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v3.19.3

Condensed 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
Revenues |  |  |  |
Revenues | $ 145,955 | $ 152,210 | $ 417,162 | $ 414,170
Operating Expenses |  |  |  |
Employment expenses | 61,282 | 63,269 | 180,256 | 178,833
Distribution and other asset-based expenses | 20,927 | 25,386 | 62,013 | 71,398
Other operating expenses | 18,228 | 20,350 | 56,125 | 56,340
Restructuring and severance | 523 | 0 | 2,019 | 0
Depreciation and other amortization | 1,245 | 1,189 | 3,729 | 3,304
Amortization expense | 7,587 | 7,541 | 22,711 | 17,601
Total operating expenses | 110,168 | 118,264 | 330,248 | 330,299
Operating Income (Loss) | 35,787 | 33,946 | 86,914 | 83,871
Other Income (Expense) |  |  |  |
Other income (expense), net | 746 | 549 | 1,892 | 2,323
Total other income (expense), net | (4,596) | (4,560) | 9,821 | (908)
Interest Income (Expense) |  |  |  |
Total interest income (expense), net | 5,012 | 5,198 | 2,842 | 14,665
Income (Loss) Before Income Taxes | 36,203 | 34,584 | 99,577 | 97,628
Income tax expense (benefit) | 10,844 | 6,653 | 23,851 | 22,641
Net Income (Loss) | 25,359 | 27,931 | 75,726 | 74,987
Noncontrolling interests | (1,274) | (933) | (2,969) | (1,619)
Net Income (Loss) Attributable to Stockholders | 24,085 | 26,998 | 72,757 | 73,368
Preferred stockholder dividends | (2,085) | (2,085) | (6,253) | (6,253)
Net Income (Loss) Attributable to Common Stockholders | $ 22,000 | $ 24,913 | $ 66,504 | $ 67,115
Earnings (Loss) per share—Basic (in $ per share) | $ 3.17 | $ 3.47 | $ 9.51 | $ 9.33
Earnings (Loss) per Share—Diluted (in $ per share) | 2.95 | 3.19 | 8.86 | 8.67
Cash Dividends Declared per Preferred Share (in $ per share) | 1.81 | 1.81 | 5.44 | 5.44
Cash Dividends Declared per Common Share (in $ per share) | $ 0.67 | $ 0.55 | $ 1.77 | $ 1.45
Weighted Average Shares Outstanding—Basic (in shares) | 6,947 | 7,175 | 6,990 | 7,195
Weighted Average Shares Outstanding—Diluted (in shares) | 8,157 | 8,456 | 8,215 | 8,463
Consolidated Investment Products |  |  |  |
Operating Expenses |  |  |  |
Total operating expenses | $ 376 | $ 529 | $ 3,395 | $ 2,823
Other Income (Expense) |  |  |  |
Realized and unrealized gain (loss) on investments, net | (5,344) | (4,735) | 2,455 | (4,255)
Interest Income (Expense) |  |  |  |
Interest expense | (21,252) | (16,959) | (72,030) | (46,786)
Interest and dividend income | 30,290 | 26,596 | 87,060 | 71,678
Consolidated entity excluding consolidated investment products |  |  |  |
Other Income (Expense) |  |  |  |
Realized and unrealized gain (loss) on investments, net | 2 | (374) | 5,474 | 1,024
Interest Income (Expense) |  |  |  |
Interest expense | (4,889) | (5,155) | (15,205) | (13,482)
Interest and dividend income | 863 | 716 | 3,017 | 3,255
Investment management fees |  |  |  |
Revenues |  |  |  |
Revenues | 120,023 | 121,713 | 340,532 | 325,357
Distribution and service fees |  |  |  |
Revenues |  |  |  |
Revenues | 10,442 | 13,730 | 31,122 | 39,886
Administration and shareholder service fees |  |  |  |
Revenues |  |  |  |
Revenues | 15,280 | 16,567 | 44,747 | 48,272
Other income and fees |  |  |  |
Revenues |  |  |  |
Revenues | $ 210 | $ 200 | $ 761 | $ 655

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