As noted above and in the Non-GAAP Financial Measures section below, 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. On this basis, Manning & Napier reported 2011 economic income of $156.7 million, compared with $115.1 million in 2010. Also for 2011, economic net income was $96.8 million, or $1.08 per adjusted share, compared with $71.0 million in 2010.On a GAAP basis, net loss attributable to the controlling and noncontrolling interests for 2011 was $106.4 million, compared with net income attributable to the controlling and noncontrolling interests of $53.1 million in 2010. The 2011 net loss was driven by non-cash reorganization-related share-based compensation expense of $215.3 million and non-cash interest expense on shares subject to mandatory redemption of $45.8 million. Assets Under Management As of December 31, 2011, assets under management were $40.2 billion, an increase of 3.5%, compared with $38.8 billion as of December 31, 2010, and an increase of 3.7% from the $38.8 billion reported as of September 30, 2011. As of December 31, 2011, the composition of our AUM was 56% in separate accounts and 44% in mutual funds and collective investment trusts, as compared with 59% in separate accounts and 41% in mutual funds and collective investment trusts as of December 31, 2010. The year-over-year increase in assets under management was driven by net new client flows of $4.7 billion, including gross client inflows of $13.8 billion offset by gross client outflows of $9.1 billion. Separate account gross client inflows of $4.5 billion were offset by gross client outflows of $3.5 billion. For mutual funds and collective investment trusts, gross client inflows of $9.3 billion were offset by gross client outflows of $5.6 billion. Of the $4.7 billion of net new client flows, $3.7 billion, or 80%, was derived from mutual funds and collective investment trusts and $1.0 billion, or 20%, was attributable to separate accounts. The separate account cancellation rate for the year ended December 31, 2011 was 4.3%.