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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Revenues $ 383,718 $ 551,478 $ 867,647 $ 999,134
Expenses:        
Compensation and employee benefits 230,518 316,737 530,775 580,090
Equity-based compensation and allocations of net income to limited partnership units and FPUs 10,860 39,353 23,774 53,224
Total compensation and employee benefits 241,378 356,090 554,549 633,314
Operating, administrative and other 61,012 101,749 153,293 189,642
Fees to related parties 5,205 7,222 11,017 13,947
Depreciation and amortization 28,946 33,425 74,986 61,729
Total operating expenses 336,541 498,486 793,845 898,632
Other income (loss), net (36,389) (3,726) (34,951) (13,444)
Income from operations 10,788 49,266 38,851 87,058
Interest expense, net (10,056) (8,081) (19,085) (15,780)
Income before income taxes and noncontrolling interests 732 41,185 19,766 71,278
Provision for income taxes 88 9,121 4,886 15,808
Consolidated net income 644 32,064 14,880 55,470
Less: Net income attributable to noncontrolling interests 330 9,396 6,387 15,898
Net income available to common stockholders 314 22,668 8,493 39,572
Basic earnings (loss) per share        
Net income (loss) available to common stockholders [1] $ (2,131) $ 19,444 $ 3,604 $ 33,124
Basic earnings (loss) per share (in usd per share) $ (0.01) $ 0.11 $ 0.02 $ 0.19
Basic weighted-average shares of common stock outstanding (in shares) 178,523 178,754 178,034 178,683
Fully diluted earnings (loss) per share        
Net income (loss) for fully diluted shares $ (2,131) $ 23,308 $ 3,604 $ 33,124
Fully diluted earnings (loss) per share (in usd per share) $ (0.01) $ 0.11 $ 0.02 $ 0.18
Fully diluted weighted-average shares of common stock outstanding (in shares) 178,523 208,150 178,710 179,434
Commissions        
Revenues:        
Revenues $ 173,038 $ 346,131 $ 441,399 $ 621,399
Gains from mortgage banking activities/originations, net        
Revenues:        
Revenues 69,071 45,091 119,494 76,437
Management services, servicing fees and other        
Revenues:        
Revenues $ 141,609 $ 160,256 $ 306,754 $ 301,298
[1]
(1) 
Includes a reduction for dividends on preferred stock or exchangeable preferred partnership units in the amount of $2.4 million and $4.9 million for the three and six months ended June 30, 2020, respectively, and $3.2 million and $6.4 million for the three and six months ended June 30, 2019, respectively (see Note 1 — “Organization and Basis of Presentation”).