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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Revenues $ 145,955 $ 152,210 $ 417,162 $ 414,170
Operating Expenses        
Employment expenses 61,282 63,269 180,256 178,833
Distribution and other asset-based expenses 20,927 25,386 62,013 71,398
Other operating expenses 18,228 20,350 56,125 56,340
Restructuring and severance 523 0 2,019 0
Depreciation and other amortization 1,245 1,189 3,729 3,304
Amortization expense 7,587 7,541 22,711 17,601
Total operating expenses 110,168 118,264 330,248 330,299
Operating Income (Loss) 35,787 33,946 86,914 83,871
Other Income (Expense)        
Other income (expense), net 746 549 1,892 2,323
Total other income (expense), net (4,596) (4,560) 9,821 (908)
Interest Income (Expense)        
Total interest income (expense), net 5,012 5,198 2,842 14,665
Income (Loss) Before Income Taxes 36,203 34,584 99,577 97,628
Income tax expense (benefit) 10,844 6,653 23,851 22,641
Net Income (Loss) 25,359 27,931 75,726 74,987
Noncontrolling interests (1,274) (933) (2,969) (1,619)
Net Income (Loss) Attributable to Stockholders 24,085 26,998 72,757 73,368
Preferred stockholder dividends (2,085) (2,085) (6,253) (6,253)
Net Income (Loss) Attributable to Common Stockholders $ 22,000 $ 24,913 $ 66,504 $ 67,115
Earnings (Loss) per share—Basic (in $ per share) $ 3.17 $ 3.47 $ 9.51 $ 9.33
Earnings (Loss) per Share—Diluted (in $ per share) 2.95 3.19 8.86 8.67
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) $ 0.67 $ 0.55 $ 1.77 $ 1.45
Weighted Average Shares Outstanding—Basic (in shares) 6,947 7,175 6,990 7,195
Weighted Average Shares Outstanding—Diluted (in shares) 8,157 8,456 8,215 8,463
Consolidated Investment Products        
Operating Expenses        
Total operating expenses $ 376 $ 529 $ 3,395 $ 2,823
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (5,344) (4,735) 2,455 (4,255)
Interest Income (Expense)        
Interest expense (21,252) (16,959) (72,030) (46,786)
Interest and dividend income 30,290 26,596 87,060 71,678
Consolidated entity excluding consolidated investment products        
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 2 (374) 5,474 1,024
Interest Income (Expense)        
Interest expense (4,889) (5,155) (15,205) (13,482)
Interest and dividend income 863 716 3,017 3,255
Investment management fees        
Revenues        
Revenues 120,023 121,713 340,532 325,357
Distribution and service fees        
Revenues        
Revenues 10,442 13,730 31,122 39,886
Administration and shareholder service fees        
Revenues        
Revenues 15,280 16,567 44,747 48,272
Other income and fees        
Revenues        
Revenues $ 210 $ 200 $ 761 $ 655