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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Commissions $ 350,305 $ 299,430 $ 1,076,313 $ 965,636
Principal transactions 84,725 79,568 294,537 283,338
Fees from related parties 3,723 3,896 11,742 10,838
Data, network and post-trade 27,797 23,808 81,919 71,326
Interest and dividend income 10,150 4,110 28,836 15,506
Other revenues 5,994 5,755 15,294 12,143
Total revenues 482,694 416,567 1,508,641 1,358,787
Expenses:        
Compensation and employee benefits 233,087 202,353 743,688 671,494
Equity-based compensation and allocations of net income to limited partnership units and FPUs 69,268 57,730 277,285 161,739
Total compensation and employee benefits 302,355 260,083 1,020,973 833,233
Occupancy and equipment 40,028 38,710 121,681 117,294
Fees to related parties 7,046 6,551 23,477 18,285
Professional and consulting fees 13,734 15,048 44,254 44,489
Communications 29,222 26,802 84,974 81,859
Selling and promotion 14,939 11,373 44,875 34,754
Commissions and floor brokerage 14,755 13,104 46,181 44,686
Interest expense 20,780 14,499 56,436 43,144
Other expenses 22,030 19,951 47,759 60,736
Total expenses 464,889 406,121 1,490,610 1,278,480
Other income (losses), net:        
Gains (losses) on divestitures and sale of investments 0 (183) 0 (183)
Gains (losses) on equity method investments 2,094 3,230 6,568 8,762
Other income (loss) 3,967 5,545 1,221 6,958
Total other income (losses), net 6,061 8,592 7,789 15,537
Income (loss) from operations before income taxes 23,866 19,038 25,820 95,844
Provision (benefit) for income taxes 5,314 10,813 8,308 40,575
Consolidated net income (loss) 18,552 8,225 17,512 55,269
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries 1,506 2,463 1,192 8,773
Net income (loss) available to common stockholders 17,046 5,762 16,320 46,496
Basic earnings (loss) per share        
Net income (loss) attributable to common stockholders $ 15,974 $ 5,762 $ 15,248 $ 46,496
Basic earnings (loss) per share (in dollars per share) $ 0.03 $ 0.02 $ 0.04 $ 0.13
Basic weighted-average shares of common stock outstanding (in shares) 468,544 371,108 412,178 371,692
Fully diluted earnings (loss) per share        
Net income (loss) for fully diluted shares $ 15,989 $ 7,370 $ 15,107 $ 60,718
Fully diluted earnings (loss) per share (in dollars per share) $ 0.03 $ 0.01 $ 0.03 $ 0.12
Fully diluted weighted-average shares of common stock outstanding (in shares) 477,545 496,985 494,545 501,958