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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Revenues $ 224,384 $ 213,536 $ 446,426 $ 411,410
Operating Expenses        
Employment expenses 105,667 104,694 220,830 203,308
Distribution and other asset-based expenses 23,695 25,460 48,043 49,175
Change in fair value of contingent consideration (3,300) (6,800) (3,300) (6,800)
Restructuring expense 690 0 1,487 0
Depreciation expense 2,270 1,485 4,298 2,630
Amortization expense 15,198 15,808 30,533 30,199
Total operating expenses 180,179 174,490 369,915 343,785
Operating Income (Loss) 44,205 39,046 76,511 67,625
Other Income (Expense)        
Other income (expense), net 597 (847) 1,147 (1,190)
Total other income (expense), net (13,892) (3,566) (8,391) 1,357
Interest Income (Expense)        
Total interest income (expense), net 7,457 5,610 16,348 15,454
Income (Loss) Before Income Taxes 37,770 41,090 84,468 84,436
Income tax expense (benefit) 11,748 10,910 20,579 19,613
Net Income (Loss) 26,022 30,180 63,889 64,823
Noncontrolling interests (8,408) 77 (16,417) 4,058
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 17,614 $ 30,257 $ 47,472 $ 68,881
Earnings (Loss) per Share—Basic (in dollars per share) $ 2.47 $ 4.14 $ 6.66 $ 9.47
Earnings (Loss) per Share—Diluted (in dollars per share) $ 2.43 $ 4.10 $ 6.54 $ 9.31
Weighted Average Shares Outstanding—Basic (in shares) 7,127 7,308 7,123 7,277
Weighted Average Shares Outstanding—Diluted (in shares) 7,242 7,385 7,264 7,398
Consolidated Entity excluding Consolidated Investment Products        
Operating Expenses        
Other operating expenses $ 33,050 $ 33,483 $ 64,425 $ 64,213
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (1,553) 1,717 1,863 4,387
Interest Income (Expense)        
Interest expense (5,611) (6,217) (11,292) (11,222)
Interest and dividend income 2,643 2,675 6,112 5,913
Consolidated Investment Products        
Operating Expenses        
Other operating expenses 2,909 360 3,599 1,060
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (12,936) (4,436) (11,401) (1,840)
Interest Income (Expense)        
Interest expense (41,960) (38,732) (81,972) (73,935)
Interest and dividend income 52,385 47,884 103,500 94,698
Investment management fees        
Revenues        
Revenues 191,652 179,979 380,012 344,457
Distribution and service fees        
Revenues        
Revenues 13,410 14,132 27,440 28,285
Administration and shareholder service fees        
Revenues        
Revenues 18,308 18,240 36,986 36,599
Other income and fees        
Revenues        
Revenues $ 1,014 $ 1,185 $ 1,988 $ 2,069