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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Commissions $ 183,317 $ 165,358 $ 368,793 $ 334,908
Principal transactions 153,574 105,700 292,588 221,222
Investment banking 233,281 166,825 447,230 378,704
Asset management 380,757 320,264 748,233 635,833
Interest 498,152 482,770 1,004,980 934,334
Other income 16,180 894 21,130 (1,399)
Total revenues 1,465,261 1,241,811 2,882,954 2,503,602
Interest expense 247,329 191,090 501,984 346,088
Net revenues 1,217,932 1,050,721 2,380,970 2,157,514
Non-interest expenses:        
Compensation and benefits 722,719 615,667 1,402,414 1,266,857
Occupancy and equipment rental 89,852 84,604 178,564 166,744
Communications and office supplies 48,181 44,969 95,548 91,105
Commissions and floor brokerage 14,383 14,112 30,150 28,552
Provision for credit losses 2,954 7,824 8,222 12,744
Other operating expenses 112,949 102,160 220,487 200,244
Total non-interest expenses 991,038 869,336 1,935,385 1,766,246
Income from operations before income tax expense 226,894 181,385 445,585 391,268
Provision for income taxes 61,600 47,033 116,716 99,377
Net income 165,294 134,352 328,869 291,891
Preferred dividends 9,321 9,320 18,641 18,640
Net income available to common shareholders $ 155,973 $ 125,032 $ 310,228 $ 273,251
Earnings per common share:        
Basic $ 1.5 $ 1.16 $ 2.98 $ 2.52
Diluted 1.41 1.1 2.82 2.38
Cash dividends declared per common share $ 0.42 $ 0.36 $ 0.84 $ 0.72
Weighted-average number of common shares outstanding:        
Basic 104,150 107,944 104,217 108,360
Diluted 110,285 113,864 110,156 114,658