Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements Of Operations

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Condensed Consolidated Statements Of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues:        
Commissions $ 98,971 $ 83,662 $ 192,038 $ 163,332
Advisory fees 67,663 57,009 131,000 112,447
Investment banking 8,112 10,079 21,181 16,701
Principal transactions 429 (401) 849 (802)
Interest and dividends 1,702 1,173 3,313 2,051
Service fees and other income 16,992 11,863 32,793 24,371
Total revenues 193,869 163,385 381,174 318,100
Expenses:        
Commissions and fees 143,568 120,679 278,036 234,767
Compensation and benefits 21,821 20,941 45,456 40,581
Non-cash compensation 1,379 1,227 2,792 2,591
Brokerage, communication and clearance fees 2,736 2,566 5,324 5,008
Rent and occupancy, net of sublease revenue 1,471 1,606 2,970 3,282
Professional services 2,066 1,938 4,154 3,667
Interest 4,876 6,192 11,112 12,252
Depreciation and amortization 3,870 4,070 7,777 8,133
Loss on extinguishment of debt 3,754 0 3,754 0
Amortization of retention loans 1,841 1,791 3,649 3,583
Other 11,263 7,961 20,303 17,748
Total expenses 198,645 168,971 385,327 331,612
Loss before item shown below (4,776) (5,586) (4,153) (13,512)
Change in fair value of contingent consideration (144) 647 (121) 6,202
Loss before income taxes (4,920) (4,939) (4,274) (7,310)
Income tax expense 616 44 1,139 652
Net income (loss) (5,536) (4,983) (5,413) (7,962)
Net loss attributable to noncontrolling interest (13) 0 (26) 0
Net loss (5,523) (4,983) (5,387) (7,962)
Dividends declared on preferred stock (1,028) 0 (1,028) 0
Net loss available to common shareholders $ (6,551) $ (4,983) $ (6,415) $ (7,962)
Net loss per share available to common shareholders (basic and diluted) $ (0.04) $ (0.03) $ (0.03) $ (0.04)
Weighted average common shares used in computation of per share data:        
Basic and diluted 183,488,108 183,551,171   183,685,654,000
Weighted Average Number of Shares Outstanding, Diluted 183,488,108 183,551,171 183,473,696 183,685,654