Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Commissions $ 558,683 $ 445,734 $ 394,414
Advisory fees 462,087 343,212 274,018
Investment banking 35,145 46,998 41,991
Principal transactions 602 1,938 2,667
Interest and dividends 3,842 6,209 6,813
Service fees and other income 91,759 77,162 73,213
Total revenues 1,152,118 921,253 793,116
Expenses:      
Commissions and fees 857,842 662,178 573,621
Compensation and benefits 149,786 120,231 95,346
Non-cash compensation 8,759 10,541 6,766
Brokerage, communication and clearance fees 20,727 17,900 11,614
Rent and occupancy, net of sublease revenue 9,797 7,040 6,289
Professional services 14,565 11,040 9,162
Interest 5,169 6,990 15,438
Depreciation and amortization 27,077 18,397 15,315
Acquisition-related expense 528 2,342 0
Loss on extinguishment of debt 252 548 4,547
Amortization of retention and forgivable loans 9,238 11,041 11,544
Other 60,128 43,011 40,949
Total expenses 1,163,868 911,259 790,591
(Loss) income before item shown below (11,750) 9,994 2,525
Change in fair value of contingent consideration 55 12 (121)
(Loss) income before income taxes (11,695) 10,006 2,404
Income tax (benefit) expense (482) (23,346) 2,926
Net (loss) income (11,213) 33,352 (522)
Net loss attributable to noncontrolling interest (62) (81) (68)
Net (loss) income attributable to the Company (11,151) 33,433 (454)
Dividends declared on preferred stock (28,108) (17,244) (6,911)
Net (loss) income available to common shareholders $ (39,259) $ 16,189 $ (7,365)
Net (loss) income per share available to common shareholders (basic) (per share) $ (0.21) $ 0.09 $ (0.04)
Net (loss) income per share available to common shareholders (diluted) (per share) $ (0.21) $ 0.08 $ (0.04)
Weighted average common shares used in computation of per share data:      
Basic (in shares) 183,660,993 182,768,494 182,295,476
Diluted (in shares) 183,660,993 206,512,437 182,295,476