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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Commissions $ 165,358 $ 186,681 $ 334,908 $ 382,590
Principal transactions 105,700 125,603 221,222 284,873
Investment banking 166,825 271,075 378,704 525,921
Asset management 320,264 331,264 635,833 672,900
Interest 482,770 212,754 934,334 378,189
Other income 894 (1,917) (1,399) 6,971
Total revenues 1,241,811 1,125,460 2,503,602 2,251,444
Interest expense 191,090 17,334 346,088 26,791
Net revenues 1,050,721 1,108,126 2,157,514 2,224,653
Non-interest expenses:        
Compensation and benefits 615,667 652,709 1,266,857 1,326,400
Occupancy and equipment rental 84,604 78,251 166,744 155,277
Communications and office supplies 44,969 43,645 91,105 86,101
Commissions and floor brokerage 14,112 15,106 28,552 30,993
Provision for credit losses 7,824 12,785 12,744 21,025
Other operating expenses 102,160 87,089 200,244 159,207
Total non-interest expenses 869,336 889,585 1,766,246 1,779,003
Income from operations before income tax expense 181,385 218,541 391,268 445,650
Provision for income taxes 47,033 57,725 99,377 111,285
Net income 134,352 160,816 291,891 334,365
Preferred dividends 9,320 9,321 18,640 18,641
Net income available to common shareholders $ 125,032 $ 151,495 $ 273,251 $ 315,724
Earnings per common share:        
Basic $ 1.16 $ 1.39 $ 2.52 $ 2.89
Diluted 1.1 1.29 2.38 2.68
Cash dividends declared per common share $ 0.36 $ 0.3 $ 0.72 $ 0.6
Weighted-average number of common shares outstanding:        
Basic 107,944 109,083 108,360 109,144
Diluted 113,864 117,400 114,658 117,838