Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Revenue | ||||
| Investment management fees | $ 92,525 | $ 86,016 | $ 270,653 | $ 254,605 |
| Fund administration and distribution fees | 15,557 | 16,372 | 46,792 | 49,378 |
| Total revenue | 108,082 | 102,388 | 317,445 | 303,983 |
| Expenses | ||||
| Personnel compensation and benefits | 38,027 | 36,097 | 111,970 | 106,772 |
| Distribution and other asset-based expenses | 24,269 | 24,801 | 73,557 | 78,226 |
| General and administrative | 6,951 | 8,867 | 23,095 | 26,049 |
| Depreciation and amortization | 5,574 | 7,055 | 17,917 | 23,340 |
| Change in value of consideration payable for acquisition of business | (4) | (25) | ||
| Acquisition-related costs | 1,451 | 844 | 1,446 | 1,435 |
| Restructuring and integration costs | 483 | 702 | 4,944 | |
| Total operating expenses | 76,272 | 78,147 | 228,683 | 240,741 |
| Income from operations | 31,810 | 24,241 | 88,762 | 63,242 |
| Other income (expense) | ||||
| Interest income and other income/(expense) | (200) | 753 | (229) | (816) |
| Interest expense and other financing costs | (4,458) | (11,688) | (16,256) | (38,159) |
| Loss on debt extinguishment | (330) | (6,058) | (330) | |
| Total other income (expense), net | (4,658) | (11,265) | (22,543) | (39,305) |
| Income before income taxes | 27,152 | 12,976 | 66,219 | 23,937 |
| Income tax expense | (6,562) | (5,126) | (16,430) | (9,320) |
| Net income | $ 20,590 | $ 7,850 | $ 49,789 | $ 14,617 |
| Earnings per share—basic | $ 0.30 | $ 0.14 | $ 0.76 | $ 0.27 |
| Earnings per share—diluted | $ 0.29 | $ 0.13 | $ 0.71 | $ 0.25 |
| Weighted average shares outstanding—basic | 67,972,313 | 54,961,161 | 65,816,557 | 54,867,257 |
| Weighted average shares outstanding—diluted | 71,863,566 | 59,738,176 | 70,168,116 | 59,517,606 |
| Dividends declared per share | $ 2.19 | |||