Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Commissions $ 172,108 $ 131,467 $ 515,775 $ 394,492
Investment banking 9,982 14,745 38,201 34,121
Principal transactions 45 107 445 685
Interest and dividends 1,434 629 3,301 1,921
Service fees 28,702 19,277 81,189 58,169
Other income 12,054 9,407 35,533 26,426
Total revenues 348,875 322,309 1,036,015 924,136
Expenses:        
Commissions and fees 249,672 235,020 735,388 679,843
Compensation and benefits 44,905 45,131 140,727 125,131
Non-cash compensation 1,380 1,341 4,442 4,148
Brokerage, communication and clearance fees 3,734 4,173 11,994 13,647
Rent and occupancy, net of sublease revenue 2,566 2,305 7,446 7,165
Professional services 4,531 4,715 14,860 12,609
Interest 3,206 601 7,226 1,599
Depreciation and amortization 5,845 7,104 17,416 21,830
Acquisition-related expenses 0 55 913 320
Amortization of retention and forgivable loans 97 1,808 280 5,070
Amortization of contract acquisition costs 2,488 0 7,059 0
Other 17,740 15,396 53,922 51,534
Total expenses 336,164 317,649 1,001,673 922,896
Income before item shown below 12,711 4,660 34,342 1,240
Change in fair value of contingent consideration (54) (3) (165) 86
Income before income taxes 12,657 4,657 34,177 1,326
Income tax expense 3,207 1,255 9,953 278
Net income 9,450 3,402 24,224 1,048
Net income (loss) attributable to noncontrolling interest 13 3 22 (5)
Net income attributable to the Company 9,437 3,399 24,202 1,053
Dividends declared on preferred stock (8,507) (8,149) (25,523) (24,026)
Net income (loss) available to common shareholders $ 930 $ (4,750) $ (1,321) $ (22,973)
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ 0.00 $ (0.02) $ (0.01) $ (0.12)
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ 0.00 $ (0.02) $ (0.01) $ (0.12)
Weighted average common shares used in computation of per share data:        
Basic (in shares) 196,381,910 192,912,643 196,281,283 192,498,380
Diluted (in shares) 208,387,236 192,912,643 196,281,283 192,498,380
Advisory fees        
Revenues:        
Advisory fees $ 124,550 $ 146,677 $ 361,571 $ 408,322