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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Revenues $ 152,210 $ 123,675 $ 414,170 $ 297,583
Operating Expenses        
Employment expenses 63,269 54,159 178,833 136,792
Distribution and other asset-based expenses 25,386 20,552 71,398 51,639
Other operating expenses 20,350 17,733 56,340 51,195
Restructuring and severance 0 1,584 0 10,478
Depreciation and other amortization 1,189 1,038 3,304 2,478
Amortization expense 7,541 5,063 17,601 7,109
Total operating expenses 118,264 106,886 330,299 267,563
Operating Income (Loss) 33,946 16,789 83,871 30,020
Other Income (Expense)        
Other income (expense), net 549 436 2,323 1,129
Total other income (expense), net (4,560) 15,268 (908) 20,565
Interest Income (Expense)        
Total interest income (expense), net 5,198 (1,908) 14,665 (350)
Income (Loss) Before Income Taxes 34,584 30,149 97,628 50,235
Income tax expense (benefit) 6,653 9,626 22,641 15,939
Net Income (Loss) 27,931 20,523 74,987 34,296
Noncontrolling interests (933) (1,731) (1,619) (2,782)
Net Income (Loss) Attributable to Stockholders 26,998 18,792 73,368 31,514
Preferred stockholder dividends (2,085) (2,084) (6,253) (6,252)
Net Income (Loss) Attributable to Common Stockholders $ 24,913 $ 16,708 $ 67,115 $ 25,262
Earnings (Loss) per share—Basic (in $ per share) $ 3.47 $ 2.32 $ 9.33 $ 3.64
Earnings (Loss) per Share—Diluted (in $ per share) 3.19 2.21 8.67 3.52
Cash Dividends Declared per Preferred Share (in $ per share) 1.81 1.81 5.44 5.44
Cash Dividends Declared per Common Share (in $ per share) $ 0.55 $ 0.45 $ 1.45 $ 1.35
Weighted Average Shares Outstanding—Basic (in shares) 7,175 7,212 7,195 6,942
Weighted Average Shares Outstanding—Diluted (in shares) 8,456 8,492 8,463 7,168
Consolidated investment products        
Operating Expenses        
Total operating expenses $ 529 $ 6,757 $ 2,823 $ 7,872
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (4,735) 13,465 (4,255) 16,485
Interest Income (Expense)        
Interest expense (16,959) (16,249) (46,786) (22,101)
Interest and dividend income 26,596 17,778 71,678 28,536
Consolidated entity excluding consolidated investment products        
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (374) 1,367 1,024 2,951
Interest Income (Expense)        
Interest expense (5,155) (4,116) (13,482) (8,098)
Interest and dividend income 716 679 3,255 1,313
Investment management fees        
Revenues        
Revenues 121,713 97,295 325,357 230,628
Distribution and service fees        
Revenues        
Revenues 13,730 11,482 39,886 32,704
Administration and shareholder service fees        
Revenues        
Revenues 16,567 14,699 48,272 33,156
Other income and fees        
Revenues        
Revenues $ 200 $ 199 $ 655 $ 1,095