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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Gains from mortgage banking activities $ 115,929 $ 99,170 $ 321,545 $ 282,916
Servicing fees 54,219 50,781 159,424 148,138
Net warehouse interest income 6,172 3,880 19,604 8,129
Escrow earnings and other interest income 15,163 11,938 43,847 28,562
Other 20,784 18,888 55,609 42,568
Total revenues 212,267 184,657 600,029 510,313
Expenses        
Personnel 93,057 79,776 249,086 206,475
Amortization and depreciation 37,636 36,739 112,920 105,863
Provision (benefit) for credit losses (772) 519 2,864 842
Interest expense on corporate debt 3,638 2,429 11,067 6,951
Other operating expenses 19,393 14,535 51,715 42,662
Total expenses 152,952 133,998 427,652 362,793
Income from operations 59,315 50,659 172,377 147,520
Income tax expense 15,246 12,902 42,102 32,023
Net income before noncontrolling interests 44,069 37,757 130,275 115,497
Less: net income (loss) from noncontrolling interests 26 41 (182) (192)
Walker and Dunlop net income 44,043 37,716 130,457 115,689
Other comprehensive income (loss), net of tax:        
Net change in unrealized gains and losses on pledged available-for-sale securities 123 16 1,090 (164)
Walker and Dunlop comprehensive income $ 44,166 $ 37,732 $ 131,547 $ 115,525
Basic earnings per share (NOTE 11) $ 1.42 $ 1.20 $ 4.22 $ 3.69
Diluted earnings per share (NOTE 11) $ 1.39 $ 1.15 $ 4.11 $ 3.56
Basic weighted average shares outstanding 29,987 30,423 29,885 30,234
Diluted weighted average shares outstanding 30,782 31,606 30,742 31,401