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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Investment banking $ 259,782 $ 183,967 $ 490,305 $ 368,371
Institutional brokerage 91,737 87,838 183,179 184,151
Interest income 6,676 3,729 14,982 12,441
Investment income/(loss) (17,351) 15,797 (3,183) 26,912
Total revenues 340,844 291,331 685,283 591,875
Interest expense 1,665 2,605 3,048 5,244
Net revenues 339,179 288,726 682,235 586,631
Non-interest expenses        
Compensation and benefits 234,709 189,204 457,155 388,598
Outside services 13,974 13,456 26,396 25,582
Occupancy and equipment 16,757 16,020 32,793 31,748
Communications 14,568 13,047 27,797 27,358
Marketing and business development 11,372 10,930 22,135 20,982
Deal-related expenses 5,943 7,505 12,330 13,519
Trade execution and clearance 4,515 4,854 9,381 9,768
Restructuring and integration costs 977 3,903 977 3,903
Intangible asset amortization 2,361 4,904 4,722 9,808
Other operating expenses 5,757 10,522 7,881 15,175
Total non-interest expenses 310,933 274,345 601,567 546,441
Income before income tax expense/(benefit) 28,246 14,381 80,668 40,190
Income tax expense/(benefit) 13,276 (250) 16,120 (7,887)
Net income 14,970 14,631 64,548 48,077
Net income/(loss) attributable to noncontrolling interests (19,803) 10,677 (12,718) 18,489
Net income attributable to Piper Sandler Companies $ 34,773 $ 3,954 $ 77,266 $ 29,588
Earnings per common share        
Basic $ 2.19 $ 0.26 $ 4.92 $ 2.00
Diluted 1.97 0.23 4.40 1.73
Dividends declared per common share (in dollars per share) $ 0.60 $ 0.60 $ 2.20 $ 2.45
Weighted average number of common shares outstanding        
Basic (in shares) 15,879 15,066 15,689 14,788
Diluted (in shares) 17,633 17,084 17,569 17,134