The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, 2013 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
2013
2012
2011
2010
2009
REVENUES
Commissions and fees
$
1,355,503
$
1,189,081
$
1,005,962
$
966,917
$
964,863
Investment income
638
797
1,267
1,326
1,161
Other income, net
7,138
10,154
6,313
5,249
1,853
Total revenues
1,363,279
1,200,032
1,013,542
973,492
967,877
EXPENSES
Employee compensation and benefits
683,000
608,506
508,675
487,820
484,680
Non-cash stock-based compensation
22,603
15,865
11,194
6,845
7,358
Other operating expenses
195,677
174,389
144,079
135,851
143,389
Amortization
67,932
63,573
54,755
51,442
49,857
Depreciation
17,485
15,373
12,392
12,639
13,240
Interest
16,440
16,097
14,132
14,471
14,599
Change in estimated acquisition earn-out payables
2,533
1,418
(2,206
)
(1,674
)
—
Total expenses
1,005,670
895,221
743,021
707,394
713,123
Income before income taxes
357,609
304,811
270,521
266,098
254,754
Income taxes
140,497
120,766
106,526
104,346
101,460
Net income
$
217,112
$
184,045
$
163,995
$
161,752
$
153,294
EARNINGS PER SHARE INFORMATION
Net income per share — diluted
$
1.48
$
1.26
$
1.13
$
1.12
$
1.08
Weighted average number of shares outstanding — diluted
142,624
142,010
140,264
139,318
137,507
Dividends declared per share
$
0.3700
$
0.3450
$
0.3250
$
0.3125
$
0.3025
YEAR-END FINANCIAL POSITION
Total assets
$
3,649,508
$
3,128,058
$
2,607,011
$
2,400,814
$
2,224,226
Long-term debt
$
380,000
$
450,000
$
250,033
$
250,067
$
250,209
Total shareholders’ equity
$
2,007,141
$
1,807,333
$
1,643,963
$
1,506,344
$
1,369,874
Total shares outstanding at year-end
145,419
143,878
143,352
142,795
142,076
OTHER INFORMATION
Number of full-time equivalent employees at year-end
6,992
6,438
5,557
5,286
5,206
Total revenues per average number of employees(1)
$
203,020
$
191,729
(2)
$
186,949
$
185,568
$
182,549
Stock price at year-end
$
31.39
$
25.46
$
22.63
$
23.94
$
17.97
Stock price earnings multiple at year-end(3)
21.2
20.2
20.0
21.4
16.6
Return on beginning shareholders’ equity(4)
12
%
11
%
11
%
12
%
12
%
(1)
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.
(2)
Of the 881 increase in the number of full-time equivalent employees from 2011 to 2012, 523 employees related to the January 9, 2012 acquisition of Arrowhead, and therefore, are considered to be full-time equivalent as of January 1, 2012. Thus, the average number of full-time equivalent employees for 2012 is considered to be 6,259.
(3)
Stock price at year-end divided by net income per share-diluted.
(4)
Represents net income divided by total shareholders’ equity as of the beginning of the year.
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