Annual report pursuant to section 13 and 15(d)

Condensed Consolidated Statements Of Operations

v2.4.0.6
Condensed Consolidated Statements Of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:      
Commissions $ 326,132 $ 139,549 $ 106,960
Advisory fees 233,672 87,865 53,627
Investment banking 29,278 27,514 22,381
Principal transactions (1,081) (1,210) 131
Interest and dividends 4,773 1,026 524
Service fees and other income 57,337 18,856 10,903
Total revenues 650,111 273,600 194,526
Expenses:      
Commissions and fees 477,104 182,462 122,120
Compensation and benefits 80,151 52,043 43,309
Non-cash compensation 4,744 4,014 5,439
Brokerage, communication and clearance fees 9,939 7,692 7,439
Rent and occupancy, net of sublease revenue 6,600 3,813 3,309
Professional services 8,347 4,223 5,361
Interest 24,541 6,543 3,241
Depreciation and amortization 16,061 5,632 3,978
Acquisition-related expense 0 2,971 0
Amortization of retention loans 7,346 1,634 0
Other 37,281 14,875 10,420
Total expenses 672,114 285,902 204,616
Loss before item shown below (22,003) (12,302) (10,090)
Change in fair value of contingent consideration 7,111 0 0
Loss before income taxes (14,892) (12,302) (10,090)
Income tax expense (benefit) 1,462 (16,195) 861
Net (loss) income $ (16,354) $ 3,893 $ (10,951)
Net (loss) income per common share (basic and diluted) $ (0.09) $ 0.02 $ (0.06)
Weighted average common shares used in computation of per share data:      
Basic 183,572,582 183,023,590 175,698,489
Diluted 183,572,582 189,014,028 175,698,489