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v3.21.2

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020
Operating Revenues: |  |  |  |  |  |
Total revenues | $ 77,603 | $ 58,126 |  | $ 150,433 | $ 122,000 |
Operating Expenses: |  |  |  |  |  |
Compensation and benefits | 20,331 | 17,455 |  | 42,958 | 34,750 |
Fund management and administration | 16,195 | 14,461 |  | 31,716 | 28,946 |
Marketing and advertising | 3,594 | 1,949 |  | 6,600 | 4,417 |
Sales and business development | 2,159 | 2,181 |  | 4,304 | 5,598 |
Contractual gold payments (Note 9) | 4,314 | 4,063 |  | 8,584 | 7,823 |
Professional fees | 1,921 | 1,357 |  | 3,934 | 2,630 |
Occupancy, communications and equipment | 1,266 | 1,643 |  | 2,741 | 3,194 |
Depreciation and amortization | 256 | 251 |  | 508 | 507 |
Third-party distribution fees | 2,130 | 1,340 |  | 3,473 | 2,695 |
Acquisition and disposition-related costs |  | 33 |  |  | 416 |
Other | 1,752 | 1,596 |  | 3,323 | 3,593 |
Total operating expenses | 53,918 | 46,329 |  | 108,141 | 94,569 |
Operating income | 23,685 | 11,797 |  | 42,292 | 27,431 |
Other Income/(Expenses): |  |  |  |  |  |
Interest expense | (2,567) | (2,044) |  | (4,863) | (4,463) |
Gain/(loss) on revaluation of deferred consideration – gold payments (Note 9) | 497 | (23,358) |  | 3,329 | (25,566) |
Interest income | 225 | 119 |  | 456 | 282 |
Impairments (Note 13 and 23) |  |  |  | (303) | (19,672) |
Loss on extinguishment of debt (Note 10) |  | (2,387) |  |  | (2,387) |
Other gains and losses, net | 49 | 1,819 |  | (5,844) | (688) |
Income/(loss) before income taxes | 21,889 | (14,054) |  | 35,067 | (25,063) |
Income tax expense/(benefit) | 4,259 | (804) |  | 2,290 | (3,175) |
Net income/(loss) | $ 17,630 | $ (13,250) |  | $ 32,777 | $ (21,888) |
Earnings/(loss) per share—basic | $ 0.11 | $ (0.09) |  | $ 0.20 | $ (0.15) |
Earnings/(loss) per share—diluted | $ 0.11 | $ (0.09) |  | $ 0.20 | $ (0.15) |
Weighted-average common shares—basic | 145,542 | 151,623 |  | 145,652 | 152,071 |
Weighted-average common shares—diluted | 164,855 | 151,623 | [1] | 163,062 | 152,071 | [1]
Cash dividends declared per common share | $ 0.03 | $ 0.03 |  | $ 0.06 | $ 0.06 |
Advisory Fees [Member] |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |
Total revenues | $ 75,997 | $ 57,208 |  | $ 147,613 | $ 120,158 |
Other Income [Member] |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |
Total revenues | $ 1,606 | $ 918 |  | $ 2,820 | $ 1,842 |
[1] | Excludes 15,011 participating securities and zero potentially dilutive common stock equivalents for the three months ended June 30, 2020 and 14,991 participating securities and 8 potentially dilutive common stock equivalents for the six months ended June 30, 2020, as the Company reported a net loss for the period (shares herein are reported in thousands).

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