GAAP employee compensation and benefits expenses for the first quarter of 2012 were $22.3 million, down 20% from $28.0 million for the first quarter of 2011, due primarily to the reasons noted above.

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the first quarter of 2012 were $3.6 million, down 26% from $4.9 million for the first quarter of 2011, driven primarily by lower platform costs reflecting a decrease in average assets under management in proprietary funds.

General and Administrative Expenses

Adjusted general and administrative expenses for the first quarter of 2012 were $9.6 million, a decrease of 5% from $10.2 million for the first quarter of 2011.

GAAP general and administrative expenses for the first quarter of 2012 were $9.7 million, a decrease of 4% from $10.2 million for the first quarter of 2011.

Non-operating Income

Adjusted non-operating income for the first quarter of 2012 was $1.9 million, up from $0.4 million for the first quarter of 2011, primarily reflecting an increase in gains on seed capital investments in the first quarter of 2012.

GAAP non-operating income for the first quarter of 2012 was $2.6 million, up from $0.6 million for the first quarter of 2011 due primarily to the reason noted above.

Income Taxes

For the first quarter of 2012, the adjusted effective tax rate was 49.2%, 6.5 percentage points higher than the 42.7% adjusted effective tax rate for the first quarter of 2011. The increase was due primarily to a greater impact in the first quarter of 2012 from the write-off of a deferred tax asset related to the vesting of RSUs at a price below their grant date price.

The GAAP effective tax rate was 49.3% for the first quarter of 2012, 7.1 percentage points higher than the 42.2% GAAP effective tax rate for the first quarter of 2011 due primarily to the reason noted above.

If you liked this article you might like

4 Stocks Under $10 Making Big Moves

Artio Global Investors Stock To Go Ex-dividend Monday (ART)

Artio Global Investors Stock To Go Ex-dividend Monday (ART)

Artio Global Investors Stock To Go Ex-dividend Monday (ART)

Artio Global Investors Stock To Go Ex-dividend Monday (ART)

Artio Global Investors Stock Hits New 52-Week Low (ART)

Artio Global Investors Stock Hits New 52-Week Low (ART)