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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Commissions $ 159,054 $ 189,239 $ 541,644 $ 598,432
Principal transactions 118,379 118,977 403,252 436,580
Investment banking 221,858 372,279 747,779 1,088,010
Asset management 300,557 313,862 973,457 887,878
Interest 304,195 141,844 682,384 402,975
Other income 852 18,760 7,823 57,629
Total revenues 1,104,895 1,154,961 3,356,339 3,471,504
Interest expense 59,756 10,023 86,547 38,641
Net revenues [1] 1,045,139 1,144,938 3,269,792 3,432,863
Non-interest expenses:        
Compensation and benefits 611,870 672,385 1,938,270 2,062,353
Occupancy and equipment rental 77,230 72,160 232,507 215,163
Communications and office supplies 43,825 40,432 129,926 123,565
Commissions and floor brokerage 13,576 14,744 44,569 44,424
Provision for credit losses 6,453 (660) 27,478 (15,564)
Other operating expenses 86,416 89,375 245,623 254,503
Total non-interest expenses 839,370 888,436 2,618,373 2,684,444
Income from operations before income tax expense 205,769 256,502 651,419 748,419
Provision for income taxes 54,600 64,126 165,885 184,951
Net income 151,169 192,376 485,534 563,468
Preferred dividends 9,320 9,689 27,961 26,267
Net income available to common shareholders $ 141,849 $ 182,687 $ 457,573 $ 537,201
Earnings per common share:        
Basic $ 1.30 $ 1.70 $ 4.20 $ 4.99
Diluted 1.21 1.54 3.89 4.54
Cash dividends declared per common share $ 0.30 $ 0.15 $ 0.90 $ 0.45
Weighted-average number of common shares outstanding:        
Basic 108,767 107,379 109,017 107,655
Diluted 117,218 118,475 117,649 118,355
[1] No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2022 and 2021.