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v3.8.0.1

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016
Revenues |  |  |  |
Investment management fees | $ 97,295 | $ 60,398 | $ 230,628 | $ 176,234
Distribution and service fees | 11,482 | 12,116 | 32,704 | 36,761
Administration and transfer agent fees | 14,699 | 9,588 | 33,156 | 29,085
Other income and fees | 199 | 222 | 1,095 | 624
Total revenues | 123,675 | 82,324 | 297,583 | 242,704
Operating Expenses |  |  |  |
Employment expenses | 54,159 | 33,142 | 136,792 | 102,184
Distribution and other asset-based expenses | 20,552 | 17,380 | 51,639 | 52,913
Other operating expenses | 17,733 | 11,392 | 51,195 | 34,614
Restructuring and severance | 1,584 | 1,879 | 10,478 | 4,270
Depreciation expense | 1,038 | 754 | 2,478 | 2,392
Amortization expense | 5,063 | 604 | 7,109 | 1,858
Total operating expenses | 106,886 | 65,786 | 267,563 | 204,673
Operating Income (Loss) | 16,789 | 16,538 | 30,020 | 38,031
Other Income (Expense) |  |  |  |
Other income (expense), net | 436 | 250 | 1,129 | 463
Total other income (expense), net | 15,268 | 4,891 | 20,565 | 13,935
Interest Income (Expense) |  |  |  |
Total interest income (expense), net | (1,908) | 1,716 | (350) | 5,392
Income (Loss) Before Income Taxes | 30,149 | 23,145 | 50,235 | 57,358
Income tax expense (benefit) | 9,626 | 6,869 | 15,939 | 20,512
Net Income (Loss) | 20,523 | 16,276 | 34,296 | 36,846
Noncontrolling interests | (1,731) | (651) | (2,782) | (770)
Net Income (Loss) Attributable to Stockholders | 18,792 | 15,625 | 31,514 | 36,076
Preferred stockholder dividends | (2,084) | 0 | (6,252) | 0
Net Income (Loss) Attributable to Common Stockholders | $ 16,708 | $ 15,625 | $ 25,262 | $ 36,076
Earnings (Loss) per share—Basic (in $ per share) | $ 2.32 | $ 2.04 | $ 3.64 | $ 4.47
Earnings (Loss) per Share—Diluted (in $ per share) | 2.21 | 1.99 | 3.52 | 4.39
Cash Dividends Declared per Preferred Share (in $ per share) | 1.81 | 0 | 5.4375 | 0
Cash Dividends Declared per Common Share (in $ per share) | $ 0.45 | $ 0.45 | $ 1.35 | $ 1.35
Weighted Average Shares Outstanding—Basic (in shares) | 7,212 | 7,676 | 6,942 | 8,062
Weighted Average Shares Outstanding—Diluted (in shares) | 8,492 | 7,854 | 7,168 | 8,223
Consolidated investment products |  |  |  |
Operating Expenses |  |  |  |
Total operating expenses | $ 6,757 | $ 635 | $ 7,872 | $ 6,442
Other Income (Expense) |  |  |  |
Realized and unrealized gain (loss) on investments, net | 13,465 | 3,680 | 16,485 | 9,888
Interest Income (Expense) |  |  |  |
Interest expense | (16,249) | (3,788) | (22,101) | (10,188)
Interest and dividend income | 17,778 | 5,411 | 28,536 | 14,856
Consolidated entity excluding consolidated investment products |  |  |  |
Other Income (Expense) |  |  |  |
Realized and unrealized gain (loss) on investments, net | 1,367 | 961 | 2,951 | 3,584
Interest Income (Expense) |  |  |  |
Interest expense | (4,116) | (128) | (8,098) | (389)
Interest and dividend income | $ 679 | $ 221 | $ 1,313 | $ 1,113

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