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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Investment management fees $ 97,295 $ 60,398 $ 230,628 $ 176,234
Distribution and service fees 11,482 12,116 32,704 36,761
Administration and transfer agent fees 14,699 9,588 33,156 29,085
Other income and fees 199 222 1,095 624
Total revenues 123,675 82,324 297,583 242,704
Operating Expenses        
Employment expenses 54,159 33,142 136,792 102,184
Distribution and other asset-based expenses 20,552 17,380 51,639 52,913
Other operating expenses 17,733 11,392 51,195 34,614
Restructuring and severance 1,584 1,879 10,478 4,270
Depreciation expense 1,038 754 2,478 2,392
Amortization expense 5,063 604 7,109 1,858
Total operating expenses 106,886 65,786 267,563 204,673
Operating Income (Loss) 16,789 16,538 30,020 38,031
Other Income (Expense)        
Other income (expense), net 436 250 1,129 463
Total other income (expense), net 15,268 4,891 20,565 13,935
Interest Income (Expense)        
Total interest income (expense), net (1,908) 1,716 (350) 5,392
Income (Loss) Before Income Taxes 30,149 23,145 50,235 57,358
Income tax expense (benefit) 9,626 6,869 15,939 20,512
Net Income (Loss) 20,523 16,276 34,296 36,846
Noncontrolling interests (1,731) (651) (2,782) (770)
Net Income (Loss) Attributable to Stockholders 18,792 15,625 31,514 36,076
Preferred stockholder dividends (2,084) 0 (6,252) 0
Net Income (Loss) Attributable to Common Stockholders $ 16,708 $ 15,625 $ 25,262 $ 36,076
Earnings (Loss) per share—Basic (in $ per share) $ 2.32 $ 2.04 $ 3.64 $ 4.47
Earnings (Loss) per Share—Diluted (in $ per share) 2.21 1.99 3.52 4.39
Cash Dividends Declared per Preferred Share (in $ per share) 1.81 0 5.4375 0
Cash Dividends Declared per Common Share (in $ per share) $ 0.45 $ 0.45 $ 1.35 $ 1.35
Weighted Average Shares Outstanding—Basic (in shares) 7,212 7,676 6,942 8,062
Weighted Average Shares Outstanding—Diluted (in shares) 8,492 7,854 7,168 8,223
Consolidated investment products        
Operating Expenses        
Total operating expenses $ 6,757 $ 635 $ 7,872 $ 6,442
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 13,465 3,680 16,485 9,888
Interest Income (Expense)        
Interest expense (16,249) (3,788) (22,101) (10,188)
Interest and dividend income 17,778 5,411 28,536 14,856
Consolidated entity excluding consolidated investment products        
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 1,367 961 2,951 3,584
Interest Income (Expense)        
Interest expense (4,116) (128) (8,098) (389)
Interest and dividend income $ 679 $ 221 $ 1,313 $ 1,113