Years Ended 2011 vs. 2010Non-GAAP net revenues of $11.0 million for the year ended December 31, 2011 increased by $5.7 million, compared to net revenues of $5.3 million in the prior year. This increase was attributable to $2.7 million of higher investment gains from the change in value of the Company’s investment in FATV and a gain of $0.9 million resulting from the sale of an investment security. Net interest income also increased by $1.6 million, primarily due to interest expense no longer being incurred on our mandatorily redeemable preferred stock, which was redeemed in September 2010. Non-GAAP pre-tax loss improved by $17.6 million to $22.9 million for the year ended December 31, 2011, compared to non-GAAP pre-tax loss of $40.5 million in the prior year. This improvement was a result of the higher net revenues, as well as lower variable compensation, including annual compensation expense for members of senior management. Consolidated Compensation and Benefits Expenses (including Non-GAAP results) Fourth Quarter 2011 vs. 2010 Compensation and benefits expense of $33.5 million decreased by $29.0 million, compared to non-GAAP compensation and benefits expense of $62.5 million in the fourth quarter of 2010. This was primarily due to lower variable compensation expense as a result of lower net revenues in the MBS/ABS & Rates segment. Variable compensation expense also decreased in the Investment Banking segment resulting from the realignment which occurred in the third quarter of 2011. This action better aligned compensation expense as a percentage of revenue with management’s goals. In addition, annual compensation expense for members of senior management is lower when compared to the prior year, and compensation for certain leaders of the Company’s business segments is weighted more heavily toward stock-based compensation, resulting in expensing awards over the future vesting period rather than immediately. These decreases were partially offset by compensation expense related to ClearPoint.