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CONDENSED 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 $ 435,924 $ 586,634 $ 1,303,572 $ 1,585,768
Expenses:        
Compensation and employee benefits 253,908 341,036 784,684 921,126
Equity-based compensation and allocations of net income to limited partnership units and FPUs 50,769 56,647 74,544 109,871
Total compensation and employee benefits 304,677 397,683 859,228 1,030,997
Operating, administrative and other 61,790 86,297 215,083 275,939
Fees to related parties 6,109 7,088 17,126 21,035
Depreciation and amortization 29,627 36,781 104,613 98,510
Total operating expenses 402,203 527,849 1,196,050 1,426,481
Other income, net 108,608 108,711 73,657 95,267
Income from operations 142,329 167,496 181,179 254,554
Interest expense, net (9,532) (8,167) (28,617) (23,947)
Income before income taxes and noncontrolling interests 132,797 159,329 152,562 230,607
Provision for income taxes 33,272 36,760 38,158 52,568
Consolidated net income 99,525 122,569 114,404 178,039
Less: Net income attributable to noncontrolling interests 24,176 33,871 30,563 49,769
Net income available to common stockholders 75,349 88,698 83,841 128,270
Basic earnings per share        
Net income available to common stockholders [1] $ 72,101 $ 85,475 $ 75,703 $ 118,599
Basic earnings per share (in usd per share) $ 0.40 $ 0.48 $ 0.42 $ 0.67
Basic weighted-average shares of common stock outstanding (in shares) 179,501 177,020 178,527 178,122
Fully diluted earnings per share        
Net income for fully diluted shares $ 103,623 $ 99,500 $ 110,422 $ 122,379
Fully diluted earnings per share (in usd per share) $ 0.39 $ 0.48 $ 0.42 $ 0.66
Fully diluted weighted-average shares of common stock outstanding (in shares) 266,793 206,616 265,104 185,413
Commissions        
Revenues:        
Revenues $ 197,903 $ 357,908 $ 639,303 $ 979,307
Gains from mortgage banking activities/originations, net        
Revenues:        
Revenues 91,192 72,332 210,686 148,769
Management services, servicing fees and other        
Revenues:        
Revenues $ 146,829 $ 156,394 $ 453,583 $ 457,692
[1] Includes a reduction for dividends on preferred stock or exchangeable preferred partnership units in the amount of $3.2 million and $8.1 million for the three and nine months ended September 30, 2020, respectively, and $3.2 million and $9.7 million for the three and nine months ended September 30, 2019, respectively (see Note 1 — “Organization and Basis of Presentation”).