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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Other revenue $ 0.0 $ 3.1 $ 0.0 $ 5.7
Total revenue 86.8 117.9 294.5 360.9
Operating expenses:        
Compensation and benefits 34.9 67.2 108.7 193.2
General and administrative expense 17.5 16.5 50.9 53.6
Depreciation and amortization 4.2 5.4 14.8 16.7
Amortization of acquired intangibles 0.1 0.1 0.1 0.1
Total operating expenses 56.7 89.2 174.5 263.6
Operating income 30.1 28.7 120.0 97.3
Non-operating income and (expense):        
Investment income (loss) (0.4) 0.3 (1.2) 7.6
Interest income 0.2 0.0 0.3 0.1
Interest expense (4.6) (6.2) (15.9) (18.7)
Loss on extinguishment of debt 0.0 0.0 (3.2) 0.0
Gain on sale of subsidiaries 0.0 34.6 0.0 33.3
Total non-operating income (loss) (4.8) 28.7 (20.0) 22.3
Income from continuing operations before taxes 25.3 57.4 100.0 119.6
Income tax expense 7.5 14.5 29.8 33.5
Income from continuing operations 17.8 42.9 70.2 86.1
Income from discontinued operations, net of tax 0.0 1.2 0.0 76.5
Gain on disposal of discontinued operations, net of tax 0.0 185.4 0.0 694.6
Net income 17.8 229.5 70.2 857.2
Net income attributable to non-controlling interests in consolidated Funds 0.0 0.0 0.0 68.0
Net income attributable to controlling interests $ 17.8 $ 229.5 $ 70.2 $ 789.2
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.43 $ 2.88 $ 1.66 $ 9.93
Earnings per share (diluted) attributable to controlling interests (in dollars per share) 0.42 2.76 1.62 9.53
Continuing operations earnings per share (basic) attributable to controlling interests (in dollars per share) 0.43 0.54 1.66 1.08
Continuing operations earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.42 $ 0.52 $ 1.62 $ 1.04
Weighted average common stock outstanding (in shares) 41,431,729 79,606,810 42,266,420 79,427,030
Weighted average diluted common stock outstanding (in shares) 42,353,442 83,244,575 43,390,502 82,831,508
Management fees        
Revenue:        
Revenue $ 85.7 $ 111.4 $ 281.4 $ 326.8
Performance fees        
Revenue:        
Revenue $ 1.1 $ 3.4 $ 13.1 $ 28.4