The GAAP effective tax rate was 45.2% for 2011, 5.5 percentage points higher than the 39.7% GAAP effective tax rate for 2010. The increase was due primarily to an increase in the proportion of pre-tax income subject to federal and state taxes 9, the inability to record a tax benefit in 2011 on non-operating losses attributable to the non-controlling interests’ economic ownership in the Consolidated Investment Products, and a larger impact in 2011 from the write-off of a deferred tax asset related to the vesting of RSUs at prices below their grant date fair value, partly offset by the reason noted above.Liquidity and Capital As of December 31, 2011, the Company had cash and cash equivalents (excluding amounts held in consolidated investment products) of $108.5 million, investments held for deferred compensation of $10.2 million and an undrawn $100.0 million committed revolving credit facility. During the fourth quarter of 2011, in accordance with the terms of the Company’s credit agreement, the Company repaid $4.5 million of its term debt facility, reducing the outstanding balance to $37.5 million. Total stockholders’ equity on the Statement of Financial Position was $162.8 million as of December 31, 2011, compared to $103.6 million as of December 31, 2010. Share Repurchase No shares were repurchased during the fourth quarter of 2011. As of December 31, 2011, the Company retains authorization to repurchase 2,226,061 shares of its common stock through December 31, 2013. Shares As of December 31, 2011, the total number of shares of Class A and Class B common stock outstanding was 59,251,113. For purposes of calculating adjusted earnings per diluted share, the Principals’ New Class A Units, held in the intermediate holding company as of the beginning of the period, are assumed to have been fully exchanged into shares of Class A common stock on the first day of the period.