Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers - Impact on Statement of Operations (Details)

v3.10.0.1
Revenue from Contracts with Customers - Impact on Statement of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Commissions $ 180,381 $ 132,975 $ 343,667 $ 263,025
Investment banking 11,729 12,887 28,219 19,376
Principal transactions 233 258 400 578
Interest and dividends 1,080 657 1,867 1,292
Service fees 27,585 20,336 52,487 38,892
Other income 14,110 9,781 23,479 17,019
Total revenues 357,756 311,536 687,140 601,827
Commissions and fees 254,405 226,089 485,716 444,823
Compensation and benefits 48,573 40,875 95,822 80,000
Non-cash compensation 1,568 1,378 3,062 2,807
Brokerage, communication and clearance fees 2,941 4,909 8,260 9,474
Rent and occupancy, net of sublease revenue 2,387 2,468 4,880 4,860
Professional services 5,311 3,771 10,329 7,894
Interest 2,154 521 4,020 998
Depreciation and amortization 5,762 7,294 11,571 14,726
Acquisition-related expenses 0 89 913 265
Amortization of retention and forgivable loans 107 1,671 183 3,262
Amortization of contract acquisition costs 2,361 0 4,571 0
Other 18,253 21,221 36,182 36,138
Total expenses 343,822 310,286 665,509 605,247
Income (loss) before item shown below 13,934 1,250 21,631 (3,420)
Change in fair value of contingent consideration 50 63 111 (89)
Income (loss) before income taxes 13,884 1,187 21,520 (3,331)
Income tax expense (benefit) 4,574 (138) 6,746 (977)
Net income (loss) 9,310 1,325 14,774 (2,354)
(Income) loss attributable to noncontrolling interest 8 (3) 9 (8)
Net income (loss) attributable to the Company 9,302 1,328 14,765 (2,346)
Dividends declared on preferred stock (8,508) (7,953) (17,016) (15,877)
Net income (loss) available to common shareholders $ 794 $ (6,625) $ (2,251) $ (18,223)
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ 0.00 $ (0.03) $ (0.01) $ (0.09)
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ 0.00 $ (0.03) $ (0.01) $ (0.09)
Basic (in shares) 196,557,837 192,304,828 196,230,136 192,287,816
Diluted (in shares) 209,855,936 192,304,828 196,230,136 192,287,816
Amounts without the adoption of ASC 606        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Commissions $ 157,576   $ 303,614  
Investment banking 10,479   25,625  
Principal transactions 290   483  
Interest and dividends 1,080   1,860  
Service fees 27,585   52,487  
Other income 14,110   23,573  
Total revenues 385,008   745,457  
Commissions and fees 283,915   547,736  
Compensation and benefits 48,901   96,387  
Non-cash compensation 1,568   3,062  
Brokerage, communication and clearance fees 2,818   7,889  
Rent and occupancy, net of sublease revenue 2,387   4,880  
Professional services 4,659   9,296  
Interest 2,141   4,007  
Depreciation and amortization 7,076   14,198  
Acquisition-related expenses 0   913  
Amortization of retention and forgivable loans 3,444   6,600  
Amortization of contract acquisition costs 0   0  
Other 18,246   36,316  
Total expenses 375,155   731,284  
Income (loss) before item shown below 9,853   14,173  
Change in fair value of contingent consideration 50   111  
Income (loss) before income taxes 9,803   14,062  
Income tax expense (benefit) 4,439   4,960  
Net income (loss) 5,364   9,102  
(Income) loss attributable to noncontrolling interest 8   9  
Net income (loss) attributable to the Company 5,356   9,093  
Dividends declared on preferred stock (8,508)   (17,016)  
Net income (loss) available to common shareholders $ (3,152)   $ (7,923)  
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ (0.02)   $ (0.04)  
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ (0.02)   $ (0.04)  
Basic (in shares) 196,557,837   196,230,136  
Diluted (in shares) 196,557,837   196,230,136  
Effects of Change Higher/(Lower) | Accounting Standards Update 2014-09        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Commissions $ 22,805   $ 40,053  
Investment banking 1,250   2,594  
Principal transactions (57)   (83)  
Interest and dividends 0   7  
Service fees 0   0  
Other income 0   (94)  
Total revenues (27,252)   (58,317)  
Commissions and fees (29,510)   (62,020)  
Compensation and benefits (328)   (565)  
Non-cash compensation 0   0  
Brokerage, communication and clearance fees 123   371  
Rent and occupancy, net of sublease revenue 0   0  
Professional services 652   1,033  
Interest 13   13  
Depreciation and amortization (1,314)   (2,627)  
Acquisition-related expenses 0   0  
Amortization of retention and forgivable loans (3,337)   (6,417)  
Amortization of contract acquisition costs 2,361   4,571  
Other 7   (134)  
Total expenses (31,333)   (65,775)  
Income (loss) before item shown below 4,081   7,458  
Change in fair value of contingent consideration 0   0  
Income (loss) before income taxes 4,081   7,458  
Income tax expense (benefit) 135   1,786  
Net income (loss) 3,946   5,672  
(Income) loss attributable to noncontrolling interest 0   0  
Net income (loss) attributable to the Company 3,946   5,672  
Dividends declared on preferred stock 0   0  
Net income (loss) available to common shareholders $ 3,946   $ 5,672  
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ 0.02   $ 0.03  
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ 0.02   $ 0.03  
Basic (in shares) 0   0  
Diluted (in shares) 13,298,099   0  
Advisory fees        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Advisory fees $ 122,638 $ 134,642 $ 237,021 $ 261,645
Advisory fees | Amounts without the adoption of ASC 606        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Advisory fees 173,888   337,815  
Advisory fees | Effects of Change Higher/(Lower) | Accounting Standards Update 2014-09        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Advisory fees $ (51,250)   $ (100,794)