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Consolidated Statements of Earnings (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 8 Months Ended 9 Months Ended
Aug. 31, 2011
Aug. 31, 2010
Aug. 31, 2010
Aug. 31, 2011
Revenues:        
Commissions $ 154,896 $ 118,571 $ 347,527 $ 404,108
Principal transactions (74,003) 71,044 317,686 391,464
Investment banking 293,750 246,193 598,450 861,230
Asset management fees and investment income from managed funds 3,086 786 11,804 37,501
Interest 353,006 239,557 625,725 930,647
Other 63,369 16,879 44,240 105,948
Total revenues 794,104 693,030 1,945,432 2,730,898
Interest expense 284,822 175,761 432,995 736,068
Net revenues 509,282 517,269 1,512,437 1,994,830
Interest on mandatorily redeemable preferred interest of consolidated subsidiaries (14,671) (2,537) (26) 6,183
Net revenues, less mandatorily redeemable preferred interest 523,953 519,806 1,512,463 1,988,647
Non-interest expenses:        
Compensation and benefits 299,640 308,797 877,204 1,174,468
Floor brokerage and clearing fees 32,959 30,111 84,199 92,475
Technology and communications 60,039 46,135 114,189 153,563
Occupancy and equipment rental 22,581 18,433 49,448 60,997
Business development 21,853 17,420 42,405 64,248
Professional services 19,061 13,008 34,702 48,437
Other 12,582 9,404 37,222 45,805
Total non-interest expenses 468,715 443,308 1,239,369 1,639,993
Earnings before income taxes 55,238 76,498 273,094 348,654
Income tax expense 1,228 33,873 110,277 107,899
Net earnings 54,010 42,625 162,817 240,755
Net (loss) earnings to noncontrolling interests (14,265) (2,129) 1,865 4,523
Net earnings to common shareholders $ 68,275 $ 44,754 $ 160,952 $ 236,232
Earnings per common share:        
Basic $ 0.30 $ 0.22 $ 0.79 $ 1.07
Diluted $ 0.30 $ 0.22 $ 0.79 $ 1.07
Weighted average common shares:        
Basic 218,426 195,601 196,943 209,544
Diluted 222,541 195,612 201,062 213,661