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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Revenues $ 140,489 $ 132,932 $ 271,207 $ 261,960
Operating Expenses        
Employment expenses 58,123 54,868 118,974 115,564
Distribution and other asset-based expenses 21,322 23,721 41,086 46,012
Other operating expenses 19,174 19,128 37,897 35,990
Depreciation and other amortization 1,271 1,100 2,484 2,115
Amortization expense 7,583 5,024 15,124 10,060
Restructuring and severance 320 0 1,496 0
Total operating expenses 110,361 105,624 220,080 212,035
Operating Income (Loss) 30,128 27,308 51,127 49,925
Other Income (Expense)        
Other income (expense), net 696 455 1,146 1,774
Total other income (expense), net 12,455 (364) 14,417 3,652
Interest Income (Expense)        
Total interest income (expense), net (5,896) 5,750 (2,170) 9,467
Income (Loss) Before Income Taxes 36,687 32,694 63,374 63,044
Income tax expense (benefit) 8,788 9,465 13,007 15,988
Net Income (Loss) 27,899 23,229 50,367 47,056
Noncontrolling interests (973) (159) (1,695) (686)
Net Income (Loss) Attributable to Stockholders 26,926 23,070 48,672 46,370
Preferred stockholder dividends (2,084) (2,084) (4,168) (4,168)
Net Income (Loss) Attributable to Common Stockholders $ 24,842 $ 20,986 $ 44,504 $ 42,202
Earnings (Loss) per share—Basic (in $ per share) $ 3.55 $ 2.91 $ 6.35 $ 5.86
Earnings (Loss) per Share—Diluted (in $ per share) 3.26 2.75 5.87 5.52
Cash Dividends Declared per Preferred Share (in $ per share) 1.8125 1.8125 3.625 3.625
Cash Dividends Declared per Common Share (in $ per share) $ 0.55 $ 0.45 $ 1.10 $ 0.90
Weighted Average Shares Outstanding—Basic (in shares) 6,999 7,211 7,010 7,204
Weighted Average Shares Outstanding—Diluted (in shares) 8,252 8,401 8,290 8,396
Consolidated Investment Products        
Operating Expenses        
Total operating expenses $ 2,568 $ 1,783 $ 3,019 $ 2,294
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 9,720 (1,779) 7,799 480
Interest Income (Expense)        
Interest expense (31,077) (15,278) (50,778) (29,827)
Interest and dividend income 29,368 23,679 56,770 45,082
Consolidated entity excluding consolidated investment products        
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 2,039 960 5,472 1,398
Interest Income (Expense)        
Interest expense (5,151) (4,469) (10,316) (8,327)
Interest and dividend income 964 1,818 2,154 2,539
Investment management fees        
Revenues        
Revenues 114,591 103,168 220,509 203,644
Distribution and service fees        
Revenues        
Revenues 10,617 13,549 20,680 26,156
Administration and shareholder service fees        
Revenues        
Revenues 15,054 15,967 29,467 31,705
Other income and fees        
Revenues        
Revenues $ 227 $ 248 $ 551 $ 455