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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Data [Abstract] |
Summary of Quarterly Results of Operations | The following tables present the revisions to the Company’s previously issued financial statements for the relevant quarterly periods of 2020 and 2019.
|  | December 31, 2020 |  |  | September 30, 2020 |  |  | June 30, 2020 |  |  | March 31, 2020 |
|  |  |  |  |  | (As Revised) |  |  | (As Revised) |  |  | (As Revised) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 377,146 |  |  | $ | 352,027 |  |  | $ | 382,640 |  |  | $ | 455,855 |
Principal transactions |  |  | 73,687 |  |  |  | 65,182 |  |  |  | 99,453 |  |  |  | 113,311 |
Fees from related parties |  |  | 4,857 |  |  |  | 8,814 |  |  |  | 6,562 |  |  |  | 5,521 |
Data, software and post-trade |  |  | 20,860 |  |  |  | 21,523 |  |  |  | 20,139 |  |  |  | 19,398 |
Interest and dividend income |  |  | (783 | ) |  |  | 2,418 |  |  |  | 6,536 |  |  |  | 4,161 |
Other revenues |  |  | 3,659 |  |  |  | 5,075 |  |  |  | 3,758 |  |  |  | 4,921 |
Total revenues |  |  | 479,426 |  |  |  | 455,039 |  |  |  | 519,088 |  |  |  | 603,167 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 258,687 |  |  |  | 244,419 |  |  |  | 283,616 |  |  |  | 344,928 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 80,515 |  |  |  | 33,007 |  |  |  | 27,819 |  |  |  | 42,204 |
Total compensation and employee benefits |  |  | 339,202 |  |  |  | 277,426 |  |  |  | 311,435 |  |  |  | 387,132 |
Occupancy and equipment |  |  | 45,723 |  |  |  | 45,224 |  |  |  | 47,247 |  |  |  | 51,074 |
Fees to related parties |  |  | 4,954 |  |  |  | 7,610 |  |  |  | 5,194 |  |  |  | 5,435 |
Professional and consulting fees |  |  | 18,072 |  |  |  | 15,637 |  |  |  | 19,805 |  |  |  | 19,956 |
Communications |  |  | 30,470 |  |  |  | 30,088 |  |  |  | 30,524 |  |  |  | 30,521 |
Selling and promotion |  |  | 6,891 |  |  |  | 5,943 |  |  |  | 6,634 |  |  |  | 18,699 |
Commissions and floor brokerage |  |  | 13,646 |  |  |  | 12,933 |  |  |  | 13,520 |  |  |  | 19,277 |
Interest expense |  |  | 21,811 |  |  |  | 19,665 |  |  |  | 17,625 |  |  |  | 17,506 |
Other expenses |  |  | 21,574 |  |  |  | 28,348 |  |  |  | 21,480 |  |  |  | 17,531 |
Total expenses |  |  | 502,343 |  |  |  | 442,874 |  |  |  | 473,464 |  |  |  | 567,131 |
Other income (losses) , net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on divestitures and sale of investments |  |  | 403 |  |  |  | (9 | ) |  |  | — |  |  |  | — |
Gains (losses) on equity method investments |  |  | 1,354 |  |  |  | 1,527 |  |  |  | 1,119 |  |  |  | 1,023 |
Other income (loss) |  |  | 1,687 |  |  |  | 4,779 |  |  |  | 1,129 |  |  |  | (6,015 | )
Total other income (losses), net |  |  | 3,444 |  |  |  | 6,297 |  |  |  | 2,248 |  |  |  | (4,992 | )
Income (loss) from operations before income taxes |  |  | (19,473 | ) |  |  | 18,462 |  |  |  | 47,872 |  |  |  | 31,044 |
Provision (benefit) for income taxes |  |  | (6,729 | ) |  |  | 8,558 |  |  |  | 8,599 |  |  |  | 10,875 |
Consolidated net income (loss) |  | $ | (12,744 | ) |  | $ | 9,904 |  |  | $ | 39,273 |  |  | $ | 20,169 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | (10,406 | ) |  |  | 251 |  |  |  | 11,354 |  |  |  | 6,495 |
Net income (loss) available to common stockholders |  | $ | (2,338 | ) |  | $ | 9,653 |  |  | $ | 27,919 |  |  | $ | 13,674 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (2,338 | ) |  | $ | 9,653 |  |  | $ | 27,919 |  |  | $ | 13,674 |
Basic earnings (loss) per share |  | $ | (0.01 | ) |  | $ | 0.03 |  |  | $ | 0.08 |  |  | $ | 0.04 |
Basic weighted-average shares of common stock outstanding |  |  | 365,259 |  |  |  | 363,244 |  |  |  | 360,614 |  |  |  | 358,001 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (2,338 | ) |  | $ | 15,278 |  |  | $ | 40,173 |  |  | $ | 19,325 |
Fully diluted earnings (loss) per share |  | $ | (0.01 | ) |  | $ | 0.03 |  |  | $ | 0.07 |  |  | $ | 0.04 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 365,259 |  |  |  | 549,244 |  |  |  | 546,123 |  |  |  | 538,442 |
|  | December 31, 2019 |  |  | September 30, 2019 |  |  | June 30, 2019 |  |  | March 31, 2019 |
|  | (As Revised) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 382,897 |  |  | $ | 409,765 |  |  | $ | 422,974 |  |  | $ | 430,182 |
Principal transactions |  |  | 71,725 |  |  |  | 75,536 |  |  |  | 90,432 |  |  |  | 84,230 |
Fees from related parties |  |  | 8,218 |  |  |  | 8,208 |  |  |  | 7,221 |  |  |  | 5,795 |
Data, software and post-trade |  |  | 18,151 |  |  |  | 18,364 |  |  |  | 18,741 |  |  |  | 17,910 |
Interest and dividend income |  |  | 2,865 |  |  |  | 3,976 |  |  |  | 7,813 |  |  |  | 3,665 |
Other revenues |  |  | 3,300 |  |  |  | 5,288 |  |  |  | 4,006 |  |  |  | 2,969 |
Total revenues |  |  | 487,156 |  |  |  | 521,137 |  |  |  | 551,187 |  |  |  | 544,751 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 268,696 |  |  |  | 278,744 |  |  |  | 290,271 |  |  |  | 288,200 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 69,389 |  |  |  | 44,093 |  |  |  | 45,002 |  |  |  | 12,141 |
Total compensation and employee benefits |  |  | 338,085 |  |  |  | 322,837 |  |  |  | 335,273 |  |  |  | 300,341 |
Occupancy and equipment |  |  | 47,387 |  |  |  | 44,709 |  |  |  | 45,109 |  |  |  | 46,002 |
Fees to related parties |  |  | 2,858 |  |  |  | 7,123 |  |  |  | 6,457 |  |  |  | 2,927 |
Professional and consulting fees |  |  | 27,553 |  |  |  | 21,262 |  |  |  | 23,347 |  |  |  | 20,005 |
Communications |  |  | 29,715 |  |  |  | 29,882 |  |  |  | 29,974 |  |  |  | 30,411 |
Selling and promotion |  |  | 21,432 |  |  |  | 20,320 |  |  |  | 21,491 |  |  |  | 18,402 |
Commissions and floor brokerage |  |  | 16,377 |  |  |  | 15,831 |  |  |  | 16,791 |  |  |  | 14,618 |
Interest expense |  |  | 16,354 |  |  |  | 15,403 |  |  |  | 15,136 |  |  |  | 13,353 |
Other expenses |  |  | 29,487 |  |  |  | 42,257 |  |  |  | 21,354 |  |  |  | 25,351 |
Total expenses |  |  | 529,248 |  |  |  | 519,624 |  |  |  | 514,932 |  |  |  | 471,410 |
Other income (losses) , net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on divestitures and sale of investments |  |  | (14 | ) |  |  | — |  |  |  | (1,619 | ) |  |  | 20,054 |
Gains (losses) on equity method investments |  |  | 1,064 |  |  |  | 1,530 |  |  |  | 738 |  |  |  | 783 |
Other income (loss) |  |  | 11,642 |  |  |  | 2,095 |  |  |  | 194 |  |  |  | 16,580 |
Total other income (losses), net |  |  | 12,692 |  |  |  | 3,625 |  |  |  | (687 | ) |  |  | 37,417 |
Income (loss) from operations before income taxes |  |  | (29,400 | ) |  |  | 5,138 |  |  |  | 35,568 |  |  |  | 110,758 |
Provision (benefit) for income taxes |  |  | 4,075 |  |  |  | 6,691 |  |  |  | 13,261 |  |  |  | 25,784 |
Consolidated net income (loss) |  | $ | (33,475 | ) |  | $ | (1,553 | ) |  | $ | 22,307 |  |  | $ | 84,974 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | (12,914 | ) |  |  | 4,752 |  |  |  | 8,335 |  |  |  | 24,518 |
Net income (loss) available to common stockholders |  | $ | (20,561 | ) |  | $ | (6,305 | ) |  | $ | 13,972 |  |  | $ | 60,456 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (20,561 | ) |  | $ | (6,305 | ) |  | $ | 13,972 |  |  | $ | 60,456 |
Basic earnings (loss) per share |  | $ | (0.06 | ) |  | $ | (0.02 | ) |  | $ | 0.04 |  |  | $ | 0.18 |
Basic weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | 346,060 |  |  |  | 341,272 |  |  |  | 338,403 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (20,561 | ) |  | $ | (6,305 | ) |  | $ | 21,549 |  |  | $ | 88,670 |
Fully diluted earnings (loss) per share |  | $ | (0.06 | ) |  | $ | (0.02 | ) |  | $ | 0.04 |  |  | $ | 0.17 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | 346,060 |  |  |  | 522,984 |  |  |  | 516,066 |
|  | Three Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 244,240 |  |  |  | 179 |  |  |  | 244,419 |
Total compensation and employee benefits |  |  | 277,247 |  |  |  | 179 |  |  |  | 277,426 |
Interest expense |  |  | 19,488 |  |  |  | 177 |  |  |  | 19,665 |
Other expenses |  |  | 18,458 |  |  |  | 9,890 |  |  |  | 28,348 |
Total expenses |  |  | 432,628 |  |  |  | 10,246 |  |  |  | 442,874 |
Income (loss) from operations before income taxes |  |  | 28,708 |  |  |  | (10,246 | ) |  |  | 18,462 |
Provision (benefit) for income taxes |  |  | 3,778 |  |  |  | 4,780 |  |  |  | 8,558 |
Consolidated net income (loss) |  | $ | 24,930 |  |  | $ | (15,026 | ) |  | $ | 9,904 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 5,549 |  |  |  | (5,298 | ) |  |  | 251 |
Net income (loss) available to common stockholders |  | $ | 19,381 |  |  | $ | (9,728 | ) |  | $ | 9,653 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 19,381 |  |  | $ | (9,728 | ) |  | $ | 9,653 |
Basic earnings (loss) per share |  | $ | 0.05 |  |  | $ | (0.02 | ) |  | $ | 0.03 |
Basic weighted-average shares of common stock outstanding |  |  | 363,244 |  |  |  | — |  |  |  | 363,244 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 29,575 |  |  | $ | (14,297 | ) |  | $ | 15,278 |
Fully diluted earnings (loss) per share |  | $ | 0.05 |  |  | $ | (0.02 | ) |  | $ | 0.03 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 549,244 |  |  |  | — |  |  |  | 549,244 |
|  | Three Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 283,437 |  |  |  | 179 |  |  |  | 283,616 |
Total compensation and employee benefits |  |  | 311,256 |  |  |  | 179 |  |  |  | 311,435 |
Interest expense |  |  | 17,457 |  |  |  | 168 |  |  |  | 17,625 |
Other expenses |  |  | 21,499 |  |  |  | (19 | ) |  |  | 21,480 |
Total expenses |  |  | 473,136 |  |  |  | 328 |  |  |  | 473,464 |
Income (loss) from operations before income taxes |  |  | 48,200 |  |  |  | (328 | ) |  |  | 47,872 |
Provision (benefit) for income taxes |  |  | 8,641 |  |  |  | (42 | ) |  |  | 8,599 |
Consolidated net income (loss) |  | $ | 39,559 |  |  | $ | (286 | ) |  | $ | 39,273 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 11,460 |  |  |  | (106 | ) |  |  | 11,354 |
Net income (loss) available to common stockholders |  | $ | 28,099 |  |  | $ | (180 | ) |  | $ | 27,919 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 28,099 |  |  | $ | (180 | ) |  | $ | 27,919 |
Basic earnings (loss) per share |  | $ | 0.08 |  |  | $ | — |  |  | $ | 0.08 |
Basic weighted-average shares of common stock outstanding |  |  | 360,614 |  |  |  | — |  |  |  | 360,614 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 40,436 |  |  | $ | (263 | ) |  | $ | 40,173 |
Fully diluted earnings (loss) per share |  | $ | 0.07 |  |  | $ | — |  |  | $ | 0.07 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 546,123 |  |  |  | — |  |  |  | 546,123 |
|  | Three Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 344,749 |  |  |  | 179 |  |  |  | 344,928 |
Total compensation and employee benefits |  |  | 386,953 |  |  |  | 179 |  |  |  | 387,132 |
Interest expense |  |  | 17,334 |  |  |  | 172 |  |  |  | 17,506 |
Other expenses |  |  | 19,188 |  |  |  | (1,657 | ) |  |  | 17,531 |
Total expenses |  |  | 568,437 |  |  |  | (1,306 | ) |  |  | 567,131 |
Income (loss) from operations before income taxes |  |  | 29,738 |  |  |  | 1,306 |  |  |  | 31,044 |
Provision (benefit) for income taxes |  |  | 8,706 |  |  |  | 2,169 |  |  |  | 10,875 |
Consolidated net income (loss) |  | $ | 21,032 |  |  | $ | (863 | ) |  | $ | 20,169 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 6,718 |  |  |  | (223 | ) |  |  | 6,495 |
Net income (loss) available to common stockholders |  | $ | 14,314 |  |  | $ | (640 | ) |  | $ | 13,674 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 14,314 |  |  | $ | (640 | ) |  | $ | 13,674 |
Basic earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Basic weighted-average shares of common stock outstanding |  |  | 358,001 |  |  |  | — |  |  |  | 358,001 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 20,259 |  |  | $ | (934 | ) |  | $ | 19,325 |
Fully diluted earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 538,442 |  |  |  | — |  |  |  | 538,442 |
|  | Three Months Ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 271,296 |  |  |  | (2,600 | ) |  |  | 268,696 |
Total compensation and employee benefits |  |  | 340,685 |  |  |  | (2,600 | ) |  |  | 338,085 |
Occupancy and equipment |  |  | 48,987 |  |  |  | (1,600 | ) |  |  | 47,387 |
Interest expense |  |  | 15,636 |  |  |  | 718 |  |  |  | 16,354 |
Other expenses |  |  | 18,886 |  |  |  | 10,601 |  |  |  | 29,487 |
Total expenses |  |  | 522,129 |  |  |  | 7,119 |  |  |  | 529,248 |
Other income (losses), net: |  |  |  |  |  |  |  |  |  |  |  |
Other income (loss) |  |  | 9,462 |  |  |  | 2,180 |  |  |  | 11,642 |
Total other income (losses), net |  |  | 10,512 |  |  |  | 2,180 |  |  |  | 12,692 |
Income (loss) from operations before income taxes |  |  | (24,461 | ) |  |  | (4,939 | ) |  |  | (29,400 | )
Provision (benefit) for income taxes |  |  | 2,095 |  |  |  | 1,980 |  |  |  | 4,075 |
Consolidated net income (loss) |  | $ | (26,556 | ) |  | $ | (6,919 | ) |  | $ | (33,475 | )
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | (10,313 | ) |  |  | (2,601 | ) |  |  | (12,914 | )
Net income (loss) available to common stockholders |  | $ | (16,243 | ) |  | $ | (4,318 | ) |  | $ | (20,561 | )
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (16,243 | ) |  | $ | (4,318 | ) |  | $ | (20,561 | )
Basic earnings (loss) per share |  | $ | (0.05 | ) |  | $ | (0.01 | ) |  | $ | (0.06 | )
Basic weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | — |  |  |  | 351,431 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (16,243 | ) |  | $ | (4,318 | ) |  | $ | (20,561 | )
Fully diluted earnings (loss) per share |  | $ | (0.05 | ) |  | $ | (0.01 | ) |  | $ | (0.06 | )
Fully diluted weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | — |  |  |  | 351,431 |
|  | Three Months Ended September 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 278,544 |  |  |  | 200 |  |  |  | 278,744 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 40,330 |  |  |  | 3,763 |  |  |  | 44,093 |
Total compensation and employee benefits |  |  | 318,874 |  |  |  | 3,963 |  |  |  | 322,837 |
Interest expense |  |  | 15,258 |  |  |  | 145 |  |  |  | 15,403 |
Other expenses |  |  | 42,757 |  |  |  | (500 | ) |  |  | 42,257 |
Total expenses |  |  | 516,016 |  |  |  | 3,608 |  |  |  | 519,624 |
Income (loss) from operations before income taxes |  |  | 8,746 |  |  |  | (3,608 | ) |  |  | 5,138 |
Provision (benefit) for income taxes |  |  | 6,186 |  |  |  | 505 |  |  |  | 6,691 |
Consolidated net income (loss) |  | $ | 2,560 |  |  | $ | (4,113 | ) |  | $ | (1,553 | )
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 6,089 |  |  |  | (1,337 | ) |  |  | 4,752 |
Net income (loss) available to common stockholders |  | $ | (3,529 | ) |  | $ | (2,776 | ) |  | $ | (6,305 | )
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (3,529 | ) |  | $ | (2,776 | ) |  | $ | (6,305 | )
Basic earnings (loss) per share |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.02 | )
Basic weighted-average shares of common stock outstanding |  |  | 346,060 |  |  |  | — |  |  |  | 346,060 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (3,529 | ) |  | $ | (2,776 | ) |  | $ | (6,305 | )
Fully diluted earnings (loss) per share |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.02 | )
Fully diluted weighted-average shares of common stock outstanding |  |  | 346,060 |  |  |  | — |  |  |  | 346,060 |
|  | Three Months Ended June 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 290,071 |  |  |  | 200 |  |  |  | 290,271 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 43,752 |  |  |  | 1,250 |  |  |  | 45,002 |
Total compensation and employee benefits |  |  | 333,823 |  |  |  | 1,450 |  |  |  | 335,273 |
Interest expense |  |  | 14,985 |  |  |  | 151 |  |  |  | 15,136 |
Other expenses |  |  | 21,765 |  |  |  | (411 | ) |  |  | 21,354 |
Total expenses |  |  | 513,742 |  |  |  | 1,190 |  |  |  | 514,932 |
Income (loss) from operations before income taxes |  |  | 36,758 |  |  |  | (1,190 | ) |  |  | 35,568 |
Provision (benefit) for income taxes |  |  | 14,993 |  |  |  | (1,732 | ) |  |  | 13,261 |
Consolidated net income (loss) |  | $ | 21,765 |  |  | $ | 542 |  |  | $ | 22,307 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 8,154 |  |  |  | 181 |  |  |  | 8,335 |
Net income (loss) available to common stockholders |  | $ | 13,611 |  |  | $ | 361 |  |  | $ | 13,972 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 13,611 |  |  | $ | 361 |  |  | $ | 13,972 |
Basic earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Basic weighted-average shares of common stock outstanding |  |  | 341,272 |  |  |  | — |  |  |  | 341,272 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 21,010 |  |  | $ | 539 |  |  | $ | 21,549 |
Fully diluted earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 522,984 |  |  |  | — |  |  |  | 522,984 |
|  | Three Months Ended March 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 288,000 |  |  |  | 200 |  |  |  | 288,200 |
Total compensation and employee benefits |  |  | 300,141 |  |  |  | 200 |  |  |  | 300,341 |
Interest expense |  |  | 13,198 |  |  |  | 155 |  |  |  | 13,353 |
Other expenses |  |  | 24,015 |  |  |  | 1,336 |  |  |  | 25,351 |
Total expenses |  |  | 469,719 |  |  |  | 1,691 |  |  |  | 471,410 |
Other income (losses) , net: |  |  |  |  |  |  |  |  |  |  |  |
Other income (loss) |  |  | 21,202 |  |  |  | (4,622 | ) |  |  | 16,580 |
Total other income (losses), net |  |  | 42,039 |  |  |  | (4,622 | ) |  |  | 37,417 |
Income (loss) from operations before income taxes |  |  | 117,071 |  |  |  | (6,313 | ) |  |  | 110,758 |
Provision (benefit) for income taxes |  |  | 29,897 |  |  |  | (4,113 | ) |  |  | 25,784 |
Consolidated net income (loss) |  | $ | 87,174 |  |  | $ | (2,200 | ) |  | $ | 84,974 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 25,306 |  |  |  | (788 | ) |  |  | 24,518 |
Net income (loss) available to common stockholders |  | $ | 61,868 |  |  | $ | (1,412 | ) |  | $ | 60,456 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 61,868 |  |  | $ | (1,412 | ) |  | $ | 60,456 |
Basic earnings (loss) per share |  | $ | 0.18 |  |  | $ | — |  |  | $ | 0.18 |
Basic weighted-average shares of common stock outstanding |  |  | 338,403 |  |  |  | — |  |  |  | 338,403 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 90,765 |  |  | $ | (2,095 | ) |  | $ | 88,670 |
Fully diluted earnings (loss) per share |  | $ | 0.18 |  |  | $ | (0.01 | ) |  | $ | 0.17 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 516,066 |  |  |  | — |  |  |  | 516,066 |
|  | Nine Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 85,521 |  |  | $ | (16,175 | ) |  | $ | 69,346 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  | — |  |  |  |  |
Deferred tax provision (benefit) |  |  | (1,202 | ) |  |  | 8,000 |  |  |  | 6,798 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 306,673 |  |  |  | (8,175 | ) |  |  | 298,498 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | 92,714 |  |  |  | (900 | ) |  |  | 91,814 |
Other assets |  |  | (14,782 | ) |  |  | (317 | ) |  |  | (15,099 | )
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (48,880 | ) |  |  | 9,392 |  |  |  | (39,488 | )
Net cash provided by (used in) operating activities |  | $ | 141,535 |  |  | $ | — |  |  | $ | 141,535 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (64,749 | ) |  | $ | — |  |  | $ | (64,749 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 29,830 |  |  | $ | — |  |  | $ | 29,830 |
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | (6,197 | ) |  |  | — |  |  |  | (6,197 | )
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | 100,419 |  |  |  | — |  |  |  | 100,419 |
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period |  |  | 636,114 |  |  |  | — |  |  |  | 636,114 |
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period |  | $ | 736,533 |  |  | $ | — |  |  | $ | 736,533 |
|  | Six Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 60,591 |  |  | $ | (1,149 | ) |  | $ | 59,442 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Impairment of fixed assets, intangible assets and investments |  |  | 7,485 |  |  |  | 147 |  |  |  | 7,632 |
Deferred tax provision (benefit) |  |  | 722 |  |  |  | 1,900 |  |  |  | 2,622 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 212,363 |  |  |  | 898 |  |  |  | 213,261 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | 51,560 |  |  |  | (900 | ) |  |  | 50,660 |
Other assets |  |  | 8,924 |  |  |  | (6,808 | ) |  |  | 2,116 |
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (85,059 | ) |  |  | 6,810 |  |  |  | (78,249 | )
Net cash provided by (used in) operating activities |  | $ | 73,027 |  |  | $ | — |  |  | $ | 73,027 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (42,929 | ) |  | $ | — |  |  | $ | (42,929 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 35,074 |  |  | $ | — |  |  | $ | 35,074 |
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | (14,286 | ) |  |  | — |  |  |  | (14,286 | )
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | 50,886 |  |  |  | — |  |  |  | 50,886 |
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period |  |  | 636,114 |  |  |  | — |  |  |  | 636,114 |
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period |  | $ | 687,000 |  |  | $ | — |  |  | $ | 687,000 |
|  | Three Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 21,032 |  |  | $ | (863 | ) |  | $ | 20,169 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax provision (benefit) |  |  | 786 |  |  |  | 1,900 |  |  |  | 2,686 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 106,621 |  |  |  | 1,037 |  |  |  | 107,658 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | (59,682 | ) |  |  | (900 | ) |  |  | (60,582 | )
Other assets |  |  | 7,698 |  |  |  | (15,626 | ) |  |  | (7,928 | )
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (60,259 | ) |  |  | 15,489 |  |  |  | (44,770 | )
Net cash provided by (used in) operating activities |  | $ | (71,594 | ) |  | $ | — |  |  | $ | (71,594 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (18,383 | ) |  | $ | — |  |  | $ | (18,383 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 124,721 |  |  | $ | — |  |  | $ | 124,721 |
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | (13,496 | ) |  |  | — |  |  |  | (13,496 | )
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | 21,248 |  |  |  | — |  |  |  | 21,248 |
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period |  |  | 636,114 |  |  |  | — |  |  |  | 636,114 |
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period |  | $ | 657,362 |  |  | $ | — |  |  | $ | 657,362 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2020 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,314 |  |  |  | (640 | ) |  |  | 13,674 |  |  |  | 6,718 |  |  |  | (223 | ) |  |  | 6,495 |  |  |  | 21,032 |  |  |  | (863 | ) |  |  | 20,169 |
Balance, March 31, 2020 |  | $ | 2,293,065 |  |  | $ | 156 |  |  | $ | 2,293,221 |  |  | $ | (1,277,956 | ) |  | $ | (11,975 | ) |  | $ | (1,289,931 | ) |  | $ | 56,162 |  |  | $ | (7,813 | ) |  | $ | 48,349 |  |  | $ | 715,956 |  |  | $ | (19,632 | ) |  | $ | 696,324 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, April 1, 2020 |  | $ | 2,293,065 |  |  | $ | 156 |  |  | $ | 2,293,221 |  |  | $ | (1,277,956 | ) |  | $ | (11,975 | ) |  | $ | (1,289,931 | ) |  | $ | 56,162 |  |  | $ | (7,813 | ) |  | $ | 48,349 |  |  | $ | 715,956 |  |  | $ | (19,632 | ) |  | $ | 696,324 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,099 |  |  |  | (180 | ) |  |  | 27,919 |  |  |  | 11,460 |  |  |  | (106 | ) |  |  | 11,354 |  |  |  | 39,559 |  |  |  | (286 | ) |  |  | 39,273 |
Balance, June 30, 2020 |  | $ | 2,308,973 |  |  | $ | 156 |  |  | $ | 2,309,129 |  |  | $ | (1,253,434 | ) |  | $ | (12,155 | ) |  | $ | (1,265,589 | ) |  | $ | 64,920 |  |  | $ | (7,919 | ) |  | $ | 57,001 |  |  | $ | 762,678 |  |  | $ | (19,918 | ) |  | $ | 742,760 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2020 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,413 |  |  |  | (820 | ) |  |  | 41,593 |  |  |  | 18,178 |  |  |  | (329 | ) |  |  | 17,849 |  |  |  | 60,591 |  |  |  | (1,149 | ) |  |  | 59,442 |
Balance, June 30, 2020 |  | $ | 2,308,973 |  |  | $ | 156 |  |  | $ | 2,309,129 |  |  | $ | (1,253,434 | ) |  | $ | (12,155 | ) |  | $ | (1,265,589 | ) |  | $ | 64,920 |  |  | $ | (7,919 | ) |  | $ | 57,001 |  |  | $ | 762,678 |  |  | $ | (19,918 | ) |  | $ | 742,760 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, July 1, 2020 |  | $ | 2,308,973 |  |  | $ | 156 |  |  | $ | 2,309,129 |  |  | $ | (1,253,434 | ) |  | $ | (12,155 | ) |  | $ | (1,265,589 | ) |  | $ | 64,920 |  |  | $ | (7,919 | ) |  | $ | 57,001 |  |  | $ | 762,678 |  |  | $ | (19,918 | ) |  | $ | 742,760 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,381 |  |  |  | (9,728 | ) |  |  | 9,653 |  |  |  | 5,549 |  |  |  | (5,298 | ) |  |  | 251 |  |  |  | 24,930 |  |  |  | (15,026 | ) |  |  | 9,904 |
Balance, September 30, 2020 |  | $ | 2,317,706 |  |  | $ | 156 |  |  | $ | 2,317,862 |  |  | $ | (1,237,657 | ) |  | $ | (21,883 | ) |  | $ | (1,259,540 | ) |  | $ | 73,177 |  |  | $ | (13,217 | ) |  | $ | 59,960 |  |  | $ | 802,625 |  |  | $ | (34,944 | ) |  | $ | 767,681 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2020 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61,794 |  |  |  | (10,548 | ) |  |  | 51,246 |  |  |  | 23,727 |  |  |  | (5,627 | ) |  |  | 18,100 |  |  |  | 85,521 |  |  |  | (16,175 | ) |  |  | 69,346 |
Balance, September 30, 2020 |  | $ | 2,317,706 |  |  | $ | 156 |  |  | $ | 2,317,862 |  |  | $ | (1,237,657 | ) |  | $ | (21,883 | ) |  | $ | (1,259,540 | ) |  | $ | 73,177 |  |  | $ | (13,217 | ) |  | $ | 59,960 |  |  | $ | 802,625 |  |  | $ | (34,944 | ) |  | $ | 767,681 |

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121640914&loc=d3e1280-108306 + Details
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