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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Services and fees $ 266,485 $ 301,497 $ 678,065 $ 857,109
Trading income (losses) and fair value adjustments on loans 12,154 18,197 (280,163) 317,818
Interest income - Loans and securities lending 57,594 26,869 182,855 89,280
Sale of goods 4,130 34,959 7,895 54,244
Total revenues 340,363 381,522 588,652 1,318,451
Operating expenses:        
Direct cost of services 44,523 18,019 73,959 41,435
Cost of goods sold 3,089 12,442 7,334 21,394
Selling, general and administrative expenses 163,727 244,218 506,062 635,484
Restructuring charge 8,016 0 8,016 0
Interest expense - Securities lending and loan participations sold 17,447 10,097 43,757 40,269
Total operating expenses 236,802 284,776 639,128 738,582
Operating income (loss) 103,561 96,746 (50,476) 579,869
Other income (expense):        
Interest income 686 70 1,253 175
Change in fair value of financial instruments and other (574) 1,758 9,728 8,267
(Loss) income from equity investments (91) 1,149 3,285 1,172
Interest expense (34,587) (25,372) (96,787) (66,014)
Income (loss) before income taxes 68,995 74,351 (132,997) 523,469
(Provision for) benefit from income taxes (16,350) (22,693) 39,858 (140,113)
Net income (loss) 52,645 51,658 (93,139) 383,356
Net income attributable to noncontrolling interests and redeemable noncontrolling interests 4,808 1,108 9,245 2,474
Net income (loss) attributable to B. Riley Financial, Inc. 47,837 50,550 (102,384) 380,882
Preferred stock dividends 2,002 1,929 6,006 5,467
Net income (loss) available to common shareholders 45,835 48,621 (108,390) 375,415
Net income (loss) available to common shareholders $ 45,835 $ 48,621 $ (108,390) $ 375,415
Basic (loss) income per common share (in dollars per share) $ 1.62 $ 1.76 $ (3.86) $ 13.75
Diluted (loss) income per common share (in dollars per share) $ 1.53 $ 1.69 $ (3.86) $ 13.07
Weighted average basic common shares outstanding (in shares) 28,293,064 27,570,716 28,068,160 27,297,917
Weighted average diluted common shares outstanding (in shares) 29,968,417 28,794,066 28,068,160 28,726,492