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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues $ 132,894 $ 140,489 $ 277,460 $ 271,207
Operating Expenses        
Employment expenses 60,163 58,123 126,293 118,974
Distribution and other asset-based expenses 17,345 21,322 36,754 41,086
Other operating expenses 17,436 19,174 36,321 37,897
Restructuring and severance 420 320 420 1,496
Depreciation expense 1,196 1,271 2,454 2,484
Amortization expense 7,533 7,583 15,066 15,124
Total operating expenses 106,272 110,361 226,236 220,080
Operating Income (Loss) 26,622 30,128 51,224 51,127
Other Income (Expense)        
Other income (expense), net (805) 696 (193) 1,146
Total other income (expense), net (435) 12,455 (16,036) 14,417
Interest Income (Expense)        
Total interest income (expense), net (2,400) (5,896) (104) (2,170)
Income (Loss) Before Income Taxes 23,787 36,687 35,084 63,374
Income tax expense (benefit) 7,578 8,788 17,869 13,007
Net Income (Loss) 16,209 27,899 17,215 50,367
Noncontrolling interests (4,930) (973) (10,221) (1,695)
Net Income (Loss) Attributable to Stockholders 11,279 26,926 6,994 48,672
Preferred stockholder dividends 0 (2,084) 0 (4,168)
Net Income (Loss) Attributable to Common Stockholders $ 11,279 $ 24,842 $ 6,994 $ 44,504
Earnings (Loss) per share—Basic (in $ per share) $ 1.46 $ 3.55 $ 0.92 $ 6.35
Earnings (Loss) per Share—Diluted (in $ per share) $ 1.43 $ 3.26 $ 0.88 $ 5.87
Weighted Average Shares Outstanding—Basic (in shares) 7,720 6,999 7,572 7,010
Weighted Average Shares Outstanding—Diluted (in shares) 7,895 8,252 7,936 8,290
Consolidated Investment Products        
Operating Expenses        
Total operating expenses $ 2,179 $ 2,568 $ 8,928 $ 3,019
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (6,744) 9,720 (15,413) 7,799
Interest Income (Expense)        
Interest expense (28,150) (31,077) (52,636) (50,778)
Interest and dividend income 28,634 29,368 57,863 56,770
Consolidated entity excluding consolidated investment products        
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 7,114 2,039 (430) 5,472
Interest Income (Expense)        
Interest expense (3,126) (5,151) (6,325) (10,316)
Interest and dividend income 242 964 994 2,154
Investment management fees        
Revenues        
Revenues 110,550 114,591 230,838 220,509
Distribution and service fees        
Revenues        
Revenues 8,889 10,617 18,349 20,680
Administration and shareholder service fees        
Revenues        
Revenues 13,289 15,054 27,942 29,467
Other income and fees        
Revenues        
Revenues $ 166 $ 227 $ 331 $ 551