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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Commissions $ 165,075 $ 159,054 $ 499,983 $ 541,644
Principal transactions 114,841 118,379 336,063 403,252
Investment banking 146,887 221,858 525,591 747,779
Asset management 333,127 300,557 968,960 973,457
Interest 505,198 304,195 1,439,532 682,384
Other income 459 852 (940) 7,823
Total revenues 1,265,587 1,104,895 3,769,189 3,356,339
Interest expense 220,536 59,756 566,624 86,547
Net revenues 1,045,051 1,045,139 3,202,565 3,269,792
Non-interest expenses:        
Compensation and benefits 613,287 611,870 1,880,144 1,938,270
Occupancy and equipment rental 84,396 77,230 251,140 232,507
Communications and office supplies 46,215 43,825 137,320 129,926
Commissions and floor brokerage 14,413 13,576 42,965 44,569
Provision for credit losses 9,992 6,453 22,736 27,478
Other operating expenses 167,319 86,416 367,563 245,623
Total non-interest expenses 935,622 839,370 2,701,868 2,618,373
Income from operations before income tax expense 109,429 205,769 500,697 651,419
Provision for income taxes 41,268 54,600 140,645 165,885
Net income 68,161 151,169 360,052 485,534
Preferred dividends 9,321 9,320 27,961 27,961
Net income available to common shareholders $ 58,840 $ 141,849 $ 332,091 $ 457,573
Earnings per common share:        
Basic $ 0.55 $ 1.3 $ 3.09 $ 4.2
Diluted 0.52 1.21 2.91 3.89
Cash dividends declared per common share $ 0.36 $ 0.3 $ 1.08 $ 0.9
Weighted-average number of common shares outstanding:        
Basic 106,068 108,767 107,580 109,017
Diluted 113,195 117,218 114,170 117,649