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Consolidated Statements of Earnings (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 5 Months Ended 6 Months Ended
May 31, 2011
May 31, 2010
May 31, 2010
May 31, 2011
Revenues:        
Commissions $ 129,291 $ 146,001 $ 228,956 $ 249,212
Principal transactions 175,316 153,986 246,642 465,468
Investment banking 328,421 255,958 352,257 567,480
Asset management fees and investment income from managed funds 10,547 13,929 11,018 34,415
Interest 304,425 243,183 386,168 577,641
Other 22,117 18,983 27,363 42,578
Total revenues 970,117 832,040 1,252,404 1,936,794
Interest expense 242,952 164,504 257,234 451,246
Net revenues 727,165 667,536 995,170 1,485,548
Interest on mandatorily redeemable preferred interest of consolidated subsidiaries 4,415 2,018 2,513 20,854
Net revenues, less mandatorily redeemable preferred interest 722,750 665,518 992,657 1,464,694
Non-interest expenses:        
Compensation and benefits 431,936 384,311 568,407 874,828
Floor brokerage and clearing fees 31,384 35,509 54,089 59,517
Technology and communications 49,850 41,932 68,054 93,525
Occupancy and equipment rental 20,437 19,056 31,016 38,416
Business development 22,457 15,216 24,985 42,395
Professional services 16,099 11,284 21,694 29,375
Other 20,103 14,530 27,818 33,223
Total non-interest expenses 592,266 521,838 796,063 1,171,279
Earnings before income taxes 130,484 143,680 196,594 293,415
Income tax expense 45,784 56,189 76,403 106,670
Net earnings 84,700 87,491 120,191 186,745
Net earnings to noncontrolling interests 4,084 3,665 3,994 18,788
Net earnings to common shareholders $ 80,616 $ 83,826 $ 116,197 $ 167,957
Earnings per common share:        
Basic $ 0.36 $ 0.41 $ 0.57 $ 0.78
Diluted $ 0.36 $ 0.41 $ 0.57 $ 0.78
Weighted average common shares:        
Basic 210,751 196,944 197,759 205,054
Diluted 214,870 201,064 201,881 209,172