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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Investment banking $ 241,470 $ 211,666 $ 731,775 $ 580,037
Institutional brokerage 100,934 90,493 284,113 274,644
Interest income 7,831 6,980 22,813 19,421
Investment income/(loss) 10,693 (17,108) 7,510 9,804
Total revenues 360,928 292,031 1,046,211 883,906
Interest expense 1,356 2,546 4,404 7,790
Net revenues 359,572 289,485 1,041,807 876,116
Non-interest expenses        
Compensation and benefits 231,014 207,282 688,169 595,880
Outside services 13,525 12,538 39,921 38,120
Occupancy and equipment 16,481 16,308 49,274 48,056
Communications 13,712 12,883 41,509 40,241
Marketing and business development 10,392 8,674 32,527 29,656
Deal-related expenses 6,050 6,653 18,380 20,172
Trade execution and clearance 5,153 4,864 14,534 14,632
Restructuring and integration costs 775 0 1,752 3,903
Intangible asset amortization 2,572 4,833 7,294 14,641
Other operating expenses 4,283 18,900 12,164 34,075
Total non-interest expenses 303,957 292,935 905,524 839,376
Income/(loss) before income tax expense 55,615 (3,450) 136,283 36,740
Income tax expense 15,225 10,227 31,345 2,340
Net income/(loss) 40,390 (13,677) 104,938 34,400
Net income/(loss) attributable to noncontrolling interests 5,601 (17,555) (7,117) 934
Net income attributable to Piper Sandler Companies $ 34,789 $ 3,878 $ 112,055 $ 33,466
Earnings per common share        
Basic $ 2.19 $ 0.26 $ 7.11 $ 2.25
Diluted 1.96 0.22 6.35 1.95
Dividends declared per common share (in dollars per share) $ 0.65 $ 0.60 $ 2.85 $ 3.05
Weighted average number of common shares outstanding        
Basic (in shares) 15,921 15,105 15,767 14,895
Diluted (in shares) 17,769 17,256 17,636 17,176