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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Revenues:    
Total revenues $ 63,874 $ 65,485
Operating Expenses:    
Compensation and benefits 17,295 21,301
Fund management and administration 14,485 15,166
Marketing and advertising 2,468 2,680
Sales and business development 3,417 4,422
Contractual gold payments (Note 11) 3,760 3,098
Professional and consulting fees 1,273 1,482
Occupancy, communications and equipment 1,551 1,618
Depreciation and amortization 256 269
Third-party distribution fees 1,355 2,400
Acquisition and disposition-related costs 383 313
Other 1,997 2,053
Total expenses 48,240 54,802
Operating income 15,634 10,683
Other Income/(Expenses):    
Interest expense (2,419) (2,892)
(Loss)/gain on revaluation of deferred consideration – gold payments (Note 11) [1] (2,208) 4,404
Interest income 163 779
Impairments (Notes 7 and 24) (19,672) (572)
Other losses, net (2,507) (4,627)
(Loss)/income before income taxes (11,009) 7,775
Income tax benefit (2,371) (1,049)
Net (loss)/income $ (8,638) $ 8,824
(Loss)/earnings per share—basic (Note 20) $ (0.06) $ 0.05
(Loss)/earnings per share—diluted (Note 20) $ (0.06) $ 0.05
Weighted-average common shares—basic (Note 20) 152,519 151,625
Weighted-average common shares—diluted (Note 20) 152,519 [2] 166,811
Cash dividends declared per common share $ 0.03 $ 0.03
Advisory Fees [Member]    
Operating Revenues:    
Total revenues $ 62,950 $ 64,840
Other Income [Member]    
Operating Revenues:    
Total revenues $ 924 $ 645
[1] Gains/(losses) arise due to (decreases)/increases in the forward-looking price of gold and the magnitude of any gain or loss is highly correlated to the magnitude of the change in the forward-looking price of gold. See Note 4 for significant unobservable assumption and a reconciliation of changes in the deferred consideration balances.
[2] Excludes participating securities as the Company reported a net loss for the period.