The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, 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
2016
2015
2014
2013
2012
REVENUES
Commissions and fees
$
1,762,787
$
1,656,951
$
1,567,460
$
1,355,503
$
1,189,081
Investment income
1,456
1,004
747
638
797
Other income, net
2,386
2,554
7,589
7,138
10,154
Total revenues
1,766,629
1,660,509
1,575,796
1,363,279
1,200,032
EXPENSES
Employee compensation and benefits
925,217
856,952
811,112
705,603
624,371
Other operating expenses
262,872
251,055
235,328
195,677
174,389
Loss/(gain) on disposal
(1,291
)
(619
)
47,425
—
—
Amortization
86,663
87,421
82,941
67,932
63,573
Depreciation
21,003
20,890
20,895
17,485
15,373
Interest
39,481
39,248
28,408
16,440
16,097
Change in estimated acquisition earn-out payables
9,185
3,003
9,938
2,533
1,418
Total expenses
1,343,130
1,257,950
1,236,047
1,005,670
895,221
Income before income taxes
423,499
402,559
339,749
357,609
304,811
Income taxes
166,008
159,241
132,853
140,497
120,766
Net income
$
257,491
$
243,318
$
206,896
$
217,112
$
184,045
EARNINGS PER SHARE INFORMATION
Net income per share - diluted
$
1.82
$
1.70
$
1.41
$
1.48
$
1.26
Weighted-average number of shares outstanding - diluted
137,804
140,112
142,891
142,624
142,010
Dividends declared per share
$
0.50
$
0.45
$
0.41
$
0.37
$
0.35
YEAR-END FINANCIAL POSITION
Total assets
$
5,287,343
$
5,004,479
$
4,946,560
$
3,648,679
$
3,127,194
Long-term debt(1)
$
1,018,372
$
1,071,618
$
1,142,948
$
379,171
$
449,136
Total shareholders’ equity
$
2,360,211
$
2,149,776
$
2,113,745
$
2,007,141
$
1,807,333
Total shares outstanding at year end
140,104
138,985
143,486
145,419
143,878
OTHER INFORMATION
Number of full-time equivalent employees at year end
8,297
7,807
7,591
6,992
6,438
Total revenues per average number of employees(2)
$
219,403
$
215,679
$
216,114
$
203,020
$
191,729
(3)
Stock price at year end
$
44.86
$
32.10
$
32.91
$
31.39
$
25.46
Stock price earnings multiple at year-end(4)
24.6
18.9
23.3
21.2
20.2
Return on beginning shareholders’ equity(5)
12
%
12
%
10
%
12
%
11
%
(1)
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.
filings.tools