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Consolidated Statements Of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Revenue from contracts with customers $ 876,248 $ 605,314 $ 1,724,179 $ 1,238,422
Principal transactions 152,597 166,017 317,603 304,683
Interest 133,591 128,368 261,131 289,545
Other income 13,235 21,514 38,869 30,721
Total revenues 1,167,314 908,901 2,316,543 1,846,292
Interest expense 14,178 13,084 28,618 37,441
Net revenues [1] 1,153,136 895,817 2,287,925 1,808,851
Non-interest expenses:        
Compensation and benefits 692,054 547,174 1,389,968 1,124,353
Occupancy and equipment rental 70,971 66,264 143,003 132,337
Communications and office supplies 41,308 43,046 83,133 84,170
Commissions and floor brokerage 13,977 15,177 29,680 30,019
Provision for credit losses (9,652) 19,210 (14,904) 35,278
Other operating expenses 80,453 61,986 165,128 144,628
Total non-interest expenses 889,111 752,857 1,796,008 1,550,785
Income from operations before income tax expense 264,025 142,960 491,917 258,066
Provision for income taxes 65,948 35,073 120,825 63,590
Net income 198,077 107,887 371,092 194,476
Preferred dividends 8,289 4,843 16,578 9,687
Net income available to common shareholders $ 189,788 $ 103,044 $ 354,514 $ 184,789
Earnings per common share:        
Basic $ 1.76 $ 0.97 $ 3.29 $ 1.74
Diluted 1.60 0.92 3.00 1.63
Cash dividends declared per common share $ 0.15 $ 0.11 $ 0.30 $ 0.22
Weighted-average number of common shares outstanding:        
Basic 107,837 105,791 107,795 106,358
Diluted 118,602 111,581 118,279 113,477
Commissions [Member]        
Revenues:        
Revenue from contracts with customers $ 195,579 $ 177,028 $ 409,193 $ 388,126
Investment Banking [Member]        
Revenues:        
Revenue from contracts with customers 376,443 217,035 715,731 396,503
Asset Management and Service Fees [Member]        
Revenues:        
Revenue from contracts with customers $ 295,869 $ 198,939 $ 574,016 $ 436,714
[1] No individual client accounted for more than 10 percent of total net revenues for the three and six months ended June 30, 2021 or 2020.