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v3.10.0.1

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Revenues |  |  |
Revenues | $ 552,235 | $ 425,607 | $ 322,554
Operating Expenses |  |  |
Employment expenses | 238,501 | 191,394 | 135,641
Distribution and other asset-based expenses | 92,441 | 71,987 | 69,049
Restructuring and severance | 87 | 10,580 | 4,270
Depreciation and other amortization | 4,597 | 3,497 | 3,092
Amortization expense | 25,142 | 12,173 | 2,461
Total operating expenses | 439,136 | 367,572 | 271,740
Operating Income (Loss) | 113,099 | 58,035 | 50,814
Other Income (Expense) |  |  |
Other income (expense), net | 3,289 | 1,635 | 1,089
Total other income (expense), net | (23,180) | 18,161 | 8,819
Interest Income (Expense) |  |  |
Total interest income (expense), net | 19,122 | 4,233 | 10,174
Income (Loss) Before Income Taxes | 109,041 | 80,429 | 69,807
Income tax expense (benefit) | 32,961 | 40,490 | 21,044
Net Income (Loss) | 76,080 | 39,939 | 48,763
Noncontrolling interests | (551) | (2,927) | (261)
Net Income (Loss) Attributable to Stockholders | 75,529 | 37,012 | 48,502
Preferred stockholder dividends | (8,337) | (8,336) | 0
Net Income (Loss) Attributable to Common Stockholders | $ 67,192 | $ 28,676 | $ 48,502
Earnings (Loss) per Share—Basic (in $ per share) | $ 9.37 | $ 4.09 | $ 6.34
Earnings (Loss) per Share—Diluted (in $ per share) | 8.86 | 3.96 | 6.20
Cash dividends declared per preferred share (in $ per share) | 7.25 | 7.25 | 0
Cash dividends declared per common share (in $ per share) | $ 2 | $ 1.80 | $ 1.8
Weighted Average Shares Outstanding—Basic (in shares) | 7,174 | 7,013 | 7,648
Weighted Average Shares Outstanding—Diluted (in shares) | 8,527 | 7,247 | 7,822
Consolidated entity excluding consolidated investment products |  |  |
Operating Expenses |  |  |
Other operating expenses | $ 74,853 | $ 69,410 | $ 50,274
Other Income (Expense) |  |  |
Realized and unrealized gain (loss) on investments, net | (5,217) | 2,973 | 4,982
Interest Income (Expense) |  |  |
Interest expense | (19,445) | (12,007) | (679)
Interest and dividend income | 4,999 | 2,160 | 1,743
Consolidated investment products |  |  |
Operating Expenses |  |  |
Other operating expenses | 3,515 | 8,531 | 6,953
Other Income (Expense) |  |  |
Realized and unrealized gain (loss) on investments, net | (21,252) | 13,553 | 2,748
Interest Income (Expense) |  |  |
Interest expense | (64,788) | (35,243) | (11,292)
Interest and dividend income | 98,356 | 49,323 | 20,402
Total investment management fees |  |  |
Revenues |  |  |
Revenues | 437,021 | 331,075 | 235,230
Distribution and service fees |  |  |
Revenues |  |  |
Revenues | 50,715 | 44,322 | 48,250
Administration and shareholder service fees |  |  |
Revenues |  |  |
Revenues | 63,614 | 48,996 | 38,261
Other income and fees |  |  |
Revenues |  |  |
Revenues | $ 885 | $ 1,214 | $ 813

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