YEAR ENDED DECEMBER 31,
                                                                                  -------------------------------
                                                                                    1998       1997       1996
                                                                                  ---------  ---------  ---------
Commissions and fees............................................................  $ 406,769  $ 319,535  $ 227,695
                                                                                  ---------  ---------  ---------
Operating expenses:
  Salaries and related costs....................................................    223,773    179,370    126,464
  Office and general............................................................    126,835    102,547     75,078
  Merger costs..................................................................     21,526     --         --
  Amortization of intangibles...................................................      8,922      6,284      4,440
  Special compensation and CEO bonus............................................      1,250      1,500     52,019
                                                                                  ---------  ---------  ---------
      Total operating expenses..................................................    382,306    289,701    258,001
                                                                                  ---------  ---------  ---------
      Operating income (loss)...................................................     24,463     29,834    (30,306)
                                                                                  ---------  ---------  ---------
Other income (expense):
  Interest expense..............................................................    (13,669)   (11,362)   (14,805)
  Interest income...............................................................      3,254      2,675        673
  Other, net....................................................................       (926)      (202)      (683)
                                                                                  ---------  ---------  ---------
                                                                                    (11,341)    (8,889)   (14,815)
                                                                                  ---------  ---------  ---------
Income (loss) before provision for income taxes, minority interests and equity
  in earnings (losses) of affiliates............................................     13,122     20,945    (45,121)
Provision for income taxes......................................................      8,476      9,969      4,183
                                                                                  ---------  ---------  ---------
Income (loss) before minority interests and equity in earnings (losses) of
  affiliates....................................................................      4,646     10,976    (49,304)
Minority interests..............................................................     --            143        434
Equity in earnings (losses) of affiliates.......................................       (396)       (33)       114
                                                                                  ---------  ---------  ---------
Net income (loss)...............................................................      4,250     10,800    (49,624)
Preferred stock dividends.......................................................     --           (123)      (210)
                                                                                  ---------  ---------  ---------
Net income (loss) applicable to common and Class B common stockholders..........  $   4,250  $  10,677  $ (49,834)
                                                                                  ---------  ---------  ---------
                                                                                  ---------  ---------  ---------
Net income (loss) per common and Class B common share:
  Basic.........................................................................  $     .14  $     .38  $   (2.17)
                                                                                  ---------  ---------  ---------
                                                                                  ---------  ---------  ---------
  Diluted.......................................................................  $     .14  $     .38  $   (2.17)
                                                                                  ---------  ---------  ---------
                                                                                  ---------  ---------  ---------
Weighted average shares outstanding:
  Basic.........................................................................     29,834     27,884     22,940
                                                                                  ---------  ---------  ---------
                                                                                  ---------  ---------  ---------
  Diluted.......................................................................     30,673     28,376     22,940
                                                                                  ---------  ---------  ---------
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