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 fourth quarter 2011 economic income of $40.0 million, compared with $32.6 million in the fourth quarter of 2010, and $43.3 million in the third quarter of 2011. Also for the fourth quarter 2011, economic net income was $24.7 million, or $0.27 per adjusted share, compared with $20.2 million in the fourth quarter of 2010, and $26.7 million in the third quarter of 2011.On a GAAP basis, net loss attributable to the controlling and noncontrolling interests for the fourth quarter was $179.7 million, compared with net income attributable to the controlling and noncontrolling interests of $19.0 million in the fourth quarter of 2010 and $29.7 million in the third quarter of 2011. The fourth quarter 2011 net loss was attributable to non-cash reorganization-related share-based compensation expense of $215.3 million and non-cash interest expense on shares subject to mandatory redemption of $3.1 million. The GAAP net loss attributable to the common shareholders of $27.2 million, or $2.11 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. Full Year 2011 Financial Review Manning & Napier reported 2011 revenue of $330.0 million, an increase of 29.2% over revenue of $255.5 million reported in 2010. The increase in 2011 was attributable to organic flows of $4.7 billion during the year and a 30.4% increase in average assets under management as compared with 2010. Operating expenses were $388.8 million, or $173.5 million excluding non-cash reorganization-related share-based compensation of $215.3 million. The $173.5 million represents a 23.4% increase from 2010, resulting from investment in distribution efforts, new hires, higher levels of mutual fund assets and operating expenses related to the Company’s initial public offering in November 2011. GAAP-based operating loss was $58.8 million for 2011, and $156.5 million of operating income for the year after excluding non-cash reorganization-related share-based compensation charges. The $156.5 million represents a $41.6 million increase over 2010. Operating margin for 2011, excluding non-cash reorganization-related share-based compensation expense, was 47.4%, compared with 45.0% in 2010.