The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, 2011 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 ofemployees and percentages
Year Ended December 31
2011
2010
2009
2008
2007
REVENUES
Commissions and fees
$
1,005,962
$
966,917
$
964,863
$
965,983
$
914,650
Investment income
1,267
1,326
1,161
6,079
30,494
(1)
Other income, net
6,313
5,249
1,853
5,492
14,523
Total revenues
1,013,542
973,492
967,877
977,554
959,667
EXPENSES
Employee compensation and benefits
508,675
487,820
484,680
485,783
444,101
Non-cash stock-based compensation
11,194
6,845
7,358
7,314
5,667
Other operating expenses
144,079
135,851
143,389
137,352
131,371
Amortization
54,755
51,442
49,857
46,631
40,436
Depreciation
12,392
12,639
13,240
13,286
12,763
Interest
14,132
14,471
14,599
14,690
13,802
Change in estimated acquisition earn-out payables
(2,206
)
(1,674
)
—
—
—
Total expenses
743,021
707,394
713,123
705,056
648,140
Income before income taxes
270,521
266,098
254,754
272,498
311,527
Income taxes
106,526
104,346
101,460
106,374
120,568
Net income
$
163,995
$
161,752
$
153,294
$
166,124
$
190,959
EARNINGS PER SHARE INFORMATION
Net income per share — diluted
$
1.13
$
1.12
$
1.08
$
1.17
$
1.35
Weighted average number of shares outstanding — diluted
140,264
139,318
137,507
136,884
136,357
Dividends declared per share
$
0.3250
$
0.3125
$
0.3025
$
0.2850
$
0.2500
YEAR-END FINANCIAL POSITION
Total assets
$
2,607,011
$
2,400,814
$
2,224,226
$
2,119,580
$
1,960,659
Long-term debt
$
250,033
$
250,067
$
250,209
$
253,616
$
227,707
Total shareholders’ equity (2)
$
1,643,963
$
1,506,344
$
1,369,874
$
1,241,741
$
1,097,458
Total shares outstanding at year-end
143,352
142,795
142,076
141,544
140,673
OTHER INFORMATION
Number of full-time equivalent employees at year-end
5,557
5,286
5,206
5,398
5,047
Total revenues per average number of employees (3)
$
186,949
$
185,568
$
182,549
$
187,181
$
196,251
Stock price at year-end
$
22.63
$
23.94
$
17.97
$
20.90
$
23.50
Stock price earnings multiple at year-end (4)
20.03
21.38
16.64
17.86
17.41
Return on beginning shareholders’ equity (5)
11
%
12
%
12
%
15
%
21
%
(1)
Includes an $18,664 gain on the sale of our investment in Rock-Tenn Company.
(2)
Shareholders’ equity as of December 31, 2011, 2010, 2009, 2008, and 2007 included $7, $7, $5, $13, and $13, respectively, as a result of the Company’s accounting for certain equity securities and interest rate swap agreement.
(3)
Represents total revenues divided by the average of the number of full-time equivalent employees at the beginning of the year and the number of full-time equivalent employees at the end of the year.
(4)
Represents net income divided by total shareholders’ equity as of the beginning of the year.
(5)
Stock price at year-end divided by net income per share-diluted.
filings.tools