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v3.8.0.1

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Revenues: |  |  |
Advisory fees | $ 227,775 | $ 218,465 | $ 297,944
Settlement gain (Note 9) | 6,909 |  |
Other income | 2,715 | 981 | 998
Total revenues | 237,399 | 219,446 | 298,942
Expenses: |  |  |
Compensation and benefits | 81,493 | 63,263 | 73,228
Fund management and administration | 42,144 | 41,083 | 42,782
Marketing and advertising | 14,402 | 15,643 | 13,371
Sales and business development | 13,811 | 12,537 | 9,189
Professional and consulting fees | 10,086 | 6,692 | 7,067
Occupancy, communications and equipment | 5,415 | 5,211 | 4,299
Depreciation and amortization | 1,395 | 1,305 | 1,006
Third-party sharing arrangements | 3,393 | 2,827 | 2,443
Goodwill impairment |  | 1,676 |
Acquisition payment |  | 6,738 | 2,185
Other | 7,068 | 6,909 | 6,187
Total expenses | 179,207 | 163,884 | 161,757
Income before taxes | 58,192 | 55,562 | 137,185
Income tax expense | 30,993 | 29,407 | 57,133
Net income | $ 27,199 | $ 26,155 | $ 80,052
Net income per share - basic | $ 0.20 | $ 0.19 | $ 0.58
Net income per share - diluted | $ 0.20 | $ 0.19 | $ 0.58
Weighted-average common shares - basic | 134,614 | 134,401 | 137,242
Weighted-average common shares - diluted | 136,003 | 135,539 | 138,825
Cash dividends declared per common share | $ 0.32 | $ 0.32 | $ 0.57

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