CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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| Revenues: | ||||
| Commissions | $ 127,442 | $ 143,326 | $ 255,352 | $ 282,745 |
| Advisory fees | 111,951 | 119,403 | 222,876 | 229,934 |
| Investment banking | 6,519 | 11,207 | 11,021 | 17,814 |
| Principal transactions | 380 | 583 | 513 | 1,007 |
| Interest and dividends | 2,670 | 800 | 4,399 | 1,347 |
| Service fees and other income | 20,813 | 21,429 | 41,410 | 42,724 |
| Total revenues | 269,775 | 296,748 | 535,571 | 575,571 |
| Expenses: | ||||
| Commissions and fees | 198,798 | 221,413 | 398,539 | 432,375 |
| Compensation and benefits | 36,060 | 37,393 | 72,887 | 71,799 |
| Non-cash compensation | 1,341 | 2,424 | 2,696 | 5,684 |
| Brokerage, communication and clearance fees | 2,943 | 5,111 | 7,973 | 10,536 |
| Rent and occupancy, net of sublease revenue | 2,237 | 2,822 | 4,687 | 4,962 |
| Professional services | 3,637 | 3,735 | 7,063 | 6,844 |
| Interest | 1,172 | 1,275 | 2,379 | 2,715 |
| Depreciation and amortization | 7,241 | 6,692 | 14,116 | 13,282 |
| Acquisition-related expenses | 0 | 10 | 0 | 118 |
| Loss on extinguishment of debt | 0 | 0 | 0 | 252 |
| Amortization of retention and forgivable loans | 1,544 | 2,910 | 2,978 | 5,608 |
| Other | 16,329 | 15,796 | 30,108 | 29,552 |
| Total expenses | 271,302 | 299,581 | 543,426 | 583,727 |
| Loss before item shown below | (1,527) | (2,833) | (7,855) | (8,156) |
| Change in fair value of contingent consideration | (49) | 0 | (106) | 31 |
| Loss before income taxes | (1,576) | (2,833) | (7,961) | (8,125) |
| Income tax expense (benefit) | 16,225 | (356) | 7,456 | (2,076) |
| Net loss | (17,801) | (2,477) | (15,417) | (6,049) |
| Net loss attributable to noncontrolling interest | (14) | (8) | (32) | (28) |
| Net loss attributable to the Company | (17,787) | (2,469) | (15,385) | (6,021) |
| Dividends declared on preferred stock | (7,389) | (7,152) | (14,734) | (13,484) |
| Net loss available to common shareholders | $ (25,176) | $ (9,621) | $ (30,119) | $ (19,505) |
| Net loss per common share available to common shareholders (basic) (in dollars per share) | $ (0.14) | $ (0.05) | $ (0.17) | $ (0.11) |
| Net loss per common share available to common shareholders (diluted) (in dollars per share) | $ (0.14) | $ (0.05) | $ (0.17) | $ (0.11) |
| Weighted average common shares used in computation of per share data: | ||||
| Basic (in shares) | 180,674,937 | 184,743,052 | 181,019,191 | 184,870,096 |
| Diluted (in shares) | 180,674,937 | 184,743,052 | 181,019,191 | 184,870,096 |
| X | ||||||||||
- Definition Increase Decrease In Fair Value Of Contingent Consideration No definition available.
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- Definition Other Service Fees Affiliates Net No definition available.
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- Definition Weighted Average Number Basic And Diluted, Shares Outstanding [Abstract] No definition available.
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- Definition Amount of commission revenue from buying and selling securities on behalf of customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees. No definition available.
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of fees earned from providing investment advice and research to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Includes (1) underwriting revenue (the spread between the resale price received and the cost of the securities and related expenses) generated through the purchasing, distributing and reselling of new issues of securities (alternatively, could be a secondary offering of a large block of previously issued securities); and (2) fees earned for mergers, acquisitions, divestitures, restructurings, and other types of financial advisory services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of amortization of other deferred costs recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents a sum total of expenses not separately reflected on the income statement for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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- Definition Amount of realized and unrealized gain (loss) resulting from the difference between acquisition price and selling price or fair value of trading assets and trading liabilities, and from the firm's direct investment activity, conducted separately from customer trading activities, including, but not limited to, investments in private equity, alternative investment products, real estate, and exchanges and memberships. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Primarily represents commissions incurred in the period based upon the sale by commissioned employees or third parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by third parties (such as a distributor or value added reseller). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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