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Quarterly Results of Operations
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Data [Abstract]  
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)
The following tables summarize the Company’s unaudited consolidated results of operations on a quarterly basis for the years ended December 31, 2014 and 2013. The sum of the quarterly earnings (loss) per share amounts do not equal the amount reported for the full year since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average shares outstanding and other dilutive potential shares.
Quarterly results of operations are summarized as follows (in thousands, except per share data):
 
 
For the 2014 Quarters Ended
 
 
December 31 (1) (2)
 
September 30 (1) (3)
 
June 30 (1) (3) (4)
 
March 31 (1)
Total revenues
 
$
317,492

 
$
386,000

 
$
413,713

 
$
369,948

Total expenses
 
429,855

 
389,523

 
467,171

 
338,480

Other gains (losses)
 
3,303

 
16,204

 
1,532

 
(2,503
)
Income (loss) before income taxes
 
(109,060
)
 
12,681

 
(51,926
)
 
28,965

Income tax expense (benefit)
 
(65,087
)
 
83,484

 
(38,997
)
 
11,588

Net income (loss)
 
$
(43,973
)
 
$
(70,803
)
 
$
(12,929
)
 
$
17,377

Basic earnings (loss) per common and common equivalent share
 
$
(1.17
)
 
$
(1.88
)
 
$
(0.34
)
 
$
0.46

Diluted earnings (loss) per common and common equivalent share
 
(1.17
)
 
(1.88
)
 
(0.34
)
 
0.45

__________
(1)
A significant portion of the Company's asset and liabilities are carried at fair value and as a result, the Company’s net income or loss can be materially impacted quarter over quarter by gains and losses resulting from changes in valuation inputs and other assumptions used in the fair value of the assets and liabilities.
(2)
Total expenses recorded during the fourth quarter of 2014 included $50.4 million in costs for legal and regulatory matters outside of normal course of business and $34.3 million in the provision for uncollectible advances.
(3)
The Company recorded asset management performance fees of $34.2 million and $2.5 million during the second and third quarters of 2014, respectively.
(4)
The Company recorded an $82.3 million goodwill impairment loss during the second quarter of 2014.
 
 
For the 2013 Quarters Ended
 
 
December 31 (1) (2)
 
September 30 (1)
 
June 30 (1)
 
March 31 (1)
Total revenues
 
$
402,839

 
$
489,167

 
$
595,964

 
$
314,529

Total expenses
 
382,604

 
374,856

 
359,049

 
266,744

Other gains (losses)
 
(13,330
)
 
6,507

 
1,656

 
(1,261
)
Income before income taxes
 
6,905

 
120,818

 
238,571

 
46,524

Income tax expense (benefit)
 
(2,892
)
 
48,129

 
95,339

 
18,775

Net income
 
$
9,797

 
$
72,689

 
$
143,232

 
$
27,749

Basic earnings per common and common equivalent share
 
$
0.26

 
$
1.93

 
$
3.82

 
$
0.74

Diluted earnings per common and common equivalent share
 
0.26

 
1.90

 
3.75

 
0.73

__________
(1)
A significant portion of the Company's asset and liabilities are carried at fair value and as a result, the Company’s net income or loss can be materially impacted quarter over quarter by gains and losses resulting from changes in valuation inputs and other assumptions used in the fair value of the assets and liabilities.
(2)
Other gains (losses) for the fourth quarter of 2013 include losses on extinguishment of debt of $12.5 million.