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v3.19.3.a.u2

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Revenues |  |  |
Revenues | $ 563,246 | $ 552,235 | $ 425,607
Operating Expenses |  |  |
Employment expenses | 240,521 | 238,501 | 191,394
Distribution and other asset-based expenses | 82,099 | 92,441 | 71,987
Restructuring and severance | 2,302 | 87 | 10,580
Depreciation expense | 4,992 | 4,597 | 3,497
Amortization expense | 30,244 | 25,142 | 12,173
Total operating expenses | 438,536 | 439,136 | 367,572
Operating Income (Loss) | 124,710 | 113,099 | 58,035
Other Income (Expense) |  |  |
Other income (expense), net | 2,411 | 3,289 | 1,635
Total other income (expense), net | 8,253 | (23,180) | 18,161
Interest Income (Expense) |  |  |
Total interest income (expense), net | 7,722 | 19,122 | 4,233
Income (Loss) Before Income Taxes | 140,685 | 109,041 | 80,429
Income tax expense (benefit) | 35,177 | 32,961 | 40,490
Net Income (Loss) | 105,508 | 76,080 | 39,939
Noncontrolling interests | (9,859) | (551) | (2,927)
Net Income (Loss) Attributable to Stockholders | 95,649 | 75,529 | 37,012
Preferred stockholder dividends | (8,337) | (8,337) | (8,336)
Net Income (Loss) Attributable to Common Stockholders | $ 87,312 | $ 67,192 | $ 28,676
Earnings (Loss) per Share—Basic (in $ per share) | $ 12.54 | $ 9.37 | $ 4.09
Earnings (Loss) per Share—Diluted (in $ per share) | $ 11.74 | $ 8.86 | $ 3.96
Weighted Average Shares Outstanding—Basic (in shares) | 6,963 | 7,174 | 7,013
Weighted Average Shares Outstanding—Diluted (in shares) | 8,149 | 8,527 | 7,247
Consolidated entity excluding consolidated investment products |  |  |
Operating Expenses |  |  |
Other operating expenses | $ 74,363 | $ 74,853 | $ 69,410
Other Income (Expense) |  |  |
Realized and unrealized gain (loss) on investments, net | 7,044 | (5,217) | 2,973
Interest Income (Expense) |  |  |
Interest expense | (19,473) | (19,445) | (12,007)
Interest and dividend income | 3,844 | 4,999 | 2,160
Consolidated investment products |  |  |
Operating Expenses |  |  |
Other operating expenses | 4,015 | 3,515 | 8,531
Other Income (Expense) |  |  |
Realized and unrealized gain (loss) on investments, net | (1,202) | (21,252) | 13,553
Interest Income (Expense) |  |  |
Interest expense | (92,005) | (64,788) | (35,243)
Interest and dividend income | 115,356 | 98,356 | 49,323
Total investment management fees |  |  |
Revenues |  |  |
Revenues | 461,477 | 437,021 | 331,075
Distribution and service fees |  |  |
Revenues |  |  |
Revenues | 40,898 | 50,715 | 44,322
Administration and shareholder service fees |  |  |
Revenues |  |  |
Revenues | 59,884 | 63,614 | 48,996
Other income and fees |  |  |
Revenues |  |  |
Revenues | $ 987 | $ 885 | $ 1,214

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