Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
Commissions $ 535,979 $ 510,023 $ 558,683
Advisory fees 560,930 464,136 462,087
Investment banking 46,453 25,453 35,145
Principal transactions 857 747 602
Interest and dividends 25,049 10,256 3,842
Service fees and other income 98,884 96,338 91,759
Total revenues 1,268,152 1,106,953 1,152,118
Expenses:      
Commissions and fees 928,430 818,000 857,842
Compensation and benefits 171,344 152,592 149,786
Non-cash compensation 5,539 5,311 8,759
Brokerage, communication and clearance fees 18,124 15,719 20,727
Rent and occupancy, net of sublease revenue 9,356 9,673 9,797
Professional services 19,630 14,126 14,156
Interest 2,710 4,262 5,169
Depreciation and amortization 28,835 28,334 27,077
Acquisition-related expenses 3,469 1,357 940
Loss on extinguishment of debt 0 0 252
Amortization of retention and forgivable loans 7,396 5,472 9,238
Other 72,158 64,177 60,125
Total expenses 1,266,991 1,119,023 1,163,868
Income (loss) before item shown below 1,161 (12,070) (11,750)
Change in fair value of contingent consideration 19 (216) 55
Income (loss) before income taxes 1,180 (12,286) (11,695)
Income tax (benefit) expense (6,502) 10,025 (482)
Net income (loss) 7,682 (22,311) (11,213)
Net loss attributable to noncontrolling interest (15) (42) (62)
Net income (loss) attributable to the Company 7,697 (22,269) (11,151)
Dividends declared on preferred stock (32,482) (30,438) (28,108)
Net loss available to common shareholders $ (24,785) $ (52,707) $ (39,259)
Net loss per share available to common shareholders (basic) (in USD per share) $ (0.13) $ (0.29) $ (0.21)
Net loss per share available to common shareholders (diluted) (in USD per share) $ (0.13) $ (0.29) $ (0.21)
Weighted average common shares used in computation of per share data:      
Basic (in shares) 193,064,550 182,987,850 183,660,993
Diluted (in shares) 193,064,550 182,987,850 183,660,993