So let me start with the first quarter 2012. First quarter earnings decreased by 13% from a year ago. Diluted earnings per share for the first quarter of $0.28, represents a 10% decrease from the $0.31 reported for the first quarter of 2011.
We also reported a 2% increase in revenue during the first quarter of 2012 versus the first quarter 2011. Now first quarter revenues were up 5% over fourth quarter 2011 revenues. So our earnings for the first quarter of 2012 and 2011 were both affected by gains attributable to SIVs on our balance sheet.
Now during first quarter of 2012 SIVs accounted for gain of $2.9 million, while in first quarter 2011 SIVs netted to an increase to earnings of approximately $6.9 million. Also during the first quarter we had one-time expenses of $1.8 million.
Now in addition, during the first quarter 2012, our non-cash asset balances under management increased by $16.3 billion, of that, SEI’s assets under management grew by $9.4 billion in the quarter, while LSV’s assets under management grew by $6.9 billion.Finally, during the first quarter 2012 we repurchased 1.8 million shares of SEI stock at an average price of just under, I’m sorry, just over $20 per share, that translates to over $37.7 million of stock repurchases during the quarter. Net new recurring revenue sales continued to improve. We generated over $26 million of net new sales events of which $23.5 million will be recurring revenues. All segments posted good sales quarters and each of the segment heads will address their sales activity. We are continuing our investment in GWP and its operational infrastructure so critical to our future. Now during the first quarter we capitalized approximately $9.3 million of the Global Wealth Platform development and amortized approximately $7.6 million of previously capitalized development.