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Income Taxes (Tables)
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12 Months Ended |
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Oct. 31, 2011
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| Income Taxes Disclosure Table [Abstract] |
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| Components of income tax benefit (expense) |
| | | | | | | | | | | (in thousands) | | 2011 | | 2010 | | 2009 | | | Current: | | | | | | | | | Federal | $ | 88,051 | $ | 124,526 | $ | 102,868 | | | State | | 13,925 | | 18,241 | | 6,317 | | | Deferred: | | | | | | | | | Federal | | 48,091 | | (13,981) | | (34,641) | | | State | | 6,777 | | (2,523) | | (3,500) | | | Total | $ | 156,844 | $ | 126,263 | $ | 71,044 |
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| Components of deferred tax assets and liabilities |
| | (in thousands) | | 2011 | | 2010 | | | | | | | | | | | Deferred tax assets: | | | | | | | | Closed-end fund expenses | $ | - | $ | 94,678 | | | | Stock-based compensation | | 67,190 | | 60,873 | | | | Differences between book and tax bases of investments | | 5,763 | | 5,334 | | | | Deferred rent | | 4,874 | | 5,105 | | | | Federal benefit of unrecognized state tax benefits | | 3,554 | | 3,489 | | | | Compensation and benefit expense | | 3,077 | | 3,145 | | | | Capital loss carry-forward | | - | | 1,288 | | | | Unrealized losses on derivative instruments | | 929 | | 1,086 | | | | Other | | 403 | | 695 | | | Total deferred tax asset | $ | 85,790 | $ | 175,693 | | | | | | | | | | | Deferred tax liabilities: | | | | | | | | Closed-end fund expenses | $ | - | $ | (21,542) | | | | Compensation and benefit expense | | (10,909) | | (15,424) | | | | Deferred sales commissions | | (10,624) | | (18,263) | | | | Differences between book and tax bases of goodwill | | | | | | | | and intangibles | | (16,075) | | (16,505) | | | | Differences between book and tax bases of property | | (4,966) | | (5,718) | | | | Unrealized net holding gains on investments | | (1,873) | | (967) | | | Total deferred tax liability | $ | (44,447) | $ | (78,419) | | | Net deferred tax asset | $ | 41,343 | $ | 97,274 |
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| Reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate |
| | | 2011 | 2010 | 2009 | | | | | | | | | | | | Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | | | State and local income tax, net of | | | | | | | | | federal income tax benefit | 3.6 | | 3.4 | | 2.5 | | | | Non-controlling interest | 1.6 | | (0.9) | | (0.9) | | | | Stock-based compensation | 0.6 | | 0.9 | | (1.0) | | | | Release of liabilities associated with | | | | | | | | | uncertain tax positions | - | | (0.1) | | (1.5) | | | | Other | 0.3 | | 0.3 | | 0.1 | | | | Effective income tax rate | 41.1 | % | 38.6 | % | 34.2 | % |
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| Reconciliation of gross unrecognized tax benefits |
| | (in thousands) | | 2011 | | 2010 | | 2009 | | | Beginning Balance | $ | 9,474 | $ | 9,975 | $ | 16,638 | | | | Additions for tax provisions of prior years | | - | | 245 | | 3,732 | | | | Reductions for tax provisions of prior years | | - | | (771) | | (3,257) | | | | Additions based on tax provisions related to current year | | - | | 30 | | 210 | | | | Reductions for settlements with taxing authorities | | - | | (5) | | (7,348) | | | Ending Balance | $ | 9,474 | $ | 9,474 | $ | 9,975 |
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