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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Revenues $ 210,261 $ 252,064 $ 688,008 $ 712,972
Operating Expenses        
Employment expenses 88,230 87,345 283,583 266,734
Distribution and other asset-based expenses 26,818 36,692 88,247 105,007
Change in fair value of contingent consideration 0 0 2,900 0
Restructuring expense 4,015 0 4,015 0
Depreciation expense 938 915 2,835 2,994
Amortization expense 14,609 10,391 43,895 30,219
Total operating expenses 166,244 158,782 521,769 471,137
Operating Income (Loss) 44,017 93,282 166,239 241,835
Other Income (Expense)        
Other income (expense), net (659) 1,001 199 3,598
Total other income (expense), net (11,592) (2,304) (59,262) 1,738
Interest Income (Expense)        
Total interest income (expense), net 5,744 7,356 17,785 20,626
Income (Loss) Before Income Taxes 38,169 98,334 124,762 264,199
Income tax expense (benefit) 10,754 25,823 43,969 63,377
Net Income (Loss) 27,415 72,511 80,793 200,822
Noncontrolling interests 4,265 (13,775) 1,348 (42,531)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 31,680 $ 58,736 $ 82,141 $ 158,291
Earnings (Loss) Per share—Basic (in dollars per share) $ 4.33 $ 7.64 $ 11.05 $ 20.59
Earnings (Loss) Per Share—Diluted (in dollars per share) $ 4.25 $ 7.36 $ 10.76 $ 19.72
Weighted Average Shares Outstanding—Basic (in shares) 7,308 7,691 7,434 7,688
Weighted Average Shares Outstanding—Diluted (in shares) 7,463 7,984 7,636 8,028
Consolidated entity excluding consolidated investment products        
Operating Expenses        
Other operating expenses $ 31,096 $ 22,800 $ 94,367 $ 64,326
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (2,493) (504) (16,018) 2,881
Interest Income (Expense)        
Interest expense (3,557) (2,348) (8,661) (6,918)
Interest and dividend income 1,013 269 1,870 571
Consolidated Investment Products        
Operating Expenses        
Other operating expenses 538 639 1,927 1,857
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (8,440) (2,801) (43,443) (4,741)
Interest Income (Expense)        
Interest expense (20,356) (13,442) (46,860) (42,342)
Interest and dividend income 28,644 22,877 71,436 69,315
Investment management fees        
Revenues        
Revenues 172,850 201,133 564,691 567,912
Distribution and service fees        
Revenues        
Revenues 15,746 23,293 52,912 67,091
Administration and shareholder service fees        
Revenues        
Revenues 20,563 26,479 66,889 74,916
Other income and fees        
Revenues        
Revenues $ 1,102 $ 1,159 $ 3,516 $ 3,053