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 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
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
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)
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
Amounts without the adoption of ASC 606        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Commissions $ 152,795   $ 456,409  
Investment banking 9,374   34,999  
Principal transactions (145)   337  
Interest and dividends 1,434   3,295  
Service fees 28,702   81,189  
Other income 12,054   35,627  
Total revenues 381,103   1,126,560  
Commissions and fees 283,056   830,792  
Compensation and benefits 45,348   141,735  
Non-cash compensation 1,380   4,442  
Brokerage, communication and clearance fees 3,646   11,535  
Rent and occupancy, net of sublease revenue 2,566   7,446  
Professional services 4,045   13,341  
Interest 3,204   7,212  
Depreciation and amortization 7,159   21,357  
Acquisition-related expenses 0   913  
Amortization of retention and forgivable loans 3,595   10,195  
Amortization of contract acquisition costs 0   0  
Other 17,769   54,084  
Total expenses 371,768   1,103,052  
Income before item shown below 9,335   23,508  
Change in fair value of contingent consideration 54   165  
Income before income taxes 9,281   23,343  
Income tax expense 2,335   7,295  
Net income 6,946   16,048  
Net income (loss) attributable to noncontrolling interest 13   22  
Net income attributable to the Company 6,933   16,026  
Dividends declared on preferred stock (8,507)   (25,523)  
Net income (loss) available to common shareholders $ (1,574)   $ (9,497)  
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ (0.01)   $ (0.05)  
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ (0.01)   $ (0.05)  
Basic (in shares) 196,381,910   196,281,283  
Diluted (in shares) 196,381,910   196,281,283  
Effects of Change Higher/(Lower) | Accounting Standards Update 2014-09        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Commissions $ 19,313   $ 59,366  
Investment banking 608   3,202  
Principal transactions 190   108  
Interest and dividends 0   6  
Service fees 0   0  
Other income 0   (94)  
Total revenues (32,228)   (90,545)  
Commissions and fees (33,384)   (95,404)  
Compensation and benefits (443)   (1,008)  
Non-cash compensation 0   0  
Brokerage, communication and clearance fees 88   459  
Rent and occupancy, net of sublease revenue 0   0  
Professional services 486   1,519  
Interest 2   14  
Depreciation and amortization (1,314)   (3,941)  
Acquisition-related expenses 0   0  
Amortization of retention and forgivable loans (3,498)   (9,915)  
Amortization of contract acquisition costs 2,488   7,059  
Other (29)   (162)  
Total expenses (35,604)   (101,379)  
Income before item shown below 3,376   10,834  
Change in fair value of contingent consideration 0   0  
Income before income taxes 3,376   10,834  
Income tax expense 872   2,658  
Net income 2,504   8,176  
Net income (loss) attributable to noncontrolling interest 0   0  
Net income attributable to the Company 2,504   8,176  
Dividends declared on preferred stock 0   0  
Net income (loss) available to common shareholders $ 2,504   $ 8,176  
Net income (loss) per common share available to common shareholders (basic) (in dollars per share) $ 0.01   $ 0.04  
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share) $ 0.01   $ 0.04  
Basic (in shares) 0   0  
Diluted (in shares) 12,005,326   0  
Advisory fees        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Advisory fees $ 124,550 $ 146,677 $ 361,571 $ 408,322
Advisory fees | Amounts without the adoption of ASC 606        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Advisory fees 176,889   514,704  
Advisory fees | Effects of Change Higher/(Lower) | Accounting Standards Update 2014-09        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Advisory fees $ (52,339)   $ (153,133)