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v3.20.2

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
Operating Revenues: |  |  |  |  |  |
Total revenues | $ 58,126 |  | $ 66,293 | $ 122,000 |  | $ 131,778
Operating Expenses: |  |  |  |  |  |
Compensation and benefits | 17,455 |  | 21,300 | 34,750 |  | 42,601
Fund management and administration | 14,461 |  | 15,576 | 28,946 |  | 30,742
Marketing and advertising | 1,949 |  | 2,910 | 4,417 |  | 5,590
Sales and business development | 2,181 |  | 4,171 | 5,598 |  | 8,593
Contractual gold payments (Note 11) | 4,063 |  | 3,110 | 7,823 |  | 6,208
Professional and consulting fees | 1,357 |  | 1,296 | 2,630 |  | 2,778
Occupancy, communications and equipment | 1,643 |  | 1,548 | 3,194 |  | 3,166
Depreciation and amortization | 251 |  | 264 | 507 |  | 533
Third-party distribution fees | 1,340 |  | 1,919 | 2,695 |  | 4,319
Acquisition and disposition-related costs | 33 |  | 33 | 416 |  | 346
Other | 1,596 |  | 2,255 | 3,593 |  | 4,308
Total operating expenses | 46,329 |  | 54,382 | 94,569 |  | 109,184
Operating income | 11,797 |  | 11,911 | 27,431 |  | 22,594
Other Income/(Expenses): |  |  |  |  |  |
Interest expense | (2,044) |  | (2,910) | (4,463) |  | (5,802)
(Loss)/gain on revaluation of deferred consideration – gold payments (Note 11) | (23,358) |  | (4,037) | (25,566) |  | 367
Interest income | 119 |  | 818 | 282 |  | 1,597
Impairments (Note 7 and 25) |  |  |  | (19,672) |  | (572)
Loss on extinguishment of debt (Note12) | (2,387) |  |  | (2,387) |  |
Other gains and losses, net | 1,819 |  | 284 | (688) |  | (4,343)
(Loss)/income before income taxes | (14,054) |  | 6,066 | (25,063) |  | 13,841
Income tax (benefit)/expense | (804) |  | 3,587 | (3,175) |  | 2,538
Net (loss)/income | $ (13,250) |  | $ 2,479 | $ (21,888) |  | $ 11,303
(Loss)/earnings per share – basic | $ (0.09) |  | $ 0.01 | $ (0.15) |  | $ 0.07
(Loss)/earnings per share – diluted | $ (0.09) |  | $ 0.01 | $ (0.15) |  | $ 0.07
Weighted-average common shares – basic | 151,623 |  | 151,818 | 152,071 |  | 151,722
Weighted-average common shares – diluted | 151,623 | [1] | 167,249 | 152,071 | [1] | 166,855
Cash dividends declared per common share | $ 0.03 |  | $ 0.03 | $ 0.06 |  | $ 0.06
Advisory Fees [Member] |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |
Total revenues | $ 57,208 |  | $ 65,627 | $ 120,158 |  | $ 130,467
Other Income [Member] |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |
Total revenues | $ 918 |  | $ 666 | $ 1,842 |  | $ 1,311
[1] | Excludes 15,010,897 and 14,991,139 participating securities for the three and six months ended June 30, 2020 as the Company reported a net loss for those periods. Also excludes 0 and 7,992 potentially dilutive common stock equivalents for the three and six months ended June 30, 2020 as the Company reported a net loss for the period.

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