Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Evercore Class A Common Stock
Our Class A common stock is listed on the NYSE and is traded under the symbol "EVR." At the close of business on February 17, 2021, there were 24 Class A common stockholders of record. This is not the actual number of beneficial owners of the Company's common stock, as shares are held in "street name" by brokers and others on behalf of individual owners.
There is no trading market for the Evercore Inc. Class B common stock. As of February 17, 2021, there were 47 holders of record of the Class B common stock.
Dividend Policy
The Company paid quarterly cash dividends of $0.61 per share of Class A common stock for the quarter ended December 31, 2020, $0.58 per share for the quarters ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019 and $0.50 per share for the quarter ended March 31, 2019.
We pay dividend equivalents, in the form of unvested RSU awards or deferred cash dividends, concurrently with the payment of dividends to the holders of Class A common shares, on all unvested RSU grants awarded in conjunction with annual bonuses and new hire awards. The dividend equivalents have the same vesting and delivery terms as the underlying RSU award.
The declaration and payment of any future dividends will be at the sole discretion of our board of directors. Our board of directors will take into account: general economic and business conditions; our financial condition and operating results; our available cash and current and anticipated cash needs; capital requirements; contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries (including Evercore LP) to us; and such other factors as our board of directors may deem relevant.
We are a holding company and have no material assets other than our ownership of partnership units in Evercore LP. We intend to cause Evercore LP to make distributions to us in an amount sufficient to cover dividends, if any, declared by us and tax distributions. If Evercore LP makes such distributions, the limited partners of Evercore LP will be entitled to receive equivalent distributions from Evercore LP on their partnership units.
Recent Sales of Unregistered Securities
None
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Share Repurchases for the period January 1, 2020 through December 31, 2020
2020 Total Number of
Shares (or Units)
Purchased(1) Average Price
Paid Per Share Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(2) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2)
January 1 to January 31 32,232 $ 76.45 25,000 4,094,401
February 1 to February 29 1,742,690 76.99 825,134 3,269,267
March 1 to March 31 66,958 65.83 — 3,269,267
Total January 1 to March 31 1,841,880 $ 76.57 850,134 3,269,267
April 1 to April 30 9,394 $ 52.62 — 3,269,267
May 1 to May 31 9,000 49.98 — 3,269,267
June 1 to June 30 10,541 57.11 4,000 3,265,267
Total April 1 to June 30 28,935 $ 53.43 4,000 3,265,267
July 1 to July 31 5,275 $ 57.53 — 3,265,267
August 1 to August 31 5,229 55.30 — 3,265,267
September 1 to September 30 5,372 62.19 — 3,265,267
Total July 1 to September 30 15,876 $ 58.37 — 3,265,267
October 1 to October 31 2,107 $ 67.49 — 3,265,267
November 1 to November 30 23,555 84.53 — 3,265,267
December 1 to December 31 10,040 93.47 — 3,265,267
Total October 1 to December 31 35,702 $ 86.04 — 3,265,267
Total January 1 to December 31 1,922,393 $ 76.25 854,134 3,265,267
(1) Includes the repurchase of 991,746, 24,935, 15,876, and 35,702 shares in treasury transactions arising from net settlement of equity awards to satisfy minimum tax obligations during the three months ended March 31, 2020, June 30, 2020, September 30, 2020, and December 31, 2020, respectively.
(2) On October 23, 2017, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, Evercore is able to repurchase an aggregate of the lesser of $750.0 million worth of Class A Shares and/or LP Units and 8.5 million Class A Shares and/or LP Units. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately-negotiated transactions or otherwise. The timing and the actual amount of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This program may be suspended or discontinued at any time and does not have a specified expiration date.
Information relating to compensation plans under which the Company's equity securities are authorized for issuance is set forth in Part III, Item 12 of this report.
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Item 6. Selected Financial Data
The following table sets forth the historical selected financial data for the Company for all periods presented. For more information on our historical financial information, see Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8. "Financial Statements and Supplementary Data." During 2018, certain balances for prior periods were reclassified to conform to their current presentation. We disaggregated "Investment Banking Revenue" into "Advisory Fees," "Underwriting Fees" and "Commissions and Related Fees" and renamed "Investment Management Revenue" to "Asset Management and Administration Fees," which includes management fees from our wealth management and institutional asset management businesses. On July 2, 2020, we sold the trust business of ECB (the "ECB Trust business") and on December 16, 2020, we sold the remaining ECB business. See Note 5 to our consolidated financial statements for further information on business changes and developments.
2020 2019 2018 2017 2016
(dollars in thousands, except per share data)
STATEMENT OF OPERATIONS DATA
Revenues
Investment Banking: (1)
Advisory Fees $ 1,755,273 $ 1,653,585 $ 1,743,473 $ 1,324,412 $ 1,096,829
Underwriting Fees 276,191 89,681 71,691 45,827 36,264
Commissions and Related Fees 205,767 189,506 200,015 205,630 230,913
Asset Management and Administration Fees (1)
54,397 50,611 48,246 59,648 63,404
Other Revenue, Including Interest and Investments (1)
(6,309) 45,454 19,051 88,828 29,380
Total Revenues 2,285,319 2,028,837 2,082,476 1,724,345 1,456,790
Interest Expense 21,414 20,139 17,771 19,996 16,738
Net Revenues 2,263,905 2,008,698 2,064,705 1,704,349 1,440,052
Expenses
Operating Expenses 1,688,015 1,534,122 1,492,241 1,227,573 1,077,706
Other Expenses 49,457 36,865 30,387 47,965 101,172
Total Expenses 1,737,472 1,570,987 1,522,628 1,275,538 1,178,878
Income before Income from Equity Method Investments and Income Taxes 526,433 437,711 542,077 428,811 261,174
Income from Equity Method Investments 14,398 10,996 9,294 8,838 6,641
Income before Income Taxes 540,831 448,707 551,371 437,649 267,815
Provision for Income Taxes 128,151 95,046 108,520 258,442 119,303
Net Income 412,680 353,661 442,851 179,207 148,512
Net Income Attributable to Noncontrolling Interest 62,106 56,225 65,611 53,753 40,984
Net Income Attributable to Evercore Inc. $ 350,574 $ 297,436 $ 377,240 $ 125,454 $ 107,528
Dividends Declared per Share $ 2.35 $ 2.24 $ 1.90 $ 1.42 $ 1.27
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders $ 8.22 $ 6.89 $ 8.33 $ 2.80 $ 2.43
STATEMENT OF FINANCIAL CONDITION DATA
Total Assets $ 3,370,888 $ 2,598,613 $ 2,125,667 $ 1,584,886 $ 1,662,346
Long-term Liabilities $ 817,581 $ 803,710 $ 368,037 $ 324,466 $ 415,594
Total Long-term Debt $ 338,518 $ 375,062 $ 168,612 $ 175,146 $ 184,647
Total Liabilities $ 1,881,514 $ 1,472,363 $ 1,117,728 $ 788,518 $ 879,015
Noncontrolling Interest $ 258,428 $ 256,534 $ 249,819 $ 252,404 $ 256,033
Total Equity $ 1,489,374 $ 1,126,250 $ 1,007,939 $ 796,368 $ 783,331
(1) Certain balances in prior periods were reclassified to conform to their current presentation. See Note 2 to our consolidated financial statements for further information.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.