Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
| Revenue |
|
|
|
|
| Total revenue |
$ 91,360
|
$ 104,399
|
$ 178,839
|
$ 209,363
|
| Expenses |
|
|
|
|
| Personnel compensation and benefits |
35,542
|
37,140
|
70,043
|
73,943
|
| Distribution and other asset-based expenses |
16,182
|
24,127
|
31,949
|
49,288
|
| General and administrative |
7,087
|
7,088
|
14,174
|
16,144
|
| Depreciation and amortization |
5,263
|
5,931
|
10,485
|
12,343
|
| Change in value of consideration payable for acquisition of business |
(14)
|
(4)
|
(14)
|
(4)
|
| Acquisition-related costs |
2,787
|
(5)
|
5,564
|
(5)
|
| Restructuring and integration costs |
1,788
|
438
|
1,788
|
702
|
| Total operating expenses |
68,635
|
74,715
|
133,989
|
152,411
|
| Income from operations |
22,725
|
29,684
|
44,850
|
56,952
|
| Other income (expense) |
|
|
|
|
| Interest income and other income/(expense) |
656
|
8
|
2,489
|
(29)
|
| Interest expense and other financing costs |
(4,520)
|
(4,706)
|
(9,144)
|
(11,798)
|
| Loss on debt extinguishment |
|
|
|
(6,058)
|
| Total other income (expense), net |
(3,864)
|
(4,698)
|
(6,655)
|
(17,885)
|
| Income (loss) before income tax (expense) benefit |
18,861
|
24,986
|
38,195
|
39,067
|
| Income tax (expense) benefit |
(4,478)
|
(6,311)
|
(9,285)
|
(9,868)
|
| Net income (loss) |
$ 14,383
|
$ 18,675
|
$ 28,910
|
$ 29,199
|
| Earnings (loss) per share of common stock |
|
|
|
|
| Earnings per share—basic |
$ 0.21
|
$ 0.27
|
$ 0.43
|
$ 0.45
|
| Earnings per share—diluted |
$ 0.20
|
$ 0.26
|
$ 0.40
|
$ 0.42
|
| Weighted average number of shares outstanding |
|
|
|
|
| Weighted average shares outstanding—basic |
67,583
|
67,949
|
67,552
|
64,791
|
| Weighted average shares outstanding—diluted |
73,521
|
72,135
|
72,962
|
69,353
|
| Investment management fees |
|
|
|
|
| Revenue |
|
|
|
|
| Total revenue |
$ 78,042
|
$ 88,998
|
$ 152,453
|
$ 178,128
|
| Fund administration and distribution fees |
|
|
|
|
| Revenue |
|
|
|
|
| Total revenue |
$ 13,318
|
$ 15,401
|
$ 26,386
|
$ 31,235
|