Company Quick10K Filing
Virtus Investment Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 8 $880
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-06 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-02-27 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-24 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-07-29 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-11-04 Quarter: 2013-09-30
10-Q 2013-08-02 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-03-01 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-03-01 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-04 Quarter: 2010-03-31
10-K 2010-03-08 Annual: 2009-12-31
8-K 2020-01-09 Officers, Exhibits
8-K 2019-10-25 Earnings, Exhibits
8-K 2019-09-29 Officers, Exhibits
8-K 2019-07-26 Earnings, Exhibits
8-K 2019-05-15 Officers, Shareholder Vote, Exhibits
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-04-10 Regulation FD, Exhibits
8-K 2019-02-01 Earnings, Exhibits
8-K 2018-10-26 Earnings, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-07-02 Off-BS Arrangement
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-03-26 Accountant, Exhibits
8-K 2018-02-15 Enter Agreement, Exhibits
8-K 2018-02-14 Amend Bylaw, Exhibits
8-K 2018-02-07 Enter Agreement
8-K 2018-02-02 Earnings, Exhibits
VRTS 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 q319ex-311.htm
EX-31.2 q319ex-312.htm
EX-32.1 q319ex-321.htm

Virtus Investment Partners Earnings 2019-09-30

VRTS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NOAH 1,324 8,014 1,839 0 0 0 0 -1,382 0%
BSIG 1,236 1,356 1,304 886 0 137 223 1,779 0% 8.0 10%
VRTS 880 3,067 2,343 561 0 80 150 935 0% 6.2 3%
OZM 790 1,364 950 496 0 17 54 940 0% 17.4 1%
PZN 622 167 76 115 0 54 59 587 0% 9.9 32%
DHIL 480 306 54 138 0 55 77 368 0% 4.8 18%
WHG 288 179 26 102 0 13 24 232 0% 9.9 7%
VALU 247 101 52 37 0 12 17 243 0% 14.3 12%
MN 137 221 72 110 31 12 15 80 29% 5.2 5%
SAMG 116 151 69 96 0 16 23 65 0% 2.8 10%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
 
 
 
 
FORM 10-Q
 
 
 
 
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-10994
 
 
 
 
 
 
vrtslogo2019.jpg
VIRTUS INVESTMENT PARTNERS, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
Delaware
 
26-3962811
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
One Financial Plaza, Hartford, CT 06103
(Address of principal executive offices, including Zip Code)
(800) 248-7971
(Registrant’s telephone number, including area code)
 
 
 
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
 
 
 
 
Common Stock, $0.01 par value (including Preferred Share Purchase Rights)
 
VRTS
 
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares outstanding of the registrant’s common stock was 6,878,020 as of October 24, 2019.
 
 
 
 
 


Table of Contents

VIRTUS INVESTMENT PARTNERS, INC.
INDEX
 
 
 
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.
 
"We," "us," "our," "the Company," and "Virtus" as used in this Quarterly Report on Form 10-Q, refer to Virtus Investment Partners, Inc., a Delaware corporation, and its subsidiaries.



Table of Contents

PART I – FINANCIAL INFORMATION
 
Item 1.    Financial Statements
Virtus Investment Partners, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
September 30,
2019
 
December 31,
2018
($ in thousands, except share data)
 
 
 
Assets:
 
 
 
Cash and cash equivalents
$
195,870

 
$
201,705

Investments
44,583

 
79,558

Accounts receivable, net
74,173

 
70,047

Assets of consolidated investment products ("CIP")
 
 
 
Cash and cash equivalents of CIP
77,562

 
52,015

Cash pledged or on deposit of CIP
5,600

 
936

Investments of CIP
2,018,923

 
1,749,568

Other assets of CIP
16,822

 
31,057

Furniture, equipment and leasehold improvements, net
19,494

 
20,154

Intangible assets, net
317,924

 
338,812

Goodwill
290,366

 
290,366

Deferred taxes, net
18,475

 
22,116

Other assets
33,339

 
14,201

Total assets
$
3,113,131

 
$
2,870,535

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Accrued compensation and benefits
$
78,073

 
$
93,339

Accounts payable and accrued liabilities
23,310

 
27,926

Dividends payable
8,744

 
7,762

Debt
291,995

 
329,184

Other liabilities
36,487

 
20,010

Liabilities of CIP
 
 
 
Notes payable of CIP
1,821,243

 
1,620,260

Securities purchased payable and other liabilities of CIP
84,053

 
70,706

Total liabilities
2,343,905

 
2,169,187

Commitments and Contingencies (Note 15)

 

Redeemable noncontrolling interests
91,610

 
57,481

Equity:
 
 
 
Equity attributable to stockholders:
 
 
 
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized, issued and outstanding at September 30, 2019 and December 31, 2018
110,843

 
110,843

Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,719,458 shares issued and 6,877,596 shares outstanding at September 30, 2019 and 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018, respectively
107

 
106

Additional paid-in capital
1,202,130

 
1,209,805

Retained earnings (accumulated deficit)
(238,108
)
 
(310,865
)
Accumulated other comprehensive income (loss)
(19
)
 
(731
)
Treasury stock, at cost, 3,841,862 and 3,555,242 shares at September 30, 2019 and December 31, 2018, respectively
(409,249
)
 
(379,249
)
Total equity attributable to stockholders
665,704

 
629,909

Noncontrolling interests of CIP
11,912

 
13,958

Total equity
677,616

 
643,867

Total liabilities and equity
$
3,113,131

 
$
2,870,535


The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Table of Contents

Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
($ in thousands, except per share data)
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
Investment management fees
$
120,023

 
$
121,713

 
$
340,532

 
$
325,357

Distribution and service fees
10,442

 
13,730

 
31,122

 
39,886

Administration and shareholder service fees
15,280

 
16,567

 
44,747

 
48,272

Other income and fees
210

 
200

 
761

 
655

Total revenues
145,955

 
152,210

 
417,162

 
414,170

Operating Expenses
 
 
 
 
 
 
 
Employment expenses
61,282

 
63,269

 
180,256

 
178,833

Distribution and other asset-based expenses
20,927

 
25,386

 
62,013

 
71,398

Other operating expenses
18,228

 
20,350

 
56,125

 
56,340

Operating expenses of consolidated investment products ("CIP")
376

 
529

 
3,395

 
2,823

Restructuring and severance
523

 

 
2,019

 

Depreciation and other amortization
1,245

 
1,189

 
3,729

 
3,304

Amortization expense
7,587

 
7,541

 
22,711

 
17,601

Total operating expenses
110,168

 
118,264

 
330,248

 
330,299

Operating Income (Loss)
35,787

 
33,946

 
86,914

 
83,871

Other Income (Expense)
 
 
 
 
 
 
 
Realized and unrealized gain (loss) on investments, net
2

 
(374
)
 
5,474

 
1,024

Realized and unrealized gain (loss) of CIP, net
(5,344
)
 
(4,735
)
 
2,455

 
(4,255
)
Other income (expense), net
746

 
549

 
1,892

 
2,323

Total other income (expense), net
(4,596
)
 
(4,560
)
 
9,821

 
(908
)
Interest Income (Expense)
 
 
 
 
 
 
 
Interest expense
(4,889
)
 
(5,155
)
 
(15,205
)
 
(13,482
)
Interest and dividend income
863

 
716

 
3,017

 
3,255

Interest and dividend income of investments of CIP
30,290

 
26,596

 
87,060

 
71,678

Interest expense of CIP
(21,252
)
 
(16,959
)
 
(72,030
)
 
(46,786
)
Total interest income (expense), net
5,012

 
5,198

 
2,842

 
14,665

Income (Loss) Before Income Taxes
36,203

 
34,584

 
99,577

 
97,628

Income tax expense (benefit)
10,844

 
6,653

 
23,851

 
22,641

Net Income (Loss)
25,359

 
27,931

 
75,726

 
74,987

Noncontrolling interests
(1,274
)
 
(933
)
 
(2,969
)
 
(1,619
)
Net Income (Loss) Attributable to Stockholders
24,085

 
26,998

 
72,757

 
73,368

Preferred stockholder dividends
(2,085
)
 
(2,085
)
 
(6,253
)
 
(6,253
)
Net Income (Loss) Attributable to Common Stockholders
$
22,000

 
$
24,913

 
$
66,504

 
$
67,115

Earnings (Loss) per Share—Basic
$
3.17

 
$
3.47

 
$
9.51

 
$
9.33

Earnings (Loss) per Share—Diluted
$
2.95

 
$
3.19

 
$
8.86

 
$
8.67

Cash Dividends Declared per Preferred Share
$
1.81

 
$
1.81

 
$
5.44

 
$
5.44

Cash Dividends Declared per Common Share
$
0.67

 
$
0.55

 
$
1.77

 
$
1.45

Weighted Average Shares Outstanding—Basic (in thousands)
6,947

 
7,175

 
6,990

 
7,195

Weighted Average Shares Outstanding—Diluted (in thousands)
8,157

 
8,456

 
8,215

 
8,463


The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Table of Contents

Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
($ in thousands)
 
 
 
 
 
 
 
Net Income (Loss)
$
25,359

 
$
27,931

 
$
75,726

 
$
74,987

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of tax of $4 and $2 for the three months ended September 30, 2019 and 2018, respectively, and $5 and $4 for the nine months ended September 30, 2019 and 2018, respectively
(12
)
 
(2
)
 
(14
)
 
(10
)
Unrealized gain (loss) on available-for-sale securities, net of tax of ($9) and $68 for the three and nine months ended September 30, 2018, respectively

 
24

 

 
(168
)
Other comprehensive income (loss)
(12
)
 
22

 
(14
)
 
(178
)
Comprehensive income (loss)
25,347

 
27,953

 
75,712

 
74,809

Comprehensive (income) loss attributable to noncontrolling interests
(1,274
)
 
(933
)
 
(2,969
)
 
(1,619
)
Comprehensive Income (Loss) Attributable to Stockholders
$
24,073

 
$
27,020

 
$
72,743

 
$
73,190

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents



Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Nine Months Ended
September 30,
 
2019
 
2018
($ in thousands)
 
 
 
Cash Flows from Operating Activities:
 
 
 
Net income (loss)
$
75,726

 
$
74,987

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation expense, intangible asset and other amortization
29,766

 
23,147

Stock-based compensation
16,384

 
16,914

Amortization of deferred commissions
2,413

 
2,734

Payments of deferred commissions
(1,522
)
 
(3,839
)
Equity in earnings of equity method investments
(2,001
)
 
(2,358
)
Realized and unrealized (gains) losses on investments, net
(4,636
)
 
(752
)
Distributions received from equity method investments
828

 
4,032

Sales (purchases) of investments, net
8,784

 
5,571

Deferred taxes, net
3,392

 
9,710

Changes in operating assets and liabilities:
 
 
 
Accounts receivable, net and other assets
(3,057
)
 
10,368

Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities
(24,211
)
 
(39,560
)
Operating activities of consolidated investment products ("CIP"):
 
 
 
Realized and unrealized (gains) losses on investments of CIP, net
(3,063
)
 
2,108

Purchases of investments by CIP
(805,599
)
 
(857,999
)
Sales of investments by CIP
588,678

 
655,335

Net purchases (sales) of short term investments by CIP
2,294

 
111

Sales (purchases) of securities sold short by CIP, net
1,241

 

Change in other assets of CIP
(184
)
 
(609
)
Change in liabilities of CIP
7,247

 
(1,589
)
Amortization of discount on notes payable of CIP
4,505

 

Net cash provided by (used in) operating activities
(103,015
)
 
(101,689
)
Cash Flows from Investing Activities:
 
 
 
Capital expenditures and other asset purchases
(6,961
)
 
(2,516
)
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net
18,408

 

Acquisition of businesses (cash paid of $129.5 million, less cash acquired of $2.5 million in 2018)

 
(126,995
)
Sale of available-for-sale securities
2,023

 
37,785

Purchases of available-for-sale securities

 
(20,188
)
Net cash provided by (used in) investing activities
13,470

 
(111,914
)
Cash Flows from Financing Activities:
 
 
 
Issuance of debt

 
105,000

Repayments on debt
(39,839
)
 
(12,863
)
Payment of deferred financing costs

 
(3,810
)
Common stock dividends paid
(12,244
)
 
(10,093
)
Preferred stock dividends paid
(6,253
)
 
(6,253
)
Repurchases of common shares
(30,000
)
 
(12,501
)
Stock options exercised
648

 
719

Taxes paid related to net share settlement of restricted stock units
(6,601
)
 
(6,517
)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests
7,630

 
(2,159
)
Financing activities of CIP:
 
 
 
Payments on borrowings by CIP
(195,697
)
 
(669,500
)
Borrowings by CIP
396,277

 
817,474

Net cash provided by (used in) financing activities
113,921

 
199,497

Net increase (decrease) in cash, cash equivalents and restricted cash
24,376

 
(14,106
)
Cash, cash equivalents and restricted cash, beginning of period
254,656

 
234,282

Cash, Cash Equivalents and Restricted Cash, End of Period
$
279,032

 
$
220,176

Non-Cash Investing Activities:
 
 
 
Change in accrual for capital expenditures
$
(1,784
)
 
$
1,906

Non-Cash Financing Activities:
 
 
 
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net
$
22,046

 
$

Common stock dividends payable
$
4,608

 
$
3,930

Preferred stock dividends payable
$
2,085

 
$
2,085


 
September 30,
2019
 
December 31, 2018
($ in thousands)
 
 
 
Reconciliation of cash, cash equivalents and restricted cash
 
 
 
Cash and cash equivalents
$
195,870

 
$
201,705

Cash of CIP
77,562

 
52,015

Cash pledged or on deposit of CIP
5,600

 
936

Cash, cash equivalents and restricted cash at end of period
$
279,032

 
$
254,656










The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents

Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
 
Permanent Equity
 
Temporary Equity
 
Common Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained Earnings (Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Attributed To
Stockholders
 
Non-
controlling
Interests
 
Total
Equity
 
Redeemable
Non-
controlling
Interests
($ in thousands, except per share data)
Shares
 
Par Value
 
Shares
 
Amount
 
Shares
 
Amount
 
Balances at June 30, 2018
7,166,139

 
$
105

 
1,150,000

 
$
110,843

 
$
1,213,341

 
$
(340,024
)
 
$
(622
)
 
3,356,911

 
$
(359,248
)
 
$
624,395

 
$
15,971

 
$
640,366

 
$
3,420

Acquisition of business

 

 

 

 

 

 

 

 

 

 

 

 
55,500

Net income (loss)

 

 

 

 

 
26,998

 

 

 

 
26,998

 
110

 
27,108

 
823

Net unrealized gain (loss) on securities available-for-sale

 

 

 

 

 

 
24

 

 

 
24

 

 
24

 

Foreign currency translation adjustments

 

 

 

 

 

 
(2
)
 

 

 
(2
)
 

 
(2
)
 

Net subscriptions (redemptions) and other

 

 

 

 

 

 

 

 

 

 
(574
)
 
(574
)
 
505

Cash dividends declared ($1.81 per preferred share)

 

 

 

 
(2,085
)
 

 

 

 

 
(2,085
)
 

 
(2,085
)
 

Cash dividends declared ($0.55 per common share)

 

 

 

 
(4,222
)
 

 

 

 

 
(4,222
)
 

 
(4,222
)
 

Repurchases of common shares
(38,184
)
 

 

 

 

 

 

 
38,184

 
(5,001
)
 
(5,001
)
 

 
(5,001
)
 

Issuance of common shares related to employee stock transactions
18,647

 

 

 

 
66

 

 

 

 

 
66

 

 
66

 

Taxes paid on stock-based compensation

 

 

 

 
(1,279
)
 

 

 

 

 
(1,279
)
 

 
(1,279
)
 

Stock-based compensation

 

 

 

 
4,824

 

 

 

 

 
4,824

 

 
4,824

 

Balances at September 30, 2018
7,146,602

 
$
105

 
1,150,000

 
$
110,843

 
$
1,210,645

 
$
(313,026
)
 
$
(600
)
 
3,395,095

 
$
(364,249
)
 
$
643,718

 
$
15,507

 
$
659,225

 
$
60,248

Balances at June 30, 2019
6,944,892

 
$
107

 
1,150,000

 
$
110,843

 
$
1,204,033

 
$
(262,193
)
 
$
(7
)
 
3,770,913

 
$
(401,748
)
 
$
651,035

 
$
12,637

 
$
663,672

 
$
60,502

Net income (loss)

 

 

 

 

 
24,085

 

 

 

 
24,085

 
(68
)
 
24,017

 
1,342

Foreign currency translation adjustments

 

 

 

 

 

 
(12
)
 

 

 
(12
)
 

 
(12
)
 

Net subscriptions (redemptions) and other

 

 

 

 
548

 

 

 

 

 
548

 
(657
)
 
(109
)
 
29,766

Cash dividends declared ($1.81 per preferred share)

 

 

 

 
(2,085
)
 

 

 

 

 
(2,085
)
 

 
(2,085
)
 

Cash dividends declared ($0.67 per common share)

 

 

 

 
(4,972
)
 

 

 

 

 
(4,972
)
 

 
(4,972
)
 

Repurchases of common shares
(70,949
)
 

 

 

 

 

 

 
70,949

 
(7,501
)
 
(7,501
)
 

 
(7,501
)
 

Issuance of common shares related to employee stock transactions
3,653

 

 

 

 
5

 

 

 

 

 
5

 

 
5

 

Taxes paid on stock-based compensation

 

 

 

 
(93
)
 

 

 

 

 
(93
)
 

 
(93
)
 

Stock-based compensation

 

 

 

 
4,694

 

 

 

 

 
4,694

 

 
4,694

 

Balances at September 30, 2019
6,877,596

 
$
107

 
1,150,000

 
$
110,843

 
$
1,202,130

 
$
(238,108
)
 
$
(19
)
 
3,841,862

 
$
(409,249
)
 
$
665,704

 
$
11,912

 
$
677,616

 
$
91,610



 
Permanent Equity
 
Temporary Equity
 
Common Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained Earnings (Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Attributed To
Stockholders
 
Non-
controlling
Interests
 
Total
Equity
 
Redeemable
Non-
controlling
Interests
($ in thousands, except per share data)
Shares
 
Par Value
 
Shares
 
Amount
 
Shares
 
Amount
 
Balances at December 31, 2017
7,159,645

 
$
105

 
1,150,000

 
$
110,843

 
$
1,216,173

 
$
(386,216
)
 
$
(600
)
 
3,296,289

 
$
(351,748
)
 
$
588,557

 
$
16,667

 
$
605,224

 
$
4,178

Adjustment for adoption of ASU 2016-01

 

 

 

 

 
(178
)
 
178

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 
73,368

 

 

 

 
73,368

 
876

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