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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Services and fees $ 200,905 $ 266,143 $ 411,580 $ 555,612
Trading (losses) income and fair value adjustments on loans (223,927) 32,679 (292,317) 299,621
Interest income - Loans and securities lending 63,835 25,491 125,261 62,411
Sale of goods 1,887 12,457 3,765 19,285
Total revenues 42,700 336,770 248,289 936,929
Operating expenses:        
Direct cost of services 17,785 12,094 29,436 23,416
Cost of goods sold 1,994 3,626 4,245 8,952
Selling, general and administrative expenses 167,136 199,922 342,335 391,266
Interest expense - Securities lending and loan participations sold 14,544 10,983 26,310 30,172
Total operating expenses 201,459 226,625 402,326 453,806
Operating (loss) income (158,759) 110,145 (154,037) 483,123
Other income (expense):        
Interest income 500 56 567 105
Change in fair value of financial instruments and other 4,321 6,509 10,302 6,509
(Loss) income from equity investments (3,399) (852) 3,376 23
Interest expense (31,764) (20,856) (62,200) (40,642)
(Loss) income before income taxes (189,101) 95,002 (201,992) 449,118
Benefit from (provision for) income taxes 52,513 (19,902) 56,208 (117,420)
Net (loss) income (136,588) 75,100 (145,784) 331,698
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 3,571 (576) 4,437 1,366
Net (loss) income attributable to B. Riley Financial, Inc. (140,159) 75,676 (150,221) 330,332
Preferred stock dividends 2,002 1,789 4,004 3,538
Net (loss) income available to common shareholders (142,161) 73,887 (154,225) 326,794
Net (loss) income available to common shareholders $ (142,161) $ 73,887 $ (154,225) $ 326,794
Basic (loss) income per common share (in dollars per share) $ (5.07) $ 2.70 $ (5.52) $ 12.03
Diluted (loss) income per common share (in dollars per share) $ (5.07) $ 2.58 $ (5.52) $ 11.39
Weighted average basic common shares outstanding (in shares) 28,051,570 27,344,184 27,953,845 27,159,257
Weighted average diluted common shares outstanding (in shares) 28,051,570 28,668,465 27,953,845 28,690,444