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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Commissions $ 183,445 $ 165,075 $ 552,238 $ 499,983
Principal transactions 137,089 114,841 429,677 336,063
Investment banking 243,182 146,887 690,412 525,591
Asset management 382,616 333,127 1,130,849 968,960
Interest 510,823 505,198 1,515,803 1,439,532
Other income 18,705 459 39,835 (940)
Total revenues 1,475,860 1,265,587 4,358,814 3,769,189
Interest expense 251,192 220,536 753,176 566,624
Net revenues [1] 1,224,668 1,045,051 3,605,638 3,202,565
Non-interest expenses:        
Compensation and benefits 718,065 613,287 2,120,479 1,880,144
Occupancy and equipment rental 89,625 84,396 268,189 251,140
Communications and office supplies 48,869 46,215 144,417 137,320
Commissions and floor brokerage 16,239 14,413 46,389 42,965
Provision for credit losses 5,287 9,992 13,509 22,736
Other operating expenses 129,925 167,319 350,412 367,563
Total non-interest expenses 1,008,010 935,622 2,943,395 2,701,868
Income from operations before income tax expense 216,658 109,429 662,243 500,697
Provision for income taxes 58,153 41,268 174,869 140,645
Net income 158,505 68,161 487,374 360,052
Preferred dividends 9,320 9,321 27,961 27,961
Net income available to common shareholders $ 149,185 $ 58,840 $ 459,413 $ 332,091
Earnings per common share:        
Basic $ 1.43 $ 0.55 $ 4.41 $ 3.09
Diluted 1.34 0.52 4.16 2.91
Cash dividends declared per common share $ 0.42 $ 0.36 $ 1.26 $ 1.08
Weighted-average number of common shares outstanding:        
Basic 103,966 106,068 104,135 107,580
Diluted 110,994 113,195 110,457 114,170
[1] No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2024 and 2023.