The Company uses economic income and economic net income to provide greater clarity regarding the cash earnings of the business by removing non-cash reorganization-related share-based compensation charges and non-cash interest expense on shares subject to mandatory redemption, as defined in the Non-GAAP Financial Measures section below. On this basis, Manning & Napier reported fourth quarter 2011 economic income of $40.0 million, compared with $32.6 million in the fourth quarter of 2010, and $43.3 million in the third quarter of 2011. Also for the fourth quarter 2011, economic net income was $24.7 million, or $0.27 per adjusted share, compared with $20.2 million in the fourth quarter of 2010, and $26.7 million in the third quarter of 2011.On a GAAP basis, net loss attributable to the controlling and noncontrolling interests for the fourth quarter was $179.7 million, compared with net income attributable to the controlling and noncontrolling interests of $19.0 million in the fourth quarter of 2010 and $29.7 million in the third quarter of 2011. The fourth quarter 2011 net loss was attributable to non-cash reorganization-related share-based compensation expense of $215.3 million and non-cash interest expense on shares subject to mandatory redemption of $3.1 million. The GAAP net loss attributable to the common shareholders of $27.2 million, or $2.11 per basic and diluted share, reflects the public ownership of the Company’s subsidiary, Manning & Napier Group, LLC. The remaining ownership interest is attributed to the other members of Manning & Napier Group, LLC.
Manning & Napier, Inc. Reports Fourth Quarter And Year-End 2011 Earnings Results
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