Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues:      
Commissions $ 139,549 $ 106,960 $ 92,513
Advisory fees 87,865 53,627 33,095
Investment banking 27,514 22,381 15,370
Principal transactions (1,210) 131 846
Interest and dividends 1,026 524 2,372
Service fees and other income 18,856 10,903 6,479
Total revenues 273,600 194,526 150,675
Expenses:      
Commissions and fees 182,462 122,120 87,165
Compensation and benefits 52,043 43,309 40,232
Non-cash compensation 4,014 5,439 7,534
Brokerage, communication and clearance fees 6,937 6,632 6,836
Rent and occupancy, net of sublease revenue 3,813 3,309 3,067
Professional services 4,223 5,361 5,725
Interest 6,543 3,241 3,977
Depreciation and amortization 5,632 3,978 4,143
Acquisition related expense 2,971    
Amortization of retention loans 1,634    
Other 15,630 11,227 9,600
Total expenses 285,902 204,616 168,279
Loss before income taxes (12,302) (10,090) (17,604)
Income tax (benefit) expense (16,195) 861 1,069
Net income (loss) $ 3,893 $ (10,951) $ (18,673)
Net income (loss) per common share (basic and diluted) $ 0.02 $ (0.06) $ (0.11)
Weighted average common shares used in computation of per share data:      
Basic 183,023,590 175,698,489 168,623,375
Diluted 189,014,028 175,698,489 168,623,375