Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Revenue | ||||
| Investment management fees | $ 88,998 | $ 84,474 | $ 178,128 | $ 168,589 |
| Fund administration and distribution fees | 15,401 | 16,460 | 31,235 | 33,006 |
| Total revenue | 104,399 | 100,934 | 209,363 | 201,595 |
| Expenses | ||||
| Personnel compensation and benefits | 37,140 | 35,025 | 73,943 | 70,675 |
| Distribution and other asset-based expenses | 24,127 | 26,544 | 49,288 | 53,425 |
| General and administrative | 7,088 | 8,261 | 16,144 | 17,182 |
| Depreciation and amortization | 5,931 | 8,131 | 12,343 | 16,285 |
| Change in value of consideration payable for acquisition of business | (4) | (25) | (4) | (25) |
| Acquisition-related costs | (5) | 228 | (5) | 591 |
| Restructuring and integration costs | 438 | 3,331 | 702 | 4,461 |
| Total operating expenses | 74,715 | 81,495 | 152,411 | 162,594 |
| Income from operations | 29,684 | 19,439 | 56,952 | 39,001 |
| Other income (expense) | ||||
| Interest income and other income/(expense) | 8 | (1,914) | (29) | (1,569) |
| Interest expense and other financing costs | (4,706) | (13,843) | (11,798) | (26,471) |
| Loss on debt extinguishment | (6,058) | |||
| Total other income (expense), net | (4,698) | (15,757) | (17,885) | (28,040) |
| Income before income taxes | 24,986 | 3,682 | 39,067 | 10,961 |
| Income tax expense | (6,311) | (1,328) | (9,868) | (4,194) |
| Net income | $ 18,675 | $ 2,354 | $ 29,199 | $ 6,767 |
| Earnings per share—basic | $ 0.27 | $ 0.04 | $ 0.45 | $ 0.12 |
| Earnings per share—diluted | $ 0.26 | $ 0.04 | $ 0.42 | $ 0.11 |
| Weighted average shares outstanding—basic | 67,948,732 | 54,825,386 | 64,791,435 | 54,819,604 |
| Weighted average shares outstanding—diluted | 72,135,290 | 58,985,367 | 69,352,895 | 58,872,192 |
| Dividends declared per share | $ 2.19 | |||