Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

v2.3.0.11
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues:        
Commissions $ 25,824 $ 27,397 $ 84,676 $ 79,047
Advisory fees 14,971 12,886 47,920 36,584
Investment banking 3,509 4,661 25,171 16,082
Principal transactions (524) (826) (1,576) (696)
Interest and dividends 130 144 419 407
Other income 4,988 4,101 9,721 8,494
Total revenues 48,898 48,363 166,331 139,918
Expenses:        
Commissions and fees 31,158 31,529 102,845 87,079
Compensation and benefits 10,903 9,772 37,503 32,003
Non-cash compensation 688 1,291 2,772 4,656
Brokerage, communication and clearance fees 1,766 1,537 5,189 4,891
Rent and occupancy, net of sublease revenue 810 795 2,425 2,329
Professional services 769 1,815 2,754 3,962
Interest 820 641 2,468 2,533
Depreciation and amortization 862 996 2,650 3,030
Acquisition related 700   700  
Other 3,208 2,965 8,535 8,618
Total expenses 51,684 51,341 167,841 149,101
Loss before income taxes (2,786) (2,978) (1,510) (9,183)
Income tax expense 284 227 951 654
Net loss $ (3,070) $ (3,205) $ (2,461) $ (9,837)
Net loss per common share (basic and diluted) $ (0.02) $ (0.02) $ (0.01) $ (0.06)
Weighted average common shares used in computation of per share data:        
Basic and diluted 182,810,137 181,327,242 183,068,493 173,370,977