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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Commissions $ 395,081 $ 348,720 $ 810,253 $ 726,008
Principal transactions 98,439 94,883 211,288 209,812
Fees from related parties 4,643 4,062 9,064 8,019
Data, network and post-trade 30,812 27,000 61,715 54,122
Interest and dividend income 17,145 13,371 26,909 18,686
Other revenues 4,641 5,044 10,146 9,300
Total revenues 550,761 493,080 1,129,375 1,025,947
Expenses:        
Compensation and employee benefits 271,990 243,387 562,832 510,601
Equity-based compensation and allocations of net income to limited partnership units and FPUs 66,207 126,644 162,288 208,017
Total compensation and employee benefits 338,197 370,031 725,120 718,618
Occupancy and equipment 40,959 40,488 81,765 81,653
Fees to related parties 8,009 7,991 15,224 16,431
Professional and consulting fees 12,805 14,819 27,064 30,520
Communications 30,172 27,813 60,180 55,752
Selling and promotion 17,714 15,320 34,485 29,936
Commissions and floor brokerage 17,414 16,161 34,806 31,426
Interest expense 21,551 19,914 41,687 35,656
Other expenses 13,334 13,221 27,892 25,729
Total expenses 500,155 525,758 1,048,223 1,025,721
Other income (losses), net:        
Gains (losses) on equity method investments 2,744 2,412 4,534 4,474
Other income (loss) 1,814 (1,011) 40,576 (2,746)
Total other income (losses), net 4,558 1,401 45,110 1,728
Income (loss) from operations before income taxes 55,164 (31,277) 126,262 1,954
Provision (benefit) for income taxes 17,989 (9,067) 40,046 2,994
Consolidated net income (loss) 37,175 (22,210) 86,216 (1,040)
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries (653) (2,506) (822) (314)
Net income (loss) available to common stockholders 37,828 (19,704) 87,038 (726)
Basic earnings (loss) per share        
Net income (loss) attributable to common stockholders $ 36,054 $ (19,704) $ 82,502 $ (726)
Basic earnings (loss) per share (in dollars per share) $ 0.08 $ (0.05) $ 0.17 $ 0
Basic weighted-average shares of common stock outstanding (in shares) 475,272 391,745 472,895 383,528
Fully diluted earnings (loss) per share        
Net income (loss) for fully diluted shares $ 36,070 $ (19,704) $ 82,553 $ (726)
Fully diluted earnings (loss) per share (in dollars per share) $ 0.08 $ (0.05) $ 0.17 $ 0
Fully diluted weighted-average shares of common stock outstanding (in shares) 480,861 391,745 479,417 383,528