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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Revenues $ 213,536 $ 225,307 $ 411,410 $ 477,747
Operating Expenses        
Employment expenses 104,694 89,360 203,308 195,353
Distribution and other asset-based expenses 25,460 28,583 49,175 61,429
Change in fair value of contingent consideration (6,800) 2,900 (6,800) 2,900
Depreciation expense 1,485 962 2,630 1,897
Amortization expense 15,808 14,624 30,199 29,286
Total operating expenses 174,490 168,637 343,785 355,525
Operating Income (Loss) 39,046 56,670 67,625 122,222
Other Income (Expense)        
Other income (expense), net (847) 571 (1,190) 858
Total other income (expense), net (3,566) (31,631) 1,357 (47,670)
Interest Income (Expense)        
Total interest income (expense), net 5,610 5,700 15,454 12,041
Income (Loss) Before Income Taxes 41,090 30,739 84,436 86,593
Income tax expense (benefit) 10,910 16,480 19,613 33,215
Net Income (Loss) 30,180 14,259 64,823 53,378
Noncontrolling interests 77 3,143 4,058 (2,917)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 30,257 $ 17,402 $ 68,881 $ 50,461
Earnings (Loss) per Share—Basic (in dollars per share) $ 4.14 $ 2.34 $ 9.47 $ 6.73
Earnings (Loss) per Share—Diluted (in dollars per share) $ 4.10 $ 2.29 $ 9.31 $ 6.54
Weighted Average Shares Outstanding—Basic (in shares) 7,308 7,449 7,277 7,496
Weighted Average Shares Outstanding—Diluted (in shares) 7,385 7,607 7,398 7,721
Consolidated entity excluding consolidated investment products        
Operating Expenses        
Other operating expenses $ 33,483 $ 31,559 $ 64,213 $ 63,271
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 1,717 (10,543) 4,387 (13,525)
Interest Income (Expense)        
Interest expense (6,217) (2,825) (11,222) (5,104)
Interest and dividend income 2,675 529 5,913 857
Consolidated Investment Products        
Operating Expenses        
Other operating expenses 360 649 1,060 1,389
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (4,436) (21,659) (1,840) (35,003)
Interest Income (Expense)        
Interest expense (38,732) (14,416) (73,935) (26,504)
Interest and dividend income 47,884 22,412 94,698 42,792
Investment management fees        
Revenues        
Revenues 179,979 185,024 344,457 391,841
Distribution and service fees        
Revenues        
Revenues 14,132 17,159 28,285 37,166
Administration and shareholder service fees        
Revenues        
Revenues 18,240 21,982 36,599 46,326
Other income and fees        
Revenues        
Revenues $ 1,185 $ 1,142 $ 2,069 $ 2,414