk of failing the first step of the quantitative goodwill impairment test. No impairment has been recognized during the years ended December 31, 2011, 2010 and 2009.

Deferred Loan Issuance and Amendment Costs — Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements.

Equity Method Investment — The Company’s equity method investment is accounted for under the equity method when it exerts significant influence and ownership does not exceed 50% of the common stock. The Company records the investment at cost in the consolidated statements of financial condition and adjusts the carrying amount of the investment to recognize its share of earnings or losses while recording such earnings or losses within the consolidated statements of operations.

Drafts Payable — Drafts payable represent checks drawn against the Company that have not yet cleared through the bank. At December 31, 2011, the Company had amounts drawn of $176.2 million related to client activities, and $11.4 million of corporate overdrafts.

Legal Reserves — The Company records reserves for legal proceedings in accounts payable and accrued liabilities in the statements of financial condition. The determination of these reserve amounts requires significant judgment on the part of management. Management considers many factors including, but not limited to, future legal expenses, the amount of the claim, the amount of the loss in the client’s account, the basis and validity of the claim, the possibility of wrongdoing on the part of advisors and financial institutions, likely insurance coverage, previous results in similar cases, and legal precedents and case law. Each legal proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded as professional services in the consolidated statements of operations.

Derivative Instruments and Hedging Activities — The Company uses interest rate swap agreements to protect itself against changing interest rates and the related impact to the Company’s cash flows. An interest rate swap is a financial derivative instrument whereby two parties enter into a contractual agreement to exchange payments based on underlying interest rates. The Company uses interest rate swap agreements to hedge the variability on its floating rate senior secured term loan. The Company is required to pay the counterparty to the agreement fixed interest payments on a notional balance and in turn, receives variable interest payments on that notional balance. Payments are settled quarterly on a net basis.

All derivatives are reported at their corresponding fair value in the Company’s consolidated statements of financial condition. Financial derivative instruments expected to be highly effective hedges against changes in cash flows are designated as such upon entering into the agreement. At each reporting date, the Company reassesses the effectiveness of the hedge to determine whether or not it can continue to use hedge accounting. Under hedge accounting, the Company records the increase or decrease in fair value of the derivative, net of tax impact, as other comprehensive income or loss. If the hedge is not determined to be a perfect hedge, yet is still considered highly effective, the Company will calculate the ineffective portion and record the related change in its fair value as additional interest income or expense in the consolidated statements of operations. Amounts accumulated in other comprehensive income (loss) are reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings.

Fair Value of Financial Instruments — The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its indebtedness. The Company carries its indebtedness at amortized cost and measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. As of December 31, 2011, the carrying amount and fair value of the Company’s indebtedness was approximately $1,332.7 million and $1,328.2 million, respectively. As of December 31, 2010, the carrying amount and fair value was approximately $1,386.6 million and $1,389.6 million, respectively. See Note 5 for additional detail regarding the Company’s fair value measurements.

Commitments and Contingencies — The Company recognizes liabilities for contingencies when analysis indicates it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount.

Comprehensive Income (Loss) — The Company’s comprehensive income (loss) is composed of net income (loss) and the effective portion of the unrealized gains (losses) on financial derivatives in cash flow hedge relationships, net of related tax effects.

Recently Issued Accounting Pronouncements — Recent accounting pronouncements or changes in accounting pronouncements during the year ended December 31, 2011, that are of significance, or potential significance, to the Company are discussed below.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-04, Fair Value Measurement (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”), which clarifies the wording and disclosures required in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), to converge with those used in International Financial Reporting Standards. The update explains how to measure and disclose fair value under ASC 820. However, the FASB does not expect the changes in this standard’s update to alter the current application of the requirements in ASC 820. The provisions of ASU 2011-04 are effective for public entities prospectively for interim and annual periods beginning after December 15, 2011, and early adoption is prohibited. Therefore, ASU 2011-04 is effective for the Company during the first quarter of fiscal 2012. The Company does not expect ASU 2011-04 to have a material impact on its results of operations, financial condition or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (ASC Topic 220)—Presentation of Comprehensive Income (“ASU 2011-05”), which amends current comprehensive income guidance by eliminating the option to present the components of other comprehensive income as part of the statement of stockholders’ equity. Instead, the Company must report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after December 15, 2011, with early adoption permitted. The Company does not anticipate the adoption of ASU 2011-05 to have a material impact on its results of operations, financial condition or cash flows as the only requirement is a change in the format of the current presentation.

In September 2011, the FASB issued ASU No. 2011-08, which updated guidance on the periodic testing of goodwill for impairment. This guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. ASU 2011-08 will be effective for public companies during annual periods beginning after December 15, 2011, with early adoption permitted. The Company elected to adopt ASU 2011-08 on the first day of its fourth fiscal quarter (October 1), coinciding with its 2011 annual goodwill impairment test. The adoption of ASU 2011-08 did not have a material impact on its results of operations, financial condition or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (ASC Topic 210)—Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"), which amended current balance sheet guidance by requiring that companies enhance current disclosures about offsetting assets and liabilities in order to reduce differences between US GAAP and IFRS. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. The disclosures are effective for annual reporting periods beginning on or after January 1, 2013. The Company does not anticipate the adoption of ASU 2011-11 to have a material impact on its results of operations, financial condition or cash flows as the only requirement is a change in the format of the current presentation.

Acquisitions

12 Months Ended

Dec. 31, 2011

Business Combinations [Abstract]

Acquisitions

National Retirement Partners, Inc.

On July 14, 2010, the Company announced a definitive agreement pursuant to which it would acquire certain assets of National Retirement Partners, Inc. (“NRP”). NRP's advisors offer retirement products, consulting, and investment services to retirement plan sponsors and plan participants as well as comprehensive financial services to plan participants. This strategic acquisition further enhances the capabilities and presence of the Company in the group retirement space.

On February 9, 2011, the transaction closed. The Company paid $17.2 million at the closing of the transaction and placed $3.7 million of cash into escrow subject to adjustment pursuant to the terms of the purchase agreement. In the third quarter of 2011, the Company accrued additional consideration of $1.1 million pursuant to the terms of the asset purchase agreement. In October 2011, the Company paid $4.8 million of cash consideration, consisting of $3.7 million from escrow and $1.1 million in additional consideration that was previously accrued.

The Company may be required to pay future consideration to former shareholders of NRP that is contingent upon the achievement of certain revenue-based milestones in the third year following the acquisition. There is no maximum amount of contingent consideration; however, the Company has estimated the amount of future payment of contingent consideration to be $7.9 million. Immediately following the close of the transaction, the Company paid $2.0 million of the contingent consideration in advance to former shareholders of NRP, which reduced the remaining amount of future contingent consideration to be paid to $5.9 million.

The Company estimated the fair value of the remaining contingent consideration to be $3.3 million at the close of the transaction, which was determined using a discounted cash flow methodology based on financial forecasts determined by management that includes assumptions about revenue growth, operating margins and discount rates. The Company has recorded the $3.3 million of contingent consideration within accounts payable and accrued liabilities, and re-measures contingent consideration at fair value at each interim reporting period with changes recognized in earnings (see Note 5).

Including the contingent consideration of $5.3 million, representing $2.0 million paid upon the close of the transaction and an estimated $3.3 million to be paid, total consideration for the NRP acquisition was $25.3 million. Transaction costs associated with the Company’s acquisition of NRP totaling $4.8 million were expensed as incurred through other expense in the consolidated statements of operations. Of these transaction costs, $2.5 million were incurred during the year ended December 31, 2011.

Concord Wealth Management

On April 20, 2011, the Company announced its intent to acquire all of the outstanding common stock of Concord Wealth Management. Concord Wealth Management is an industry leader in providing technology and open architecture investment management solutions for trust departments of financial institutions. Through this acquisition, the Company will have the ability to support both the brokerage and trust business lines of current and prospective financial institutions. The acquisition will also create new expansion opportunities such as giving the Company the ability to custody personal trust assets within banks across the country.

On June 22, 2011, the transaction closed. The Company paid $20.0 million, net of cash acquired, at the closing of the transaction to the former shareholders of Concord Wealth Management and placed $2.3 million of cash into escrow subject to adjustment pursuant to the terms of the stock purchase agreement. As of December 31, 2011, $2.3 million remains in an escrow account to be paid to former shareholders of Concord Wealth Management in accordance with the terms of the stock purchase agreement. The Company has classified the escrow account as restricted cash, which is included in other assets on the consolidated statements of financial condition.

The Company may be required to pay future consideration that is contingent upon the achievement of certain gross margin-based milestones for the year ended December 31, 2013. The maximum amount of contingent consideration is $15.0 million, which also represents the Company's estimated amount of future payment.

The Company estimated the fair value of the contingent consideration to be $11.5 million at the close of the transaction, which was determined using a discounted cash flow methodology based on financial forecasts determined by management that includes assumptions about growth in gross margin, and discount rates. The Company has recorded the contingent consideration of $11.5 million within accounts payable and accrued liabilities, and re-measures contingent consideration at fair value at each interim reporting period with changes recognized in earnings (see Note 5).

Including the contingent consideration of $11.5 million, the total consideration for the acquisition was approximately $33.8 million. During the year ended December 31, 2011, the Company incurred transaction costs associated with its acquisition of Concord Wealth Management totaling $1.0 million which were recorded as other expense in the consolidated statements of operations.

The Company is in the process of finalizing the purchase allocations and the value of contingent considerations for NRP and CCP; therefore, the provisional measures of goodwill, intangibles, fixed assets, and contingent consideration are subject to change.

Set forth below is a reconciliation of assets acquired and liabilities assumed during the year ended December 31, 2011 (in thousands):



	NRP			CCP			Total
Goodwill	$	13,698		$	27,022		$	40,720
Accounts receivable	—			770			770
Other assets	—			190			190
Intangibles	11,800			7,550			19,350
Fixed assets(1)	—			3,950			3,950
Accounts payable and accrued liabilities	(190		)	(5,721		)	(5,911		)
Net assets acquired	$	25,308		$	33,761		$	59,069

___________________


(1)	Fixed assets acquired from CCP relate primarily to internally developed software, which amortizes over 5 years.

Set forth below is supplemental cash flow information for the year ended December 31, 2011 (in thousands):



	NRP		CCP		Total
Cash payments, net of cash acquired	$	22,008	$	19,969	$	41,977
Cash held in escrow	—		2,250		2,250
Contingent consideration	3,300		11,542		14,842
Total purchase price	$	25,308	$	33,761	$	59,069

The Company allocated the estimated purchase price to specific amortizable intangible asset categories as follows (dollars in thousands):



	Amortization Period (in years)	Amount Assigned
NRP
Client relationships	11.0	$	4,730
Advisor relationships	9.0	4,080
Product sponsor relationships	4.0	2,990
Total intangible assets acquired from NRP		$	11,800

CCP
Client relationships	15.0	$	7,550

Pro-forma information related to the acquisitions was not included because the impact on the Company’s consolidated statements of operations, financial condition and cash flows was not considered to be material.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-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 Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1524-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1497-128463

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Restructuring

12 Months Ended

Dec. 31, 2011

Restructuring [Abstract]

Restructuring

Consolidation of Affiliated Entities Initiative

On July 10, 2009, the Company committed to a corporate restructuring plan that consolidated the operations of the Affiliated Entities with LPL Financial. This restructuring was effected to enhance service offerings to advisors while also generating efficiencies. The Company incurred and paid a majority of the restructuring charges in 2010, including transition assistance to certain advisors that transferred from the Affiliated Entities to the Company. Advisors that received transition assistance entered into contracts with the Company ranging from three to five years. The Company amortizes transition assistance over the contract term, and expense is classified as restructuring charges on the consolidated statements of operations. During the year ended December 31, 2011, the Company recorded $1.5 million of expense related to the amortization of transition assistance. Remaining transition assistance of $2.8 million is expected to be recognized into earnings by December 2013.

Consolidation of UVEST Financial Services Group, Inc.

On March 14, 2011, the Company committed to a corporate restructuring plan to consolidate the operations of UVEST with LPL Financial. The restructuring plan was effected to enhance the Company’s service offering, while also generating efficiencies. In connection with the consolidation, certain registered representatives currently associated with UVEST will move to LPL Financial through a transfer of their licenses. The Company completed the transfers in three waves with the first wave occurring in July 2011, the second in October 2011 and the third in December 2011. Following the transfer of registered representatives and client accounts to LPL Financial, all registered representatives and client accounts that transferred shall be associated with LPL Financial and all of the Company’s securities business will be done through a single broker-dealer. In addition, UVEST expects to terminate its clearing relationship with a third-party clearing firm and plans to file a broker-dealer withdrawal request with the Financial Industry Regulatory Authority ("FINRA").

The Company estimates total expenditures associated with the initiative to be approximately $31.6 million over the course of the restructuring plan. These expenditures are comprised of advisor retention and related benefits, contract penalties, technology costs, non-cash charges for the impairment of intangible assets resulting from advisor attrition and other expenses principally relating to the conversion and transfer of registered representatives and client accounts from UVEST to LPL Financial.

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts as of and for the year ended December 31, 2011 (in thousands):



	Accrued Balance at December 31, 2010		Costs Incurred(1)		Payments			Non-cash			Accrued Balance at December 31, 2011		Total Expected Restructuring Costs(2)
Conversion and transfer costs(2)	$	—	$	9,178	$	(8,102	)	$	—		$	1,076	$	14,690
Contract penalties	—		8,642		190			—			8,832		8,642
Advisor retention and related benefits	—		789		(472		)	(67		)	250		5,513
Asset impairments	—		2,776		—			(2,776		)	—		2,776
Total	$	—	$	21,385	$	(8,384	)	$	(2,843	)	$	10,158	$	31,621

________________________________


(1)	At December 31, 2011, costs incurred represent the total cumulative costs incurred.

(2)

At December 31, 2011, total expected restructuring costs exclude approximately $12.0 million of internally-developed software related to the corporate restructuring initiative that is being capitalized over a useful life ranging from three to five years, with expense being recorded as depreciation and amortization within the consolidated statements of operations. As of December 31, 2011, approximately $10.9 million has been spent on development activities of which approximately $8.9 million has been capitalized, with the remainder included in costs incurred. The Company anticipates capitalizing an additional $3.1 million of internally-developed software in 2012.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:


•	Level 1 — Quoted prices in active markets for identical assets or liabilities.


•	Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.


•	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At December 31, 2011, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis:

Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets.

Securities Segregated Under Federal and Other Regulations— The Company’s segregated accounts contain U.S. treasury securities that are short term in nature with readily determinable values derived from quoted prices in active markets.

Securities Owned and Securities Sold But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios for the purpose of benchmarking the performance of its fee based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasuries, mutual funds, certificates of deposit, traded equity securities and debt securities.

The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At December 31, 2011, the Company did not adjust prices received from the independent third-party pricing services.

Other Assets — The Company’s other assets include deferred compensation plan assets that are invested in money market funds and mutual funds which are actively traded and valued based on quoted market prices in active markets.

Accounts Payable and Accrued Liabilities — The Company’s accounts payable and accrued liabilities include contingent consideration from its acquisitions. Contingent consideration is measured by discounting, to present value, the contingent payments expected to be made based on the Company’s estimates of certain financial targets expected to result from the acquisitions. See Note 3 for more information regarding the acquisitions and related contingent consideration.

Interest Rate Swaps — The Company’s interest rate swaps are not traded on a market exchange; therefore, the fair values are determined using models which include assumptions about the London Interbank Offered Rate (“LIBOR”) yield curve at interim reporting dates as well as counterparty credit risk and the Company’s own non-performance risk.

There have been no transfers of assets or liabilities between fair value measurement classifications during the years ended December 31, 2011 and 2010.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2011 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At December 31, 2011:
Assets
Cash equivalents	$	575,243	$	—	$	—	$	575,243
Securities owned — trading:
Money market funds	262		—		—		262
Mutual funds	4,966		—		—		4,966
Equity securities	47		—		—		47
Debt securities	—		115		—		115
Certificates of deposit	900		—		—		900
Total securities owned — trading	6,175		115		—		6,290
Other assets	21,400		—		—		21,400
Total assets at fair value	$	602,818	$	115	$	—	$	602,933
Liabilities
Securities sold but not yet purchased:
Equity securities	$	134	$	—	$	—	$	134
Debt securities	—		2		—		2
Certificates of deposit	—		25		—		25
Total securities sold but not yet purchased	134		27		—		161
Interest rate swap	—		1,377		—		1,377
Accounts payable and accrued liabilities	—		—		16,104		16,104
Total liabilities at fair value	$	134	$	1,404	$	16,104	$	17,642

Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, for example, when evidence of impairment exists. During the year ended December 31, 2011, the Company recorded an asset impairment charge of $2.8 million for certain intangible assets that were determined to have no estimated fair value (See Note 9). The fair value was determined based on the loss of future expected cash flows for institutional relationships that were not retained as a result of the Company’s ongoing consolidation of UVEST with LPL Financial. The Company has determined that the impairment qualifies as a non-recurring Level 3 measurement under the fair value hierarchy.

Changes in Level 3 Recurring Fair Value Measurements

Set forth below is a reconciliation of contingent consideration classified as accounts payable and accrued liabilities on the consolidated statements of financial condition and measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Contingent consideration is measured by discounting, to present value, the contingent payments expected to be made based on the Company’s estimates of certain financial targets expected to result from the acquisitions.



Twelve Months Ended December 31, 2011 (in thousands):
Fair value at December 31, 2010	$	—
Issuances of contingent consideration	16,842
Total unrealized losses included in earnings (1)	1,262
Payments	(2,000		)
Fair value at December 31, 2011	$	16,104

________________________________

(1) Represents the accretion of contingent consideration as the Company approaches the future expected payment.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2010 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At December 31, 2010:
Assets
Cash equivalents	$	279,048	$	—	$	—	$	279,048
Securities owned — trading:
Money market funds	316		—		—		316
Mutual funds	7,300		—		—		7,300
Equity securities	17		—		—		17
Debt securities	—		516		—		516
U.S. treasury obligations	1,010		—		—		1,010
Certificates of deposit	—		100		—		100
Total securities owned — trading	8,643		616		—		9,259
Other assets	17,175		—		—		17,175
Total assets at fair value	$	304,866	$	616	$	—	$	305,482
Liabilities
Securities sold but not yet purchased:
Mutual funds	$	4,563	$	—	$	—	$	4,563
Equity securities	204		—		—		204
Debt securities	—		54		—		54
Total securities sold but not yet purchased	4,767		54		—		4,821
Interest rate swaps	—		7,281		—		7,281
Total liabilities at fair value	$	4,767	$	7,335	$	—	$	12,102

Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, for example, when evidence of impairment exists. During the year ended December 31, 2010, the Company recorded asset impairment charges of $0.6 million for certain fixed assets that were determined to have no estimated fair value. The fair value was determined based on the loss of future expected cash flows of the discontinued use of assets attributed to the Affiliated Entities business. The Company has determined that the impairment qualifies as a non-recurring Level 3 measurement under the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-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 Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-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 157
-Paragraph 32, 33, 34
-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 Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Held-to-Maturity Securities

12 Months Ended

Dec. 31, 2011

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

The Company holds certain investments in securities including U.S. government notes. The Company has both the intent and the ability to hold these investments to maturity and classifies them as such. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield.

The amortized cost, gross unrealized gains and fair value of securities held-to-maturity were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Fair Value
At December 31, 2011:
U.S. government notes	$	11,167	$	27	$	11,194

At December 31, 2010:
U.S. government notes	$	9,563	$	69	$	9,632

At December 31, 2011, the held-to-maturity securities were scheduled to mature as follows (in thousands):



	Within 1 Year			1-3 Years		Total
U.S. government notes — at amortized cost	$	8,120	—	$	3,047	$	11,167
U.S. government notes — at fair value	$	8,147		$	3,047	$	11,194

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-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 FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-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 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2011

Receivables from Product Sponsors, Broker Dealers and Clearing Organizations and Payables to Broker Dealers and Clearing Organizations [Abstract]

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from product sponsors, broker-dealers and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands):



	December 31,
	2011		2010
Receivables:
Commissions receivable from product sponsors and others	$	85,486	$	114,829
Receivable from clearing organizations	47,039		65,501
Securities failed-to-deliver	6,052		10,495
Receivable from broker-dealers	4,916		12,507
Total receivables	$	143,493	$	203,332
Payables:
Securities loaned	$	14,302	$	8,113
Payable to clearing organizations	13,454		18,509
Securities failed-to-receive	5,885		11,425
Payable to broker-dealers	1,114		1,023
Total payables	$	34,755	$	39,070

LPL Financial clears commodities transactions for its customers through another broker-dealer on a fully disclosed basis. The amount payable to broker-dealers relates to the aforementioned transactions and is collateralized by securities owned by LPL Financial.

Fixed Assets

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

Fixed Assets

The components of fixed assets were as follows (in thousands):



	December 31,
	2011			2010
Internally developed software	$	239,219		$	206,002
Computers and software	87,798			84,241
Leasehold improvements	46,939			41,772
Furniture and equipment	15,932			16,585
Property	6,572			6,572
Total fixed assets	396,460			355,172
Accumulated depreciation and amortization	(305,143		)	(276,501		)
Fixed assets — net	$	91,317		$	78,671

Depreciation and amortization expense for fixed assets was $33.8 million, $49.0 million and $69.3 million for the years ended December 31, 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

A summary of the activity in goodwill is presented below (in thousands):



Balance at December 31, 2010	$	1,293,366
Acquisition of NRP	13,698
Acquisition of CCP	27,022
Balance at December 31, 2011	$	1,334,086

During the year ended December 31, 2011, and in conjunction with the corporate restructuring plan to consolidate UVEST, certain institutional relationships were determined to have no future economic benefit. Accordingly, the Company has recorded an intangible asset impairment charge of $2.8 million. The impairment was determined based upon the attrition of institutions and their related revenue streams during the period of consolidation, and has been classified as a restructuring charge (See Note 4) on the consolidated statements of operations.

The components of intangible assets as of December 31, 2011 and December 31, 2010 are as follows (dollars in thousands):



	Weighted Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
At December 31, 2011:
Definite-lived intangible assets:
Advisor and financial institution relationships	13.7	$	450,164	$	(132,503	)	$	317,661
Product sponsor relationships	14.0	230,916		(63,710		)	167,206
Client relationships	12.9	14,910		(1,926		)	12,984
Total definite-lived intangible assets		$	695,990	$	(198,139	)	$	497,851
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	537,670

At December 31, 2010:
Definite-lived intangible assets:
Advisor and financial institution relationships	14.7	$	458,424	$	(116,687	)	$	341,737
Product sponsor relationships	15.2	231,930		(55,255		)	176,675
Client relationships	14.2	2,630		(784		)	1,846
Total definite-lived intangible assets		$	692,984	$	(172,726	)	$	520,258
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	560,077

Total amortization expense of intangible assets was $39.0 million, $37.0 million and $39.0 million for the years ended December 31, 2011, 2010, and 2009, respectively. Amortization expense for each of the fiscal years ended December 31, 2012 through 2016 and thereafter is estimated as follows (in thousands):



2012	$	39,050
2013	38,268
2014	37,991
2015	37,111
2016	37,004
Thereafter	308,427
Total	$	497,851

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2011

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows (in thousands):



	December 31,
	2011		2010
Accounts payable accruals	$	51,173	$	56,377
Accrued net payroll	42,559		44,401
Other accrued liabilities	24,515		8,273
Advisor deferred compensation plan liability	20,166		16,542
Legal accrual	13,221		17,602
Deferred rent	8,765		11,391
Total payables	$	160,399	$	154,586

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s provision for (benefit from) income taxes was as follows (in thousands):



	2011			2010			2009
Current provision (benefit):
Federal	$	105,176		$	(6,316	)	$	53,757
State	15,559			(4,052		)	12,750
Total current provision (benefit)	120,735			(10,368		)	66,507
Deferred benefit:
Federal	(6,781		)	(17,877		)	(24,360		)
State	(1,651		)	(3,742		)	(17,100		)
Total deferred benefit	(8,432		)	(21,619		)	(41,460		)
Provision for (Benefit from) income taxes	$	112,303		$	(31,987	)	$	25,047

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates is set forth below:



	2011		2010		2009
Federal statutory income tax rates	35.0	%	(35.0	)%	35.0	%
State income taxes — net of federal benefit	3.2		(5.7	)	(3.9	)
Share-based compensation	0.6		1.5		1.5
Uncertain tax positions	0.1		(0.1	)	1.8
Non-deductible expenses	0.4		0.7		0.6
Change in valuation allowance	—		—		0.1
Transaction costs	0.2		3.2		—
Research and development credits	(0.2	)	(1.2	)	—
Other	0.4		0.6		(0.6	)
Effective income tax rates	39.7	%	(36.0	)%	34.5	%

The Company’s 2009 effective tax rate reflects a benefit of approximately 8% from a newly enacted change to California’s income sourcing rules that took effect on January 1, 2011. This change required the Company to revalue its deferred tax liabilities to the rate that is in effect when the tax liabilities are utilized. The Company's 2010 effective tax rate includes $8.1 million in transaction expenses, which are not deductible for tax purposes.

The components of the net deferred tax liabilities included in the consolidated statements of financial condition were as follows (in thousands):



	December 31,
	2011			2010
Deferred tax assets:
State taxes	$	11,005		$	10,507
Reserves for litigation, vacation, and bonuses	24,374			26,539
Unrealized gain on interest rate swaps	528			2,786
Deferred rent	3,506			4,557
Share-based compensation	12,377			8,091
Provision for bad debts	3,689			7,495
Net operating losses	712			107
Other	2,323			1,625
Subtotal	58,514			61,707
Valuation allowance	(1,438		)	(1,323		)
Total deferred tax assets	57,076			60,384
Deferred tax liabilities:
Amortization of intangible assets and trademarks and trade names	(173,602		)	(179,590		)
Depreciation of fixed assets	(11,240		)	(11,005		)
Total deferred tax liabilities	(184,842		)	(190,595		)
Deferred income taxes — net	$	(127,766	)	$	(130,211	)

As a result of certain realization requirements of ASC Topic 718, Compensation - Stock Compensation, the table of deferred tax assets and liabilities shown above does not include certain federal and state net operating loss carryovers and other federal credit carryforwards that arose directly from tax deductions related to equity compensation in excess of share-based compensation recognized for financial reporting. To the extent that the Company utilizes all of these tax attributes in the future to reduce income taxes payable, the Company will record an increase to additional paid-in capital of $7.9 million. The Company uses “with and without ordering” for purposes of determining when excess tax benefits have been realized.

At December 31, 2010, the Company had gross unrecognized tax benefits of $21.1 million. Of this total, $1.3 million represents amounts acquired during the Company’s acquisition of the Affiliated Entities. The acquired unrecognized tax benefits will have no impact on the Company’s annual effective tax rate as these are fully indemnified by the seller in accordance with the purchase and sale agreement. At December 31, 2010, the Company had recorded a receivable from the seller in the amount of $1.3 million, which is included in other assets in the accompanying consolidated statements of financial condition. Of the remaining $19.8 million, $14.3 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods.

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest and penalties (in thousands):



	2011			2010			2009
Balance — Beginning of year	$	21,057		$	21,958		$	20,258
Increases related to acquired tax positions	69			111			142
Increases related to current year tax positions	3,245			4,076			4,066
Reductions as a result of a lapse of the applicable statute of limitations related to acquired tax positions	(1,377		)	(858		)	(627		)
Reductions as a result of a lapse of the applicable statute of limitations related to prior period tax positions	(2,874		)	(4,230		)	(1,881		)
Balance — End of year	$	20,120		$	21,057		$	21,958

At December 31, 2011, the Company had gross unrecognized tax benefits of $20.1 million, of which $14.7 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes within the consolidated statements of financial condition. At January 1, 2011, the Company had $2.0 million accrued for interest and $3.3 million accrued for penalties. At December 31, 2011, the liability for unrecognized tax benefits included accrued interest of $1.9 million and penalties of $3.1 million. Tax expense for the year ended December 31, 2011 includes interest expense of $0.1 million.

The Company and its subsidiaries file income tax returns in the federal jurisdiction, as well as most state jurisdictions, and are subject to routine examinations by the respective taxing authorities. The Company has concluded all federal and state income tax matters for years through 2006.

The tax years of 2007 to 2011 remain open to examination by major taxing jurisdictions to which the Company is subject. In the next 12 months, it is reasonably possible that the Company expects a reduction in unrecognized tax benefits of $5.4 million primarily related to the statute of limitations expiration in various state jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-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 Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Indebtedness

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Abstract]

Indebtedness

Senior Secured Credit Facilities — Term Loans — On May 24, 2010, the Company entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement amended and restated the Company’s Second Amended and Restated Credit Agreement, dated as of June 18, 2007. Pursuant to the Amended Credit Agreement, the Company established a new term loan tranche of $580.0 million maturing on June 28, 2017 (the “2017 Term Loans”) and recorded $16.6 million in debt issuance costs that are capitalized in the consolidated statements of financial condition. The Company also extended the maturity of a $500.0 million tranche of its term loan facility to June 25, 2015 (the “2015 Term Loans”), with the remaining $317.1 million tranche of the term loan facility maturing on the original maturity date of June 28, 2013 (the “2013 Term Loans”).

The applicable margin for borrowings with respect to the (a) 2013 Term Loans is currently 0.75% for base rate borrowings and 1.75% for LIBOR borrowings and could change depending on the Company’s credit rating; (b) 2015 Term Loans is currently 1.75% for base rate borrowings and 2.75% for LIBOR borrowings, and (c) 2017 Term Loans is currently 2.75% for base rate borrowings and 3.75% for LIBOR borrowings. The LIBOR Rate with respect to the 2015 Term Loans and the 2017 Term Loans shall in no event be less than 1.50%.

Borrowings under the Company’s senior secured term loan facilities bear interest at a base rate equal to either one, two, three, six, nine or twelve-month LIBOR plus the applicable margin, or an alternative base rate (“ABR”) plus the applicable margin. The ABR is equal to the greater of the prime rate or the effective federal funds rate plus ½ of 1.00% for the 2013 Term Loans and the greater of the prime rate, effective federal funds rate plus ½ of 1.00%, or 2.50% for the 2015 Term Loans and the 2017 Term Loans. The senior secured credit facilities are subject to certain financial and non-financial covenants. As of December 31, 2011 and 2010, the Company was in compliance with such covenants. The Company may voluntarily repay outstanding loans under its senior secured credit facilities at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans.

Senior Secured Credit Facilities — Revolving Line of Credit — On January 25, 2010, the Company amended its senior secured credit facilities to increase the revolving credit facility from $100.0 million to $218.2 million, $10.0 million of which is being used to support the issuance of an irrevocable letter of credit for its subsidiary, PTC. As a result of the amendment, the Company paid $2.8 million in debt issuance costs, which have been capitalized within the consolidated statements of financial condition and are being amortized as additional interest expense over the expected term of the related debt agreement. The Company also extended the maturity of a $163.5 million tranche of the revolving credit facility to June 28, 2013, while the remaining $54.7 million tranche matured on December 28, 2011. The tranche maturing in 2013 is priced at LIBOR + 3.50% with a commitment fee of 0.75%.

The tranche which matured in 2011 maintained its previous pricing of LIBOR + 2.00% with a commitment fee of 0.375%. There were no outstanding balances on the revolving facility at December 31, 2011 or December 31, 2010.

Senior Unsecured Subordinated Notes — On May 24, 2010, the Company gave notice of redemption of all of its outstanding senior unsecured subordinated notes due 2015 (the “2015 Notes”), representing an aggregate principal amount of $550.0 million. The redemption price of the 2015 Notes was 105.375% of the outstanding aggregate principal amount, or approximately $579.6 million, plus accrued and unpaid interest thereon up to but not including June 22, 2010 (the “Redemption Date”). The Company redeemed the 2015 Notes on the Redemption Date and accordingly, recorded the charge as a loss on debt extinguishment within its consolidated statements of operations. None of the 2015 Notes remain outstanding. The Company used the proceeds from the 2017 Term Loans under its Amended Credit Agreement and additional cash on hand to finance the redemption. The aggregate cash payment for the redemption, including accrued and unpaid interest, was approximately $610.4 million.

Prior to the Redemption Date, the Company had $550.0 million of senior unsecured subordinated notes due December 15, 2015 bearing interest at 10.75% per annum. The interest payments were payable semiannually in arrears.

Bank Loans Payable — The Company maintains three uncommitted lines of credit. Two of the lines have an unspecified limit, and is primarily dependent on the Company’s ability to provide sufficient collateral. The other line has a $150.0 million limit and allows for both collateralized and uncollateralized borrowings. Both lines were utilized in 2011 and 2010; however, there were no balances outstanding at December 31, 2011 or December 31, 2010.

The Company’s outstanding borrowings were as follows (dollars in thousands):



		December 31, 2011					December 31, 2010
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loan:
Hedged with interest rate swaps	6/28/2013	$	65,000	2.33	%	(1)	$	210,000	2.05	%	(5)
Unhedged:
2013 Term Loans	6/28/2013	237,489		2.05	%	(2)	104,739		2.01	%	(6)
2015 Term Loans	6/25/2015	476,935		4.25	%	(3)	496,250		4.25	%	(7)
2017 Term Loans	6/28/2017	553,244		5.25	%	(4)	575,650		5.25	%	(8)
Total borrowings		1,332,668					1,386,639
Less current borrowings (maturities within 12 months)		13,971					13,971
Long-term borrowings — net of current portion		$	1,318,697				$	1,372,668

____________


(1)	As of December 31, 2011, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.58%, plus the applicable interest rate margin of 1.75%.


(2)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.


(3)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%.


(4)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.


(5)	As of December 31, 2010, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.


(6)	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.26%, plus the applicable interest rate margin of 1.75%.


(7)	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 2.75%.


(8)	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 3.75%.

The following summarizes borrowing activity in the revolving and uncommitted line of credit facilities (dollars in thousands):



	Year Ended December 31,
	2011			2010			2009
Average balance outstanding	$	104		$	2,074		$	56,472
Weighted-average interest rate	1.00		%	1.16		%	2.41		%

The minimum calendar year payments and maturities of the senior secured borrowings as of December 31, 2011 are as follows (in thousands):



2012	$	13,971
2013	310,117
2014	10,800
2015	467,735
2016	5,800
Thereafter	524,245
Total	$	1,332,668

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Interest Rate Swaps	12 Months Ended
Interest Rate Swaps	Dec. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps At December 31, 2011, the Company has an interest rate swap with a notional balance of $65.0 million and a fair value of $1.4 million that carries a fixed pay rate of 4.85% and has a variable receive rate of 0.58%, with a maturity date of June 30, 2012. The effective rate from September 30, 2011 through December 30, 2011 was 0.37%, and the rate resets on the last day of the period. During 2011, the Company had another interest rate swap with a notional balance of $145.0 million that matured on June 30, 2011. The interest rate swap agreements qualify for hedge accounting and have been designated as cash flow hedges against specific payments due on the Company’s senior secured term loan. As of December 31, 2011, the Company assessed the interest rate swap agreements as being highly effective and expects them to continue to be highly effective. Accordingly, the changes in fair value of the interest rate swaps have been recorded as other comprehensive loss, with the fair value included as a liability on the Company’s consolidated statements of financial condition. The Company has recorded net unrealized gains of $5.9 million and $10.0 million for the years ended December 31, 2011 and 2010, respectively, to accumulated other comprehensive loss related to the change in the fair value of its interest rate swap agreements. The Company has reclassified $6.3 million and $13.4 million to interest expense from accumulated other comprehensive loss for the years ended December 31, 2011 and 2010, respectively. Based on current interest rate assumptions and assuming no additional interest rate swap agreements are entered into, the Company expects to reclassify $1.4 million, or $0.8 million after tax, from other comprehensive loss as additional interest expense over the next 12 months.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-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 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases — The Company leases certain office space and equipment at its headquarter locations under various operating leases. These leases are generally subject to scheduled base rent and maintenance cost increases, which are recognized on a straight-line basis over the period of the leases.

Service Contracts — The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings. One agreement, for clearing services, contains no minimum annual purchase commitment, but the agreement provides for certain penalties should the Company fail to maintain a certain threshold of client accounts.

Future minimum payments under leases, lease commitments and other noncancellable contractual obligations with remaining terms greater than one year as of December 31, 2011, are as follows (in thousands):



2012	$	27,507
2013	23,938
2014	15,548
2015	11,836
2016	11,313
Thereafter	47,470
Total(1)	$	137,612

____________


(1)	Minimum payments have not been reduced by minimum sublease rental income of $6.0 million due in the future under noncancellable subleases.

Total rental expense for all operating leases was approximately $17.2 million, $17.1 million and $20.1 million for the years ended December 31, 2011, 2010 and 2009, respectively.

Guarantees — The Company occasionally enters into certain types of contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts.

The Company’s subsidiaries provide guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions.

Loan Commitments — From time to time, the Company makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process. Due to timing differences, the Company may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining the Company, and may be forgivable. The Company had no significant unfunded commitments at December 31, 2011.

Litigation — The Company has been named as a defendant in various legal actions, substantially all of which are arbitrations. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases in which claimants seek substantial or indeterminate damages, the Company cannot predict with certainty what the eventual loss or range of loss related to such matters will be. The Company recognizes a legal liability when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range.

The Company records legal reserves and related insurance recoveries for significant or unusual cases on a gross basis.

The Company is subject to and maintains insurance coverage for claims and lawsuits in the ordinary course of business, such as customer complaints or disclosures about risks with securities purchased, as well as various arbitrations and other litigation matters. With respect to these matters, the estimated losses on the majority of pending matters are less than the applicable deductibles of the insurance policies, and matters with estimated losses in excess of the applicable deductibles are not, in the aggregate, material.

Defense costs are expensed as incurred and classified as professional services within the consolidated statements of operations. When there is indemnification or insurance, the Company may engage in defense of settlement and subsequently seek reimbursement for such matters. In connection with various acquisitions, and pursuant to the purchase and sale agreements, the Company has received third-party indemnification for certain legal proceedings and claims. These matters have been defended and paid directly by the indemnifying party.

On October 1, 2009, LPLH received written notice from a third-party indemnitor under a certain purchase and sale agreement asserting that it is no longer obligated to indemnify the Company for certain claims under the provisions of the purchase and sale agreement. The Company believed that this assertion was without merit and commenced litigation to enforce its indemnity rights. On March 31, 2011, the court entered judgment granting the Company’s motion for summary judgment in all respects, denied all counterclaims by the third party indemnitor and awarded attorney fees to the Company. On May 2, 2011, the third party indemnitor filed a notice of appeal. The Company filed its appellate brief on October 5, 2011. On December 29, 2011, the Company and the indemnifying party settled certain outstanding items related to the indemnification. The remaining claims outstanding are not material to the Company’s consolidated statements of financial condition, operations or cash flows.

During 2010, the Company settled certain arbitrations that involve activities covered under the third-party indemnification agreement described above. In connection with these settlements in 2010, the Company recorded legal expenses of $11.4 million that have been classified as other expense on the consolidated statements of operations. Separately, the Company evaluated the collectability of the receivable and established a valuation allowance. As a result, the Company's consolidated statements of financial condition at December 31, 2010, included a gross receivable of $12.8 million for amounts due from the indemnifying party, which was reduced by a valuation allowance of $11.4 million. On December 29, 2011, the Company received a $10.5 million cash settlement from the third-party indemnitor, substantially all of which has been classified as a reduction of other expense on the consolidated statements of operations.

The Company believes, based on the information available at this time, after consultation with counsel, consideration of insurance, if any, and indemnifications provided by the third-party indemnitors, that the outcomes will not have a material adverse impact on the consolidated statements of financial condition, operations or cash flows.

Other Commitments — As of December 31, 2011, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $350.2 million, which it can sell or repledge. Of this amount, approximately $32.7 million has been pledged or sold as of December 31, 2011; $18.4 million was pledged with client-owned securities to the Options Clearing Corporation ("OCC") as collateral to secure client obligations related to options positions, and $14.3 million was loaned to the NSCC through participation in its Stock Borrow Program. Additionally, approximately $145.0 million are held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. Remaining client collateral of $172.5 million has not been re-pledged or sold, and as of December 31, 2011 there are no restrictions that materially limit the Company's ability to re-pledge or sell the remaining client collateral.

As of December 31, 2010, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $326.9 million, which it can sell or repledge. Of this amount, approximately $21.6 million has been pledged or sold as of December 31, 2010; $13.5 million was pledged with client-owned securities to the OCC as collateral to secure client obligations related to options positions, and $8.1 million was loaned to the NSCC through participation in its Stock Borrow Program. Additionally, approximately $145.8 million are held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. Remaining client collateral of $159.5 million has not been re-pledged or sold, and as of December 31, 2010 there are no restrictions that materially limit the Company's ability to re-pledge or sell the remaining client collateral.

In August 2007, pursuant to agreements with a large global insurance company, LPL Financial began providing brokerage, clearing and custody services on a fully disclosed basis; offering its investment advisory programs and platforms; and providing technology and additional processing and related services to its advisors and their clients. In January 2012, the two parties entered into a new multi-year agreement. Termination fees may be payable by a terminating or breaching party depending on the specific cause of termination.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-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 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Stock Option and Warrant Plans

Certain employees, advisors, officers and directors who contribute to the success of the Company participate in various stock option plans. In addition, certain financial institutions participate in a warrant plan. Stock options and warrants generally vest in equal increments over a three- to five-year period and expire on the 10th anniversary following the date of grant.

The Company recognizes share-based compensation expense related to employee stock option awards based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized $14.7 million, $10.3 million and $6.5 million of share-based compensation related to the vesting of employee stock option awards during the years ended December 31, 2011, 2010 and 2009, respectively, which is included in compensation and benefits on the consolidated statements of operations. As of December 31, 2011, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted was $37.9 million, which is expected to be recognized over a weighted-average period of 3.40 years.

The Company recognizes share-based compensation expense for stock options and warrants awarded to its advisors and financial institutions based on the fair value of the awards at each interim reporting period. The Company recognized $3.3 million, $4.7 million, and $1.6 million of share-based compensation during the years ended December 31, 2011, 2010 and 2009, respectively, related to the vesting of stock options and warrants awarded to its advisors and financial institutions, which is classified within commission and advisory fees on the consolidated statements of operations. As of December 31, 2011, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted was $19.3 million for advisors and financial institutions, which is expected to be recognized over a weighted-average period of 3.84 years.

The following table presents the weighted-average assumptions used by the Company in calculating the fair value of its employee, advisor and financial institution stock options and warrants with the Black-Scholes valuation model that have been granted during the years ended December 31, 2011, 2010 and 2009:



	Employees									Advisors and Financial Institutions
	2011			2010			2009			2011			2010			2009
Expected life (in years)	6.50			6.50			6.50			9.71			9.20			9.32
Expected stock price volatility	48.82		%	49.22		%	50.41		%	48.49		%	49.46		%	54.66		%
Expected dividend yield	—		%	—		%	—		%	—		%	—		%	—		%
Fair value of options	$	15.99		$	17.42		$	11.32		$	16.59		$	25.62		$	15.72
Risk-free interest rate	2.20		%	2.70		%	2.70		%	1.95		%	3.35		%	3.75		%

The risk-free interest rates are based on the implied yield available on U.S. Treasury constant maturities in effect at the time of the grant with remaining terms equivalent to the respective expected terms of the options. The dividend yield of zero is based on the fact that the Company has not paid a cash dividend on its common stock during the last six years. The Company estimates the expected term for its employee option awards using the simplified method in accordance with Staff Accounting Bulletin 110, Certain Assumptions Used in Valuation Methods, because the Company does not have sufficient relevant historical information to develop reasonable expectations about future exercise patterns. The Company estimates the expected term for stock options and warrants awarded to advisors and financial institutions using the contractual term. Expected volatility is calculated based on companies of similar growth and maturity and the Company’s peer group in the industry in which the Company does business because the Company does not have sufficient historical volatility data. The Company will continue to use peer group volatility information until historical volatility of the Company is available to measure expected volatility for future grants. In the future, as the Company gains historical data for volatility of its own stock and the actual term over which stock options and warrants are held, expected volatility and the expected term may change, which could substantially change the grant-date fair value of future awards of stock options and warrants and, ultimately, compensation recorded on future grants.

The Company has assumed an annualized forfeiture rate for its stock options and warrants based on a combined review of industry, employee and advisor turnover data, as well as an analytical review performed of historical pre-vesting forfeitures occurring over the previous year. The Company records additional expense if the actual forfeiture rate is lower than estimated and records a recovery of prior expense if the actual forfeiture is higher than estimated.

The following table summarizes the Company’s activity in its stock option and warrant plans for the years ended December 31, 2011, 2010 and 2009:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2008	20,078,283		$	4.87
Granted	3,209,361		21.32
Exercised	(256,795	)	1.13
Forfeited	(328,380	)	21.83
Outstanding — December 31, 2009	22,702,469		6.99
Granted	1,804,759		33.79
Exercised	(13,883,847	)	1.85
Forfeited	(344,329	)	22.36
Outstanding — December 31, 2010	10,279,052		18.12
Granted	1,151,082		31.90
Exercised	(1,807,746	)	5.42
Forfeited	(599,638	)	27.01
Outstanding — December 31, 2011	9,022,750		$	21.83	6.63	$	78,546
Exercisable — December 31, 2011	4,323,410		$	15.16	4.91	$	66,495

The following table summarizes information about outstanding stock options and warrants:



	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
At December 31, 2011:
$1.35 — $2.38	1,843,059	2.12	$	1.66	1,843,059	$	1.66
$10.30 — $19.74	787,770	6.95	18.46		262,532	17.53
$21.60 — $22.08	1,821,025	7.41	22.02		805,195	21.97
$23.02 — $29.99	2,438,814	7.28	27.20		1,097,969	26.79
$30.00 — $34.79	2,132,082	9.02	34.22		314,655	34.24
	9,022,750	6.63	$	21.83	4,323,410	$	15.16

2008 Nonqualified Deferred Compensation Plan

On November 19, 2008, the Company established an unfunded, unsecured deferred compensation plan to permit employees and former employees that held non-qualified stock options issued under the 2005 Stock Option Plan for Incentive Stock Options and 2005 Stock Option Plan for Non-qualified Stock Options that were to expire in 2009 and 2010, to receive stock units under the 2008 Nonqualified Deferred Compensation Plan ("Deferred Compensation Plan"). Stock units represent the right to receive one share of common stock. Distribution will occur at the earliest of (a) a date in 2012 to be determined by the Board of Directors (see Note 22); (b) a change in control of the Company; or (c) death or disability of the participant. Issuance of stock units, which occurred in December 2008, is not taxable for federal and state income tax purposes until the participant receives a distribution under the deferred compensation plan. At December 31, 2011, the Company had 2,823,452 stock units outstanding under the Deferred Compensation Plan.

Initial Public Offering

In 2008, certain advisors were issued 7.4 million shares of common stock. Transferability of the shares was restricted until the completion of a change in control event or an initial public offering (“IPO”). The Company has accounted for restricted shares granted to its advisors by measuring such grants at their then-current lowest aggregate value. Since the value of the award was contingent upon the Company’s decision to sell itself or issue its common stock to the public through an IPO, the aggregate value had been zero until such event had occurred.

On November 17, 2010, the Company sold shares of common stock in an IPO. Upon closing of the IPO, the Company recorded a share-based compensation charge of $222.0 million, representing the IPO price of $30.00 per share multiplied by 7.4 million shares that were issued and outstanding at the time of the offering, which is classified within commission and advisory fees on the consolidated statements of operations.

On January 20, 2011, the Company received a $45.0 million tax refund for federal taxes paid in 2010. On April 4, 2011, the Company received $55.3 million and $42.9 million, respectively, for refunds of federal taxes paid in 2009 and 2008. The remaining tax benefit expected to be utilized through the use of net operating losses ("NOLs") from tax deductions resulting from the IPO primarily relate to state taxes that are expected to be utilized over the next few years dependent upon each state's tax laws related to NOL carryforwards (see Note 11).

Director Restricted Stock Plan

In March 2010, the Company established a Director Restricted Stock Plan (the “Director Plan”). Eligible participants include non-employee directors who are in a position to make a significant contribution to the success of the Company. Restricted stock awards vest on the second anniversary of the date of grant and upon termination of service, unvested awards shall immediately be forfeited. On March 15, 2010, December 22, 2010, March 4, 2011 and December 1, 2011, the Company issued 6,408, 4,284, 12,104 and 13,336, respectively, of restricted stock awards to certain of its directors at a fair value of $23.41, $35.61, $33.05 and $29.99 per share, respectively. A summary of the status of the Company’s restricted stock awards under the Director Plan as of and for the years ending December 31, 2011, 2010 and 2009 was as follows:



	Number of Shares	Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2009	—	$	—
Granted	10,692	28.30
Vested	—	—
Forfeited	—	—
Nonvested at December 31, 2010	10,692	$	28.30
Granted	25,440	31.45
Vested	—	—
Forfeited	—	—
Nonvested at December 31, 2011	36,132	$	30.51

The Company accounts for restricted stock awards granted to its non-employee directors by measuring such awards at their grant date fair value. Share-based compensation expense is recognized ratably over the requisite service period, which generally equals the vesting period. Based upon the Company’s history of termination of non-employee directors, management has assumed zero forfeitures for restricted stock awards. The Company recognized $0.3 million and $0.1 million of share-based compensation related to the vesting of restricted stock awards granted to its directors during the years ended December 31, 2011 and December 31, 2010, respectively, which is included in compensation and benefits on the consolidated statements of operations. As of December 31, 2011, total unrecognized compensation cost was $0.7 million, which is expected to be recognized over a weighted-average remaining period of 1.51 years.

Share Reservations

As of December 31, 2011, the Company had approximately 9.4 million of authorized unissued shares reserved for issuance upon exercise and conversion of outstanding awards.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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 SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings per Share

A reconciliation of the income (loss) used to compute basic and diluted earnings (loss) per share for the years noted was as follows:



	For the Year Ended December 31,
	2011			2010			2009
	(In thousands)
Basic earnings per share:
Net income (loss), as reported	$	170,382		$	(56,862	)	$	47,520
Allocation of undistributed earnings to stock units	(2,176		)	—			(919		)
Net income (loss), for computing basic earnings per share	$	168,206		$	(56,862	)	$	46,601
Diluted earnings per share:
Net income (loss), as reported	$	170,382		$	(56,862	)	$	47,520
Allocation of undistributed earnings to stock units	(2,104		)	—			(810		)
Net income (loss), for computing diluted earnings per share	$	168,278		$	(56,862	)	$	46,710

A reconciliation of the weighted average number of shares outstanding used to compute basic and diluted earnings per share for the years noted was as follows:



	For the Year Ended December 31,
	2011	2010	2009
	(In thousands)
Basic weighted average number of shares outstanding	108,374	89,441	86,649
Dilutive common share equivalents	3,745	—	11,845
Diluted weighted average number of shares outstanding	112,119	89,441	98,494

Basic and diluted earnings (loss) per share for the years noted was as follows:



	For the Year Ended December 31,
	2011		2010			2009
Basic earnings (loss) per share	$	1.55	$	(0.64	)	$	0.54
Diluted earnings (loss) per share	$	1.50	$	(0.64	)	$	0.47

Basic weighted average shares outstanding and diluted weighted average shares outstanding were the same for the year ended December 31, 2010, because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss.

The computation of diluted earnings per share excluded stock options and warrants to purchase 3,919,267 shares, 3,162,901 shares and 3,443,146 shares for the years ended December 31, 2011, 2010 and 2009, respectively, because the effect would have been anti-dilutive.

Share Repurchase Program

On May 25, 2011, the Board of Directors approved a share repurchase program pursuant to which the Company may repurchase up to $80.0 million of its issued and outstanding shares of common stock through May 31, 2013. The purchases were effected in open market transactions with the timing of purchases and the amount of stock purchased determined at the discretion of the Company's management. As of December 31, 2011, the Company repurchased 2,297,723 shares of common stock at a weighted-average price of $34.84 per share for an aggregate purchase price of $80.0 million.

On August 16, 2011, the Board of Directors approved a share repurchase program pursuant to which the Company may repurchase an additional $70.0 million of its issued and outstanding shares of common stock through August 31, 2012. The purchases will be effected in open market transactions with the timing of purchases and the amount of stock purchased determined at the discretion of the Company's management. As of December 31, 2011, the Company repurchased 319,906 shares of common stock at a weighted-average price of $28.11 per share for an aggregate purchase price of $9.0 million.

Employee and Advisor Benefit Plans	12 Months Ended
Employee and Advisor Benefit Plans	Dec. 31, 2011
Compensation and Retirement Disclosure [Abstract]
Employee and Advisor Benefit Plans	Employee and Advisor Benefit Plans The Company participates in a 401(k) defined contribution plan sponsored by LPL Financial. All employees meeting minimum age and length of service requirements are eligible to participate. The Company has an employer matching program whereby employer contributions were made to the 401(k) plan, and employees are eligible for matching contributions after completing one year of service. For 2011, contributions were made in an amount equal to 30% of the first 10% of an employee's designated deferral of their eligible compensation and the Company has accrued an additional match equal to 10% of the first 10% of an employee's designated deferral of their eligible compensation. For 2010, contributions were made in an amount equal to the lesser of 40% of the amount designated by the employee for withholding or 4% of the employee’s eligible compensation. For 2009, contributions were made in an amount equal to the lesser of 20% of the amount designated by the employee for withholding or 2% of the employee’s eligible compensation. The Company’s total cost under the 401(k) plan was $3.8 million, $3.5 million and $1.7 million for the years ended December 31, 2011, 2010 and 2009, respectively. On January 1, 2008, the Company adopted a non-qualified deferred compensation plan for the purpose of attracting and retaining advisors who operate, for tax purposes, as independent contractors, by providing an opportunity for participating advisors to defer receipt of a portion of their gross commissions generated primarily from commissions earned on the sale of various products. The deferred compensation plan has been fully funded to date by participant contributions. Plan assets are invested in mutual funds, which are held by the Company in a Rabbi Trust. The liability for benefits accrued under the non-qualified deferred compensation plan totaled $20.2 million at December 31, 2011, which is included in accounts payable and accrued liabilities in the consolidated statements of financial condition. The cash values of the related trust assets was $20.2 million at December 31, 2011, which is measured at fair value and included in other assets in the consolidated statements of financial condition. Certain employees and advisors of the Company’s subsidiaries participated in non-qualified deferred compensation plans (the “Plans”) that permitted participants to defer portions of their compensation and earn interest on the deferred amounts. The Plans have been closed to new participants and no contributions have been made since the acquisition date. Plan assets are held by the Company in a Rabbi Trust and accounted for in the manner described above. As of December 31, 2011, the Company has recorded assets of approximately $1.3 million and liabilities of $1.0 million, which are included in other assets and accounts payable and accrued liabilities, respectively, in the consolidated statements of financial condition.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2011
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions One of the Company’s majority stockholders owns a minority interest in Artisan Partners Limited Partnership (“Artisan”), which pays fees in exchange for product distribution and record-keeping services. During the years ended December 31, 2011, 2010 and 2009, the Company earned $2.9 million, $2.3 million and $1.5 million, respectively, in fees from Artisan. Additionally, as of December 31, 2011 and 2010, Artisan owed the Company $0.7 million and $0.6 million, respectively, which is included in receivables from product sponsors, broker-dealers and clearing organizations on the consolidated statements of financial condition. American Beacon Advisor, Inc. (“American Beacon”), a company majority-owned by one of the Company’s majority stockholders, pays fees in exchange for product distribution and record-keeping services. During the years ended December 31, 2010 and 2009, the Company earned $0.2 million, and $0.4 million, respectively, in fees from American Beacon. One of the Company’s majority stockholders owns a minority interest in XOJET, Inc. (“XOJET”), which provides chartered aircraft services. The Company paid $1.3 million to XOJET during the year ended December 31, 2011. Certain entities affiliated with SunGard Data Systems Inc. (“SunGard”), a company majority-owned by one of the Company’s majority stockholders, provide data center recovery services. The Company paid $0.3 million and $0.5 million to SunGard during the years ended December 31, 2010 and 2009, respectively. Aplifi, Inc. (Aplifi), a privately held technology company in which the Company holds an equity interest, provides software licensing for annuity order entry and compliance. The Company paid $1.8 million, $1.1 million and $0.8 million to Aplifi for such services during the years ended December 31, 2011, 2010 and 2009, respectively. TPG Capital ("TPG"), one of the Company's majority stockholders, provided certain consulting services. The Company paid $0.3 million to TPG during the year ended December 31, 2010. In conjunction with the acquisition of UVEST Financial Services Group, Inc. ("UVEST"), the Company made full-recourse loans to certain members of UVEST's management (also selling stockholders), most of whom are now stockholders of the Company. In February 2010, the Company forgave approximately $0.4 million to a stockholder. At December 31, 2011 and 2010, there were no loans outstanding. An immediate family member of one of the Company’s executive officers, is an executive officer of CresaPartners LLC (“CresaPartners”). CresaPartners provides the Company and its subsidiaries real estate advisory, transaction and project management services. The Company paid $0.6 million to CresaPartners during the year ended December 31, 2011. AlixPartners, LLP (“AlixPartners”), a company majority-owned by one of the Company’s majority stockholders, provides services pursuant to an agreement for interim management and consulting. The Company paid $0.6 million to AlixPartners during the year ended December 31, 2009.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Net Capital and Regulatory Requirements

12 Months Ended

Dec. 31, 2011

Brokers and Dealers [Abstract]

Net Capital and Regulatory Requirements

The Company’s registered broker-dealers are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital, as defined. Net capital is calculated for each broker-dealer subsidiary individually. Excess net capital of one broker-dealer subsidiary may not be used to offset a net capital deficiency of another broker-dealer subsidiary. Net capital and the related net capital requirement may fluctuate on a daily basis.

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries as of December 31, 2011 are presented in the following table (in thousands):



	Net Capital		Minimum Net Capital Required		Excess Net Capital
LPL Financial LLC	$	100,944	$	7,028	$	93,916
UVEST Financial Services Group, Inc.	$	15,031	$	937	$	14,094

LPL Financial is a clearing broker-dealer and UVEST is an introducing broker-dealer. In connection with the Company's 2011 initiative to consolidate UVEST with LPL Financial, UVEST plans to file a broker-dealer withdrawal request with FINRA upon transfer of all clients accounts and to maintain sufficient capital to carry out any remaining activities during the interim.

In connection with the Company’s 2009 initiative that consolidated Associated Securities Corp. (“Associated”), Mutual Service Corporation (“MSC”) and Waterstone Financial Group, Inc. (“WFG”), with LPL Financial, Associated and WFG have withdrawn their registration with FINRA effective February 5, 2011, and are no longer subject to net capital filing requirements. MSC withdrew its registration with FINRA effective November 11, 2011, and is no longer subject to net capital filing requirements.

PTC is also subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. As of December 31, 2011 and 2010, the Company’s registered broker-dealers and PTC have met all capital adequacy requirements to which they are subject.

The Company operates in a highly regulated industry. Applicable laws and regulations restrict permissible activities and investments. These policies require compliance with various financial and customer-related regulations. The consequences of noncompliance can include substantial monetary and non-monetary sanctions. In addition, the Company is also subject to comprehensive examinations and supervision by various governmental and self-regulatory agencies. These regulatory agencies generally have broad discretion to prescribe greater limitations on the operations of a regulated entity for the protection of investors or public interest. Furthermore, where the agencies determine that such operations are unsafe or unsound, fail to comply with applicable law, or are otherwise inconsistent with the laws and regulations or with the supervisory policies, greater restrictions may be imposed.

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 17
-Paragraph 15, 16, 17
-IssueDate 2006-05-01
-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 FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958570-112826

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1E
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958574-112826

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958573-112826

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958575-112826

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958569-112826

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1G
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958577-112826

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958572-112826

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1H
-URI http://asc.fasb.org/extlink&oid=6918689&loc=d3e65071-112826

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6918689&loc=SL5958568-112826

+ Details

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2011
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract]
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor's client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisor's clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally three business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when, as, and if issued securities. When, as, and if issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash and/or securities into their account prior to placing an order. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial. UVEST is engaged in buying and selling securities and other financial instruments for clients of advisors. Such transactions are introduced and cleared through a third-party clearing firm on a fully disclosed basis. While introducing broker-dealers generally have less risk than clearing firms, their clearing agreements expose them to credit risk in the event that their clients don’t fulfill contractual obligations with the clearing broker-dealer.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)



	2011
	(In thousands)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	873,869	$	893,996	$	882,857	$	828,653
Net income	$	48,999	$	45,507	$	36,428	$	39,448
Basic earnings per share	$	0.44	$	0.41	$	0.33	$	0.36
Diluted earnings per share	$	0.43	$	0.40	$	0.32	$	0.35



	2010
	(In thousands)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	743,406	$	790,161	$	759,964	$	819,955
Net income (loss)	$	25,554	$	8,000	$	26,144	$	(116,560	)
Basic earnings (loss) per share	$	0.29	$	0.09	$	0.30	$	(1.20	)
Diluted earnings (loss) per share	$	0.25	$	0.08	$	0.26	$	(1.20	)

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2011
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition of Fortigent Holdings Company, Inc. On January 3, 2012, the Company announced its intent to acquire Fortigent Holdings Company, Inc. and its wholly owned subsidiaries Fortigent, LLC, Fortigent Reporting Company, LLC, and Fortigent Strategies Company, LLC (together, "Fortigent"). Fortigent is a leading provider of high net worth solutions and consulting services to RIA's, banks, and trust companies. With over 90 institutions with more than $50.0 billion in advisory assets, Fortigent offers a high net worth oriented platform that provides concentrated research, reporting, and alternative investment solutions specifically designed for the RIA and high net worth space. This strategic acquisition will further enhance the Company's capabilities and offer an extension of the Company's existing services for wealth management advisors. Issuance Under 2008 Nonqualified Deferred Compensation Plan On February 22, 2012, the Company distributed 1,673,556 shares, net of shares withheld to satisfy withholding tax requirements, pursuant to the terms of the Deferred Compensation Plan. Distributions to participants were made in the form of whole shares of common stock equal to the number of stock units allocated to the participant's account, with fractional shares paid out in cash. Participants authorized the Company to withhold shares from their distribution of common stock to satisfy their withholding tax obligations. Accordingly on February 22, 2012, the Company repurchased 1,149,896 shares and paid $37.5 million of cash consideration related to tax withholdings. In calculating earnings (loss) per share and diluted earnings (loss) per share using the two-class method, the Company is required to allocate a portion of its earnings to employees that hold stock units that contain non-forfeitable rights to dividends or dividend equivalents under its Deferred Compensation Plan. After the distribution of shares under the Deferred Compensation Plan, the two-class method is no longer applicable. This distribution of shares did not have a material impact on earnings (loss) per share or diluted earnings (loss) per share.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Health Care Costs, Policy [Policy Text Block]

Legal Costs, Policy [Policy Text Block]

Consolidation, Policy [Policy Text Block]

Drafts Payable [Policy Text Block]

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition Policies:

Equity Method Investments, Policy [Policy Text Block]

Securities Borrowed and Loaned Policy [Policy Text Block]

At December 31, 2011 and 2010, the values of the securities borrowed by the Company and the rehypothecated securities loaned under the NSCC Stock Borrow Program are as follows (in thousands):



	2011				2010
	Contract Value		Collateral Market Value		Contract Value		Collateral Market Value
Securities borrowed	$	7,890	$	7,653	$	8,391	$	8,176
Securities loaned	$	14,302	$	14,302	$	8,113	$	8,113

Receivables From Product Sponsors Broker Dealers and Clearing Organizations [Policy Text Block]

Receivables From and Payables To Clients [Policy Text Block]

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients for the years ended December 31, 2011 and 2010 (in thousands):



	2011		2010
Beginning balance — January 1	$	655	$	792
Provision for bad debts	61		—
Charge-offs — net of recoveries	—		(137		)
Ending balance — December 31	$	716	$	655

Commitments and Contingencies, Policy [Policy Text Block]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Cash and Cash Equivalents, Policy [Policy Text Block]

Goodwill and Intangible Assets, Policy [Policy Text Block]

Investment, Policy [Policy Text Block]

Segment Reporting, Policy [Policy Text Block]

Business Combinations Policy [Policy Text Block]

Securities Owned And Sold But Not Yet Purchased [Policy Text Block]

Research, Development, and Computer Software, Policy [Policy Text Block]

Other Receivables [Policy Text Block]

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others for the years ended December 31, 2011 and 2010 (in thousands):



	2011			2010
Beginning balance — January 1	$	6,796		$	6,159
Provision for bad debts	3,772			1,621
Charge-offs — net of recoveries	(1,735		)	(984		)
Ending balance — December 31	$	8,833		$	6,796

Property, Plant and Equipment, Policy [Policy Text Block]

Derivatives, Policy [Policy Text Block]

Fair Value of Financial Instruments, Policy [Policy Text Block]

Deferred Loan Issuance And Amendment Costs [Policy Text Block]

Comprehensive Loss Income [Policy Text Block]

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Schedule for uncollectible amounts due from clients

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients for the years ended December 31, 2011 and 2010 (in thousands):



	2011		2010
Beginning balance — January 1	$	655	$	792
Provision for bad debts	61		—
Charge-offs — net of recoveries	—		(137		)
Ending balance — December 31	$	716	$	655

Schedule for uncollectible amounts due from others

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others for the years ended December 31, 2011 and 2010 (in thousands):



	2011			2010
Beginning balance — January 1	$	6,796		$	6,159
Provision for bad debts	3,772			1,621
Charge-offs — net of recoveries	(1,735		)	(984		)
Ending balance — December 31	$	8,833		$	6,796

Securities borrowed and loaned

At December 31, 2011 and 2010, the values of the securities borrowed by the Company and the rehypothecated securities loaned under the NSCC Stock Borrow Program are as follows (in thousands):



	2011				2010
	Contract Value		Collateral Market Value		Contract Value		Collateral Market Value
Securities borrowed	$	7,890	$	7,653	$	8,391	$	8,176
Securities loaned	$	14,302	$	14,302	$	8,113	$	8,113

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2011

Business Combinations [Abstract]

Reconciliation of assets acquired and liabilities assumed

Set forth below is a reconciliation of assets acquired and liabilities assumed during the year ended December 31, 2011 (in thousands):



	NRP			CCP			Total
Goodwill	$	13,698		$	27,022		$	40,720
Accounts receivable	—			770			770
Other assets	—			190			190
Intangibles	11,800			7,550			19,350
Fixed assets(1)	—			3,950			3,950
Accounts payable and accrued liabilities	(190		)	(5,721		)	(5,911		)
Net assets acquired	$	25,308		$	33,761		$	59,069

___________________


(1)	Fixed assets acquired from CCP relate primarily to internally developed software, which amortizes over 5 years.

Supplemental cash flow information

Set forth below is supplemental cash flow information for the year ended December 31, 2011 (in thousands):



	NRP		CCP		Total
Cash payments, net of cash acquired	$	22,008	$	19,969	$	41,977
Cash held in escrow	—		2,250		2,250
Contingent consideration	3,300		11,542		14,842
Total purchase price	$	25,308	$	33,761	$	59,069

Estimated purchase price to specific amortizable intangible asset

The Company allocated the estimated purchase price to specific amortizable intangible asset categories as follows (dollars in thousands):



	Amortization Period (in years)	Amount Assigned
NRP
Client relationships	11.0	$	4,730
Advisor relationships	9.0	4,080
Product sponsor relationships	4.0	2,990
Total intangible assets acquired from NRP		$	11,800

CCP
Client relationships	15.0	$	7,550

Restructuring (Tables)

12 Months Ended

Dec. 31, 2011

Restructuring [Abstract]

Summary of changes in accrued restructuring expense balances

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts as of and for the year ended December 31, 2011 (in thousands):



	Accrued Balance at December 31, 2010		Costs Incurred(1)		Payments			Non-cash			Accrued Balance at December 31, 2011		Total Expected Restructuring Costs(2)
Conversion and transfer costs(2)	$	—	$	9,178	$	(8,102	)	$	—		$	1,076	$	14,690
Contract penalties	—		8,642		190			—			8,832		8,642
Advisor retention and related benefits	—		789		(472		)	(67		)	250		5,513
Asset impairments	—		2,776		—			(2,776		)	—		2,776
Total	$	—	$	21,385	$	(8,384	)	$	(2,843	)	$	10,158	$	31,621

________________________________


(1)	At December 31, 2011, costs incurred represent the total cumulative costs incurred.

(2)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Financial assets and financial liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2010 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At December 31, 2010:
Assets
Cash equivalents	$	279,048	$	—	$	—	$	279,048
Securities owned — trading:
Money market funds	316		—		—		316
Mutual funds	7,300		—		—		7,300
Equity securities	17		—		—		17
Debt securities	—		516		—		516
U.S. treasury obligations	1,010		—		—		1,010
Certificates of deposit	—		100		—		100
Total securities owned — trading	8,643		616		—		9,259
Other assets	17,175		—		—		17,175
Total assets at fair value	$	304,866	$	616	$	—	$	305,482
Liabilities
Securities sold but not yet purchased:
Mutual funds	$	4,563	$	—	$	—	$	4,563
Equity securities	204		—		—		204
Debt securities	—		54		—		54
Total securities sold but not yet purchased	4,767		54		—		4,821
Interest rate swaps	—		7,281		—		7,281
Total liabilities at fair value	$	4,767	$	7,335	$	—	$	12,102



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At December 31, 2011:
Assets
Cash equivalents	$	575,243	$	—	$	—	$	575,243
Securities owned — trading:
Money market funds	262		—		—		262
Mutual funds	4,966		—		—		4,966
Equity securities	47		—		—		47
Debt securities	—		115		—		115
Certificates of deposit	900		—		—		900
Total securities owned — trading	6,175		115		—		6,290
Other assets	21,400		—		—		21,400
Total assets at fair value	$	602,818	$	115	$	—	$	602,933
Liabilities
Securities sold but not yet purchased:
Equity securities	$	134	$	—	$	—	$	134
Debt securities	—		2		—		2
Certificates of deposit	—		25		—		25
Total securities sold but not yet purchased	134		27		—		161
Interest rate swap	—		1,377		—		1,377
Accounts payable and accrued liabilities	—		—		16,104		16,104
Total liabilities at fair value	$	134	$	1,404	$	16,104	$	17,642

Reconciliation of contingent consideration classified as a liability using significant unobservable inputs (Level 3)

Changes in Level 3 Recurring Fair Value Measurements



Twelve Months Ended December 31, 2011 (in thousands):
Fair value at December 31, 2010	$	—
Issuances of contingent consideration	16,842
Total unrealized losses included in earnings (1)	1,262
Payments	(2,000		)
Fair value at December 31, 2011	$	16,104

________________________________

(1) Represents the accretion of contingent consideration as the Company approaches the future expected payment.

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details

Held-to-Maturity Securities (Tables)

12 Months Ended

Dec. 31, 2011

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity

The amortized cost, gross unrealized gains and fair value of securities held-to-maturity were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Fair Value
At December 31, 2011:
U.S. government notes	$	11,167	$	27	$	11,194

At December 31, 2010:
U.S. government notes	$	9,563	$	69	$	9,632

Maturities of securities held-to-maturity

At December 31, 2011, the held-to-maturity securities were scheduled to mature as follows (in thousands):



	Within 1 Year			1-3 Years		Total
U.S. government notes — at amortized cost	$	8,120	—	$	3,047	$	11,167
U.S. government notes — at fair value	$	8,147		$	3,047	$	11,194

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 137
-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 FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5086-111524

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6435544&loc=d3e41834-113960

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

+ Details

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Tables)

12 Months Ended

Dec. 31, 2011

Receivables from Product Sponsors, Broker Dealers and Clearing Organizations and Payables to Broker Dealers and Clearing Organizations [Abstract]

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from product sponsors, broker-dealers and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands):



	December 31,
	2011		2010
Receivables:
Commissions receivable from product sponsors and others	$	85,486	$	114,829
Receivable from clearing organizations	47,039		65,501
Securities failed-to-deliver	6,052		10,495
Receivable from broker-dealers	4,916		12,507
Total receivables	$	143,493	$	203,332
Payables:
Securities loaned	$	14,302	$	8,113
Payable to clearing organizations	13,454		18,509
Securities failed-to-receive	5,885		11,425
Payable to broker-dealers	1,114		1,023
Total payables	$	34,755	$	39,070

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

The components of fixed assets

The components of fixed assets were as follows (in thousands):



	December 31,
	2011			2010
Internally developed software	$	239,219		$	206,002
Computers and software	87,798			84,241
Leasehold improvements	46,939			41,772
Furniture and equipment	15,932			16,585
Property	6,572			6,572
Total fixed assets	396,460			355,172
Accumulated depreciation and amortization	(305,143		)	(276,501		)
Fixed assets — net	$	91,317		$	78,671

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Activity in goodwill

A summary of the activity in goodwill is presented below (in thousands):



Balance at December 31, 2010	$	1,293,366
Acquisition of NRP	13,698
Acquisition of CCP	27,022
Balance at December 31, 2011	$	1,334,086

The components of intangible assets

The components of intangible assets as of December 31, 2011 and December 31, 2010 are as follows (dollars in thousands):



	Weighted Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
At December 31, 2011:
Definite-lived intangible assets:
Advisor and financial institution relationships	13.7	$	450,164	$	(132,503	)	$	317,661
Product sponsor relationships	14.0	230,916		(63,710		)	167,206
Client relationships	12.9	14,910		(1,926		)	12,984
Total definite-lived intangible assets		$	695,990	$	(198,139	)	$	497,851
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	537,670

At December 31, 2010:
Definite-lived intangible assets:
Advisor and financial institution relationships	14.7	$	458,424	$	(116,687	)	$	341,737
Product sponsor relationships	15.2	231,930		(55,255		)	176,675
Client relationships	14.2	2,630		(784		)	1,846
Total definite-lived intangible assets		$	692,984	$	(172,726	)	$	520,258
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	560,077

Amortization expense

Amortization expense for each of the fiscal years ended December 31, 2012 through 2016 and thereafter is estimated as follows (in thousands):



2012	$	39,050
2013	38,268
2014	37,991
2015	37,111
2016	37,004
Thereafter	308,427
Total	$	497,851

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Payables and Accruals [Abstract]

Summary of accounts payable and accrued liabilities

Accounts payable and accrued liabilities were as follows (in thousands):



	December 31,
	2011		2010
Accounts payable accruals	$	51,173	$	56,377
Accrued net payroll	42,559		44,401
Other accrued liabilities	24,515		8,273
Advisor deferred compensation plan liability	20,166		16,542
Legal accrual	13,221		17,602
Deferred rent	8,765		11,391
Total payables	$	160,399	$	154,586

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Summary of provision for income taxes

The Company’s provision for (benefit from) income taxes was as follows (in thousands):



	2011			2010			2009
Current provision (benefit):
Federal	$	105,176		$	(6,316	)	$	53,757
State	15,559			(4,052		)	12,750
Total current provision (benefit)	120,735			(10,368		)	66,507
Deferred benefit:
Federal	(6,781		)	(17,877		)	(24,360		)
State	(1,651		)	(3,742		)	(17,100		)
Total deferred benefit	(8,432		)	(21,619		)	(41,460		)
Provision for (Benefit from) income taxes	$	112,303		$	(31,987	)	$	25,047

Summary of company's effective income tax rate reconciliation

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates is set forth below:



	2011		2010		2009
Federal statutory income tax rates	35.0	%	(35.0	)%	35.0	%
State income taxes — net of federal benefit	3.2		(5.7	)	(3.9	)
Share-based compensation	0.6		1.5		1.5
Uncertain tax positions	0.1		(0.1	)	1.8
Non-deductible expenses	0.4		0.7		0.6
Change in valuation allowance	—		—		0.1
Transaction costs	0.2		3.2		—
Research and development credits	(0.2	)	(1.2	)	—
Other	0.4		0.6		(0.6	)
Effective income tax rates	39.7	%	(36.0	)%	34.5	%

Components of the net deferred tax liabilities

The components of the net deferred tax liabilities included in the consolidated statements of financial condition were as follows (in thousands):



	December 31,
	2011			2010
Deferred tax assets:
State taxes	$	11,005		$	10,507
Reserves for litigation, vacation, and bonuses	24,374			26,539
Unrealized gain on interest rate swaps	528			2,786
Deferred rent	3,506			4,557
Share-based compensation	12,377			8,091
Provision for bad debts	3,689			7,495
Net operating losses	712			107
Other	2,323			1,625
Subtotal	58,514			61,707
Valuation allowance	(1,438		)	(1,323		)
Total deferred tax assets	57,076			60,384
Deferred tax liabilities:
Amortization of intangible assets and trademarks and trade names	(173,602		)	(179,590		)
Depreciation of fixed assets	(11,240		)	(11,005		)
Total deferred tax liabilities	(184,842		)	(190,595		)
Deferred income taxes — net	$	(127,766	)	$	(130,211	)

Summary of gross unrecognized tax benefits including interest and penalties reconciliation

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest and penalties (in thousands):



	2011			2010			2009
Balance — Beginning of year	$	21,057		$	21,958		$	20,258
Increases related to acquired tax positions	69			111			142
Increases related to current year tax positions	3,245			4,076			4,066
Reductions as a result of a lapse of the applicable statute of limitations related to acquired tax positions	(1,377		)	(858		)	(627		)
Reductions as a result of a lapse of the applicable statute of limitations related to prior period tax positions	(2,874		)	(4,230		)	(1,881		)
Balance — End of year	$	20,120		$	21,057		$	21,958

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References + Details

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Abstract]

Outstanding borrowings

The Company’s outstanding borrowings were as follows (dollars in thousands):



		December 31, 2011					December 31, 2010
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loan:
Hedged with interest rate swaps	6/28/2013	$	65,000	2.33	%	(1)	$	210,000	2.05	%	(5)
Unhedged:
2013 Term Loans	6/28/2013	237,489		2.05	%	(2)	104,739		2.01	%	(6)
2015 Term Loans	6/25/2015	476,935		4.25	%	(3)	496,250		4.25	%	(7)
2017 Term Loans	6/28/2017	553,244		5.25	%	(4)	575,650		5.25	%	(8)
Total borrowings		1,332,668					1,386,639
Less current borrowings (maturities within 12 months)		13,971					13,971
Long-term borrowings — net of current portion		$	1,318,697				$	1,372,668

____________


(1)	As of December 31, 2011, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.58%, plus the applicable interest rate margin of 1.75%.


(2)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.


(3)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%.


(4)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.


(5)	As of December 31, 2010, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.


(6)	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.26%, plus the applicable interest rate margin of 1.75%.


(7)	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 2.75%.


(8)	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 3.75%.

Summary of borrowing activity in the revolving and uncommitted line of credit facilities

The following summarizes borrowing activity in the revolving and uncommitted line of credit facilities (dollars in thousands):



	Year Ended December 31,
	2011			2010			2009
Average balance outstanding	$	104		$	2,074		$	56,472
Weighted-average interest rate	1.00		%	1.16		%	2.41		%

Summary of minimum calendar year payments and maturities of the senior secured borrowings

The minimum calendar year payments and maturities of the senior secured borrowings as of December 31, 2011 are as follows (in thousands):



2012	$	13,971
2013	310,117
2014	10,800
2015	467,735
2016	5,800
Thereafter	524,245
Total	$	1,332,668

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies Disclosure [Abstract]

Future minimum payments under leases, lease commitments and other non cancellable contractual obligations



2012	$	27,507
2013	23,938
2014	15,548
2015	11,836
2016	11,313
Thereafter	47,470
Total(1)	$	137,612

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Weighted-average assumptions used for calculating the fair value of its stock options and warrants with the Black-Scholes valuation model



	Employees									Advisors and Financial Institutions
	2011			2010			2009			2011			2010			2009
Expected life (in years)	6.50			6.50			6.50			9.71			9.20			9.32
Expected stock price volatility	48.82		%	49.22		%	50.41		%	48.49		%	49.46		%	54.66		%
Expected dividend yield	—		%	—		%	—		%	—		%	—		%	—		%
Fair value of options	$	15.99		$	17.42		$	11.32		$	16.59		$	25.62		$	15.72
Risk-free interest rate	2.20		%	2.70		%	2.70		%	1.95		%	3.35		%	3.75		%

Summary of the Company's activity in its stock option and warrant plans

The following table summarizes the Company’s activity in its stock option and warrant plans for the years ended December 31, 2011, 2010 and 2009:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2008	20,078,283		$	4.87
Granted	3,209,361		21.32
Exercised	(256,795	)	1.13
Forfeited	(328,380	)	21.83
Outstanding — December 31, 2009	22,702,469		6.99
Granted	1,804,759		33.79
Exercised	(13,883,847	)	1.85
Forfeited	(344,329	)	22.36
Outstanding — December 31, 2010	10,279,052		18.12
Granted	1,151,082		31.90
Exercised	(1,807,746	)	5.42
Forfeited	(599,638	)	27.01
Outstanding — December 31, 2011	9,022,750		$	21.83	6.63	$	78,546
Exercisable — December 31, 2011	4,323,410		$	15.16	4.91	$	66,495

Summary of information about outstanding stock options and warrants

The following table summarizes information about outstanding stock options and warrants:



	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
At December 31, 2011:
$1.35 — $2.38	1,843,059	2.12	$	1.66	1,843,059	$	1.66
$10.30 — $19.74	787,770	6.95	18.46		262,532	17.53
$21.60 — $22.08	1,821,025	7.41	22.02		805,195	21.97
$23.02 — $29.99	2,438,814	7.28	27.20		1,097,969	26.79
$30.00 — $34.79	2,132,082	9.02	34.22		314,655	34.24
	9,022,750	6.63	$	21.83	4,323,410	$	15.16

Summary of the status of the Company's restricted stock awards

A summary of the status of the Company’s restricted stock awards under the Director Plan as of and for the years ending December 31, 2011, 2010 and 2009 was as follows:



	Number of Shares	Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2009	—	$	—
Granted	10,692	28.30
Vested	—	—
Forfeited	—	—
Nonvested at December 31, 2010	10,692	$	28.30
Granted	25,440	31.45
Vested	—	—
Forfeited	—	—
Nonvested at December 31, 2011	36,132	$	30.51

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings per share reconciliation

A reconciliation of the income (loss) used to compute basic and diluted earnings (loss) per share for the years noted was as follows:



	For the Year Ended December 31,
	2011			2010			2009
	(In thousands)
Basic earnings per share:
Net income (loss), as reported	$	170,382		$	(56,862	)	$	47,520
Allocation of undistributed earnings to stock units	(2,176		)	—			(919		)
Net income (loss), for computing basic earnings per share	$	168,206		$	(56,862	)	$	46,601
Diluted earnings per share:
Net income (loss), as reported	$	170,382		$	(56,862	)	$	47,520
Allocation of undistributed earnings to stock units	(2,104		)	—			(810		)
Net income (loss), for computing diluted earnings per share	$	168,278		$	(56,862	)	$	46,710

Weighted average shares outstanding reconciliation

A reconciliation of the weighted average number of shares outstanding used to compute basic and diluted earnings per share for the years noted was as follows:



	For the Year Ended December 31,
	2011	2010	2009
	(In thousands)
Basic weighted average number of shares outstanding	108,374	89,441	86,649
Dilutive common share equivalents	3,745	—	11,845
Diluted weighted average number of shares outstanding	112,119	89,441	98,494

Basic and diluted earnings per share

Basic and diluted earnings (loss) per share for the years noted was as follows:



	For the Year Ended December 31,
	2011		2010			2009
Basic earnings (loss) per share	$	1.55	$	(0.64	)	$	0.54
Diluted earnings (loss) per share	$	1.50	$	(0.64	)	$	0.47

Net Capital and Regulatory Requirements (Tables)

12 Months Ended

Dec. 31, 2011

Brokers and Dealers [Abstract]

Net capital and net capital requirements for the Company's broker-dealer subsidiaries

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries as of December 31, 2011 are presented in the following table (in thousands):



	Net Capital		Minimum Net Capital Required		Excess Net Capital
LPL Financial LLC	$	100,944	$	7,028	$	93,916
UVEST Financial Services Group, Inc.	$	15,031	$	937	$	14,094

- Definition

Tabular disclosure of computation of net capital under the SEC Regulations which may include a reconciliation (including appropriate explanations) if material differences exist between the computations made by the independent auditor based on the audited financial statements and the broker-dealer's original unaudited Part II or IIA filing, a statement that a reconciliation is not necessary if no material differences exist between the computations made by the independent auditor based on the audited financial statements and the broker-dealer's unaudited Part II or IIA filing, when different, total assets and total liabilities, as reported in the statement of financial condition, are reconciled to the total current assets and total liabilities, respectively, as reported in the statement of computation of minimum net capital. Disclosure may also include stockholder's equity, stockholders' equity not allowable for net capital, stockholders' equity qualified for net capital, subordinated borrowings allowable in computation of net capital, other deductions or allowable credits and total capital and allowable subordinated borrowings.

+ References + Details

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Consolidated Financial Statements



	2011
	(In thousands)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	873,869	$	893,996	$	882,857	$	828,653
Net income	$	48,999	$	45,507	$	36,428	$	39,448
Basic earnings per share	$	0.44	$	0.41	$	0.33	$	0.36
Diluted earnings per share	$	0.43	$	0.40	$	0.32	$	0.35



	2010
	(In thousands)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	743,406	$	790,161	$	759,964	$	819,955
Net income (loss)	$	25,554	$	8,000	$	26,144	$	(116,560	)
Basic earnings (loss) per share	$	0.29	$	0.09	$	0.30	$	(1.20	)
Diluted earnings (loss) per share	$	0.25	$	0.08	$	0.26	$	(1.20	)

Organization and Description of the Company (Details)	12 Months Ended
Organization and Description of the Company (Details)	Dec. 31, 2011 states
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of states in which entity operates	50
LPL Financial LLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
UVEST [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Independent Advisor [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
Independent Advisors Group Corporation [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Insurance Associate [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Holdings [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
PTC Holdings Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest percentage in subsidiary	100.00%
Number of states in which entity operates	50

Summary of Significant Accounting Policies Other Operating Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Temporary Employee and Contractor Services [Member]
Component of Operating Other Cost and Expense [Line Items]
Other cost and expense, operating	$ 21.0	$ 21.8	$ 18.0
Maximum [Member] \| Interest Expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Other cost and expense, operating	$ 1.0	$ 1.0	$ 1.0

Summary of Significant Accounting Policies Income Taxes (Details)	Dec. 31, 2011
Accounting Policies [Abstract]
Likelihood of realization of tax position upon settlement, minimum	50.00%

Summary of Significant Accounting Policies Cash and Cash Equivalents (Details)	Dec. 31, 2011 days
Restricted Cash and Cash Equivalents Items [Line Items]
Cash Equivalents, Days to Maturity, Maximum	90

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance - January 1	$ 655
Provision for bad debts	3,833	$ 1,621	$ 3,319
Ending balance - December 31	716	655
Free credit balances held	445,900
Receivables from clients [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance - January 1	655	792
Provision for bad debts	61	0
Charge-offs - net of recoveries	0	(137)
Ending balance - December 31	$ 716	$ 655	$ 792

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Movement in Valuation of Allowances and Reserves [Roll Forward]
Beginning balance - January 1	$ 6,796
Provision for bad debts	3,833	$ 1,621	$ 3,319
Ending balance - December 31	8,833	6,796
Receivables from others [Member]
Movement in Valuation of Allowances and Reserves [Roll Forward]
Beginning balance - January 1	6,796	6,159
Provision for bad debts	3,772	1,621
Charge-offs - net of recoveries	(1,735)	(984)
Ending balance - December 31	$ 8,833	$ 6,796	$ 6,159

Summary of Significant Accounting Policies Securities Borrowed and Loaned (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Securities borrowed and loaned [Line Items]
Securities borrowed, contract value	$ 7,890	$ 8,391
Securities loaned, contract value	14,302	8,113
Securities borrowed, collateral market value	7,653	8,176
Securities loaned, collateral market value	$ 14,302	$ 8,113

- Definition

The carrying value as of the balance sheet date of securities loaned to other broker dealers, typically used by such parties to cover short sales, secured by cash or other securities furnished by such parties until the borrowing is closed.

+ References + Details

Summary of Significant Accounting Policies Fixed Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2010 USD ($)
Affiliated Entities Discontinued Use [Member]
Property, Plant and Equipment [Line Items]
Tangible asset impairment charges	$ 0.6
Abandoned Lease Locations [Member]
Property, Plant and Equipment [Line Items]
Tangible asset impairment charges	$ 0.2

Summary of Significant Accounting Policies Intangibles (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)	Dec. 31, 2009 USD ($)
Accounting Policies [Abstract]
Minimum useful life of intangible assets	5
Maximum useful life of intangible assets	20
Impairment charges of advisor and financial institution relationships	$ 2.8	$ 17.5
Impairment charges of trademarks and trade names		$ 1.1

Summary of Significant Accounting Policies Equity Method Investments (Details)	Dec. 31, 2011
Accounting Policies [Abstract]
Equity method investment ownership exceeding limit	50.00%

Summary of Significant Accounting Policies Drafts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
Drafts payable	$ 187,575	$ 182,489
Client Activities [Member]
Debt Instrument [Line Items]
Drafts payable	176,200
Corporate Overdrafts [Member]
Debt Instrument [Line Items]
Drafts payable	$ 11,400

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Accounting Policies [Abstract]
Senior credit facilities	$ 1,332,668	$ 1,386,639
Fair value of indebtedness	$ 1,328,200	$ 1,389,600

Acquisitions (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2011

USD ($)

Feb. 09, 2011

USD ($)

Reconciliation of assets acquired and liabilities assumed

$ 40,720

770

190

19,350

^[1]

3,950

Accounts payable and accrued liabilities

(5,911)

Net assets acquired / Total purchase price

$ 59,069

Fixed assets useful life (in years)

Supplemental cash flow information

Cash payments, net of cash acquired

$ 41,977

Cash placed in escrow

2,250

Contingent consideration

14,842

Net assets acquired / Total purchase price

59,069

CCP [Member]

Reconciliation of assets acquired and liabilities assumed

27,022

770

190

7,550

^[1]

3,950

Accounts payable and accrued liabilities

(5,721)

Net assets acquired / Total purchase price

33,761

Supplemental cash flow information

Cash payments, net of cash acquired

19,969

Cash placed in escrow

2,250

Contingent consideration

11,542

Net assets acquired / Total purchase price

33,761

NRP [Member]

Reconciliation of assets acquired and liabilities assumed

13,698

11,800

^[1]

Accounts payable and accrued liabilities

(190)

Net assets acquired / Total purchase price

25,308

$ 25,308

Supplemental cash flow information

Cash payments, net of cash acquired

22,008

17,200

Cash placed in escrow

3,700

Contingent consideration

3,300

Net assets acquired / Total purchase price

$ 25,308

[1]	Fixed assets acquired from CCP relate primarily to internally developed software, which amortizes over 5 years.

Acquisitions (Details 1) $ in Thousands	12 Months Ended
Acquisitions (Details 1) $ in Thousands	Dec. 31, 2011 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned	$ 19,350
CCP [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned	$ 7,550
CCP [Member] \| Trust Client relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	15
Amount Assigned	$ 7,550
NRP [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned	$ 11,800
NRP [Member] \| Trust Client relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	11
Amount Assigned	$ 4,730
NRP [Member] \| Advisor Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	9
Amount Assigned	$ 4,080
NRP [Member] \| Product sponsor relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Period	4
Amount Assigned	$ 2,990

Acquisitions (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
Acquisitions (Details Textuals) - USD ($) $ in Thousands	Dec. 31, 2011	Feb. 09, 2011
Acquisitions (Textuals) [Abstract]
Cash paid to acquire certain assets	$ 41,977
Cash placed in escrow	2,250
Contingent consideration	14,842
Total consideration for the acquisition	59,069
NRP [Member]
Acquisitions (Textuals) [Abstract]
Cash paid to acquire certain assets	22,008	$ 17,200
Cash placed in escrow	0	3,700
Business acquisition, cost of acquired entity, additional consideration	1,100
Business acquisition, cost of acquired entity, additional consideration and escrow payment	4,800
Business Acquisition Cost Of Acquired Entity Cash Paid Out of Escrow	3,700
Estimate of future contingent consideration	5,900	7,900
Contingent liability paid in advance		2,000
Contingent consideration	3,300	3,300
Advance payments for contingent consideration and fair value of contingent consideration		5,300
Business acquisition, cost of acquired entity, transaction cost	2,500
Total consideration for the acquisition	25,308	$ 25,308
Business Acquisition Cost Of Acquired Entity Total Transaction Cost over Transaction Period	4,800
CCP [Member]
Acquisitions (Textuals) [Abstract]
Cash paid to acquire certain assets	19,969
Cash placed in escrow	2,250
Contingent consideration	11,542
Business acquisition, cost of acquired entity, transaction cost	1,000
Maximum amount of contingent consideration	15,000
Total consideration for the acquisition	$ 33,761

Restructuring Table (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2011

USD ($)

Dec. 31, 2010

USD ($)

Restructuring Reserve [Roll Forward]

Accrued Balance

$ 0

Costs Incurred

^[1]

21,385

Payments

(8,384)

Non-cash

(2,843)

Accrued Balance

$ 10,158

Internally-developed software, useful life, minimum

Internally-developed software, useful life, maximum

Capitalized computer software

$ 239,219

$ 206,002

Conversion and transfer costs [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance

Costs Incurred

^[1]

9,178

Payments

(8,102)

Non-cash

Accrued Balance

1,076

Total Expected Restructuring Costs

^[2]

14,690

Contract penalties [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance

Costs Incurred

^[1]

8,642

Payments

190

Non-cash

Accrued Balance

8,832

Total Expected Restructuring Costs

^[2]

8,642

Advisor retention and related benefits [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance

Costs Incurred

^[1]

789

Payments

(472)

Non-cash

(67)

Accrued Balance

250

Total Expected Restructuring Costs

^[2]

5,513

Asset impairments [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance

Costs Incurred

^[1]

2,776

Payments

Non-cash

(2,776)

Accrued Balance

Total Expected Restructuring Costs

^[2]

2,776

Restructuring Related Costs Excluded from Total Restructuring Cost Estimate [Member]

Restructuring Reserve [Roll Forward]

Internally developed software

$ 12,000

Internally-developed software, useful life, minimum | yr

Internally-developed software, useful life, maximum | yr

Payments for software development activities

$ 10,900

Capitalized computer software

8,900

Capitalized internally-developed software, additions expected within next 12 months

3,100

Affiliated Entity [Member]

Restructuring Reserve [Roll Forward]

Costs Incurred

1,500

Total Expected Restructuring Costs

2,800

UVEST Financial Services Group [Member]

Restructuring Reserve [Roll Forward]

Total Expected Restructuring Costs

^[2]

$ 31,621

[1]

At December 31, 2011, costs incurred represent the total cumulative costs incurred.

[2]

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member]
$ in Thousands

12 Months Ended

Dec. 31, 2011

USD ($)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair value at December 31, 2010

$ 0

Issuances of contingent consideration

16,842

Total unrealized losses included in earnings

1,262

^[1]

Payments

(2,000)

Fair value at December 31, 2011

$ 16,104

[1]	Represents the accretion of contingent consideration as the Company approaches the future expected payment.

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring Reserve, Settled without Cash	$ 2,843
Asset Impairment Charges [Abstract]
Asset impairment charges	2,800
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	575,243	$ 279,048
Securities owned-trading	6,175	8,643
Other assets	21,400	17,175
Total assets at fair value	602,818	304,866
Securities sold but not yet purchased - at fair value	134	4,767
Interest rate swaps	0	0
Accounts payable and accrued liabilities	0
Total liabilities at fair value	134	4,767
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	115	616
Other assets	0	0
Total assets at fair value	115	616
Securities sold but not yet purchased - at fair value	27	54
Interest rate swaps	1,377	7,281
Accounts payable and accrued liabilities	0
Total liabilities at fair value	1,404	7,335
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold but not yet purchased - at fair value	0	0
Interest rate swaps	0	0
Accounts payable and accrued liabilities	16,104
Total liabilities at fair value	16,104	0
Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	575,243	279,048
Securities owned-trading	6,290	9,259
Other assets	21,400	17,175
Total assets at fair value	602,933	305,482
Securities sold but not yet purchased - at fair value	161	4,821
Interest rate swaps	1,377	7,281
Accounts payable and accrued liabilities	16,104
Total liabilities at fair value	17,642	12,102
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		316
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		316
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		7,300
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		7,300
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		17
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		17
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		516
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		516
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		1,010
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		1,010
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		100
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		100
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	25
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	25
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value		4,563
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value		4,563
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	134	204
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	134	204
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	2	54
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	2	54
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	262
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	262
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	4,966
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	4,966
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	47
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	47
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	115
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	115
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	900
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	900
Fixed Assets [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Asset Impairment Charges [Abstract]
Asset impairment charges		$ 600
Impairment in Value of Asset [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring Reserve, Settled without Cash	2,776
Impairment in Value of Asset [Member] \| Intangible Assets [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Asset Impairment Charges [Abstract]
Asset impairment charges	$ (2,800)

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Amortized Cost	$ 11,167	$ 9,563
US Government Agencies Debt Securities [Member]
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Amortized Cost	11,167	9,563
Gross Unrealized Gains	27	69
Fair Value	$ 11,194	$ 9,632

- Definition

For an unclassified balance sheet, this item represents investments in debt securities which are categorized as held-to-maturity. The held-to-maturity category is for those securities that the entity has the positive intent and ability to hold until maturity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 17
-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 AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 4
-Chapter 3
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.6)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.1)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 8
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 9
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 10
-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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 11
-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.

+ Details

Held-to-Maturity Securities (Details 1) - US Government Agencies Debt Securities [Member] $ in Thousands	Dec. 31, 2011 USD ($)
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within 1 Year	$ 8,120
U.S. government notes - at amortized cost, 1-3 Years	3,047
U.S. government notes - at amortized cost, Total	11,167
U.S. government notes - at fair value, Within 1 Year	8,147
U.S. government notes - at fair value, 1-3 Years	3,047
U.S. government notes - at fair value, Total	$ 11,194

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Receivables:
Commissions receivable from product sponsors and others	$ 85,486	$ 114,829
Receivable from clearing organizations	47,039	65,501
Securities failed-to-deliver	6,052	10,495
Receivable from broker-dealers	4,916	12,507
Total receivables	143,493	203,332
Payables:
Securities loaned	14,302	8,113
Payable to clearing organizations	13,454	18,509
Securities failed-to-receive	5,885	11,425
Payable to broker-dealers	1,114	1,023
Total payables	$ 34,755	$ 39,070

Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
The components of fixed assets
Internally developed software	$ 239,219	$ 206,002
Computers and software	87,798	84,241
Leasehold improvements	46,939	41,772
Furniture and equipment	15,932	16,585
Property	6,572	6,572
Total fixed assets	396,460	355,172
Accumulated depreciation and amortization	(305,143)	(276,501)
Fixed assets - net	$ 91,317	$ 78,671

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

Fixed Assets (Details Textuals) - USD ($) $ in Millions	12 Months Ended
Fixed Assets (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense for fixed assets	$ 33.8	$ 49.0	$ 69.3

Goodwill and Intangible Assets (Details) $ in Thousands	12 Months Ended
Goodwill and Intangible Assets (Details) $ in Thousands	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Definite-lived intangible assets:
Gross Carrying Value	$ 695,990	$ 692,984
Accumulated Amortization	(198,139)	(172,726)
Net Carrying Value	497,851	520,258
The components of intangible assets
Total intangible assets	537,670	560,077
Trademark and trade name [Member]
Indefinite-lived intangible assets:
Net Carrying Value	39,819	39,819
Advisor and financial institution relationships [Member]
Definite-lived intangible assets:
Gross Carrying Value	450,164	458,424
Accumulated Amortization	(132,503)	(116,687)
Net Carrying Value	$ 317,661	$ 341,737
Weighted Average Life Remaining	13.7	14.7
Product sponsor relationships [Member]
Definite-lived intangible assets:
Gross Carrying Value	$ 230,916	$ 231,930
Accumulated Amortization	(63,710)	(55,255)
Net Carrying Value	$ 167,206	$ 176,675
Weighted Average Life Remaining	14.0	15.2
Client relationships [Member]
Definite-lived intangible assets:
Gross Carrying Value	$ 14,910	$ 2,630
Accumulated Amortization	(1,926)	(784)
Net Carrying Value	$ 12,984	$ 1,846
Weighted Average Life Remaining	12.9	14.2

Intangible Assets (Details 1) $ in Thousands	12 Months Ended
Intangible Assets (Details 1) $ in Thousands	Dec. 31, 2011 USD ($)
Amortization expense
2012	$ 39,050
2013	38,268
2014	37,991
2015	37,111
2016	37,004
Thereafter	308,427
Total	$ 497,851

Intangible Assets (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense of intangible assets	$ 39.0	$ 37.0	$ 39.0

Goodwill and Intangible Assets Intangible Assets (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)
Goodwill and Intangible Asset Impairment [Abstract]
Asset impairment charges	$ 2.8

Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Goodwill [Line Items]
Goodwill	$ 1,334,086	$ 1,293,366
Acquisition	40,720
National Retirement Partners [Member]
Goodwill [Line Items]
Acquisition	13,698
Concord Capital Partners [Member]
Goodwill [Line Items]
Acquisition	$ 27,022

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-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 Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-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.

+ Details

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Summary of accounts payable and accrued liabilities
Accounts payable accruals	$ 51,173	$ 56,377
Accrued net payroll	42,559	44,401
Other accrued liabilities	24,515	8,273
Advisor deferred compensation plan liability	20,166	16,542
Legal accrual	13,221	17,602
Deferred rent	8,765	11,391
Total payables	$ 160,399	$ 154,586

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Current provision (benefit):
Federal	$ 105,176	$ (6,316)	$ 53,757
State	15,559	(4,052)	12,750
Total current provision (benefit)	120,735	(10,368)	66,507
Deferred benefit:
Federal	(6,781)	(17,877)	(24,360)
State	(1,651)	(3,742)	(17,100)
Total deferred benefit	(8,432)	(21,619)	(41,460)
Provision for (Benefit from) income taxes	$ 112,303	$ (31,987)	$ 25,047

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Paragraph Question 1-7

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-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.

+ Details

- Definition

The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a
-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 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

+ Details

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

+ Details

- Definition

The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 8, 16, 17, 289
-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.

+ Details

- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph 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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

+ Details

- Definition

The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 8, 16, 17, 289
-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.

+ Details

Income Taxes (Details 1)	12 Months Ended
Income Taxes (Details 1)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summary of company's effective income tax rate reconciliation
Federal statutory income tax rates	35.00%	(35.00%)	35.00%
State income taxes - net of federal benefit	3.20%	(5.70%)	(3.90%)
Share-based compensation	0.60%	1.50%	1.50%
Uncertain tax positions	0.10%	(0.10%)	1.80%
Non-deductible expenses	0.40%	0.70%	0.60%
Change in valuation allowance	0.00%	0.00%	0.10%
Transaction costs	0.20%	3.20%	0.00%
Research and development credits	(0.20%)	(1.20%)	0.00%
Other	0.40%	0.60%	(0.60%)
Effective income tax rates	39.70%	(36.00%)	34.50%

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Deferred tax assets:
State taxes	$ 11,005	$ 10,507
Reserves for litigation, vacation, and bonuses	24,374	26,539
Unrealized gain on interest rate swaps	528	2,786
Deferred rent	3,506	4,557
Share-based compensation	12,377	8,091
Provision for bad debts	3,689	7,495
Net operating losses	712	107
Other	2,323	1,625
Subtotal	58,514	61,707
Valuation allowance	(1,438)	(1,323)
Total deferred tax assets	57,076	60,384
Deferred tax liabilities:
Amortization of intangible assets and trademarks and trade names	(173,602)	(179,590)
Depreciation of fixed assets	(11,240)	(11,005)
Total deferred tax liabilities	(184,842)	(190,595)
Deferred income taxes - net	$ (127,766)	$ (130,211)

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summary of gross unrecognized tax benefits including interest and penalties reconciliation
Balance - Beginning of year	$ 21,057	$ 21,958	$ 20,258
Increases related to acquired tax positions	69	111	142
Increases related to current year tax positions	3,245	4,076	4,066
Reductions as a result of a lapse of the applicable statute of limitations related to acquired tax positions	(1,377)	(858)	(627)
Reductions as a result of a lapse of the applicable statute of limitations related to prior period tax positions	(2,874)	(4,230)	(1,881)
Balance - End of year	$ 20,120	$ 21,057	$ 21,958

Income Taxes (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Textuals) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Income Taxes (Textuals) [Abstract]
Transaction expenses not deductible for tax purposes		$ 8,100
Increase to additional paid-in capital	$ 7,900
Gross unrecognized tax benefits	20,120	21,057	$ 21,958	$ 20,258
Net of the federal benefit on state issues	14,700	14,300
Other unrecognized tax benefits		19,800
Unrecognized tax benefits, penalties accrued	3,100	3,300
Unrecognized tax benefits, interest accrued	1,900	2,000
Unrecognized tax benefits, interest expense included in tax expense	100
Reduction in unrecognized tax benefits related to the statute of limitations	$ 5,400
California's income [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Benefit from newly enacted change			8.00%
Affiliated Entity [Member]
Income Taxes (Textuals) [Abstract]
Gross unrecognized tax benefits		1,300
Amounts acquired during the Company's acquisition of the Affiliated Entities		$ 1,300

Indebtedness (Details) - USD ($)
$ in Thousands

Dec. 31, 2011

Dec. 31, 2010

Senior secured term loan:

Balance

$ 1,332,668

$ 1,386,639

Less current borrowings (maturities within 12 months)

13,971

Long-term borrowings - net of current portion

1,318,697

1,372,668

Hedged with interest rate swaps [Member]

Senior secured term loan:

Balance

$ 65,000

$ 210,000

Rate

2.33%

^[1]

2.05%

^[2]

2013 Term Loans [Member]

Senior secured term loan:

Balance

$ 237,489

$ 104,739

Rate

2.05%

^[3]

2.01%

^[4]

2015 Term Loans [Member]

Senior secured term loan:

Balance

$ 476,935

$ 496,250

Rate

4.25%

^[5]

4.25%

^[6]

2017 Term Loans [Member]

Senior secured term loan:

Balance

$ 553,244

$ 575,650

Rate

5.25%

^[7]

5.25%

^[8]

[1]	As of December 31, 2011, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.58%, plus the applicable interest rate margin of 1.75%.
[2]	As of December 31, 2010, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.
[3]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.
[4]	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.26%, plus the applicable interest rate margin of 1.75%.
[5]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%.
[6]	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 2.75%.
[7]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.
[8]	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 3.75%.

Indebtedness (Details 1) - USD ($) $ in Thousands	12 Months Ended
Indebtedness (Details 1) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summary of borrowing activity in the revolving and uncommitted line of credit facilities
Average balance outstanding	$ 104	$ 2,074	$ 56,472
Weighted-average interest rate	1.00%	1.16%	2.41%

Indebtedness (Details 2) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Summary of minimum calendar year payments and maturities of the senior secured borrowings
2012	$ 13,971
2013	310,117
2014	10,800
2015	467,735
2016	5,800
Thereafter	524,245
Total	$ 1,332,668	$ 1,386,639

Indebtedness (Details Textuals) - USD ($)

1 Months Ended

12 Months Ended

Jun. 22, 2010

Jan. 25, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Dec. 28, 2011

May 24, 2010

Jan. 24, 2010

Debt Instrument [Line Items]

Debt issuance costs for term loans

$ 18,620,000

$ 23,711,000

Debt issuance costs for revolving line of credit

$ 0

7,181,000

$ 372,000

Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 218,200,000

Line of credit facility maximum borrowing capacity before amendment

$ 100,000,000

Debt issuance costs for revolving line of credit

$ 2,800,000

2013 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.75%

Aggregate principal amount of senior unsecured subordinated notes

$ 317,100,000

Stated Interest rate percentage

2.05%

^[1]

2.01%

^[2]

2015 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.75%

Aggregate principal amount of senior unsecured subordinated notes

500,000,000

Stated Interest rate percentage

4.25%

^[3]

4.25%

^[4]

2017 Term Loans [Member]

Debt Instrument [Line Items]

Debt issuance costs for term loans

16,600,000

Margin rate for borrowings

3.75%

Aggregate principal amount of senior unsecured subordinated notes

$ 580,000,000

Stated Interest rate percentage

5.25%

^[5]

5.25%

^[6]

PTC [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility to support related party debt

10,000,000

Tranche 2013 [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility maturity period extended

$ 163,500,000

Margin rate for borrowings

3.50%

Percentage of commitment fee

0.75%

Tranche 2011 [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility Matured

$ 54,700,000

Margin rate for borrowings

2.00%

Percentage of commitment fee

0.375%

2015 Notes [Member]

Debt Instrument [Line Items]

Aggregate principal amount of senior unsecured subordinated notes

$ 550,000,000

Percentage of redemption price of aggregate principal amount

105.375%

Extinguishment of Debt Excluding Interest

$ 579,600,000

Aggregate cash payment for redemption including accrued and unpaid interest

$ 610,400,000

Stated Interest rate percentage

10.75%

Bank Loans Payable [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 150,000,000

Outstanding revolving facility

$ 0

Base Rate [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

0.75%

Base Rate [Member] | 2015 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.75%

Base Rate [Member] | 2017 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.75%

Libor Rate [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.75%

Libor Rate [Member] | 2015 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.75%

Libor Rate [Member] | 2017 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

3.75%

Libor Rate [Member] | 2015 Term Loans and 2017 Term Loans [Member] | Minimum [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

1.50%

Libor Rate 3 Month [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

0.30%

Libor Rate 3 Month [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

0.58%

Libor Rate 1 Month [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

0.30%

0.26%

Alternative Base Rate [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

1.50%

Alternative Base Rate [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

0.50%

Alternative Base Rate [Member] | 2015 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

0.50%

Alternative Base Rate [Member] | 2017 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.50%

[1]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.
[2]	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.26%, plus the applicable interest rate margin of 1.75%.
[3]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%.
[4]	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 2.75%.
[5]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.
[6]	As of December 31, 2010, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.26% or 1.50%, plus the applicable interest rate margin of 3.75%.

Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2010	Jun. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swap, notional balance	$ 65,000	$ 65,000
Fair value of interest rate swap	$ (1,377)	$ (1,377)	$ (7,281)
Interest rate swap, fixed pay rate	4.85%	4.85%
Interest rate swap, variable receive rate	0.58%	0.58%
Effective interest rate paid on interest rate swap	0.37%
Notional Amount of Interest Rate Cash Flow Hedge Derivatives Which Matured				$ 145,000
Net unrealized gains related to interest rate swap agreements		$ 5,900	10,000
Interest rate cash flow hedge gain (loss) reclassified		6,300	13,400
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 1,400	$ 1,400	$ 800

Commitments and Contingencies (Details)
$ in Thousands

Dec. 31, 2011

USD ($)

Commitments and Contingencies Disclosure [Abstract]

$ 27,507

23,938

15,548

11,836

11,313

47,470

$ 137,612

^[1]

[1]	Minimum payments have not been reduced by minimum sublease rental income of $6.0 million due in the future under noncancellable subleases.

Commitments and Contingencies (Details Textuals) - USD ($) $ in Millions		12 Months Ended
	Dec. 29, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Commitments and Contingencies [Line Items]
Minimum sublease rental income		$ 6.0
Operating leases rental expense		17.2	$ 17.1	$ 20.1
Legal expenses related to third-party indemnification agreement			11.4
Gross receivable for amounts due from the indemnifying party			12.8
Receivable due from the indemnifying party, valuation allowance			11.4
Amount received from third-party indemnitor	$ 10.5
Other Commitments [Abstract]
Collateral security		350.2	326.9
Fair value of securities received as collateral that can be resold or repledged		32.7	21.6
Collateral security pledged in bank		145.0	145.8
Collateral security remaining unpledged		172.5	159.5
Options Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that can be resold or repledged		18.4	13.5
National Securities Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that can be resold or repledged		$ 14.3	$ 8.1

Share-Based Compensation (Details)	12 Months Ended
Share-Based Compensation (Details)	Dec. 31, 2011 yr $ / shares	Dec. 31, 2010 yr $ / shares	Dec. 31, 2009 yr $ / shares
Employee Stock Option [Member]
Weighted-average assumptions used for calculating the fair value of its stock options and warrants with the Black-Scholes valuation model
Expected life (in years) \| yr	6.50	6.50	6.50
Expected stock price volatility	48.82%	49.22%	50.41%
Expected dividend yield	0.00%	0.00%	0.00%
Fair value of options \| $ / shares	$ 15.99	$ 17.42	$ 11.32
Risk-free interest rate	2.20%	2.70%	2.70%
Advisors And Financial Institutions [Member]
Weighted-average assumptions used for calculating the fair value of its stock options and warrants with the Black-Scholes valuation model
Expected life (in years) \| yr	9.71	9.20	9.32
Expected stock price volatility	48.49%	49.46%	54.66%
Expected dividend yield	0.00%	0.00%	0.00%
Fair value of options \| $ / shares	$ 16.59	$ 25.62	$ 15.72
Risk-free interest rate	1.95%	3.35%	3.75%

Share-Based Compensation (Details 1) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) yr $ / shares shares	Dec. 31, 2010 $ / shares shares	Dec. 31, 2009 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance \| shares	10,279,052	22,702,469	20,078,283
Number of Shares, Granted \| shares	1,151,082	1,804,759	3,209,361
Number of Shares, Exercised \| shares	(1,807,746)	(13,883,847)	(256,795)
Number of Shares, Forfeited \| shares	(599,638)	(344,329)	(328,380)
Number of Shares Outstanding, Ending Balance \| shares	9,022,750	10,279,052	22,702,469
Number of Shares, Exercisable, Ending Balance \| shares	4,323,410
Weighted-Average Exercise Price, Beginning Balance			$ 4.87
Weighted-Average Exercise Price, Granted	$ 31.90	$ 33.79	21.32
Weighted-Average Exercise Price, Exercised	5.42	1.85	1.13
Weighted-Average Exercise Price, Forfeited	27.01	22.36	21.83
Weighted-Average Exercise Price, Ending Balance	21.83
Weighted-Average Exercise Price, Outstanding, Ending Balance	21.83	$ 18.12	$ 6.99
Weighted-Average Exercise Price, Exercisable, Weighted Average Exercise Price	$ 15.16
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm \| yr	4.91
Aggregate Intrinsic Value, Ending Balance \| $	$ 78,546
Aggregate Intrinsic Value, Exercisable, Ending Balance \| $	$ 66,495

Share-Based Compensation (Details 2)	Dec. 31, 2011 yr $ / shares shares	Dec. 31, 2008 $ / shares
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	9,022,750
Weighted-Average Remaining Life, Outstanding \| yr	6.63
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 21.83	$ 4.87
Number of Shares, Exercisable \| shares	4,323,410
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 15.16
Range $1.35 - $2.38
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	1,843,059
Weighted-Average Remaining Life, Outstanding \| yr	2.12
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 1.66
Number of Shares, Exercisable \| shares	1,843,059
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 1.66
Range $10.30 - $19.74
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	787,770
Weighted-Average Remaining Life, Outstanding \| yr	6.95
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 18.46
Number of Shares, Exercisable \| shares	262,532
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 17.53
Range $21.60 - $22.08
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	1,821,025
Weighted-Average Remaining Life, Outstanding \| yr	7.41
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 22.02
Number of Shares, Exercisable \| shares	805,195
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 21.97
Range $23.02 - $29.99
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	2,438,814
Weighted-Average Remaining Life, Outstanding \| yr	7.28
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 27.20
Number of Shares, Exercisable \| shares	1,097,969
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 26.79
Range $30.00 - $34.79
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	2,132,082
Weighted-Average Remaining Life, Outstanding \| yr	9.02
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 34.22
Number of Shares, Exercisable \| shares	314,655
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 34.24

Share-Based Compensation (Details 3) - Director Restricted Stock Plan [Member] - $ / shares	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Summary of the status of the Company's restricted stock awards
Number of Shares, Beginning Balance	10,692	0
Number of Shares, Granted	25,440	10,692
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	0
Number of Shares, Ending Balance	36,132	10,692
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 28.30	$ 0.00
Weighted-Average Grant-Date Fair Value, Granted	31.45	28.30
Weighted-Average Grant-Date Fair Value, Vested	0	0.00
Weighted-Average Grant-Date Fair Value, Forfeited	0	0.00
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 30.51	$ 28.30

Share-Based Compensation (Details Textuals) $ / shares in Units, $ in Millions							3 Months Ended	12 Months Ended
	Dec. 01, 2011 $ / shares shares	Apr. 04, 2011 USD ($)	Mar. 04, 2011 $ / shares shares	Jan. 20, 2011 USD ($)	Dec. 22, 2010 $ / shares shares	Mar. 15, 2010 $ / shares shares	Dec. 31, 2011 USD ($) shares	Dec. 31, 2011 USD ($) yr shares	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 shares	Nov. 17, 2010 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation charge, per share amount \| $ / shares												$ 30.00
Authorized unissued shares \| shares							9,400,000	9,400,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation charge								$ 14.7	$ 10.3	$ 6.5
Share based compensation cost unrecognized							$ 37.9	$ 37.9
Non-vested compensation cost weighted-average period \| yr								3.40
Advisors And Financial Institutions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation charge							222.0	$ 3.3	4.7	$ 1.6
Share based compensation cost unrecognized							$ 19.3	$ 19.3
Non-vested compensation cost weighted-average period \| yr								3.84
Restricted stock award issued \| shares											7,400,000
Shares outstanding \| shares												7,400,000
2008 Nonqualified Deferred Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units outstanding \| shares							2,823,452	2,823,452
Director Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation charge								$ 0.3	$ 0.1
Share based compensation cost unrecognized							$ 0.7	$ 0.7
Non-vested compensation cost weighted-average period \| yr								1.51
Restricted stock award issued \| shares	13,336		12,104		4,284	6,408
Restricted stock award fair value \| $ / shares	$ 29.99		$ 33.05		$ 35.61	$ 23.41
2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax refund				$ 45.0
2009 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax refund		$ 55.3
2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax refund		$ 42.9

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Basic earnings per share:
Net income (loss), as reported	$ 39,448	$ 36,428	$ 45,507	$ 48,999	$ (116,560)	$ 26,144	$ 8,000	$ 25,554	$ 170,382	$ (56,862)	$ 47,520
Allocation of undistributed earnings to stock units									(2,176)	0	(919)
Net income (loss), for computing basic earnings per share									168,206	(56,862)	46,601
Diluted earnings per share:
Net income (loss), as reported	$ 39,448	$ 36,428	$ 45,507	$ 48,999	$ (116,560)	$ 26,144	$ 8,000	$ 25,554	170,382	(56,862)	47,520
Allocation of undistributed earnings to stock units									(2,104)	0	(810)
Net income (loss), for computing diluted earnings per share									$ 168,278	$ (56,862)	$ 46,710
Reconciliation of weighted average shares for the basic and diluted shares computations
Basic weighted average number of shares outstanding									108,374	89,441	86,649
Dilutive common share equivalents									3,745	0	11,845
Diluted weighted average number of shares outstanding									112,119	89,441	98,494
Basic and diluted (loss) earnings per share
Basic earnings (loss) per share	$ 0.36	$ 0.33	$ 0.41	$ 0.44	$ (1.20)	$ 0.30	$ 0.09	$ 0.29	$ 1.55	$ (0.64)	$ 0.54
Diluted earnings (loss) per share	$ 0.35	$ 0.32	$ 0.40	$ 0.43	$ (1.20)	$ 0.26	$ 0.08	$ 0.25	$ 1.50	$ (0.64)	$ 0.47

Earnings per Share (Details Textuals) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 22, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Antidilutive securities excluded from computation of Earnings per Share amount		3,919,267	3,162,901	3,443,146
Stock Repurchase Program [Abstract]
Treasury stock purchases, shares	1,149,896
Treasury stock purchases	$ 37,500	$ (89,037)
May 2011 [Member]
Stock Repurchase Program [Abstract]
Stock repurchase program, authorized dollar amount		$ 80,000
Treasury stock purchases, shares		2,297,723
Treasury stock acquired, weighted-average price per share		$ 34.84
Treasury stock purchases		$ 80,000
August 2011 [Member]
Stock Repurchase Program [Abstract]
Stock repurchase program, authorized dollar amount		$ 70,000
Treasury stock purchases, shares		319,906
Treasury stock acquired, weighted-average price per share		$ 28.11
Treasury stock purchases		$ 9,000

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-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 Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-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.

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Employee and Advisor Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Employee and Advisor Benefit Plans (Textuals) [Abstract]
Contribution made to plan	30.00%	40.00%	20.00%
Percentage of employees eligible compensation	10.00%	4.00%	2.00%
Percentage of Amount Designated by Employee Additional Match	10.00%
Total contribution cost recognized	$ 3.8	$ 3.5	$ 1.7
Deferred Compensation Arrangement with Individual, Compensation Expense	1.3
Deferred Compensation Arrangement with Individual, Recorded Liability	20.2
Deferred Compensation Arrangement with Individual, Employer Contribution	20.2
Deferred Compensation Arrangement, Rabbi Trust, Recorded Liability	$ 1.0

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Related Party Transaction [Line Items]
Forgave loans to stockholders		$ 499	$ 437
Artisan Partners Limited Partnership [Member]
Related Party Transaction [Line Items]
Revenue from related party transactions	$ 2,900	2,300	1,500
Related party transactions due amounts including transactions in consolidated financial statements	700	600
American Beacon Advisor [Member]
Related Party Transaction [Line Items]
Revenue from related party transactions		200	400
XOJET [Member]
Related Party Transaction [Line Items]
Related party transactions expenses	1,300
Sun Gard Data Systems [Member]
Related Party Transaction [Line Items]
Related party transactions expenses		300	500
Aplifi, Inc. [Member]
Related Party Transaction [Line Items]
Related party transactions expenses	1,800	1,100	800
TPG Capital [Member]
Related Party Transaction [Line Items]
Related party transactions expenses	300
UVEST Financial Services Group, Inc. [Member]
Related Party Transaction [Line Items]
Forgave loans to stockholders		400
Outstanding stockholder loans	0	$ 0
Cresa Partners [Member]
Related Party Transaction [Line Items]
Related party transactions expenses	$ 600
Alix Partners [Member]
Related Party Transaction [Line Items]
Related party transactions expenses			$ 600

Net Capital and Regulatory Requirements (Details) $ in Thousands	Dec. 31, 2011 USD ($)
LPL Financial LLC [Member]
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 100,944
Minimum Net Capital Required	7,028
Excess Net Capital	93,916
UVEST Financial Services Group [Member]
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	15,031
Minimum Net Capital Required	937
Excess Net Capital	$ 14,094

Subsequent Events Subsequent Events (Details) $ in Thousands		12 Months Ended
	Feb. 22, 2012 USD ($) shares	Dec. 31, 2011 USD ($)	Jan. 03, 2012 USD ($)
Subsequent Events [Abstract]
Institutions			90
Assets under Management, Carrying Amount \| $			$ 50,000,000
Common Stock, Shares, Issued \| shares	1,673,556
Treasury stock purchases, shares \| shares	1,149,896
Treasury stock purchases \| $	$ 37,500	$ (89,037)

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 828,653	$ 882,857	$ 893,996	$ 873,869	$ 819,955	$ 759,964	$ 790,161	$ 743,406	$ 3,479,375	$ 3,113,486	$ 2,749,505
Net income (loss)	$ 39,448	$ 36,428	$ 45,507	$ 48,999	$ (116,560)	$ 26,144	$ 8,000	$ 25,554	$ 170,382	$ (56,862)	$ 47,520
Basic earnings (loss) per share	$ 0.36	$ 0.33	$ 0.41	$ 0.44	$ (1.20)	$ 0.30	$ 0.09	$ 0.29	$ 1.55	$ (0.64)	$ 0.54
Diluted earnings (loss) per share	$ 0.35	$ 0.32	$ 0.40	$ 0.43	$ (1.20)	$ 0.26	$ 0.08	$ 0.25	$ 1.50	$ (0.64)	$ 0.47

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-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.

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-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 Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-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 Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

+ Details

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1	6.63