The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, 2014 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.
Year Ended December 31
(in thousands, except per share data, number of employees andpercentages
2014
2013
2012
2011
2010
REVENUES
Commissions and fees
$
1,567,460
$
1,355,503
$
1,189,081
$
1,005,962
$
966,917
Investment income
747
638
797
1,267
1,326
Other income, net
7,589
7,138
10,154
6,313
5,249
Total revenues
1,575,796
1,363,279
1,200,032
1,013,542
973,492
EXPENSES
Employee compensation and benefits
791,749
683,000
608,506
508,675
487,820
Non-cash stock-based compensation
19,363
22,603
15,865
11,194
6,845
Other operating expenses
235,328
195,677
174,389
144,079
135,851
Loss on disposal
47,425
—
—
—
—
Amortization
82,941
67,932
63,573
54,755
51,442
Depreciation
20,895
17,485
15,373
12,392
12,639
Interest
28,408
16,440
16,097
14,132
14,471
Change in estimated acquisition earn-out payables
9,938
2,533
1,418
(2,206
)
(1,674
)
Total expenses
1,236,047
1,005,670
895,221
743,021
707,394
Income before income taxes
339,749
357,609
304,811
270,521
266,098
Income taxes
132,853
140,497
120,766
106,526
104,346
Net income
$
206,896
$
217,112
$
184,045
$
163,995
$
161,752
EARNINGS PER SHARE INFORMATION
Net income per share — diluted
$
1.41
$
1.48
$
1.26
$
1.13
$
1.12
Weighted average number of shares outstanding — diluted
142,891
142,624
142,010
140,264
139,318
Dividends declared per share
$
0.41
$
0.37
$
0.35
$
0.33
$
0.31
YEAR-END FINANCIAL POSITION
Total assets
$
4,956,458
$
3,649,508
$
3,128,058
$
2,607,011
$
2,400,814
Long-term debt(1)
$
1,152,846
$
380,000
$
450,000
$
250,033
$
250,067
Total shareholders’ equity
$
2,113,745
$
2,007,141
$
1,807,333
$
1,643,963
$
1,506,344
Total shares outstanding at year-end
143,486
145,419
143,878
143,352
142,795
OTHER INFORMATION
Number of full-time equivalent employees at year-end
7,591
6,992
6,438
5,557
5,286
Total revenues per average number of employees(2)
$
216,114
$
203,020
$
191,729
(3)
$
186,949
$
185,568
Stock price at year-end
$
32.91
$
31.39
$
25.46
$
22.63
$
23.94
Stock price earnings multiple at year-end(4)
23.3
21.2
20.2
20.0
21.4
Return on beginning shareholders’ equity(5)
10
%
12
%
11
%
11
%
12
%
(1)
Represents the incremental new debt associated with the acquisition of Wright and evolution of our capital structure. Please refer to Part I, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 8 “Long-Term Debt” for more details.
(2)
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.
(3)
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.
(4)
Stock price at year-end divided by net income per share-diluted.
(5)
Represents net income divided by total shareholders’ equity as of the beginning of the year.
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