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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Investment banking $ 234,132 $ 387,147 $ 491,634 $ 683,221
Institutional brokerage 104,942 95,830 209,504 205,318
Interest income 4,536 1,673 8,392 3,730
Investment income/(loss) 10,936 26,694 (2,138) 50,462
Total revenues 354,546 511,344 707,392 942,731
Interest expense 2,355 2,696 4,556 5,476
Net revenues 352,191 508,648 702,836 937,255
Non-interest expenses:        
Compensation and benefits 239,917 325,252 487,816 605,580
Outside services 14,429 10,593 25,605 18,268
Occupancy and equipment 15,562 13,720 30,098 27,742
Communications 13,215 10,026 25,640 21,834
Marketing and business development 12,238 5,114 20,870 7,181
Deal-related expenses 8,308 8,710 13,852 21,141
Trade execution and clearance 5,891 4,207 9,926 8,387
Restructuring and integration costs 1,609 3,433 2,856 3,568
Intangible asset amortization 3,393 7,520 6,314 15,040
Other operating expenses 469 6,013 7,062 11,587
Total non-interest expenses 315,031 394,588 630,039 740,328
Income before income tax expense 37,160 114,060 72,797 196,927
Income tax expense 9,385 27,066 20,364 44,340
Net income 27,775 86,994 52,433 152,587
Net income/(loss) applicable to noncontrolling interests 6,385 17,173 (5,608) 33,307
Net income applicable to Piper Sandler Companies $ 21,390 $ 69,821 $ 58,041 $ 119,280
Earnings per common share        
Basic $ 1.53 $ 4.86 $ 4.07 $ 8.30
Diluted 1.26 4.12 3.39 7.14
Dividends declared per common share (in dollars per share) $ 0.60 $ 0.45 $ 5.70 $ 2.70
Weighted average number of common shares outstanding        
Basic (in shares) 14,018 14,358 14,248 14,366
Diluted (in shares) 16,920 16,951 17,106 16,709