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Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)
The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2018 and 2019:
 
 
2018
 
 
First
Quarter
 
Second
Quarter(1)
 
Third
Quarter
 
Fourth
Quarter(1)
Consolidated revenue
 
$
612.5

 
$
600.2

 
$
601.3

 
$
564.4

Income (loss) before income taxes
 
287.5

 
239.3

 
250.4

 
(63.6
)
Net income (loss)
 
224.0

 
205.2

 
201.9

 
(98.8
)
Net income (loss) (controlling interest)
 
153.0

 
117.0

 
124.9

 
(151.3
)
Earnings (loss) per share (diluted)
 
$
2.77

 
$
2.16

 
$
2.34

 
$
(2.88
)
 
 
2019
 
 
First
Quarter(2)
 
Second
Quarter
 
Third
Quarter(2)
 
Fourth
Quarter(2)
Consolidated revenue
 
$
543.1

 
$
592.0

 
$
549.0

 
$
555.5

Income (loss) before income taxes
 
(194.8
)
 
215.9

 
192.6

 
94.3

Net income (loss)
 
(133.0
)
 
180.1

 
162.1

 
95.9

Net income (loss) (controlling interest)
 
(200.8
)
 
107.7

 
86.3

 
22.5

Earnings (loss) per share (diluted)
 
$
(3.87
)
 
$
2.11

 
$
1.71

 
$
0.46

__________________________
(1) 
In the second and fourth quarter of 2018, the Company recorded $33.3 million and $240.0 million of expenses, respectively, to reduce the carrying value to fair value of certain of its Affiliates.

(2) 
In the first, third and fourth quarters of 2019, the Company recorded $415.0 million, $10.0 million and $60.0 million of expenses, respectively, to reduce the carrying value to fair value of certain of its Affiliates. In the fourth quarter of 2019, the Company recorded $35.0 million of expenses to reduce the carrying value to fair value of certain of its indefinite-lived acquired client relationships and a $16.1 million expense to reduce the carrying value to zero of certain indefinite-lived acquired client relationships due to the closure of certain retail investment products on our U.S. retail distribution platform.