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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues      
Revenues $ 552,235 $ 425,607 $ 322,554
Operating Expenses      
Employment expenses 238,501 191,394 135,641
Distribution and other asset-based expenses 92,441 71,987 69,049
Restructuring and severance 87 10,580 4,270
Depreciation and other amortization 4,597 3,497 3,092
Amortization expense 25,142 12,173 2,461
Total operating expenses 439,136 367,572 271,740
Operating Income (Loss) 113,099 58,035 50,814
Other Income (Expense)      
Other income (expense), net 3,289 1,635 1,089
Total other income (expense), net (23,180) 18,161 8,819
Interest Income (Expense)      
Total interest income (expense), net 19,122 4,233 10,174
Income (Loss) Before Income Taxes 109,041 80,429 69,807
Income tax expense (benefit) 32,961 40,490 21,044
Net Income (Loss) 76,080 39,939 48,763
Noncontrolling interests (551) (2,927) (261)
Net Income (Loss) Attributable to Stockholders 75,529 37,012 48,502
Preferred stockholder dividends (8,337) (8,336) 0
Net Income (Loss) Attributable to Common Stockholders $ 67,192 $ 28,676 $ 48,502
Earnings (Loss) per Share—Basic (in $ per share) $ 9.37 $ 4.09 $ 6.34
Earnings (Loss) per Share—Diluted (in $ per share) 8.86 3.96 6.20
Cash dividends declared per preferred share (in $ per share) 7.25 7.25 0
Cash dividends declared per common share (in $ per share) $ 2 $ 1.80 $ 1.8
Weighted Average Shares Outstanding—Basic (in shares) 7,174 7,013 7,648
Weighted Average Shares Outstanding—Diluted (in shares) 8,527 7,247 7,822
Consolidated entity excluding consolidated investment products      
Operating Expenses      
Other operating expenses $ 74,853 $ 69,410 $ 50,274
Other Income (Expense)      
Realized and unrealized gain (loss) on investments, net (5,217) 2,973 4,982
Interest Income (Expense)      
Interest expense (19,445) (12,007) (679)
Interest and dividend income 4,999 2,160 1,743
Consolidated investment products      
Operating Expenses      
Other operating expenses 3,515 8,531 6,953
Other Income (Expense)      
Realized and unrealized gain (loss) on investments, net (21,252) 13,553 2,748
Interest Income (Expense)      
Interest expense (64,788) (35,243) (11,292)
Interest and dividend income 98,356 49,323 20,402
Total investment management fees      
Revenues      
Revenues 437,021 331,075 235,230
Distribution and service fees      
Revenues      
Revenues 50,715 44,322 48,250
Administration and shareholder service fees      
Revenues      
Revenues 63,614 48,996 38,261
Other income and fees      
Revenues      
Revenues $ 885 $ 1,214 $ 813