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 third quarter 2012 economic income of $39.6 million, compared with $43.3 million in the third quarter of 2011, and $36.7 million in the second quarter of 2012. Also for the third quarter of 2012, economic net income was $24.4 million, or $0.27 per adjusted share, compared with $26.7 million in the third quarter of 2011, and $22.7 million, or $0.25 per adjusted share in the second quarter of 2012.On a GAAP basis, net income attributable to the controlling and noncontrolling interests for the third quarter was $21.1 million, compared with net income of $29.7 million in the third quarter of 2011 and $9.5 million in the second quarter of 2012. The decrease in net income compared to the third quarter of 2011 is primarily attributable to the non-cash reorganization-related share-based compensation expense of $17.3 million, offset by the $13.3 million of non-cash interest expense on shares subject to mandatory redemption recorded in the prior year. The sequential increase in net income is primarily attributed to a decrease in the non-cash reorganization-related share-based compensation expense of $6.7 million from the second quarter of 2012. GAAP net income attributable to the common shareholders for the third quarter of $1.7 million, or $0.12 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 Third Quarter 2012 Earnings Results
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