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v3.19.3

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018
Operating Revenues: |  |  |  |  |
Total revenues |  | $ 67,718 | $ 72,570 | $ 199,496 | $ 206,249
Operating Expenses: |  |  |  |  |
Compensation and benefits |  | 18,880 | 17,544 | 61,481 | 55,677
Fund management and administration |  | 15,110 | 15,292 | 45,852 | 40,825
Marketing and advertising |  | 3,022 | 3,239 | 8,612 | 10,212
Sales and business development |  | 4,354 | 3,801 | 12,947 | 12,117
Contractual gold payments (Note 11) |  | 3,502 | 2,880 | 9,710 | 5,595
Professional and consulting fees |  | 1,259 | 1,934 | 4,037 | 5,130
Occupancy, communications and equipment |  | 1,549 | 1,722 | 4,715 | 4,659
Depreciation and amortization |  | 259 | 306 | 792 | 998
Third-party distribution fees |  | 1,503 | 1,407 | 5,822 | 4,798
Acquisition-related costs (Note 3) |  | 190 | 456 | 536 | 10,446
Other |  | 1,959 | 2,281 | 6,267 | 6,332
Total expenses |  | 51,587 | 50,862 | 160,771 | 156,789
Operating income |  | 16,131 | 21,708 | 38,725 | 49,460
Other Income/(Expenses): |  |  |  |  |
Interest expense |  | (2,832) | (2,747) | (8,634) | (5,103)
(Loss)/gain on revaluation of deferred consideration – gold payments (Note 11) | [1] | (6,306) | 7,732 | (5,939) | 17,630
Interest income |  | 799 | 719 | 2,396 | 2,293
Impairment (Note 14) |  |  |  | (572) |
Other gains and losses, net |  | 843 | 118 | (3,500) | (644)
Income before income taxes |  | 8,635 | 27,530 | 22,476 | 63,636
Income tax expense |  | 4,483 | 5,481 | 7,021 | 15,439
Net income |  | $ 4,152 | $ 22,049 | $ 15,455 | $ 48,197
Earnings per share—basic |  | $ 0.02 | $ 0.13 | $ 0.09 | $ 0.31
Earnings per share—diluted |  | $ 0.02 | $ 0.13 | $ 0.09 | $ 0.31
Weighted-average common shares—basic |  | 151,897 | 150,892 | 151,782 | 145,149
Weighted-average common shares—diluted |  | 167,163 | 166,622 | 166,944 | 155,584
Cash dividends declared per common share |  | $ 0.03 | $ 0.03 | $ 0.09 | $ 0.09
Advisory Fees [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Total revenues |  | $ 67,006 | $ 71,679 | $ 197,473 | $ 203,913
Other Income [Member] |  |  |  |  |
Operating Revenues: |  |  |  |  |
Total revenues |  | $ 712 | $ 891 | $ 2,023 | $ 2,336
[1] | Gains/(losses) arise due to (decreases)/increases in the forward-looking price of gold and the magnitude of any gain or loss is highly correlated to the magnitude of the change in the forward-looking price of gold. See Note 5 for a reconciliation of changes in the deferred consideration balances.

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