filings.toolsItem 6. Selected Financial Data.
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Item 6. Selected Financial Data.
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The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, 2010 have been derived from our Consolidated Financial Statements. Such data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of Part II of this Annual Report and with our Consolidated Financial Statements and related Notes thereto in Item 8 of Part II of this Annual Report.
| (in thousands, except per share data, number of employees and percentages | Year Ended December 31 | |||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| REVENUES | ||||||||||||||||||||
| Commissions and fees | $ | 966,917 | $ | 964,863 | $ | 965,983 | $ | 914,650 | $ | 864,663 | ||||||||||
| Investment income | 1,326 | 1,161 | 6,079 | 30,494 | (1) | 11,479 | ||||||||||||||
| Other income, net | 5,249 | 1,853 | 5,492 | 14,523 | 1,862 | |||||||||||||||
| Total revenues | 973,492 | 967,877 | 977,554 | 959,667 | 878,004 | |||||||||||||||
| EXPENSES | ||||||||||||||||||||
| Employee compensation and benefits | 487,820 | 484,680 | 485,783 | 444,101 | 404,891 | |||||||||||||||
| Non-cash stock-based compensation | 6,845 | 7,358 | 7,314 | 5,667 | 5,416 | |||||||||||||||
| Other operating expenses | 135,851 | 143,389 | 137,352 | 131,371 | 126,492 | |||||||||||||||
| Amortization | 51,442 | 49,857 | 46,631 | 40,436 | 36,498 | |||||||||||||||
| Depreciation | 12,639 | 13,240 | 13,286 | 12,763 | 11,309 | |||||||||||||||
| Interest | 14,471 | 14,599 | 14,690 | 13,802 | 13,357 | |||||||||||||||
| Change in estimated acquisition earn-out payables | (1,674 | ) | — | — | — | — | ||||||||||||||
| Total expenses | 707,394 | 713,123 | 705,056 | 648,140 | 597,963 | |||||||||||||||
| Income before income taxes | 266,098 | 254,754 | 272,498 | 311,527 | 280,041 | |||||||||||||||
| Income taxes | 104,346 | 101,460 | 106,374 | 120,568 | 107,691 | |||||||||||||||
| Net income | $ | 161,752 | $ | 153,294 | $ | 166,124 | $ | 190,959 | $ | 172,350 | ||||||||||
| EARNINGS PER SHARE INFORMATION | ||||||||||||||||||||
| Net income per share — diluted | $ | 1.12 | $ | 1.08 | $ | 1.17 | $ | 1.35 | $ | 1.22 | ||||||||||
| Weighted average number of shares outstanding — diluted | 139,318 | 137,507 | 136,884 | 136,357 | 135,886 | |||||||||||||||
| Dividends declared per share | $ | 0.3125 | $ | 0.3025 | $ | 0.2850 | $ | 0.2500 | $ | 0.2100 | ||||||||||
| YEAR-END FINANCIAL POSITION | ||||||||||||||||||||
| Total assets | $ | 2,400,814 | $ | 2,224,226 | $ | 2,119,580 | $ | 1,960,659 | $ | 1,807,952 | ||||||||||
| Long-term debt | $ | 250,067 | $ | 250,209 | $ | 253,616 | $ | 227,707 | $ | 226,252 | ||||||||||
| Total shareholders’ equity (2) | $ | 1,506,344 | $ | 1,369,874 | $ | 1,241,741 | $ | 1,097,458 | $ | 929,345 | ||||||||||
| Total shares outstanding at year-end | 142,795 | 142,076 | 141,544 | 140,673 | 140,016 | |||||||||||||||
| OTHER INFORMATION | ||||||||||||||||||||
| Number of full-time equivalent employees | 5,286 | 5,206 | 5,398 | 5,047 | 4,733 | |||||||||||||||
| Total revenue per average number of employees | $ | 185,586 | $ | 182,549 | $ | 187,181 | $ | 196,251 | $ | 189,368 | ||||||||||
| Book value per share at year-end | $ | 10.55 | $ | 9.64 | $ | 8.77 | $ | 7.80 | $ | 6.64 | ||||||||||
| Stock price at year-end | $ | 23.94 | $ | 17.97 | $ | 20.90 | $ | 23.50 | $ | 28.21 | ||||||||||
| Stock price earnings multiple at year-end | 21.38 | 16.64 | 17.86 | 17.41 | 23.12 | |||||||||||||||
| Return on beginning shareholders’ equity | 12 | % | 12 | % | 15 | % | 21 | % | 23 | % |
| (1) | Includes an $18,664 gain on the sale of our investment in Rock-Tenn Company. |
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| (2) | Shareholders’ equity as of December 31, 2010, 2009, 2008, 2007, and 2006 included $7, $5, $13, $13, and $9,144, respectively, as a result of the Company’s accounting for certain equity securities and interest rate swap agreement. |
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Table of Contents
Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.