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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Commissions $ 299,430 $ 367,016 $ 965,636 $ 1,192,004
Principal transactions 79,568 73,997 283,338 254,757
Fees from related parties 3,896 3,470 10,838 11,500
Data, software and post-trade 23,808 22,238 71,326 65,826
Interest and dividend income 4,110 3,042 15,506 17,535
Other revenues 5,755 3,984 12,143 12,151
Total revenues 416,567 473,747 1,358,787 1,553,773
Expenses:        
Compensation and employee benefits 202,353 257,604 671,494 836,533
Equity-based compensation and allocations of net income to limited partnership units and FPUs 57,730 78,490 161,739 170,275
Total compensation and employee benefits 260,083 336,094 833,233 1,006,808
Occupancy and equipment 38,710 46,049 117,294 141,598
Fees to related parties 6,551 5,674 18,285 15,574
Professional and consulting fees 15,048 16,836 44,489 53,071
Communications 26,802 29,305 81,859 89,891
Selling and promotion 11,373 9,586 34,754 25,692
Commissions and floor brokerage 13,104 15,908 44,686 48,145
Interest expense 14,499 16,735 43,144 53,268
Other expenses 19,951 24,614 60,736 64,423
Total expenses 406,121 500,801 1,278,480 1,498,470
Other income (losses), net:        
Gains (losses) on divestitures and sale of investments (183) 92 (183) 0
Gains (losses) on equity method investments 3,230 1,816 8,762 4,605
Other income (loss) 5,545 4,513 6,958 11,843
Total other income (losses), net 8,592 6,421 15,537 16,448
Income (loss) from operations before income taxes 19,038 (20,633) 95,844 71,751
Provision (benefit) for income taxes 10,813 (6,692) 40,575 7,056
Consolidated net income (loss) 8,225 (13,941) 55,269 64,695
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries 2,463 (2,539) 8,773 17,141
Net income (loss) available to common stockholders 5,762 (11,402) 46,496 47,554
Basic earnings (loss) per share        
Net income (loss) available to common stockholders $ 5,762 $ (11,402) $ 46,496 $ 47,554
Basic earnings (loss) per share (in dollars per share) $ 0.02 $ (0.03) $ 0.13 $ 0.12
Basic weighted-average shares of common stock outstanding (in shares) 371,108 387,121 371,692 382,161
Fully diluted earnings (loss) per share        
Net income (loss) for fully diluted shares $ 7,370 $ (11,402) $ 60,718 $ 56,033
Fully diluted earnings (loss) per share (in dollars per share) $ 0.01 $ (0.03) $ 0.12 $ 0.12
Fully diluted weighted-average shares of common stock outstanding (in shares) 496,985 387,121 501,958 452,083