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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues $ 164,006 $ 131,597 $ 517,779 $ 381,578
Expenses        
Employee compensation and benefits 37,583 32,681 120,413 97,962
Depreciation and amortization 9,032 6,700 25,404 19,127
Technology and communications 8,417 7,381 25,170 19,637
Professional and consulting fees 8,269 7,018 22,009 19,145
Occupancy 3,445 2,802 10,205 8,549
Marketing and advertising 1,148 2,506 5,633 8,472
Clearing costs 4,838 2,782 16,061 7,969
General and administrative 3,467 3,762 9,853 10,686
Total expenses 76,199 65,632 234,748 191,547
Operating income 87,807 65,965 283,031 190,031
Other income (expense)        
Investment income 344 2,211 2,327 6,296
Interest expense (1,046)   (1,046)  
Other, net 860 (838) (242) (860)
Total other income (expense) 158 1,373 1,039 5,436
Income before income taxes 87,965 67,338 284,070 195,467
Provision for income taxes 20,189 13,336 57,624 40,838
Net income $ 67,776 $ 54,002 $ 226,446 $ 154,629
Net income per common share        
Basic $ 1.81 $ 1.46 $ 6.06 $ 4.17
Diluted 1.78 1.42 5.94 4.08
Cash dividends declared per common share $ 0.60 $ 0.51 $ 1.80 $ 1.53
Weighted average shares outstanding        
Basic 37,386 37,066 37,343 37,053
Diluted 38,160 37,995 38,129 37,913
Commissions [Member]        
Revenues        
Revenues $ 150,586 $ 119,869 $ 478,632 $ 346,753
Information Services [Member]        
Revenues        
Revenues 8,501 7,693 25,570 22,215
Post-trade Services [Member]        
Revenues        
Revenues 4,689 3,784 12,896 11,840
Other [Member]        
Revenues        
Revenues $ 230 $ 251 $ 681 $ 770