Janus Capital Group Inc. Announces Fourth Quarter and Year-End 2011 Results

DENVER–(BUSINESS WIRE)– Janus Capital Group Inc. (“JCG”) (NYSE: JNS – News) today reported fourth quarter net income of $35.7 million, or $0.19 per diluted share, compared with net income of $27.4 million, or $0.15 per diluted share, in the third quarter 2011 and net income of $65.9 million, or $0.36 per diluted share, in the fourth quarter 2010.
Third quarter 2011 net income included a net charge of $0.06 per share primarily related to mark-to-market losses on investments. Fourth quarter 2010 included a $0.12 per share net benefit from an insurance recovery, the sale of JCG’s structured investment vehicle securities, the reversal of income tax reserves and the cumulative effect of correcting a hedge accounting issue.
For the full-year 2011, net income totaled $142.9 million, or $0.78 per diluted share, compared with net income of $159.9 million, or $0.88 per diluted share for 2010.
The company’s operating margin for the fourth quarter 2011 was 32.7% compared with 31.3% for the third quarter 2011 and 34.7% for the fourth quarter 2010.
Flows and Assets Under Management
Average assets under management during the fourth quarter 2011 were $149.2 billion compared with $155.9 billion during the third quarter 2011 and $167.3 billion during the fourth quarter 2010.
At December 31, 2011, the company’s total assets under management were $148.2 billion compared with $141.0 billion at September 30, 2011 and $169.5 billion at December 31, 2010.
The increase in complex-wide assets during the fourth quarter 2011 primarily reflects net market appreciation of $11.2 billion offset by long-term net outflows of $4.0 billion. Fundamental equity and mathematical equity long-term net outflows totaled $3.2 billion and $2.2 billion, respectively, while fixed income long-term net inflows totaled $1.4 billion. The decrease in year-over-year assets under management was primarily the result of long-term net outflows of $12.2 billion and $9.1 billion of net market depreciation.
Investment Performance
Relative investment performance in key fundamental equity strategies continues to be challenged, with 38%, 38%, and 79% of mutual fund assets ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2011.¹
Fixed income mutual funds continue to generate strong long-term relative investment performance with 80%, 5% and 100% of mutual fund assets ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2011.²
Mathematical equity relative investment performance continues to improve, with 75%, 43% and 69% of strategies surpassing their respective benchmarks, net of fees, over the one-, three- and five-year periods, respectively, as of December 31, 2011.³
In addition, 56% of complex-wide mutual funds have a 4- or 5-star Overall Morningstar Rating^TM at December 31, 2011.⁴
Financial Discussion

Financial Highlights
(dollars in millions, except per share data or as noted)
							Three Months Ended								Year Ended
							December 31,				September 30,				December 31,				December 31,
							2011				2011				2011				2010
Average Assets (in billions)							$	149.2			$	155.9			$	162.3			$	160.7
Ending AUM (in billions)							$	148.2			$	141.0			$	148.2			$	169.5
Revenues							$	215.6			$	236.9			$	981.9			$	1,015.7
Operating Expenses							$	145.0			$	162.7			$	670.1			$	734.1
Operating Income							$	70.6			$	74.2			$	311.8			$	281.6
Operating Margin								32.7%				31.3%				31.8%				27.7%
Net Income							$	35.7			$	27.4			$	142.9			$	159.9
Diluted Earnings per Share							$	0.19			$	0.15			$	0.78			$	0.88

Fourth quarter 2011 revenues of $215.6 million decreased $21.3 million, or 9.0%, from third quarter 2011 primarily due to $13.8 million of negative performance fees incurred on certain mutual funds during the fourth quarter 2011. Fourth quarter 2011 operating expenses decreased $17.7 million, or 10.9%, primarily from lower variable compensation expenses and a continued focus on expense management.
Non-operating items for the third quarter 2011 included $20.6 million of mark-to-market losses on investment securities (net of $2.8 million of mark-to-market losses attributable to noncontrolling interests) and a benefit of $2.5 million for the reversal of income tax reserves following the expiration of statutes of limitations on tax positions taken in previous years.
Capital and Liquidity
At December 31, 2011, JCG had stockholders’ equity of $1.3 billion, cash and investments of $672 million and outstanding debt of $595 million.
On January 24, 2012, JCG’s Board of Directors declared a regular quarterly cash dividend of $0.05 per share. The quarterly dividend will be paid on February 21, 2012, to stockholders of record at the close of business on February 6, 2012.
Fourth Quarter 2011 Earnings Call Information
JCG will discuss its results during a conference call on Thursday, January 26, 2012 at 10 a.m. Eastern Standard Time. The call-in number will be (888) 428-7458. Anyone outside the U.S. or Canada should call (201) 604-5177. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group website (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.
About Janus Capital Group Inc.
Janus Capital Group Inc. (“JCG”) is a global investment firm offering strategies from three individual investment boutiques: Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”). Each manager employs a research-intensive approach that is distinct within its respective asset class. This multi-boutique approach enables the firm to provide style-specific expertise across an array of strategies, including growth, value and risk-managed equities, fixed income and alternatives through one common distribution platform.
At the end of December 2011, JCG managed $148.2 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in France, London, Milan, Munich, Singapore, Hong Kong, Tokyo and Melbourne.

¹ References Lipper relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2011, 80% of the 24 fundamental equity mutual funds outperformed the majority of their Lipper peers on an asset-weighted basis. For the 1-, 3-, 5- and 10-year periods ending December 31, 2011, 32%, 60%, 78% and 75% of the 37, 35, 32 and 24 fundamental equity mutual funds outperformed the majority of their Lipper peers based on total returns.
² References Lipper relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2011, 100% of the 4 fixed income mutual funds outperformed the majority of their Lipper peers on an asset-weighted basis. For the 1-, 3-, 5- and 10-year periods ending December 31, 2011, 80%, 25%, 100% and 100% of the 5, 4, 4 and 4 fixed income mutual funds outperformed the majority of their peers based on total returns.
³ For the period ending December 31, 2011, 50%, 50%, 67% and 40% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Growth Fund – Class S (1/03); INTECH U.S. Core Fund – Class T (2/03); INTECH U.S. Value Fund – Class I (12/05); INTECH International Fund – Class I (5/07); INTECH Global Dividend Fund – Class I (12/11).
⁴ For the period ending December 31, 2011, 40%, 49% and 57% of complex-wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 43, 39 and 28 funds, respectively. 43 funds were included in the analysis for the overall period.

JANUS CAPITAL GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
						Three Months Ended															Year Ended
						December 31,					September 30,					December 31,					December 31,					December 31,
						2011					2011					2010					2011					2010
	Revenues:
	Investment management fees					$	190.9				$	202.2				$	218.7				$	844.3				$	834.6
	Performance fees						(9.2	)				(3.1	)				18.5					(11.7	)				32.6
	Shareowner servicing fees and other						33.9					37.8					38.5					149.3					148.5
	Total						215.6					236.9					275.7					981.9					1,015.7
	Operating expenses:
	Employee compensation and benefits						62.1					71.2					79.2					294.9					314.5
	Long-term incentive compensation						10.7					16.4					23.3					63.0					83.1
	Marketing and advertising						7.5					6.2					7.8					28.0					35.8
	Distribution						30.5					35.5					36.9					141.7					140.1
	Depreciation and amortization						7.8					8.1					9.5					33.3					39.1
	General, administrative and occupancy						26.4					25.3					23.2					109.2					121.5
	Total						145.0					162.7					179.9					670.1					734.1
	Operating income						70.6					74.2					95.8					311.8					281.6
	Interest expense						(11.7	)				(13.0	)				(15.9	)				(51.0	)				(63.2	)
	Investment gains (losses), net						1.2					(23.4	)				19.9					(21.9	)				24.7
	Other income, net						2.0					1.4					0.5					3.8					1.9
	Loss on early extinguishment of debt						-					-					-					(9.9	)				-
	Income tax provision						(22.4	)				(11.9	)				(31.9	)				(79.4	)				(76.4	)
	Net income						39.7					27.3					68.4					153.4					168.6
	Noncontrolling interests						(4.0	)				0.1					(2.5	)				(10.5	)				(8.7	)
	Net income attributable to JCG					$	35.7				$	27.4				$	65.9				$	142.9				$	159.9
	Diluted weighted-average shares outstanding (in millions)						184.0					184.0					183.1					184.2					182.1
	Diluted earnings per share
	attributable to JCG common shareholders:					$	0.19				$	0.15				$	0.36				$	0.78				$	0.88
	Average Assets Under Management (in billions)					$	149.2				$	155.9				$	167.3				$	162.3				$	160.7

JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
									December 31,					December 31,
									2011					2010
	Assets
		Cash and cash equivalents							$	360.0				$	373.2
		Investment securities								312.0					296.1
		Other assets								185.0					251.6
		Property and equipment, net								36.9					44.1
		Intangibles and goodwill, net								1,750.0					1,761.8
			Total Assets						$	2,643.9				$	2,726.8
	Liabilities and Stockholders’ Equity
		Debt							$	595.2				$	799.8
		Other liabilities								281.1					333.5
		Deferred income taxes								421.7					410.3
		Stockholders’ equity								1,345.9					1,183.2
			Total Liabilities and Stockholders’ Equity						$	2,643.9				$	2,726.8

UNAUDITED CONDENSED CONSOLIDATED
CASH FLOW INFORMATION
(dollars in millions)
								Three Months Ended															Year Ended
								December 31,					September 30,					December 31,					December 31,					December 31,
	Cash provided by (used in)							2011					2011					2010					2011					2010
		Operating activities						$	74.3				$	47.8				$	101.4				$	224.6				$	246.6
		Investing activities							(33.1	)				116.0					(18.0	)				21.7					(148.0	)
		Financing activities							(10.6	)				(103.9	)				1.8					(259.5	)				(50.1	)
	Net change during period							$	30.6				$	59.9				$	85.2				$	(13.2	)			$	48.5

JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
			Three Months Ended												Year Ended
			December 31, 2011				September 30, 2011				December 31, 2010				December 31, 2011				December 31, 2010
Growth/Core (1)
	Beginning of period assets		$	47.3			$	58.5			$	58.3			$	60.9			$	60.9
	Sales			1.6				2.9				3.3				10.7				12.4
	Redemptions			3.4				4.7				6.0				18.7				18.6
	Net redemptions			(1.8	)			(1.8	)			(2.7	)			(8.0	)			(6.2	)
	Market / fund performance			4.2				(9.4	)			5.3				(3.2	)			6.2
	End of period assets		$	49.7			$	47.3			$	60.9			$	49.7			$	60.9
Global/International
	Beginning of period assets		$	18.6			$	26.1			$	26.2			$	27.9			$	23.8
	Sales			0.9				0.8				1.9				4.8				6.0
	Redemptions			1.6				2.2				2.1				7.7				6.3
	Net redemptions			(0.7	)			(1.4	)			(0.2	)			(2.9	)			(0.3	)
	Market / fund performance			0.5				(6.1	)			1.9				(6.6	)			4.4
	End of period assets		$	18.4			$	18.6			$	27.9			$	18.4			$	27.9
Mathematical Equity (2)
	Beginning of period assets		$	38.0			$	45.5			$	42.4			$	44.1			$	48.0
	Sales			0.7				1.0				1.0				4.5				4.4
	Redemptions			2.9				1.7				3.6				9.5				14.9
	Net redemptions			(2.2	)			(0.7	)			(2.6	)			(5.0	)			(10.5	)
	Market / fund performance			4.1				(6.8	)			4.3				0.8				6.6
	End of period assets		$	39.9			$	38.0			$	44.1			$	39.9			$	44.1
Fixed Income (1)
	Beginning of period assets		$	18.6			$	17.2			$	14.5			$	15.3			$	10.3
	Sales			2.9				3.8				2.1				10.7				8.5
	Redemptions			1.5				1.7				1.5				5.8				4.5
	Net sales			1.4				2.1				0.6				4.9				4.0
	Market / fund performance			0.6				(0.7	)			0.2				0.4				1.0
	End of period assets		$	20.6			$	18.6			$	15.3			$	20.6			$	15.3
Value (3)
	Beginning of period assets		$	17.0			$	21.0			$	17.8			$	19.8			$	15.0
	Sales			0.9				1.2				1.7				5.3				7.7
	Redemptions			1.6				1.8				1.5				6.5				5.5
	Net sales (redemptions)			(0.7	)			(0.6	)			0.2				(1.2	)			2.2
	Market / fund performance			1.8				(3.4	)			1.8				(0.5	)			2.6
	End of period assets		$	18.1			$	17.0			$	19.8			$	18.1			$	19.8
Money Market
	Beginning of period assets		$	1.5			$	1.5			$	1.6			$	1.5			$	1.7
	Sales			0.2				0.3				0.2				1.0				0.8
	Redemptions			0.2				0.3				0.3				1.0				1.0
	Net redemptions			-				-				(0.1	)			-				(0.2	)
	Market / fund performance			-				-				-				-				-
	End of period assets		$	1.5			$	1.5			$	1.5			$	1.5			$	1.5
Total Company
	Beginning of period assets		$	141.0			$	169.8			$	160.8			$	169.5			$	159.7
	Sales			7.2				10.0				10.2				37.0				39.8
	Redemptions			11.2				12.3				15.0				49.2				50.8
	Net redemptions			(4.0	)			(2.3	)			(4.8	)			(12.2	)			(11.0	)
	Market / fund performance			11.2				(26.5	)			13.5				(9.1	)			20.8
	End of period assets		$	148.2			$	141.0			$	169.5			$	148.2			$	169.5
Total Excluding Money Market
	Beginning of period assets		$	139.5			$	168.3			$	159.2			$	168.0			$	158.0
	Sales			7.0				9.7				10.0				36.0				39.0
	Redemptions			11.0				12.1				14.7				48.2				49.8
	Net redemptions			(4.0	)			(2.4	)			(4.7	)			(12.2	)			(10.8	)
	Market / fund performance			11.2				(26.4	)			13.5				(9.1	)			20.8
	End of period assets		$	146.7			$	139.5			$	168.0			$	146.7			$	168.0
Each line has been rounded on the schedule individually to increase the accuracy of the amounts presented. Therefore totals and subtotals may not foot.

Notes:
(1)		Growth/core and fixed income assets reflect a 50%/50% split of the Janus Balanced Fund between the two categories.
(2)		Represents all assets managed by INTECH Investment Management LLC. Year-to-date 2011 gross sales and redemptions exclude the transfer of $1.1 billion within mathematical equity strategies in the first quarter 2011.
(3)		Represents all assets managed by Perkins Investment Management LLC.

Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end.
Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”).
“Complex-Wide Mutual Funds” means all affiliated mutual funds managed by Janus, INTECH and Perkins. “Fundamental Equity Mutual Funds” means all mutual funds managed by Janus or Perkins that invest in equity securities. “Fixed Income Mutual Funds” means all mutual funds managed by Janus that invest primarily in fixed income securities. “Mathematical Equity Strategies” means all discretionary managed accounts (not mutual funds) that are advised or sub-advised by INTECH.
Mutual fund relative performance analysis shown is for each Fund’s initial share class: Class T, S or I Shares in the Janus retail fund (“JIF”) trust and the Institutional or Service Shares in the Janus Aspen Series (“JAS”). These share classes may not be eligible for purchase by all investors. Other share classes may have higher sales and management fees, which can result in differences in performance.
Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (“REITs”), derivatives, short sales and companies with relatively small market capitalizations. Each fund has different risks. Please see a Janus prospectus for more information about risk, fund holdings and other details.
Lipper performance on an asset-weighted basis is calculated by taking all funds and assigning the assets under management (“AUM”) in each respective fund to either the 1st, 2nd, 3rd or 4th quartile bucket based on each fund’s respective Lipper relative rankings. The total AUM of each quartile’s bucket is then divided by complex-wide total AUM to arrive at the respective percent of AUM in each bucket. Lipper, a wholly-owned subsidiary of Thomson Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Funds not ranked by Lipper are not included in the analysis.
The Overall Morningstar Rating^TMfor a fund is derived from a weighted- average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating^TMmetrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Morningstar Rating^TM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a 3-year performance history.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call JCG at (800) 525-3713 or download the file from www.janus.com/info. Read it carefully before you invest or send money.
Funds distributed by Janus Distributors LLC.
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “forecast” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. These statements are based on the beliefs and assumptions of Company management based on information currently available to management.
Various risks, uncertainties, assumptions and factors that could cause future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks specified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 included under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other filings and furnishings made by the Company with the SEC from time to time. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. Many of these factors are beyond the control of the Company and its management. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except for the Company’s ongoing obligations to disclose material information under the applicable securities law and stock exchange rules, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
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Piper Jaffray Companies Announces 2011 Fourth Quarter and Full-Year Results

MINNEAPOLIS–(BUSINESS WIRE)– Piper Jaffray Companies (NYSE: PJC – News) today announced non-GAAP net income of $2.1 million⁽¹⁾, or $0.11⁽¹⁾ per diluted common share, for the quarter ended Dec. 31, 2011. On a GAAP basis, the net loss was $116.4 million, or $7.38 per diluted common share. The non-GAAP figures exclude the $118.4 million after-tax goodwill impairment charge that the firm disclosed on Jan. 10. For the fourth quarter of 2010, net income was $9.4 million, or $0.49 per diluted common share. For the third quarter of 2011, results were a net loss of $3.6 million, or $0.23 per diluted common share.
Net revenues for the fourth quarter of 2011 were $99.2 million, compared to a record of $176.4 million in the year-ago period, and $98.2 million for the third quarter of 2011.
“It was a difficult second half to 2011, and our fourth quarter results were similar to the third quarter, with modest profitability⁽¹⁾,” said Andrew S. Duff, chairman and chief executive officer. “Asset management and investment banking revenues improved compared to the third quarter, and M&A revenues, while down, were solid. Institutional brokerage revenues were lower.”
Duff added “We navigated reasonably well against a challenging and volatile operating environment in 2011, achieving positive pre-tax earnings in each quarter during the year, on a non-GAAP basis⁽¹⁾. We remain focused on our key objective to increase the proportion of higher-margin, higher-return businesses—public finance, M&A and asset management— in order to improve our return on equity. We remain committed to our strategy to accomplish this goal and we executed against it in 2011: 1) made solid progress in building a national public finance franchise; 2) selectively added M&A talent and transitioned European investment banking operations to an M&A-only model; and 3) maintained competitive performance in key investment strategies, and grew mutual fund and MLP assets. As we head into 2012, we are well-positioned to serve our clients and compete in the marketplace.”
Fourth Quarter
Consolidated Expenses
For the fourth quarter of 2011, compensation and benefits expenses were $63.9 million, down 40 percent compared to $106.4 million in the fourth quarter of 2010. The decrease was primarily due to lower performance. Compensation and benefits expenses decreased 2 percent compared to the third quarter of 2011.
For the fourth quarter of 2011, compensation and benefits expenses as a percentage of net revenues were 64.4 percent, compared to 60.3 percent for the fourth quarter of 2010. The increase was primarily due to the impact of fixed components of compensation costs on a reduced revenue base. The compensation ratio declined from 66.5 percent in the third quarter of 2011, mainly due to lower variable compensation.
On a non-GAAP basis, non-compensation expenses were $33.7⁽²⁾ million for the fourth quarter, down 28 percent compared to the fourth quarter of 2010. On a GAAP basis, non-compensation expenses were $154.0 million. The decrease on a non-GAAP basis was attributable to a $9.5 million restructuring charge recorded in the year-ago period and actions implemented during 2011 to reduce costs given the current operating environment. Non-GAAP, non-compensation expenses increased 3 percent compared to the third quarter of 2011.
Fourth Quarter
Business Segment Results
The firm has two reportable business segments: Capital Markets and Asset Management. Consolidated net revenues and expenses are fully allocated to these two segments.
Capital Markets
For the fourth quarter, Capital Markets recorded a non-GAAP, pre-tax operating loss of $3.1 million⁽³⁾, compared to pre-tax operating income of $16.1 million in the year-ago period and a pre-tax operating loss of $0.4 million in the third quarter of 2011. On a GAAP basis, this segment generated a pre-tax operating loss of $123.4 million.
Net revenues were $80.4 million, down 47 percent compared to the year-ago period, which was very strong across all products. Revenues declined 5 percent compared to the sequential third quarter, with stronger investment banking results more than offset by lower institutional brokerage performance.

• Equity financing revenues of $17.0 million decreased 60 percent compared to the very strong fourth quarter of 2010. Industry-wide equity market volatility and uncertainty curtailed capital raising, particularly IPOs, in the U.S. and in Hong Kong. Revenues increased 146 percent compared to the low results in the third quarter of 2011, primarily driven by higher revenues in the U.S. and, to a lesser extent, Hong Kong.
• Fixed income financing revenues were $15.2 million, down 24 percent compared to the robust fourth quarter of 2010. Revenues increased 37 percent compared to the third quarter of 2011, driven by an increase in completed public finance transactions with higher average revenue per transaction.
• Advisory services revenues were $19.8 million, down 43 percent compared to the very strong year-ago period, and down 27 percent compared to the third quarter of 2011. The declines were due to a smaller transaction size and a lower transaction fee, on average.
• Equity institutional brokerage revenues were $21.9 million, down 21 percent and 7 percent, compared to the fourth quarter of 2010 and the third quarter of 2011, respectively. The declines were primarily due to lower client activity in the U.S. and Hong Kong.
• Fixed income institutional brokerage revenues were $9.7 million, down 57 percent and 33 percent, compared to the fourth quarter of 2010 and the third quarter of 2011, respectively. The declines were mainly due to lower results in taxable and municipal products, and lower strategic trading results.
• Non-GAAP operating expenses for the quarter were $83.4⁽⁴⁾ million, down 38 percent compared to the fourth quarter of 2010, resulting from both significantly lower compensation and non-compensation expenses. On a GAAP basis with the goodwill impairment charge, operating expenses were $203.7 million. Operating expenses on a non-GAAP basis decreased 2 percent compared to the third quarter 2011, due to lower compensation expenses. Non-GAAP segment pre-tax operating margin was a negative 3.8⁽³⁾ percent, compared to 10.6 percent in the year-ago quarter and a negative 0.4 percent in the third quarter of 2011.

The following is a recap of completed deal information for the fourth quarter of 2011:

• 12 equity financings raising a total of $2.8 billion of capital.
• 144 tax-exempt issues with a total par value of $2.2 billion.
• 13 merger and acquisition transactions with an aggregate enterprise value of $1.4 billion. (The number of deals and the enterprise value include disclosed and undisclosed transactions.)

Asset Management
For the quarter ended Dec. 31, 2011, asset management generated pre-tax operating income of $4.7 million, down 34 percent compared to the fourth quarter of 2010 and up from $0.7 million in the third quarter of 2011. Net revenues were $18.8 million, down 26 percent compared to the year-ago period, mainly due to lower performance fees. Net revenues rose 37 percent compared to the third quarter of 2011, mainly due to improved management fees from higher assets under management, and improved performance in the firm’s new Municipal Opportunities Fund.

• Operating expenses for the quarter were $14.1 million, including $2.1 million of intangible amortization expense, down 22 percent compared to the fourth quarter of 2010. The decrease was mainly attributable to lower compensation expenses. Operating expenses increased 8 percent compared to the third quarter of 2011. Segment pre-tax operating margin was 25.0 percent, compared to 28.1 percent in the year-ago period. The decline was mainly due to essentially the same level of non-compensation expenses over a lower revenue base, partially offset by a lower compensation ratio. The segment pre-tax operating margin was 4.9 percent in the third quarter of 2011. The significant improvement compared to the sequential third quarter resulted from higher revenues.
• Assets under management (AUM) were $12.2 billion compared to $12.3 billion in the year-ago period and $11.2 billion in the third quarter of 2011. The improvement compared to the sequential third quarter was mainly due to improved equity market appreciation.

Other Matters
In the fourth quarter of 2011, $6.0 million, or 293,829 shares, of the firm’s common stock was repurchased pursuant to a share repurchase authorization. The average price per share repurchased was $20.40. The firm has $51.4 million remaining on the share repurchase authorization which expires on Sept. 30, 2012.
Full-Year 2011
For the year ended Dec. 31, 2011, non-GAAP net income was $16.4⁽¹⁾ million, or $0.86⁽¹⁾ per diluted common share. On a GAAP basis, results were a net loss of $102.0 million, or $6.51 per diluted common share. For 2010, net income was $24.4 million, or $1.23 per diluted common share. For 2011, net revenues were $458.1 million, down 14 percent compared to the prior year, resulting primarily from lower investment banking and institutional brokerage revenues.
Full-Year 2011
Consolidated Expenses
For 2011, compensation and benefits expenses were $288.1 million, down 9 percent compared to $315.2 million in 2010. The decrease was primarily driven by lower variable compensation due to lower performance. Compensation and benefits expenses as a percentage of net revenues were 62.9 percent, compared to 59.5 percent for 2010. The higher compensation ratio was mainly driven by the impact of fixed compensation costs on a reduced revenue base.
For 2011, non-compensation expenses were $139.4⁽²⁾ million on a non-GAAP basis. On a GAAP basis, non-compensation expenses were $259.7 million. This amount compared to $157.6 million in 2010, which included $10.9 million of restructuring charges, mainly due to the re-organization of the firm’s European operations. The additional decrease in expenses was driven by the lower cost of the streamlined European operations and other cost-saving initiatives.
Full-Year 2011
Business Segment Results
Capital Markets
Capital Markets generated non-GAAP, pre-tax operating income of $16.0⁽³⁾ million compared to $41.2 million in 2010. On a GAAP basis, this segment generated a pre-tax operating loss of $104.3 million. Net revenues were $386.9 million, down 16 percent compared to 2010, mainly attributable to macroeconomic issues and volatility, which negatively impacted capital raising — particularly in Asia — and institutional brokerage.
Non-GAAP operating expenses for the year were $370.9⁽⁴⁾ million, down 12 percent compared to 2010. On a GAAP basis with the goodwill impairment charge, operating expenses for the year were $491.2 million. The decline on a non-GAAP basis was driven by both lower compensation and non-compensation expenses. For the year, segment pre-tax operating margin was 4.1⁽³⁾ percent, on a non-GAAP basis, and compared to 8.9 percent in 2010.
The following is a recap of completed deal information for 2011:

• 64 equity financings raising a total of $13.0 billion of capital.
• 520 tax-exempt issues with a total par value of $6.9 billion.
• 43 merger and acquisition transactions with an aggregate enterprise value of $5.6 billion. (The number of deals and the enterprise value include disclosed and undisclosed transactions.)

Asset Management
For 2011, asset management generated pre-tax operating income of $14.6 million, down 10 percent compared to 2010. Net revenues were $71.2 million, up 6 percent compared to 2010. Management fees increased 16 percent, partially offset by lower performance fees.
Operating expenses for the year were $56.6 million, up 11 percent compared to 2010, attributable to both higher compensation and non-compensation expenses. For the year, segment pre-tax operating margin was 20.5 percent compared to 24.0 percent in 2010. The lower margin was mainly driven by lower performance fees for the year.
Other Matters
For the full year, $26.5 million, or 803,500 shares, of the firm’s common stock was acquired, 509,671 of which was related to employee tax obligations on vesting of equity awards.
Additional Shareholder Information

		As of Dec. 31, 2011		As of Sept. 30, 2011		As of Dec. 31, 2010
Number of employees:		1,011		1,035		1,031
Asset Management AUM:		$12.2 billion		$11.2 billion		$12.3 billion
Common Shareholders’ equity:		$718.4 million		$839.1 million		$813.3 million
Annualized Qtrly.
Return on Avg.		1.1%(6)		(1.9)%(5)		5.4%(5)
Adjusted Common
Shareholders’ Equity
Book value per share:		$45.61		$52.73		$55.50
Tangible book value per share(7):		$29.51		$29.10		$29.42

Conference Call
Andrew S. Duff, chairman and chief executive officer, and Debbra L. Schoneman, chief financial officer, will hold a conference call to review the financial results Wed., Jan. 25 at 9 a.m. ET (8 a.m. CT). To view a copy of the earnings release on or after Jan. 25, please visit www.piperjaffray.com. The call can be accessed via live audio webcast available through the firm’s Web site at www.piperjaffray.com or by dialing (888)810-0209 (domestic) or (706)902-1361 (international). The reservation number is 96211034. Callers should dial in at least 15 minutes early to receive instructions. A replay of the conference call will be available beginning at approximately 11 a.m. ET Jan. 25 at the same Web address or by calling (855) 859-2056 and referencing reservation number 96211034.
About Piper Jaffray
Piper Jaffray is an investment bank and asset management firm serving clients in the U.S. and internationally. Proven advisory teams combine deep industry, product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis and has offices across the United States and in London, Hong Kong and Zurich. www.piperjaffray.com
Cautionary Note Regarding Forward-Looking Statements
This press release and the conference call to discuss the contents of this press release contain forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about general economic and market conditions, our strategic priorities (including growth in public finance, asset management, and corporate advisory), the amount and timing of cost reduction measures and our quarterly run-rate for non-compensation expenses, anticipated financial results generally (including expectations regarding revenue levels, operating margins, earnings per share, and return on equity), the environment and prospects for capital markets transactions (including for our Asia-based business), current deal pipelines (or backlogs) or other similar matters. These statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements, including (1) market and economic conditions or developments may be unfavorable, including in specific sectors in which we operate, and these conditions or developments, such as market fluctuations or volatility, may adversely affect our business, revenue levels and profitability, (2) the volume of anticipated investment banking transactions as reflected in our deal pipelines (and the net revenues we earn from such transactions) may differ from expected results if any transactions are delayed or not completed at all or if the terms of any transactions are modified, (3) we may not be able to compete successfully with other companies in the financial services industry, which may impact our ability to achieve our growth priorities and objectives, (4) our ability to manage expenses may be limited by the fixed nature of certain expenses as well as the impact from unanticipated expenses, (5) our stock price may fluctuate as a result of several factors, including but not limited to, changes in our revenues and operating results, (6) the business operations that we conduct outside of the United States, including in Asia, subject us to unique risks, (7) hiring of additional senior talent may not yield the benefits we anticipate or yield them within expected timeframes, and (8) the other factors described under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2010, and updated in our subsequent reports filed with the SEC (available at our Web site at www.piperjaffray.com and at the SEC Web site at www.sec.gov). Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. We undertake no obligation to update them in light of new information or future events.
© 2011 Piper Jaffray Companies, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

Piper Jaffray Companies
Preliminary Unaudited Results of Operations
		Three Months Ended															Percent Inc/(Dec)										Twelve Months Ended
		Dec. 31,						Sept. 30,						Dec. 31,			4Q ’11					4Q ’11					Dec. 31,							Dec. 31,				Percent
(Amounts in thousands, except per share data)		2011						2011						2010			vs. 3Q ’11					vs. 4Q ’10					2011							2010				Inc/(Dec)
Revenues:
Investment banking		$	51,422					$	44,729					$	94,650		15.0			%		(45.7	)		%		$	210,254						$	266,386			(21.1	)		%
Institutional brokerage			25,374						31,533						46,343		(19.5	)				(45.2	)					142,308							167,954			(15.3	)
Asset management			17,115						15,205						24,988		12.6					(31.5	)					69,889							66,827			4.6
Interest			13,060						15,162						12,592		(13.9	)				3.7						55,595							51,851			7.2
Other income/(loss)			(922	)					441						5,989		N/M					N/M						11,656							12,043			(3.2	)
Total revenues			106,049						107,070						184,562		(1.0	)				(42.5	)					489,702							565,061			(13.3	)
Interest expense			6,829						8,894						8,190		(23.2	)				(16.6	)					31,577							34,987			(9.7	)
Net revenues			99,220						98,176						176,372		1.1					(43.7	)					458,125							530,074			(13.6	)
Non-interest expenses:
Compensation and benefits			63,901						65,307						106,371		(2.2	)				(39.9	)					288,129							315,203			(8.6	)
Occupancy and equipment			7,533						7,477						9,019		0.7					(16.5	)					32,450							33,597			(3.4	)
Communications			5,680						5,978						5,983		(5.0	)				(5.1	)					24,472							24,614			(0.6	)
Floor brokerage and clearance			2,322						2,233						2,823		4.0					(17.7	)					9,240							11,626			(20.5	)
Marketing and business development			6,388						5,708						6,435		11.9					(0.7	)					25,031							23,715			5.5
Outside services			7,917						6,664						8,436		18.8					(6.2	)					29,506							32,120			(8.1	)
Restructuring-related expense			-						-						9,530		N/M					(100.0	)					-							10,863			(100.0	)
Goodwill impairment			120,298						-						-		N/M					N/M						120,298							-			N/M
Intangible asset amortization expense			2,069						2,069						2,183		-					(5.2	)					8,276							7,546			9.7
Other operating expenses			1,761						2,440						2,430		(27.8	)				(27.5	)					10,404							13,506			(23.0	)
Total non-interest expenses			217,869						97,876						153,210		122.6					42.2			%			547,806							472,790			15.9
Income/(loss) before income tax expense/(benefit)			(118,649	)					300						23,162		N/M					N/M						(89,681	)						57,284			N/M
Income tax expense/(benefit)			(2,902	)					3,676						13,727		N/M					N/M						10,876							33,354			(67.4	)		%
Net income/(loss)			(115,747	)					(3,376	)					9,435		N/M					N/M						(100,557	)						23,930			N/M
Net income/(loss) applicable to noncontrolling interests			617						207						15		198.1			%		N/M						1,463							(432	)		N/M
Net income/(loss) applicable to Piper Jaffray Companies (1)			(116,364	)					(3,583	)					9,420		N/M					N/M						(102,020	)						24,362			N/M
Net income/(loss) applicable to Piper Jaffray Companies’ common shareholders (1)		$	(116,364	)				$	(3,583	)				$	7,198		N/M					N/M					$	(102,020	)					$	18,929			N/M
Earnings/(loss) per common share
Basic		$	(7.38	)				$	(0.23	)				$	0.49		N/M					N/M					$	(6.51	)					$	1.23			N/M
Diluted		$	(7.38	)		(2)		$	(0.23	)		(2)		$	0.49		N/M					N/M					$	(6.51	)		(2	)		$	1.23			N/M
Weighted average number of common shares outstanding
Basic			15,773						15,889						14,635		(0.7	)		%		7.8			%			15,672							15,348			2.1			%
Diluted			15,773			(2)			15,889			(2)			14,639		(0.7	)		%		7.7			%			15,672			(2	)			15,378			1.9			%

(1) Net income applicable to Piper Jaffray Companies is the total net income earned by the Company. Piper Jaffray Companies calculates earnings per common share using the two-class method, which requires the allocation of consolidated net income between common shareholders and participating security holders, which in the case of Piper Jaffray Companies, represents unvested restricted stock with dividend rights.
(2) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.
N/M – Not meaningful
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Piper Jaffray Companies
Preliminary Unaudited Segment Data
		Three Months Ended												Percent Inc/(Dec)										Twelve Months Ended
		Dec. 31,				Sept. 30,				Dec. 31,				4Q ’11					4Q ’11					Dec. 31,				Dec. 31,				Percent
(Dollars in thousands)		2011				2011				2010				vs. 3Q ’11					vs. 4Q ’10					2011				2010				Inc/(Dec)
Capital Markets
Investment banking
Financing
Equities		$	17,010			$	6,923			$	42,108			145.7			%		(59.6	)		%		$	79,600			$	113,711			(30.0	)		%
Debt			15,211				11,106				19,936			37.0					(23.7	)					54,566				65,958			(17.3	)
Advisory services			19,832				27,294				34,629			(27.3	)				(42.7	)					78,684				90,396			(13.0	)
Total investment banking			52,053				45,323				96,673			14.8					(46.2	)					212,850				270,065			(21.2	)
Institutional sales and trading
Equities			21,850				23,482				27,486			(7.0	)				(20.5	)					92,412				106,206			(13.0	)
Fixed income			9,715				14,496				22,565			(33.0	)				(56.9	)					75,794				79,833			(5.1	)
Total institutional sales and trading			31,565				37,978				50,051			(16.9	)				(36.9	)					168,206				186,039			(9.6	)
Other income/(loss)			(3,243	)			1,157				4,311			N/M					N/M						5,882				6,763			(13.0	)
Net revenues			80,375				84,458				151,035			(4.8	)				(46.8	)					386,938				462,867			(16.4	)
Non-interest expenses
Goodwill impairment			120,298				-				-			N/M					N/M						120,298				-			N/M
Operating expenses			83,431				84,828				134,984			(1.6	)				(38.2	)					370,918				421,707			(12.0	)
Total non-interest expenses			203,729				84,828				134,984			140.2			%		50.9			%			491,216				421,707			16.5			%
Segment pre-tax operating income/(loss)		$	(123,354	)		$	(370	)		$	16,051			N/M					N/M					$	(104,278	)		$	41,160			N/M
Segment pre-tax operating margin			(153.5	)%			(0.4	)%			10.6	%													(26.9	)%			8.9	%
Asset Management
Management and performance fees
Management fees		$	16,578			$	15,205			$	17,418			9.0			%		(4.8	)		%		$	67,606			$	58,080			16.4			%
Performance fees			537				-				7,570			N/M					(92.9	)					2,283				8,747			(73.9	)
Total management and performance fees			17,115				15,205				24,988			12.6					(31.5	)					69,889				66,827			4.6
Other income/(loss)			1,730				(1,487	)			349			N/M					395.7						1,298				380			241.6
Net revenues			18,845				13,718				25,337			37.4					(25.6	)					71,187				67,207			5.9
Operating expenses			14,140				13,048				18,226			8.4					(22.4	)					56,590				51,083			10.8
Segment pre-tax operating income		$	4,705			$	670			$	7,111			602.2			%		(33.8	)		%		$	14,597			$	16,124			(9.5	)		%
Segment pre-tax operating margin			25.0	%			4.9	%			28.1	%													20.5	%			24.0	%
Total
Net revenues		$	99,220			$	98,176			$	176,372			1.1			%		(43.7	)		%		$	458,125			$	530,074			(13.6	)		%
Non-interest expenses
Goodwill impairment			120,298				-				-			N/M					N/M						120,298				-			N/M
Operating expenses			97,571				97,876				153,210			(0.3	)				(36.3	)					427,508				472,790			(9.6	)
Total non-interest expenses			217,869				97,876				153,210			122.6			%		42.2			%			547,806				472,790			15.9			%
Total segment pre-tax operating income/(loss)		$	(118,649	)		$	300			$	23,162			N/M					N/M					$	(89,681	)		$	57,284			N/M
Pre-tax operating margin			(119.6	)%			0.3	%			13.1	%													(19.6	)%			10.8	%
N/M – Not meaningful

FOOTNOTES
The press release includes the use of non-GAAP financial measures that are not prepared in accordance with U.S. generally accepted accounting principles and that exclude the effects of a goodwill impairment charge recognized in the fourth quarter of 2011. These non-GAAP financial measures should not be considered a substitute for measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures have been used in this press release because management believes they are useful to investors by providing greater transparency to Piper Jaffray’s operating performance.
(1)		Net income/(loss) applicable to Piper Jaffray Companies and earnings per share
							Three Months Ended					For the Year Ended
		(Amounts in thousands, except per share data)					December 31, 2011					December 31, 2011
		Net loss applicable to Piper Jaffray Companies					$	(116,364	)			$	(102,020	)
		Adjustment to exclude the goodwill impairment charge, net of income tax						118,448					118,448
		Net income applicable to Piper Jaffray Companies, excluding the goodwill impairment charge					$	2,084				$	16,428
		Net income applicable to Piper Jaffray Companies common shareholders, excluding
		the goodwill impairment charge					$	1,729				$	13,411
		Diluted earnings per common share, excluding the goodwill impairment charge					$	0.11				$	0.86
		Weighted average number of common share outstanding – diluted						15,773					15,685
(2)		Consolidated non-compensation expenses
							Three Months Ended					For the Year Ended
		(Amounts in thousands)					December 31, 2011					December 31, 2011
		Non-compensation expenses					$	153,968				$	259,677
		Adjustment to exclude the goodwill impairment charge						(120,298	)				(120,298	)
		Non-compensation expenses, excluding the goodwill impairment charge					$	33,670				$	139,379
(3)		Capital Markets pre-tax operating income and pre-tax margin
							Three Months Ended					For the Year Ended
		(Amounts in thousands)					December 31, 2011					December 31, 2011
		Capital Markets pre-tax operating loss					$	(123,354	)			$	(104,278	)
		Adjustment to exclude the goodwill impairment charge						120,298					120,298
		Capital Markets pre-tax operating income/(loss), excluding the goodwill impairment charge					$	(3,056	)			$	16,020
		Capital Markets pre-tax operating margin						(153.5	)	%			(26.9	)	%
		Capital Markets pre-tax operating margin, excluding the goodwill impairment charge						(3.8	)	%			4.1		%
(4)		Capital Markets operating expenses
							Three Months Ended					For the Year Ended
		(Amounts in thousands)					December 31, 2011					December 31, 2011
		Capital Markets operating expenses					$	203,729				$	491,216
		Adjustment to exclude the goodwill impairment charge						(120,298	)				(120,298	)
		Capital Markets operating expenses, excluding the goodwill impairment charge					$	83,431				$	370,918
(5)		Adjusted common shareholders’ equity
		Adjusted common shareholders’ equity equals total common shareholders’ equity, including goodwill associated with acquisitions, less goodwill resulting from the 1998 acquisition of our predecessor company, Piper Jaffray Companies Inc., by U.S. Bancorp. Annualized return on average adjusted common shareholders’ equity is computed by dividing annualized net income by average monthly adjusted common shareholders’ equity. Management believes that annualized return on adjusted common shareholders’ equity is a meaningful measure of performance because it reflects equity deployed in our businesses after our spin off from U.S. Bancorp on December 31, 2003. The following table sets forth a reconciliation of common shareholders’ equity to adjusted common shareholders’ equity. Common shareholders’ equity is the most directly comparable GAAP financial measure to adjusted common shareholders’ equity.
							Average for the					Average for the
							Three Months Ended					Three Months Ended
		(Amounts in thousands)					Sept. 30, 2011					Dec. 31, 2010
		Common shareholders’ equity					$	842,515				$	809,154
		Deduct: goodwill attributable to PJC Inc. acquisition by USB						105,522					105,522
		Adjusted common shareholders’ equity					$	736,993				$	703,632
(6)		Annualized quarterly return on average adjusted common shareholders’ equity
		Management believes that the annualized quarterly return on average adjusted common shareholders’ equity excluding the impact of the goodwill impairment charge is a meaningful measure and aids comparison to the other quarters presented.
							Average for the					Average for the
							Three Months Ended					Three Months Ended
							Dec. 31, 2011, Including the					Dec. 31, 2011, Excluding the
		(Amounts in thousands)					Goodwill Impairment Charge					Goodwill Impairment Charge
		Common shareholders’ equity					$	808,079				$	837,691
		Deduct: goodwill attributable to PJC Inc. acquisition by USB						79,141					105,522
		Adjusted common shareholders’ equity					$	728,938				$	732,169
		Annualized net income applicable to Piper Jaffray Companies						N/M				$	8,337
		Annualized quarterly return on average adjusted common shareholders’ equity						N/M					1.1		%
(7)		Tangible common shareholders’ equity
		Tangible shareholders’ equity equals total shareholders’ equity less all goodwill and identifiable intangible assets. Tangible book value per share is computed by dividing tangible shareholders’ equity by common shares outstanding. Management believes that tangible book value per share is a more meaningful measure of our book value per share. Shareholders’ equity is the most directly comparable GAAP financial measure to tangible shareholders’ equity. The following is a reconciliation of shareholders’ equity to tangible shareholders’ equity:
				As of			As of					As of
		(Amounts in thousands)		Dec. 31, 2011			Sept. 30, 2011					Dec. 31, 2010
		Common shareholders’ equity		$	718,391		$	839,139				$	813,312
		Deduct: goodwill and identifiable intangible assets			253,656			376,022					382,174
		Tangible common shareholders’ equity		$	464,735		$	463,117				$	431,138
		N/M – Not meaningful