Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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REVENUE | |||
Investment banking and other advisory fees | $ 1,298,364 | $ 1,276,096 | $ 1,201,424 |
Asset management fees | 998,887 | 1,036,821 | 1,080,842 |
Interest income | 5,233 | 5,286 | 5,360 |
Other | 81,179 | 86,564 | 75,391 |
Total revenue | 2,383,663 | 2,404,767 | 2,363,017 |
Interest expense | 50,292 | 51,159 | 62,570 |
Net revenue | 2,333,371 | 2,353,608 | 2,300,447 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,340,543 | 1,319,746 | 1,313,606 |
Occupancy and equipment | 109,305 | 109,867 | 111,550 |
Marketing and business development | 83,202 | 81,541 | 88,029 |
Technology and information services | 97,461 | 95,528 | 91,120 |
Professional services | 45,512 | 49,529 | 46,543 |
Fund administration and outsourced services | 63,421 | 61,363 | 65,457 |
Amortization and other acquisition-related costs | 35,247 | 5,821 | 6,387 |
Provision pursuant to tax receivable agreement | 547,691 | 18,307 | |
Other | 41,219 | 99,142 | 39,983 |
Total operating expenses | 1,815,910 | 2,370,228 | 1,780,982 |
OPERATING INCOME (LOSS) | 517,461 | (16,620) | 519,465 |
Provision (benefit) for income taxes | 123,769 | (1,009,552) | 85,402 |
NET INCOME | 393,692 | 992,932 | 434,063 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 5,994 | 6,559 | 6,786 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 387,698 | $ 986,373 | $ 427,277 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||
Basic | 124,770,401 | 125,366,272 | 122,351,836 |
Diluted | 132,633,630 | 133,244,546 | 133,813,123 |
NET INCOME PER SHARE OF COMMON STOCK: | |||
Basic | $ 3.11 | $ 7.87 | $ 3.49 |
Diluted | 2.92 | 7.40 | 3.20 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ 2.69 | $ 2.35 | $ 1.20 |
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- Definition Amortization and other acquisition related costs. No definition available.
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- Definition Consisting of fees paid for outsourced services and asset management related expenses for mutual fund servicing, fund administration by third parties. In addition, custodial, clearing and settlement costs. No definition available.
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- Definition Includes advisory fees earned for providing advice and analysis related to corporate mergers, acquisitions, divestures, and funding. Also includes restructuring advisory fees earned involving a client or a client's portfolio company in bankruptcy, in financial distress and/or is significantly over leveraged. No definition available.
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- Definition Provision (benefit) pursuant to tax receivable agreement. No definition available.
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- Definition Amount of fixed fee revenue for the management of an investment fund portfolio. Excludes investment advisory, distribution and servicing, and performance fees. No definition available.
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- Definition Business development involves the development of products and services, their delivery, design and their implementation. Business development includes a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow-up sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of expense classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). No definition available.
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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