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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Revenues $ 219,271 $ 210,261 $ 630,681 $ 688,008
Operating Expenses        
Employment expenses 101,587 88,230 304,895 283,583
Distribution and other asset-based expenses 24,157 26,818 73,332 88,247
Change in fair value of contingent consideration 0 0 (6,800) 2,900
Restructuring expense     691 4,015
Depreciation expense 1,504 938 4,134 2,835
Amortization expense 15,382 14,609 45,581 43,895
Total operating expenses 174,368 166,244 518,153 521,769
Operating Income (Loss) 44,903 44,017 112,528 166,239
Other Income (Expense)        
Other income (expense), net 128 (659) (1,062) 199
Total other income (expense), net (2,803) (11,592) (1,446) (59,262)
Interest Income (Expense)        
Total interest income (expense), net 8,235 5,744 23,689 17,785
Income (Loss) Before Income Taxes 50,335 38,169 134,771 124,762
Income tax expense (benefit) 12,181 10,754 31,794 43,969
Net Income (Loss) 38,154 27,415 102,977 80,793
Noncontrolling interests (7,248) 4,265 (3,190) 1,348
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 30,906 $ 31,680 $ 99,787 $ 82,141
Earnings (Loss) per Share—Basic (in dollars per share) $ 4.26 $ 4.33 $ 13.72 $ 11.05
Earnings (Loss) per Share—Diluted (in dollars per share) $ 4.19 $ 4.25 $ 13.50 $ 10.76
Weighted Average Shares Outstanding—Basic (in shares) 7,258 7,308 7,272 7,434
Weighted Average Shares Outstanding—Diluted (in shares) 7,379 7,463 7,393 7,636
Consolidated entity excluding consolidated investment products        
Operating Expenses        
Other operating expenses $ 30,494 $ 31,096 $ 94,707 $ 94,367
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (1,918) (2,493) 2,469 (16,018)
Interest Income (Expense)        
Interest expense (6,222) (3,557) (17,444) (8,661)
Interest and dividend income 2,872 1,013 8,785 1,870
Consolidated Investment Products        
Operating Expenses        
Other operating expenses 553 538 1,613 1,927
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (1,013) (8,440) (2,853) (43,443)
Interest Income (Expense)        
Interest expense (38,218) (20,356) (112,153) (46,860)
Interest and dividend income 49,803 28,644 144,501 71,436
Investment management fees        
Revenues        
Revenues 184,869 172,850 529,326 564,691
Distribution and service fees        
Revenues        
Revenues 14,333 15,746 42,618 52,912
Administration and shareholder service fees        
Revenues        
Revenues 19,069 20,563 55,668 66,889
Other income and fees        
Revenues        
Revenues $ 1,000 $ 1,102 $ 3,069 $ 3,516