Professional fees were $1.6 million and $1.1 million, respectively, for the nine month periods ended September 30, 2013 and 2012. The spike in professional fees during the current period is due to a one-time legal fee accrual in connection with a portfolio company.
Removing the incentive management fee accrual based on capital gains, total expenses for the nine months ended September 30, 2013 and 2012 were relatively consistent at $40.8 million and $41.0 million, respectively. Expenses also consist of investment advisor expenses, amortization of debt issuance costs, administrative services expense, director fees and miscellaneous other expenses.
Net Investment Income
Net investment income (“NII”) totaled $8.9 million and $43.1 million, or $0.12 per share and $0.58 per share, respectively, for the three and nine months ended September 30, 2013. Included in these amounts are $9.4 million and $16.7 million of aggregate incentive management fees, as required to be accrued under GAAP. Excluding such fees, and including $2.1 million and $8.4 million, respectively, of income based incentive management fees, had they been accrued ratably throughout the year, our net investment income, as adjusted, would have been $16.1 million, or $0.22 per share, and $51.4 million, or $0.69 per share. On a trailing four quarters basis, our net investment income, as adjusted, is $0.96 per share, as compared to $1.04 per share one quarter earlier. The decline is due to exits of some of our higher yielding assets in the recent quarters, as well as the timing of fees earned in conjunction with early repayments of certain portfolio companies over the last twelve month period. Our portfolio continues to produce a stable amount of interest and dividend income relative to its size. Alternate presentations of net investment income per share reflecting adjustments to certain GAAP requirements can be found in the Supplemental table on page 8.