As noted above and in the Non-GAAP Financial Measures section below, 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. On this basis, Manning & Napier reported 2011 economic income of $156.7 million, compared with $115.1 million in 2010. Also for 2011, economic net income was $96.8 million, or $1.08 per adjusted share, compared with $71.0 million in 2010.On a GAAP basis, net loss attributable to the controlling and noncontrolling interests for 2011 was $106.4 million, compared with net income attributable to the controlling and noncontrolling interests of $53.1 million in 2010. The 2011 net loss was driven by non-cash reorganization-related share-based compensation expense of $215.3 million and non-cash interest expense on shares subject to mandatory redemption of $45.8 million.
Manning & Napier, Inc. Reports Fourth Quarter And Year-End 2011 Earnings Results
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