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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Total revenues $ 374,532 $ 348,875 $ 1,073,567 $ 1,036,015
Expenses:        
Commissions and fees 260,072 249,672 749,522 735,388
Compensation and benefits 54,026 44,905 154,514 140,727
Non-cash compensation 1,536 1,380 4,474 4,442
Brokerage, communication and clearance fees 3,392 3,734 10,956 11,994
Rent and occupancy, net of sublease revenue 2,648 2,566 7,962 7,446
Professional services 4,810 4,531 14,514 14,860
Interest 6,218 3,206 16,840 7,226
Depreciation and amortization 5,246 5,845 17,057 17,416
Acquisition-related expenses 0 0 24 913
Amortization of retention and forgivable loans 139 97 391 280
Amortization of contract acquisition costs 2,988 2,488 8,639 7,059
Other 18,067 17,740 58,746 53,922
Total expenses 359,142 336,164 1,043,639 1,001,673
Income before item shown below 15,390 12,711 29,928 34,342
Change in fair value of contingent consideration (93) (54) (290) (165)
Income before income taxes 15,297 12,657 29,638 34,177
Income tax expense 4,020 3,207 7,421 9,953
Net income 11,277 9,450 22,217 24,224
Net (loss) income attributable to noncontrolling interest (79) 13 (58) 22
Net income attributable to the Company 11,356 9,437 22,275 24,202
Dividends declared on preferred stock (8,702) (8,507) (25,987) (25,523)
Net income (loss) available to common shareholders $ 2,654 $ 930 $ (3,712) $ (1,321)
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ 0.02 $ 0.00 $ (0.03) $ (0.01)
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ 0.02 $ 0.00 $ (0.03) $ (0.01)
Weighted average common shares used in computation of per share data:        
Basic (in shares) 143,092,912 196,381,910 143,281,873 196,281,283
Diluted (in shares) 147,960,009 208,387,236 143,281,873 196,281,283
Commissions        
Revenues:        
Total revenues $ 180,395 $ 172,108 $ 527,076 $ 515,775
Advisory fees        
Revenues:        
Total revenues 132,763 124,550 372,664 361,571
Investment banking        
Revenues:        
Total revenues 18,692 9,982 40,060 38,201
Principal transactions        
Revenues:        
Total revenues (258) 45 1,271 445
Interest and dividends        
Revenues:        
Total revenues 1,474 1,434 4,018 3,301
Service fees        
Revenues:        
Total revenues 31,137 28,702 95,727 81,189
Other income        
Revenues:        
Total revenues $ 10,329 $ 12,054 $ 32,751 $ 35,533