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Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2014	Jul. 18, 2014
Entity Information [Line Items]
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		100,379,236

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUES:
Commission	$ 535,177	$ 508,399	$ 1,069,751	$ 993,971
Advisory	330,394	298,094	657,647	579,320
Asset-based	118,537	107,505	233,211	211,271
Transaction and fee	91,625	88,631	181,610	178,009
Interest income, net of interest expense	4,791	4,426	9,552	8,834
Other	12,205	11,865	28,389	22,311
Total net revenues	1,092,729	1,018,920	2,180,160	1,993,716
EXPENSES:
Commission and advisory	751,662	701,687	1,496,205	1,361,240
Compensation and benefits	104,821	98,227	211,169	197,007
Promotional	29,729	24,804	56,912	48,469
Depreciation and amortization	23,818	20,245	46,099	40,019
Occupancy and equipment	21,798	16,283	43,879	33,081
Professional services	25,688	14,123	44,562	28,633
Brokerage, clearing and exchange	12,329	11,428	24,504	21,598
Communications and data processing	10,463	10,892	21,122	20,384
Regulatory fees and other	8,550	7,686	16,961	15,105
Restructuring charges	9,225	7,332	16,545	13,369
Other	10,571	10,682	17,740	16,569
Total operating expenses	1,008,654	923,389	1,995,698	1,795,474
Non-operating interest expense	12,914	12,667	25,754	24,827
Loss on extinguishment of debt	0	7,962	0	7,962
Total expenses	1,021,568	944,018	2,021,452	1,828,263
INCOME BEFORE PROVISION FOR INCOME TAXES	71,161	74,902	158,708	165,453
PROVISION FOR INCOME TAXES	28,070	29,811	62,482	65,645
NET INCOME	$ 43,091	$ 45,091	$ 96,226	$ 99,808
EARNINGS PER SHARE (Note 11):
Earnings per share, basic	$ 0.43	$ 0.42	$ 0.96	$ 0.94
Earnings per share, diluted	$ 0.42	$ 0.42	$ 0.94	$ 0.93
Weighted-average shares outstanding, basic	100,244	106,414	100,756	106,381
Weighted-average shares outstanding, diluted	102,029	107,695	102,672	107,465

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income	$ 43,091	$ 45,091	$ 96,226	$ 99,808
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedges, net of tax expense of $251, $0, $926, and $0 for the three and six months ended June 30, 2014 and 2013, respectively	400	0	1,462	0
Reclassification adjustment for realized gain on cash flow hedges included in net income, net of tax expense of $28, $0, $28, and $0 for the three and six months ended June 30, 2014 and 2013, respectively	(45)	0	(45)	0
Total other comprehensive income, net of tax	355	0	1,417	0
TOTAL COMPREHENSIVE INCOME	$ 43,446	$ 45,091	$ 97,643	$ 99,808

- Definition

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

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Tax expense on unrealized gain on cash flow hedges	$ 251,000	$ 0	$ 926,000	$ 0
Tax expense on reclassification adjustment for realized gain on cash flow hedges included in net income	$ 28,000	$ 0	$ 28,000	$ 0

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 438,576	$ 516,584
Cash and securities segregated under federal and other regulations	408,225	512,351
Receivables from:
Clients, net of allowance of $1,252 at June 30, 2014 and $588 at December 31, 2013	353,741	373,675
Product sponsors, broker-dealers and clearing organizations	173,341	174,070
Others, net of allowance of $7,865 at June 30, 2014 and $7,091 at December 31, 2013	276,076	272,018
Securities owned:
Trading — at fair value	11,025	8,964
Held-to-maturity	3,346	6,853
Securities borrowed	9,550	7,102
Income taxes receivable	20,855	0
Fixed assets, net of accumulated depreciation and amortization of $286,702 at June 30, 2014 and $263,321 at December 31, 2013	211,407	189,059
Debt issuance costs, net of accumulated amortization of $9,911 at June 30, 2014 and $7,751 at December 31, 2013	14,121	16,281
Goodwill	1,361,361	1,361,361
Intangible assets, net of accumulated amortization of $285,698 at June 30, 2014 and $266,285 at December 31, 2013	445,109	464,522
Other assets	166,734	139,991
Total assets	3,893,467	4,042,831
LIABILITIES:
Drafts payable	152,164	194,971
Payables to clients	547,565	565,204
Payables to broker-dealers and clearing organizations	31,834	43,157
Accrued commission and advisory expenses payable	136,227	135,149
Accounts payable and accrued liabilities	266,061	301,644
Income taxes payable	0	4,320
Unearned revenue	71,000	73,739
Securities sold, but not yet purchased — at fair value	80	211
Senior secured credit facilities	1,529,677	1,535,096
Deferred income taxes, net	90,267	89,369
Total liabilities	2,824,875	2,942,860
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 118,031,114 shares issued at June 30, 2014 and 117,112,465 shares issued at December 31, 2013	118	117
Additional paid-in capital	1,336,310	1,292,374
Treasury stock, at cost — 17,665,600 shares at June 30, 2014 and 15,216,301 shares at December 31, 2013	(631,115)	(506,205)
Accumulated other comprehensive income	1,532	115
Retained earnings	361,747	313,570
Total stockholders' equity	1,068,592	1,099,971
Total liabilities and stockholders' equity	$ 3,893,467	$ 4,042,831

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Allowances on receivables from clients	$ 1,252	$ 588
Allowances on receivables from others	7,865	7,091
Accumulated depreciation and amortization, Fixed assets	286,702	263,321
Accumulated amortization, Debt issuance costs	9,911	7,751
Accumulated amortization, Intangible assets	$ 285,698	$ 266,285
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	118,031,114	117,112,465
Treasury stock, shares	17,665,600	15,216,301

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2012	$ 1,140,020	$ 116	$ 1,228,075	$ (287,998)	$ 0	$ 199,827
BEGINNING BALANCE, shares at Dec. 31, 2012		115,714		9,422
Net income and other comprehensive income, net of tax expense	99,808					99,808
Treasury stock purchases	(57,770)			$ (57,770)
Treasury stock purchases, shares				1,584
Cash dividends on common stock	(28,763)					(28,763)
Stock option exercises and other	18,299		17,996	$ 380		(77)
Stock option exercises and other, shares		800		(11)
Share-based compensation	12,693		12,693
Share-based compensation, shares
Excess tax benefits from share-based compensation	2,213		2,213
ENDING BALANCE at Jun. 30, 2013	1,186,500	$ 116	1,260,977	$ (345,388)	0	270,795
ENDING BALANCE, shares at Jun. 30, 2013		116,514		10,995
BEGINNING BALANCE at Dec. 31, 2013	1,099,971	$ 117	1,292,374	$ (506,205)	115	313,570
BEGINNING BALANCE, shares at Dec. 31, 2013		117,112		15,216
Net income and other comprehensive income, net of tax expense	97,643				1,417	96,226
Issuance of common stock to settle restricted stock units, net	(599)	$ 1		$ (600)
Issuance of common stock to settle restricted stock units, net, shares		35		11
Treasury stock purchases	(125,010)			$ (125,010)
Treasury stock purchases, shares				2,458
Cash dividends on common stock	(48,109)					(48,109)
Stock option exercises and other	22,332		21,572	$ 700		60
Stock option exercises and other, shares		884		(19)
Share-based compensation	15,609		15,609
Excess tax benefits from share-based compensation	6,755		6,755
ENDING BALANCE at Jun. 30, 2014	$ 1,068,592	$ 118	$ 1,336,310	$ (631,115)	$ 1,532	$ 361,747
ENDING BALANCE, shares at Jun. 30, 2014		118,031		17,666

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 96,226	$ 99,808
Noncash items:
Depreciation and amortization	46,099	40,019
Amortization of debt issuance costs	2,160	2,219
Share-based compensation	15,609	12,693
Excess tax benefits related to share-based compensation	(6,842)	(2,213)
Provision for bad debts	860	575
Deferred income tax provision	792	(11,582)
Loss on extinguishment of debt	0	7,962
Net changes in estimated fair value of contingent consideration obligations	0	1,203
Loan forgiveness	12,950	667
Other	1,262	585
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	104,126	137,315
Receivables from clients	19,271	63,716
Receivables from product sponsors, broker-dealers and clearing organizations	729	(17,111)
Receivables from others	(17,773)	(8,127)
Securities owned	(1,929)	(1,089)
Securities borrowed	(2,448)	1,892
Other assets	(25,853)	(12,101)
Drafts payable	(42,807)	(47,619)
Payables to clients	(17,639)	(261,707)
Payables to broker-dealers and clearing organizations	(11,323)	(29,647)
Accrued commission and advisory expenses payable	1,078	1,936
Accounts payable and accrued liabilities	(36,777)	2,348
Income taxes receivable/payable	(18,420)	10,356
Unearned revenue	(2,739)	3,692
Securities sold, but not yet purchased	(131)	(134)
Net cash provided by (used in) operating activities	116,481	(4,344)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(45,923)	(32,161)
Proceeds from disposal of fixed assets	1,059	0
Purchase of securities classified as held-to-maturity	0	(2,495)
Proceeds from maturity of securities classified as held-to-maturity	3,500	4,000
Deposits of restricted cash	0	(1,500)
Release of restricted cash	138	0
Purchases of minority interest investments	0	(1,000)
Net cash used in investing activities	(41,226)	(33,156)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured credit facilities	(5,419)	(861,160)
Proceeds from senior secured credit facilities	0	1,078,957
Payment of debt issuance costs	0	(2,461)
Payment of contingent consideration obligation	(3,300)	0
Tax payments related to settlement of restricted stock units	(599)	0
Repurchase of common stock	(125,010)	(50,975)
Dividends on common stock	(48,109)	(28,763)
Excess tax benefits related to share-based compensation	6,842	2,213
Proceeds from stock option exercises and other	22,332	18,299
Net cash (used in) provided by financing activities	(153,263)	156,110
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(78,008)	118,610
CASH AND CASH EQUIVALENTS - Beginning of period	516,584	466,261
CASH AND CASH EQUIVALENTS - End of period	438,576	584,871
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	25,973	24,779
Income taxes paid	83,855	66,466
NONCASH DISCLOSURES:
Fixed assets acquired under build-to-suit lease	8,114	0
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	0	4,893
Pending settlement of treasury stock purchases	$ 0	$ 6,795

Organization and Description of the Company	6 Months Ended
Organization and Description of the Company	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Financial Holdings Inc. (“LPLFH”), 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”).

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. The Company’s results for any interim period are not necessarily indicative of results for a full year or any other interim period. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2013, contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company’s significant accounting policies are included in Note 2. Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. There have been no significant changes to these accounting policies during the first six months of 2014. Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLFH 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. Use of Estimates — The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates. Reportable Segment — The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels qualify as individual operating segments and are aggregated and viewed as one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment. 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. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4. Fair Value Measurements, for additional detail regarding the Company’s fair value measurements. As of June 30, 2014, the carrying amount and fair value of the Company’s indebtedness was approximately $1,529.7 million and $1,523.9 million, respectively. As of December 31, 2013, the carrying amount and fair value was approximately $1,535.1 million and $1,533.3 million, respectively. Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360), which changes the requirements for reporting discontinued operations that may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when any of the following criteria is met with respect to the disposal: it can be classified as held for sale, disposed of by sale, or disposed of other than by sale (such as by abandonment, or in a distribution to owners in a spinoff). ASU 2014-08 will become effective for the Company beginning January 1, 2015. The Company does not anticipate that the adoption of ASU 2014-08 will have a material impact on its results of operations, financial condition, or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09 will become effective for the Company beginning January 1, 2017 and early adoption is not permitted. The Company is currently evaluating the potential impact of ASU 2014-09 on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 will become effective for the Company beginning January 1, 2016 and early adoption is permitted. The Company does not anticipate that the adoption of ASU 2014-08 will have a material impact on its results of operations, financial condition, or cash flows.

Restructuring

6 Months Ended

Jun. 30, 2014

Restructuring and Related Activities [Abstract]

Restructuring

In February 2013, the Company committed to an expansion of its Service Value Commitment (the “Program”), an ongoing effort to position the Company's people, processes, and technology for sustainable long-term growth while improving the service experience of its advisors and delivering efficiencies in its operating model. The Program is expected to be completed in 2015.

The Company estimates total charges in connection with the Program will approach $65.0 million. These expenditures are comprised of outsourcing and other related costs, technology transformation costs, employee severance obligations and other related costs, and non-cash charges for impairment of certain fixed assets related to internally developed software.

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts for the Program as of and for the six months ended June 30, 2014 (in thousands):



	Accrued Balance at December 31, 2013		Costs Incurred		Payments			Accrued Balance at June 30, 2014		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs
Outsourcing and other related costs	$	1,424	$	4,376	$	(5,772	)	$	28	$	19,657	$	30,000
Technology transformation costs	1,753		9,796		(8,153		)	3,396		19,065		23,000
Employee severance obligations and other related costs	820		1,557		(895		)	1,482		4,015		11,000
Asset impairments	—		—		—			—		842		1,000
Total	$	3,997	$	15,729	$	(14,820	)	$	4,906	$	43,579	$	65,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

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.

There have been no transfers of assets or liabilities between these fair value measurement classifications during the six months ended June 30, 2014.

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 June 30, 2014, 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 Owned and Securities Sold, But Not Yet Purchased — The Company's trading securities consist of house account model portfolios established and managed 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. treasury obligations, mutual funds, certificates of deposit, and traded equity 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 June 30, 2014, the Company did not adjust prices received from the independent third-party pricing services.

Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; (2) certain non-traded real estate investment trusts, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data; and (3) cash flow hedges, which are measured using quoted prices for similar cash flow hedges, taking into account counterparty credit risk and the Company's own non-performance risk.

Accounts Payable and Accrued Liabilities — The Company's accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at June 30, 2014 (in thousands):



	Level 1		Level 2		Level 3		Total
At June 30, 2014:
Assets
Cash equivalents	$	85,821	$	—	$	—	$	85,821
Securities owned — trading:
Money market funds	278		—		—		278
Mutual funds	7,086		—		—		7,086
Equity securities	229		—		—		229
Debt securities	—		1,432		—		1,432
U.S. treasury obligations	2,000		—		—		2,000
Total securities owned — trading	9,593		1,432		—		11,025
Other assets	68,563		3,148		—		71,711
Total assets at fair value	$	163,977	$	4,580	$	—	$	168,557
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	30	$	—	$	—	$	30
Debt securities	—		10		—		10
Certificates of deposit	—		40		—		40
Total securities sold, but not yet purchased	30		50		—		80
Total liabilities at fair value	$	30	$	50	$	—	$	80

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2013 (in thousands):



	Level 1		Level 2		Level 3		Total
At December 31, 2013:
Assets
Cash equivalents	$	254,032	$	—	$	—	$	254,032
Securities owned — trading:
Money market funds	170		—		—		170
Mutual funds	7,291		—		—		7,291
Equity securities	103		—		—		103
U.S. treasury obligations	1,400		—		—		1,400
Total securities owned — trading	8,964		—		—		8,964
Other assets	47,539		3,072		—		50,611
Total assets at fair value	$	310,535	$	3,072	$	—	$	313,607
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	63	$	—	$	—	$	63
Equity securities	127		—		—		127
Debt securities	—		10		—		10
Certificates of deposit	—		11		—		11
Total securities sold, but not yet purchased	190		21		—		211
Accounts payable and accrued liabilities	—		—		39,293		39,293
Total liabilities at fair value	$	190	$	21	$	39,293	$	39,504

Changes in Level 3 Recurring Fair Value Measurements

As of December 31, 2013, the Company had a contingent consideration obligation related to the acquisition of National Retirement Partners, Inc. (“NRP”). This obligation was based on the achievement of certain revenue-based targets for the twelve-month period ended November 30, 2013, in aggregate for those advisors joining LPL Financial LLC (“LPL Financial”) subsequent to the NRP acquisition for whom retirement plans comprise a significant part of their business. As of December 31, 2013, the Company had finalized the determination of the amount of contingent consideration to be paid to the former shareholders of NRP, resulting in a total payment of $39.3 million, which was made on February 19, 2014.

The Company determines the fair value for its contingent consideration obligations using an income approach whereby the Company assesses the probability and timing of the achievement of the applicable milestones, which are based on contractually negotiated financial or operating targets that vary by acquisition transaction, such as revenues, gross margin, EBITDA, and assets under custody. The contingent payments are estimated using a probability weighted, multi-scenario analysis of expected future performance of the acquired businesses. The Company then discounts these expected payment amounts to calculate the fair value as of the valuation date. The Company's management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management's expectations.

The principal significant unobservable input used in the valuations of the Company's contingent consideration obligations is a risk-adjusted discount rate. Whereas management's underlying projections adjust for market penetration and adoption rates, the discount rate is risk-adjusted for key factors such as advisor attrition, advisor recruitment, expenses and overhead costs, average client assets, revenue generation of client assets, and credit risk. An increase in the discount rate will result in a decrease in the fair value of contingent consideration. Conversely, a decrease in the discount rate will result in an increase in the fair value of contingent consideration.

- 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 + Details

Held-to-Maturity Securities

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

The Company holds certain investments in securities, primarily U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments 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 are recorded as an adjustment to the investment yield.

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



	June 30, 2014			December 31, 2013
Amortized cost	$	3,346		$	6,853
Gross unrealized loss	(25		)	(58		)
Fair value	$	3,321		$	6,795

At June 30, 2014, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	750	$	2,096	$	500	$	3,346
U.S. government notes — at fair value	$	750	$	2,086	$	485	$	3,321

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Derivative Financial Instruments Derivative Financial Instruments

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

In May 2013, in conjunction with its commitment to expand its Service Value Commitment, the Company entered into a long-term contractual obligation (the “Agreement”) with a third-party provider to enhance the quality, speed, and cost of processes by outsourcing certain functions. The Agreement enables the third-party provider to use the services of its affiliates in India to provide services to the Company and provides for the Company to settle the cost of its contractual obligation to the third-party provider in U.S. dollars each month. However, the Agreement provides that on each annual anniversary date of the signing of the Agreement, the price for services (denominated in U.S. dollars) is to be adjusted for the then-current exchange rate between the U.S. dollar (“USD”) and the Indian rupee (“INR”). The Agreement provides that, once an annual adjustment is calculated, there are no further modifications to the amounts paid by the Company to the third-party provider for fluctuations in the exchange rate between the USD and the INR until the reset on the next anniversary date of the signing of the Agreement.

The third-party provider bore the risk of currency movement from the date of signing the Agreement until the reset on the first anniversary of its signing, and bears such risk during each period until the next annual reset date. The Company bears the risk of currency movement at each of the annual reset dates following the first anniversary.

To mitigate foreign currency risk arising from these annual anniversary events, the Company entered into four non-deliverable foreign currency contracts, all of which have been designated as cash flow hedges. The first cash flow hedge, with a notional amount of 560.4 million INR, or $8.5 million, settled in June 2014. The Company received a settlement of $1.0 million that will be reclassified out of accumulated other comprehensive income and recognized in net income to match the timing of the underlying hedged item.

The details related to the remaining non-deliverable foreign currency contracts at June 30, 2014 are as follows (in millions, except foreign exchange rate):



	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
Cash flow hedge #2	6/2/2015	560.4	69.35	$	8.1
Cash flow hedge #3	6/2/2016	560.4	72.21	7.8
Cash flow hedge #4	6/2/2017	560.4	74.20	7.5
Total hedged amount				$	23.4

The fair value of the derivative instruments, included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands):



	June 30, 2014		December 31, 2013
Cash flow hedges	$	1,711	$	187

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and intangible assets were a result of various acquisitions. See Note 9. Goodwill and Other Intangible Assets, in the Company's 2013 Annual Report on Form 10-K for a discussion of the components of goodwill and additional information regarding intangible assets.

- 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

Debt

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Debt

Senior Secured Credit Facilities — On May 13, 2013, the Company entered into the First Amendment and Incremental Assumption Agreement (“Credit Agreement”) with its wholly owned subsidiary, LPL Holdings, Inc., and other parties thereto. The Credit Agreement amended the Company's previous credit agreement, which was dated March 29, 2012.

The Credit Agreement includes a Term Loan A, a Term Loan B, and a revolving credit facility (“Revolving Credit Facility”). Term Loan A had an initial principal amount of $459.4 million maturing on March 29, 2017; Term Loan B had an initial principal amount of $1,083.9 million maturing on March 29, 2019; and the Revolving Credit Facility has a borrowing capacity of $250.0 million maturing on March 29, 2017.

At the time the Company entered into the Credit Agreement, all mandatory payments required under Term Loan A were prepaid, with the remaining principal and accrued interest due upon maturity. Term Loan B includes quarterly payments at an annual rate of 1.0% of principal per year, with the remaining principal and accrued interest due upon maturity.

Borrowings under Term Loan A and Term Loan B bear interest at a base rate equal to either one-, two-, three-, six-, nine-, or twelve-month LIBOR (the “Eurodollar Rate”) plus the applicable interest rate margin, or an alternative base rate (“ABR”) plus the applicable interest rate margin. The Eurodollar Rate with respect to Term Loan B shall in no event be less than 0.75%. The ABR is equal to the greatest of (a) the prime rate in effect on such day; (b) the effective federal funds rate in effect on such day plus 0.50%; (c) the Eurodollar Rate plus 1.00%; or (d) solely in the case of Term Loan B, 1.75%. The Company may repay outstanding loans under its Credit Agreement at any time without premium or penalty, other than customary “breakage” costs with respect to Eurodollar Rate loans.

As of June 30, 2014, borrowings under the term loans bore interest at the Eurodollar Rate with an applicable interest rate margin of 2.50%. The Company’s outstanding borrowings were as follows (dollars in thousands):



		June 30, 2014					December 31, 2013
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	3/29/2017	$	459,375	2.65	%	(1)	$	459,375	2.67	%	(3)
Term Loan B	3/29/2019	1,070,302		3.25	%	(2)	1,075,721		3.25	%	(4)
Total borrowings		1,529,677					1,535,096
Less current portion		10,839					10,839
Long-term borrowings — net of current portion		$	1,518,838				$	1,524,257

_____________________


(1)	As of June 30, 2014, the variable interest rate for Term Loan A was the one-month LIBOR, designated at an interest rate of 0.15%.


(2)	As of June 30, 2014, the Company elected the six-month LIBOR, which was less than 0.75%; as a result, the variable interest rate for Term Loan B was the minimum Eurodollar Rate of 0.75%.


(3)	As of December 31, 2013, the variable interest rate for Term Loan A was the one-month LIBOR, designated at an interest rate of 0.17%.


(4)	As of December 31, 2013, the Company elected the six-month LIBOR, which was less than 0.75%; as a result, the variable interest rate for Term Loan B was the minimum Eurodollar Rate of 0.75%.

As of June 30, 2014, the Revolving Credit Facility was being used to support the issuance of $21.4 million of irrevocable letters of credit for the construction of the Company's San Diego office building and other items, with an applicable interest rate margin of 2.50%. An irrevocable letter of credit for $20.7 million matures on March 29, 2015, while the remaining letters totaling $0.7 million mature on various dates through June 8, 2015. The remaining available balance of $228.6 million was undrawn at June 30, 2014.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of June 30, 2014, the Company was in compliance with such covenants.

Bank Loans Payable — The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $200.0 million limit, and allows for both collateralized and uncollateralized borrowings. The lines have not been utilized in 2014, but were utilized in 2013; however, there were no balances outstanding at June 30, 2014 or December 31, 2013.

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Average balance	$	—		$	1,424		$	—		$	6,915
Weighted-average interest rate	—		%	1.83		%	—		%	1.81		%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases — The Company leases office space and equipment 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. Total rental expense for all operating leases was approximately $8.2 million and $5.0 million for the three months ended June 30, 2014 and 2013, respectively, and $17.0 million and $10.0 million for the six months ended June 30, 2014 and 2013, respectively. In March 2014 the Company entered into a lease agreement for additional office space in Charlotte, North Carolina with a lease commencement date of March 1, 2014 and an expiration date of February 28, 2017. Future minimum payments for this lease commitment are $0.4 million, $1.0 million, $1.1 million, and $0.2 million, for the years 2014, 2015, 2016, and 2017, respectively. 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. 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 subsidiary, LPL Financial, provides 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, LPL Financial makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These unfunded commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no such significant unfunded commitments at June 30, 2014. Disputed & Regulatory Matters — The Company maintains insurance coverage for certain client claims. With respect to these matters, the estimated losses on the majority of pending matters are less than the applicable deductibles of the insurance policies. The Company is also subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its financial advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include restitution, fines, and other remedies. As of June 30, 2014, the Company believes, based on the information available at this time, consideration of amounts accrued, insurance, if any, and indemnifications provided by the third-party indemnitors, if any, that the outcomes of any such pending claims or matters with estimated losses in excess of applicable deductibles will not have a material impact on its unaudited condensed consolidated statements of income, financial condition, or cash flows. Certain former owners of Concord Capital Partners, Inc. (“CCP”), a subsidiary that the Company acquired in June 2011, have filed lawsuits with claims related to contingent consideration under the stock purchase agreement relating to the Company's acquisition of CCP and employment-related claims. As of June 30, 2014, after consideration of amounts accrued and applicable insurance, the Company does not believe that the outcomes of these matters, individually or in the aggregate, will have a material impact on its unaudited condensed consolidated statements of income, financial condition, or cash flows. Other Commitments — As of June 30, 2014, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $383.2 million, which it can re-pledge, loan, or sell. Of these securities, approximately $31.3 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. Additionally, approximately $172.6 million was held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. The remainder of $179.3 million had not been re-pledged, loaned, or sold, and as of June 30, 2014 there were no restrictions that materially limited the Company's ability to re-pledge, loan, or sell the remaining $351.9 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $2.0 million and $1.4 million pledged to clearing organizations at June 30, 2014 and December 31, 2013, respectively. Brokerage, clearing, and custody services are provided by LPL Financial on a fully disclosed basis. LPL Financial also has a multi-year agreement to provide its investment advisory programs, platforms, technology, and additional processing and related services to the advisors of the broker-dealer subsidiary of a large global insurance company and the clients of such advisors at specified service levels. Failures by LPL Financial to meet certain specified service levels may result in service level credits against future fees payable by or give rise to a termination right for such broker-dealer. Termination fees may be payable by a terminating or breaching party depending on the specific cause of termination.

Stockholders' Equity (Notes)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Share-Based Compensation

Certain employees, advisors, institutions, officers, and directors of the Company participate in various long-term incentive plans, which provide for granting stock options, warrants, restricted stock awards, and restricted stock units. Stock options and warrants generally vest in equal increments over a three- to five-year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and restricted stock units generally vest over a two- to four-year period.

On November 17, 2010, the Company adopted a 2010 Omnibus Equity Incentive Plan (the “2010 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, and other equity-based compensation. The 2010 Plan serves as the successor to the 2005 Stock Option Plan for Incentive Stock Options, the 2005 Stock Option Plan for Non-qualified Stock Options, the 2008 Advisor and Institution Incentive Plan, the 2008 Stock Option Plan and the Director Restricted Stock Plan (collectively, the “Predecessor Plans”). Upon adoption of the 2010 Plan, awards were no longer made under the Predecessor Plans; however, awards previously granted under the Predecessor Plans remain outstanding until exercised or forfeited.

There are 12,055,945 shares authorized for grant under the 2010 Plan. As of June 30, 2014, there were 6,157,487 shares reserved for issuance upon exercise or conversion of outstanding awards granted under the 2010 Plan.

Stock Options and Warrants

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee, officer, and director stock options that have been granted during the six months ended June 30, 2014:



Expected life (in years)	6.01
Expected stock price volatility	44.33		%
Expected dividend yield	1.75		%
Risk-free interest rate	2.19		%
Fair value of options	$	20.72

The fair value of each stock option or warrant awarded to advisors and financial institutions is estimated on the date of the grant and revalued at each reporting period using the Black-Scholes valuation model with the following weighted-average assumptions used during the six months ended June 30, 2014:



Expected life (in years)	6.76
Expected stock price volatility	39.26		%
Expected dividend yield	1.93		%
Risk-free interest rate	2.01		%
Fair value of options	$	25.18

The following table summarizes the Company’s stock option and warrant activity for the six months ended June 30, 2014:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2013	7,016,521		$	28.45
Granted	702,660		54.72
Exercised	(872,318	)	24.73
Forfeited	(210,996	)	34.48
Outstanding — June 30, 2014	6,635,867		$	31.53	6.89	$	120,826
Exercisable — June 30, 2014	3,185,621		$	27.36	5.69	$	71,301

The following table summarizes information about outstanding stock options and warrants at June 30, 2014:



	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
$2.38	17,382	0.92	$	2.38	17,382	$	2.38
$15.84 - $23.02	1,337,146	4.95	21.41		1,089,063	21.20
$23.41 - $30.00	1,705,518	6.27	28.14		937,510	27.64
$31.60 - $32.33	1,703,198	8.17	31.87		502,139	31.95
$34.01 - $39.60	1,200,404	6.65	34.58		637,834	34.44
$45.89 - $54.81	672,219	9.66	54.72		1,693	54.81
	6,635,867	6.89	$	31.53	3,185,621	$	27.36

The Company recognizes share-based compensation for stock options awarded to employees, officers, and directors based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized share-based compensation related to the vesting of these awards of $3.8 million and $3.8 million during the three months ended June 30, 2014 and 2013, respectively, and $7.6 million and $7.3 million during the six months ended June 30, 2014 and 2013, respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of June 30, 2014, total unrecognized compensation cost related to non-vested stock options granted to employees, officers and directors was $30.2 million, which is expected to be recognized over a weighted-average period of 2.45 years.

The Company recognizes share-based compensation for stock options and warrants awarded to its advisors and to financial institutions based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of $1.6 million and $2.4 million during the three months ended June 30, 2014 and 2013, respectively, and $4.8 million and $4.3 million for during the six months ended June 30, 2014 and 2013, respectively, related to the vesting of stock options and warrants awarded to its advisors and financial institutions, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of June 30, 2014, total unrecognized compensation cost related to non-vested stock options and warrants granted to advisors and financial institutions was $16.1 million, which is expected to be recognized over a weighted-average period of 2.68 years.

Restricted Stock

The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the six months ended June 30, 2014:



	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2013	39,153		$	33.20	256,684		$	32.12
Granted	15,846		49.22		336,405		49.34
Vested	(9,300	)	32.26		(35,035	)	30.66
Forfeited	(4,550	)	32.96		(25,063	)	36.88
Nonvested at June 30, 2014	41,149		$	39.60	532,991		$	42.86

The Company recognizes share-based compensation for restricted stock awards and restricted stock units granted to its employees, officers, and directors based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized $1.5 million and $0.6 million of share-based compensation related to the vesting of these restricted stock awards and restricted stock units during the three months ended June 30, 2014 and 2013, respectively, and $2.7 million and $1.0 million during the six months ended June 30, 2014 and 2013, respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of June 30, 2014, total unrecognized compensation cost for restricted stock awards and restricted stock units granted to employees, officers, and directors was $13.7 million, which is expected to be recognized over a weighted-average remaining period of 2.40 years.

In the second quarter of 2014, the Company began granting restricted stock units to its advisors and to financial institutions. The Company recognizes share-based compensation for restricted stock units granted to its advisors and to financial institutions based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of $0.2 million related to the vesting of these restricted stock units during the three and six months ended June 30, 2014, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of June 30, 2014, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $5.1 million, which is expected to be recognized over a weighted-average remaining period of 2.87 years.

Dividends

The payment, timing, and amount of any dividends are subject to approval by the Board of Directors as well as certain limits under the Company's credit facilities. Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data):



	2014				2013
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.24	$	24.1	$	0.135	$	14.4
Second quarter	$	0.24	$	24.0	$	0.135	$	14.4

Share Repurchases

The Board of Directors has approved several share repurchase programs pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. Purchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company's management within the constraints of the Credit Agreement and general liquidity needs.

For the three months ended June 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Three Months Ended June 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at June 30, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	1,428,576	$	36.99	$	52.8
May 28, 2013	$	200.0	—		—	—		—		—	—		—
February 10, 2014	$	150.0	92.9		535,210	46.73		25.0		—	—		—
			$	92.9	535,210	$	46.73	$	25.0	1,428,576	$	36.99	$	52.8

For the six months ended June 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Six Months Ended June 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at June 30, 2014		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	1,583,865	$	36.47	$	57.8
May 28, 2013	$	200.0	—		1,306,288	52.00		67.9		—	—		—
February 10, 2014	$	150.0	92.9		1,151,998	49.55		57.1		—	—		—
			$	92.9	2,458,286	$	50.85	$	125.0	1,583,865	$	36.47	$	57.8

See Note 13 for details regarding the repurchase of shares from related parties.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands, except per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Net income	$	43,091	$	45,091	$	96,226	$	99,808

Basic weighted-average number of shares outstanding	100,244		106,414		100,756		106,381
Dilutive common share equivalents	1,785		1,281		1,916		1,084
Diluted weighted-average number of shares outstanding	102,029		107,695		102,672		107,465

Basic earnings per share	$	0.43	$	0.42	$	0.96	$	0.94
Diluted earnings per share	$	0.42	$	0.42	$	0.94	$	0.93

The computation of diluted earnings per share excludes stock options, warrants, and restricted stock units that are anti-dilutive. For the three months ended June 30, 2014 and 2013, stock options, warrants, and restricted stock units representing common share equivalents of 1,510,813 shares and 3,864,493 shares, respectively, were anti-dilutive. For the six months ended June 30, 2014 and 2013, stock options, warrants, and restricted stock units representing common share equivalents of 1,282,968 shares and 4,689,047 shares, respectively, were anti-dilutive.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate differs from the federal corporate tax rate of 35.0%, primarily as a result of state taxes, settlement contingencies, and expenses that are not deductible for tax purposes. These items resulted in effective tax rates of 39.4% and 39.8% for the three months ended June 30, 2014 and 2013, respectively, and 39.4% and 39.7% for the six months ended June 30, 2014 and 2013, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions with TPG Capital, one of the Company's significant stockholders, as well as certain portfolio companies of TPG Capital. During the six months ended June 30, 2014 and 2013 the Company recognized revenue for services provided to these portfolio companies of $0.4 million and $2.2 million, respectively. During the six months ended June 30, 2014 and 2013, the Company incurred expenses for services provided by TPG Capital or these portfolio companies of $0.5 million and $0.3 million, respectively. As of June 30, 2014 and 2013, receivables from related parties were $0.1 million and $1.1 million, respectively. As of June 30, 2014 and 2013, payables to related parties were not in excess of $0.1 million. During the six months ended June 30 2013, the Company incurred $0.8 million in expenses for services provided by Aplifi, Inc., a privately held technology company in which the Company held an equity interest until its sale in October 2013. On February 12, 2014, the Company entered into a share repurchase agreement with an investment fund associated with TPG Capital, pursuant to which the Company repurchased 1.9 million shares of its common stock at a price of $52.00 per share, for total consideration of $100.0 million. The share repurchase was effected in a private transaction and was contingent on the closing of a registered sale of 1.9 million shares of the Company's common stock by TPG Capital to a private investor. The repurchase transaction closed on February 19, 2014.

- Definition

The entire disclosure for related party transactions. 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 + Details

Net Capital and Regulatory Requirements	6 Months Ended
Net Capital and Regulatory Requirements	Jun. 30, 2014
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements The Company operates in a highly regulated industry. Applicable laws and regulations restrict permissible activities and investments and 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. The Company’s registered broker-dealer, LPL Financial, is 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 and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and had net capital of $187.5 million with a minimum net capital requirement of $6.8 million and net capital in excess of the minimum requirement of $180.7 million as of June 30, 2014. The Company's subsidiary, The Private Trust Company N.A. (“PTC”), operates in a highly regulated industry and is 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 substantial monetary and non-monetary impacts to PTC's operations. As of June 30, 2014 and December 31, 2013, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

- 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 FASB
-Name Accounting Standards Codification
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+ Details

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2014
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 advisors' 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 or securities into their account prior to placing an order. LPL Financial may at times hold equity securities that are recorded on the unaudited condensed 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.

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2014
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 29, 2014, the Board of Directors declared a cash dividend of $0.24 per share on the Company's outstanding common stock to be paid on August 29, 2014 to all stockholders of record on August 14, 2014. ******

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2014
Accounting Policies [Abstract]
Consolidation	Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLFH 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.
Use of Estimates	Use of Estimates — The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates.
Reportable Segment	Reportable Segment — The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels qualify as individual operating segments and are aggregated and viewed as one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment.
Fair Value of Financial Instruments	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. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4. Fair Value Measurements, for additional detail regarding the Company’s fair value measurements. As of June 30, 2014, the carrying amount and fair value of the Company’s indebtedness was approximately $1,529.7 million and $1,523.9 million, respectively. As of December 31, 2013, the carrying amount and fair value was approximately $1,535.1 million and $1,533.3 million, respectively.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360), which changes the requirements for reporting discontinued operations that may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results when any of the following criteria is met with respect to the disposal: it can be classified as held for sale, disposed of by sale, or disposed of other than by sale (such as by abandonment, or in a distribution to owners in a spinoff). ASU 2014-08 will become effective for the Company beginning January 1, 2015. The Company does not anticipate that the adoption of ASU 2014-08 will have a material impact on its results of operations, financial condition, or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09 will become effective for the Company beginning January 1, 2017 and early adoption is not permitted. The Company is currently evaluating the potential impact of ASU 2014-09 on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 will become effective for the Company beginning January 1, 2016 and early adoption is permitted. The Company does not anticipate that the adoption of ASU 2014-08 will have a material impact on its results of operations, financial condition, or cash flows.

Restructuring (Tables)

6 Months Ended

Jun. 30, 2014

Restructuring and Related Activities [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 for the Program as of and for the six months ended June 30, 2014 (in thousands):



	Accrued Balance at December 31, 2013		Costs Incurred		Payments			Accrued Balance at June 30, 2014		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs
Outsourcing and other related costs	$	1,424	$	4,376	$	(5,772	)	$	28	$	19,657	$	30,000
Technology transformation costs	1,753		9,796		(8,153		)	3,396		19,065		23,000
Employee severance obligations and other related costs	820		1,557		(895		)	1,482		4,015		11,000
Asset impairments	—		—		—			—		842		1,000
Total	$	3,997	$	15,729	$	(14,820	)	$	4,906	$	43,579	$	65,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 (in thousands):



	Level 1		Level 2		Level 3		Total
At June 30, 2014:
Assets
Cash equivalents	$	85,821	$	—	$	—	$	85,821
Securities owned — trading:
Money market funds	278		—		—		278
Mutual funds	7,086		—		—		7,086
Equity securities	229		—		—		229
Debt securities	—		1,432		—		1,432
U.S. treasury obligations	2,000		—		—		2,000
Total securities owned — trading	9,593		1,432		—		11,025
Other assets	68,563		3,148		—		71,711
Total assets at fair value	$	163,977	$	4,580	$	—	$	168,557
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	30	$	—	$	—	$	30
Debt securities	—		10		—		10
Certificates of deposit	—		40		—		40
Total securities sold, but not yet purchased	30		50		—		80
Total liabilities at fair value	$	30	$	50	$	—	$	80

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2013 (in thousands):



	Level 1		Level 2		Level 3		Total
At December 31, 2013:
Assets
Cash equivalents	$	254,032	$	—	$	—	$	254,032
Securities owned — trading:
Money market funds	170		—		—		170
Mutual funds	7,291		—		—		7,291
Equity securities	103		—		—		103
U.S. treasury obligations	1,400		—		—		1,400
Total securities owned — trading	8,964		—		—		8,964
Other assets	47,539		3,072		—		50,611
Total assets at fair value	$	310,535	$	3,072	$	—	$	313,607
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	63	$	—	$	—	$	63
Equity securities	127		—		—		127
Debt securities	—		10		—		10
Certificates of deposit	—		11		—		11
Total securities sold, but not yet purchased	190		21		—		211
Accounts payable and accrued liabilities	—		—		39,293		39,293
Total liabilities at fair value	$	190	$	21	$	39,293	$	39,504

Held-to-Maturity Securities (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity

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



	June 30, 2014			December 31, 2013
Amortized cost	$	3,346		$	6,853
Gross unrealized loss	(25		)	(58		)
Fair value	$	3,321		$	6,795

Maturities of securities held-to-maturity

At June 30, 2014, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	750	$	2,096	$	500	$	3,346
U.S. government notes — at fair value	$	750	$	2,086	$	485	$	3,321

- 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 + Details

Derivative Financial Instruments Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of non-deliverable foreign currency contracts

The details related to the remaining non-deliverable foreign currency contracts at June 30, 2014 are as follows (in millions, except foreign exchange rate):



	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
Cash flow hedge #2	6/2/2015	560.4	69.35	$	8.1
Cash flow hedge #3	6/2/2016	560.4	72.21	7.8
Cash flow hedge #4	6/2/2017	560.4	74.20	7.5
Total hedged amount				$	23.4

Schedule of the fair value of the derivative instruments

The fair value of the derivative instruments, included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands):



	June 30, 2014		December 31, 2013
Cash flow hedges	$	1,711	$	187

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: 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=35706170&loc=d3e41641-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Outstanding borrowings

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



		June 30, 2014					December 31, 2013
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	3/29/2017	$	459,375	2.65	%	(1)	$	459,375	2.67	%	(3)
Term Loan B	3/29/2019	1,070,302		3.25	%	(2)	1,075,721		3.25	%	(4)
Total borrowings		1,529,677					1,535,096
Less current portion		10,839					10,839
Long-term borrowings — net of current portion		$	1,518,838				$	1,524,257

_____________________


(1)	As of June 30, 2014, the variable interest rate for Term Loan A was the one-month LIBOR, designated at an interest rate of 0.15%.


(2)	As of June 30, 2014, the Company elected the six-month LIBOR, which was less than 0.75%; as a result, the variable interest rate for Term Loan B was the minimum Eurodollar Rate of 0.75%.


(3)	As of December 31, 2013, the variable interest rate for Term Loan A was the one-month LIBOR, designated at an interest rate of 0.17%.


(4)	As of December 31, 2013, the Company elected the six-month LIBOR, which was less than 0.75%; as a result, the variable interest rate for Term Loan B was the minimum Eurodollar Rate of 0.75%.

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):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Average balance	$	—		$	1,424		$	—		$	6,915
Weighted-average interest rate	—		%	1.83		%	—		%	1.81		%

- 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 FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
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-Paragraph 1
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Stockholders' Equity Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Attributable to Parent [Abstract]

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



Expected life (in years)	6.01
Expected stock price volatility	44.33		%
Expected dividend yield	1.75		%
Risk-free interest rate	2.19		%
Fair value of options	$	20.72



Expected life (in years)	6.76
Expected stock price volatility	39.26		%
Expected dividend yield	1.93		%
Risk-free interest rate	2.01		%
Fair value of options	$	25.18

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity for the six months ended June 30, 2014:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2013	7,016,521		$	28.45
Granted	702,660		54.72
Exercised	(872,318	)	24.73
Forfeited	(210,996	)	34.48
Outstanding — June 30, 2014	6,635,867		$	31.53	6.89	$	120,826
Exercisable — June 30, 2014	3,185,621		$	27.36	5.69	$	71,301

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants at June 30, 2014:



	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
$2.38	17,382	0.92	$	2.38	17,382	$	2.38
$15.84 - $23.02	1,337,146	4.95	21.41		1,089,063	21.20
$23.41 - $30.00	1,705,518	6.27	28.14		937,510	27.64
$31.60 - $32.33	1,703,198	8.17	31.87		502,139	31.95
$34.01 - $39.60	1,200,404	6.65	34.58		637,834	34.44
$45.89 - $54.81	672,219	9.66	54.72		1,693	54.81
	6,635,867	6.89	$	31.53	3,185,621	$	27.36

Summary of restricted stock awards and restricted stock units activity

The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the six months ended June 30, 2014:



	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2013	39,153		$	33.20	256,684		$	32.12
Granted	15,846		49.22		336,405		49.34
Vested	(9,300	)	32.26		(35,035	)	30.66
Forfeited	(4,550	)	32.96		(25,063	)	36.88
Nonvested at June 30, 2014	41,149		$	39.60	532,991		$	42.86

Schedule of dividends paid per common share

Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data):



	2014				2013
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.24	$	24.1	$	0.135	$	14.4
Second quarter	$	0.24	$	24.0	$	0.135	$	14.4

Summary of share repurchase program activity

For the three months ended June 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Three Months Ended June 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at June 30, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	1,428,576	$	36.99	$	52.8
May 28, 2013	$	200.0	—		—	—		—		—	—		—
February 10, 2014	$	150.0	92.9		535,210	46.73		25.0		—	—		—
			$	92.9	535,210	$	46.73	$	25.0	1,428,576	$	36.99	$	52.8

For the six months ended June 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Six Months Ended June 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at June 30, 2014		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	1,583,865	$	36.47	$	57.8
May 28, 2013	$	200.0	—		1,306,288	52.00		67.9		—	—		—
February 10, 2014	$	150.0	92.9		1,151,998	49.55		57.1		—	—		—
			$	92.9	2,458,286	$	50.85	$	125.0	1,583,865	$	36.47	$	57.8

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands, except per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Net income	$	43,091	$	45,091	$	96,226	$	99,808

Basic weighted-average number of shares outstanding	100,244		106,414		100,756		106,381
Dilutive common share equivalents	1,785		1,281		1,916		1,084
Diluted weighted-average number of shares outstanding	102,029		107,695		102,672		107,465

Basic earnings per share	$	0.43	$	0.42	$	0.96	$	0.94
Diluted earnings per share	$	0.42	$	0.42	$	0.94	$	0.93

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Senior secured credit facilities	$ 1,529,677	$ 1,535,096
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 1,523,900	$ 1,533,300

Restructuring Restructuring (Details) $ in Millions	Jun. 30, 2014 USD ($)
Restructuring and Related Activities [Abstract]
Total Expected Restructuring Costs	$ 65.0

Restructuring Table (Details 1) $ in Thousands	6 Months Ended
Restructuring Table (Details 1) $ in Thousands	Jun. 30, 2014 USD ($)
Restructuring Reserve [Roll Forward]
Total Expected Restructuring Costs	$ 65,000
Restructuring Charges [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	3,997
Costs incurred	15,729
Payments	(14,820)
Accrued Balance, End of Period	4,906
Cumulative Costs Incurred to Date	43,579
Total Expected Restructuring Costs	65,000
Outsourcing and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	1,424
Costs incurred	4,376
Payments	(5,772)
Accrued Balance, End of Period	28
Cumulative Costs Incurred to Date	19,657
Total Expected Restructuring Costs	30,000
Technology transformation costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	1,753
Costs incurred	9,796
Payments	(8,153)
Accrued Balance, End of Period	3,396
Cumulative Costs Incurred to Date	19,065
Total Expected Restructuring Costs	23,000
Employee severance obligations and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	820
Costs incurred	1,557
Payments	(895)
Accrued Balance, End of Period	1,482
Cumulative Costs Incurred to Date	4,015
Total Expected Restructuring Costs	11,000
Asset impairments
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	0
Payments	0
Accrued Balance, End of Period	0
Cumulative Costs Incurred to Date	842
Total Expected Restructuring Costs	$ 1,000

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 11,025	$ 8,964
Securities sold, but not yet purchased	80	211
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	85,821	254,032
Securities owned — trading	9,593	8,964
Other assets	68,563	47,539
Total assets at fair value	163,977	310,535
Securities sold, but not yet purchased	30	190
Accounts payable and accrued liabilities		0
Total liabilities at fair value	30	190
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	1,432	0
Other assets	3,148	3,072
Total assets at fair value	4,580	3,072
Securities sold, but not yet purchased	50	21
Accounts payable and accrued liabilities		0
Total liabilities at fair value	50	21
Fair Value, Measurements, Recurring [Member] \| 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	0	0
Accounts payable and accrued liabilities		39,293
Total liabilities at fair value	0	39,293
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	85,821	254,032
Securities owned — trading	11,025	8,964
Other assets	71,711	50,611
Total assets at fair value	168,557	313,607
Securities sold, but not yet purchased	80	211
Accounts payable and accrued liabilities		39,293
Total liabilities at fair value	80	39,504
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		63
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		63
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	30	127
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	30	127
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	10	10
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	10	10
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	40	11
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	40	11
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	278	170
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	278	170
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,086	7,291
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,086	7,291
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	229	103
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	229	103
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,432
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,432
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	2,000	1,400
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 2,000	$ 1,400

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details Textuals) - USD ($) $ in Thousands		6 Months Ended
	Feb. 19, 2014	Jun. 30, 2014	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment of contingent consideration obligation		$ 3,300	$ 0
National Retirement Partners [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment of contingent consideration obligation	$ 39,300

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Amortized cost	$ 3,346	$ 6,853
U.S. government notes [Member]
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Amortized cost	3,346	6,853
Gross unrealized loss	(25)	(58)
Fair Value, Inputs, Level 1 [Member] \| U.S. government notes [Member]
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Fair value	$ 3,321	$ 6,795

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost	$ 3,346	$ 6,853
U.S. government notes [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	750
U.S. government notes - at amortized cost, After one but within five years	2,096
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost	3,346
U.S. government notes - at fair value, Within one year	750
U.S. government notes - at fair value, After one but within five years	2,086
U.S. government notes - at fair value, After five through ten years	485
U.S. government notes - at fair value	$ 3,321

Derivative Financial Instruments Derivative Financial Instruments (Details) ₨ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2014 INR (₨)	Jun. 30, 2014 USD ($)
Derivative [Line Items]
Hedged Notional Amount		$ 23.4
Cash Flow Hedge 1 [Member]
Derivative [Line Items]
Hedged Notional Amount	₨ 560.4	8.5
Cash Flow Hedge 2 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2015
Hedged Notional Amount	₨ 560.4	$ 8.1
Contractual INR/USD Foreign Exchange Rate	69.35	69.35
Cash Flow Hedge 3 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2016
Hedged Notional Amount	₨ 560.4	$ 7.8
Contractual INR/USD Foreign Exchange Rate	72.21	72.21
Cash Flow Hedge 4 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2017
Hedged Notional Amount	₨ 560.4	$ 7.5
Contractual INR/USD Foreign Exchange Rate	74.20	74.20

Derivative Financial Instruments Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of cash flow hedges	$ 1,711	$ 187

Derivative Financial Instruments Derivative Financial Instruments (Details Textuals) $ in Millions	6 Months Ended
	Jun. 30, 2014 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of cash flow hedges entered into by the Company	4
Cash received on settlement of Cash Flow Hedge 1	$ 1.0

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

Jun. 30, 2014

Dec. 31, 2013

Senior secured term loans:

Balance

$ 1,529,677

$ 1,535,096

Less current portion

10,839

Long-term borrowings — net of current portion

1,518,838

1,524,257

Term Loan A [Member]

Senior secured term loans:

Balance

$ 459,375

Interest Rate

2.65%

^[1]

2.67%

^[2]

Term Loan B [Member]

Senior secured term loans:

Balance

$ 1,070,302

$ 1,075,721

Interest Rate

3.25%

^[3]

3.25%

^[4]

[1]	As of June 30, 2014, the variable interest rate for Term Loan A was the one-month LIBOR, designated at an interest rate of 0.15%.
[2]	As of December 31, 2013, the variable interest rate for Term Loan A was the one-month LIBOR, designated at an interest rate of 0.17%.
[3]	As of June 30, 2014, the Company elected the six-month LIBOR, which was less than 0.75%; as a result, the variable interest rate for Term Loan B was the minimum Eurodollar Rate of 0.75%.
[4]	As of December 31, 2013, the Company elected the six-month LIBOR, which was less than 0.75%; as a result, the variable interest rate for Term Loan B was the minimum Eurodollar Rate of 0.75%

Debt (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Debt (Details 1) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Summary of borrowing activity in the revolving and uncommitted line of credit facilities
Average balance	$ 0	$ 1,424	$ 0	$ 6,915
Weighted-average interest rate	0.00%	1.83%	0.00%	1.81%

Debt (Details Textuals) $ in Millions	3 Months Ended		6 Months Ended
Debt (Details Textuals) $ in Millions	Jun. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)	Jun. 30, 2014 USD ($)	May 13, 2013 USD ($)
Debt Instrument [Line Items]
Letters of credit, amount outstanding	$ 21.4		$ 21.4
Number of uncommitted lines of credit			3
Number of uncommitted lines of credit, unspecified limit			2
Term Loan A [Member]
Debt Instrument [Line Items]
Aggregate initial principal amount of senior secured term loans				$ 459.4
Payment terms of senior secured term loans			At the time the Company entered into the Credit Agreement, all mandatory payments required under Term Loan A were prepaid, with the remaining principal and accrued interest due upon maturity.
Term Loan B [Member]
Debt Instrument [Line Items]
Aggregate initial principal amount of senior secured term loans				1,083.9
Payment terms of senior secured term loans			Term Loan B includes quarterly payments at an annual rate of 1.0% of principal per year, with the remaining principal and accrued interest due upon maturity.
Term Loan A and Term Loan B [Member]
Debt Instrument [Line Items]
Interest rate terms of senior secured term loans			Borrowings under Term Loan A and Term Loan B bear interest at a base rate equal to either one-, two-, three-, six-, nine-, or twelve-month LIBOR (the “Eurodollar Rate”) plus the applicable interest rate margin, or an alternative base rate (“ABR”) plus the applicable interest rate margin. The Eurodollar Rate with respect to Term Loan B shall in no event be less than 0.75%. The ABR is equal to the greatest of (a) the prime rate in effect on such day; (b) the effective federal funds rate in effect on such day plus 0.50%; (c) the Eurodollar Rate plus 1.00%; or (d) solely in the case of Term Loan B, 1.75%. The Company may repay outstanding loans under its Credit Agreement at any time without premium or penalty, other than customary “breakage” costs with respect to Eurodollar Rate loans.
Applicable interest rate margin	2.50%	2.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 250.0
Applicable interest rate margin	2.50%	2.50%
Line of credit, remaining borrowing capacity	$ 228.6		$ 228.6
Bank Loans Payable [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	200.0		200.0
Line of credit, amount outstanding	$ 0.0	$ 0.0	0.0
Eurodollar Rate [Member] \| Term Loan A [Member]
Debt Instrument [Line Items]
Variable interest rate basis	one-month LIBOR, designated at an interest rate of 0.15%	one-month LIBOR, designated at an interest rate of 0.17%
Eurodollar Rate [Member] \| Term Loan B [Member]
Debt Instrument [Line Items]
Variable interest rate basis	minimum Eurodollar Rate of 0.75%	minimum Eurodollar Rate of 0.75%
March 29, 2015 [Member]
Debt Instrument [Line Items]
Letters of credit, amount outstanding	$ 20.7		20.7
June 8, 2015 [Member]
Debt Instrument [Line Items]
Letters of credit, amount outstanding	$ 0.7		$ 0.7

Commitments and Contingencies (Leases) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Rent expense, operating leases	$ 8.2	$ 5.0	$ 17.0	$ 10.0
Future minimum payments for Charlotte office, 2014 - remaining	0.4		0.4
Future minimum payments for Charlotte office, 2015	1.0		1.0
Future minimum payments for Charlotte office, 2016	1.1		1.1
Future minimum payments for Charlotte office, 2017	$ 0.2		$ 0.2

Commitments and Contingencies Commitments and Contingencies (Other Commitments) - USD ($) $ in Millions	Jun. 30, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Collateral security	$ 383.2
Amount pledged with client-owned securities	31.3
Collateral security held at banks	172.6
Collateral security that has not been re-pledged, loaned, or sold	179.3
Remaining collateral securities that can be re-pledged, loaned, or sold	351.9
Trading securities pledged to clearing organizations	$ 2.0	$ 1.4

Stockholders' Equity (Details Texuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	12,055,945		12,055,945
Authorized unissued shares	6,157,487		6,157,487
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Minimum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Maximum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Employees, officers, and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 3.8	$ 3.8	$ 7.6	$ 7.3
Share-based compensation cost unrecognized	30.2		$ 30.2
Non-vested compensation cost weighted-average period			2 years 5 months 12 days
Employees, officers, and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation	1.5	0.6	$ 2.7	1.0
Share-based compensation cost unrecognized	13.7		$ 13.7
Non-vested compensation cost weighted-average period			2 years 4 months 25 days
Advisors and Financial Institutions [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	1.6	$ 2.4	$ 4.8	$ 4.3
Share-based compensation cost unrecognized	16.1		$ 16.1
Non-vested compensation cost weighted-average period			2 years 8 months 5 days
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	0.2
Share-based compensation cost unrecognized	$ 5.1		$ 5.1
Non-vested compensation cost weighted-average period			2 years 10 months 15 days

Stockholders' Equity Stock Option and Warrant Assumptions (Details)	6 Months Ended
	Jun. 30, 2014 $ / shares
Employees, officers, and directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	6 years 5 days
Expected stock price volatility	44.33%
Expected dividend yield	1.75%
Risk-free interest rate	2.19%
Fair value of options	$ 20.72
Advisors and Financial Institutions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	6 years 9 months 5 days
Expected stock price volatility	39.26%
Expected dividend yield	1.93%
Risk-free interest rate	2.01%
Fair value of options	$ 25.18

Stockholders' Equity Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	7,016,521
Number of Shares, Granted	702,660
Number of Shares, Exercised	(872,318)
Number of Shares, Forfeited	(210,996)
Number of Shares Outstanding, Ending Balance	6,635,867
Number of Shares, Exercisable, Ending Balance	3,185,621
Weighted-Average Exercise Price, Granted	$ 54.72
Weighted-Average Exercise Price, Exercised	24.73
Weighted-Average Exercise Price, Forfeited	34.48
Weighted-Average Exercise Price, Outstanding, Ending Balance	31.53	$ 28.45
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 27.36
Weighted-Average Remaining Contractual Term for Options, Outstanding	6 years 10 months 19 days
Weighted-Average Remaining Contractual Term for Options, Exercisable	5 years 8 months 10 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 120,826
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 71,301

Stockholders' Equity Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Jun. 30, 2014 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	6,635,867
Weighted-average remaining life (years), Outstanding	6 years 10 months 20 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 31.53
Number of shares, Exercisable \| shares	3,185,621
Weighted-average exercise price, Exercisable \| $ / shares	$ 27.36
$2.38
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	17,382
Weighted-average remaining life (years), Outstanding	11 months 1 day
Weighted-average exercise price, Outstanding \| $ / shares	$ 2.38
Number of shares, Exercisable \| shares	17,382
Weighted-average exercise price, Exercisable \| $ / shares	$ 2.38
$15.84 - $23.02
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,337,146
Weighted-average remaining life (years), Outstanding	4 years 11 months 13 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 21.41
Number of shares, Exercisable \| shares	1,089,063
Weighted-average exercise price, Exercisable \| $ / shares	$ 21.20
$23.41 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,705,518
Weighted-average remaining life (years), Outstanding	6 years 3 months 8 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 28.14
Number of shares, Exercisable \| shares	937,510
Weighted-average exercise price, Exercisable \| $ / shares	$ 27.64
$31.60 - $32.33
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,703,198
Weighted-average remaining life (years), Outstanding	8 years 2 months 1 day
Weighted-average exercise price, Outstanding \| $ / shares	$ 31.87
Number of shares, Exercisable \| shares	502,139
Weighted-average exercise price, Exercisable \| $ / shares	$ 31.95
$34.01 - $39.60
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,200,404
Weighted-average remaining life (years), Outstanding	6 years 7 months 25 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 34.58
Number of shares, Exercisable \| shares	637,834
Weighted-average exercise price, Exercisable \| $ / shares	$ 34.44
$45.89 - $54.81
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	672,219
Weighted-average remaining life (years), Outstanding	9 years 7 months 28 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 54.72
Number of shares, Exercisable \| shares	1,693
Weighted-average exercise price, Exercisable \| $ / shares	$ 54.81

Stockholders' Equity Restricted Stock Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	39,153
Number of Shares, Granted	15,846
Number of Shares, Vested	(9,300)
Number of Shares, Forfeited	(4,550)
Number of Shares, Ending Balance	41,149
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 39.60	$ 33.20
Weighted-Average Grant-Date Fair Value, Granted	49.22
Weighted-Average Grant-Date Fair Value, Vested	32.26
Weighted-Average Grant-Date Fair Value, Forfeited	32.96
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 39.60
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	256,684
Number of Shares, Granted	336,405
Number of Shares, Vested	(35,035)
Number of Shares, Forfeited	(25,063)
Number of Shares, Ending Balance	532,991
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 42.86	$ 32.12
Weighted-Average Grant-Date Fair Value, Granted	49.34
Weighted-Average Grant-Date Fair Value, Vested	30.66
Weighted-Average Grant-Date Fair Value, Forfeited	36.88
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 42.86

Stockholders' Equity Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
Dividend per share of common stock	$ 0.24	$ 0.24	$ 0.135	$ 0.135
Cash dividends on common stock	$ 24,000	$ 24,100	$ 14,400	$ 14,400	$ (48,109)	$ (28,763)

Stockholders' Equity Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Remaining Authorized Repurchase Amount	$ 92.9		$ 92.9
Shares Repurchased During Period	535,210	1,428,576	2,458,286	1,583,865
Weighted-Average Price Paid Per Share	$ 46.73	$ 36.99	$ 50.85	$ 36.47
Total Cost of Shares Repurchased During Period	$ 25.0	$ 52.8	$ 125.0	$ 57.8
September 27, 2012
Authorized Repurchase Amount	150.0		150.0
Remaining Authorized Repurchase Amount	$ 0.0		$ 0.0
Shares Repurchased During Period	0	1,428,576	0	1,583,865
Weighted-Average Price Paid Per Share	$ 0.00	$ 36.99	$ 0.00	$ 36.47
Total Cost of Shares Repurchased During Period	$ 0.0	$ 52.8	$ 0.0	$ 57.8
May 28, 2013
Authorized Repurchase Amount	200.0		200.0
Remaining Authorized Repurchase Amount	$ 0.0		$ 0.0
Shares Repurchased During Period	0	0	1,306,288	0
Weighted-Average Price Paid Per Share	$ 0.00	$ 0.00	$ 52.00	$ 0.00
Total Cost of Shares Repurchased During Period	$ 0.0	$ 0.0	$ 67.9	$ 0.0
February 10, 2014
Authorized Repurchase Amount	150.0		150.0
Remaining Authorized Repurchase Amount	$ 92.9		$ 92.9
Shares Repurchased During Period	535,210	0	1,151,998	0
Weighted-Average Price Paid Per Share	$ 46.73	$ 0.00	$ 49.55	$ 0.00
Total Cost of Shares Repurchased During Period	$ 25.0	$ 0.0	$ 57.1	$ 0.0

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]
Net income	$ 43,091	$ 45,091	$ 96,226	$ 99,808
Basic weighted-average number of shares outstanding	100,244	106,414	100,756	106,381
Dilutive common share equivalents	1,785	1,281	1,916	1,084
Diluted weighted-average number of shares outstanding	102,029	107,695	102,672	107,465
Basic earnings per share	$ 0.43	$ 0.42	$ 0.96	$ 0.94
Diluted earnings per share	$ 0.42	$ 0.42	$ 0.94	$ 0.93

- Definition

The amount of net income (loss) for the period per each share of common stock or unit 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 + Details

Earnings per Share (Details Textuals) - shares	3 Months Ended		6 Months Ended
Earnings per Share (Details Textuals) - shares	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	1,510,813	3,864,493	1,282,968	4,689,047

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	39.40%	39.80%	39.40%	39.70%

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Feb. 12, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Shares Repurchased During Period		535,210	1,428,576	2,458,286	1,583,865
Total Cost of Shares Repurchased During Period		$ 25.0	$ 52.8	$ 125.0	$ 57.8
Weighted-Average Price Paid Per Share		$ 46.73	$ 36.99	$ 50.85	$ 36.47
TPG Capital [Member]
Related Party Transaction [Line Items]
Revenue from related party transactions				$ 0.4	$ 2.2
Related party transactions expenses				0.5	0.3
Related party receivables		$ 0.1	$ 1.1	0.1	1.1
Shares Repurchased During Period	1,900,000
Total Cost of Shares Repurchased During Period	$ 100.0
Weighted-Average Price Paid Per Share	$ 52.00
TPG Capital [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Related party payables		$ 0.1	$ 0.1	$ 0.1	0.1
Aplifi Inc [Member]
Related Party Transaction [Line Items]
Related party transactions expenses					$ 0.8

Net Capital and Regulatory Requirements (Details) - Lpl Financial Llc [Member] $ in Millions	Jun. 30, 2014 USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 187.5
Minimum Net Capital Required	6.8
Net Capital in Excess of Minimum Required	$ 180.7

Subsequent Event Subsequent Events (Details) - Subsequent Event [Member]	Jul. 29, 2014 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Jul. 29, 2014
Common Stock, Dividends, Per Share, Declared	$ 0.24
Dividends Payable, Date to be Paid	Aug. 29, 2014
Dividends Payable, Date of Record	Aug. 14, 2014