We encourage you to review those filings, including the sections on Risk Factors, concerning any forward-looking statements we make today. Any such forward-looking statements speak only as of today, April 17, 2012, and the corporation does not undertake to revise such forward-looking statements to reflect events or changes after today.I'd also like to remind you that you can find a slide presentation regarding the corporation's investment portfolio as well as our first quarter 2012 earnings news release, which includes reconciliations of non-GAAP measures referred to on this webcast, in the Investor Relations portion of our website. Now I'll turn it over to Jay. Joseph L. Hooley Thanks, Kelley, and good morning. Overall, I believe we're off to a good start this year amid continued economic headwinds. First, we achieved solid growth in both fee and total revenue compared to the fourth quarter of 2011. Our earnings per share, however, were particularly impacted by the seasonal accounting effect on the first quarter of the annual equity incentive compensation for our retirement-eligible employees, as well as payroll taxes. Second, we maintained strong new business momentum with $233 billion in assets to be serviced and net new business at SSgA. Third, we received the results of the CCAR stress test released by the Federal Reserve in mid-March. As a result, we were able to increase our quarterly common stock dividend to $0.24 per share, consistent with its previous split-adjusted high. In addition, our board approved a $1.8-billion common stock purchase plan, which we expect to begin to execute this month. In addition to remarks about the first quarter results, this morning, I will address the economic outlook, our continuing success generating new business in core asset servicing and asset management, the ongoing progress of our Business Operations and Information Technology Transformation Program, as well as our strong capital position.
As markets improved in the first quarter, a number of our clients began putting their cash back to work. The level of excess deposits left on our balance sheet declined and the performance of our core business improved compared to the fourth quarter. At the same time, investors remained cautious, especially in view of continuing uncertainty in Europe.We continue to control expenses. Other than compensation and employee benefits, all other expenses on an operating basis were held in check. The seasonal impact of equity-based incentive compensation for retirement-eligible employees was $76 million in the first quarter of 2012 compared to $40 million in the first quarter of 2011, an increase of $36 million or $0.05 per share. We continue to add new business to the core franchise. Of the $233 billion in assets we won in the first quarter, about 2/3 were in the U.S. We had $10 billion in net new business at State Street Global Advisors. One notable planned reduction in SSgA assets was the $31 billion of asset redemptions from accounts we manage for the Department of the U.S. Treasury. Excluding this redemption, net new business at SSgA in the first quarter was $41 billion. Among our larger new servicing mandates was an award for QSuper, an Australian superannuation fund with more than 500,000 members and over $32 billion of assets under management for which we'll provide a broad range of custody administration and accounting services. This new mandate further builds on our previous wins with Sunsuper in November 2011 and REST Industry Super in January 2011. State Street now services 3 of the top 10 superannuation funds in Australia. The integration of the Intesa Securities Services acquisition has met our stated targets and this business continues to attract new wins. In fact, just recently, we've been appointed custodian to the Fondo Pensione Banco di Napoli, with EUR 700 billion pension fund for the employees of Banco di Napoli. Read the rest of this transcript for free on seekingalpha.com