A limitation of utilizing these non-GAAP financial results is that the GAAP accounting effects of these excluded items do in fact reflect the underlying financial results of the Company’s business, and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that non-GAAP results should always be considered together with their corresponding GAAP results.
|Reconciliation of GAAP to Non-GAAP Loss from Continuing Operations|
|Three Months Ended June 30, 2012||Three Months Ended June 30, 2011|
|(Dollars in thousands, except per share amounts)||(Unaudited)||(Unaudited)|
|Expenses (excluding interest):|
|Compensation and benefits||32,606||-||32,606||37,286||(1,685||) 1||35,601|
|Non-compensation expenses||43,792||(21,096||) 2||22,696||16,677||-||16,677|
|Total expenses (excluding interest)||76,398||(21,096||)||55,302||53,963||(1,685||)||52,278|
|Loss from continuing operations before income taxes||(31,751||)||21,096||(10,655||)||2,416||1,685||4,101|
|Provision for income taxes||29,058||(32,074||) 3||(3,016||)||1,164||718||4||1,882|
|Net (loss)/income from continuing operations||$||(60,809||)||$||53,170||$||(7,639||)||$||1,252||$||967||$||2,219|
|Earnings per share:|
|Diluted - continuing operations||$||(0.51||)||$||(0.06||) 5||$||0.01||$||0.02||5|
|As a percentage of net revenues:|
|Compensation and benefits||73.0||%||73.0||%||66.1||%||63.1||%|
|(Loss)/income from continuing operations before income taxes||(71.1||%)||(23.9||%)||2.2||%||7.3||%|
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