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v3.7.0.1

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2017 | Mar. 31, 2016
Revenues: |  |
Advisory fees | $ 53,262 | $ 60,615
Other income | 1,337 | 263
Total revenues | 54,599 | 60,878
Expenses: |  |
Compensation and benefits | 17,874 | 15,226
Fund management and administration | 9,600 | 10,044
Marketing and advertising | 3,537 | 3,832
Sales and business development | 2,962 | 2,447
Professional and consulting fees | 1,558 | 2,835
Occupancy, communications and equipment | 1,353 | 1,222
Depreciation and amortization | 337 | 316
Third-party sharing arrangements | 932 | 907
Acquisition payment |  | 745
Other | 1,624 | 1,632
Total expenses | 39,777 | 39,206
Income before taxes | 14,822 | 21,672
Income tax expense | 7,942 | 9,600
Net income | $ 6,880 | $ 12,072
Net income per share - basic | $ 0.05 | $ 0.09
Net income per share - diluted | $ 0.05 | $ 0.09
Weighted-average common shares - basic | 134,385 | 135,467
Weighted-average common shares - diluted | 135,509 | 136,457
Cash dividends declared per common share | $ 0.08 | $ 0.08

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- Definition Business development involves the development of products and services, their delivery, design and their implementation. Business development includes a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow-up sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(6)) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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