GAAP non-operating loss for the second quarter of 2012 was $1.4 million, down from GAAP non-operating income of $2.6 million for the first quarter of 2012 due primarily to the reason noted above.Income Taxes For the second quarter of 2012, the adjusted effective tax rate was 22.0%, 27.2 percentage points lower than the 49.2% adjusted effective tax rate for the first quarter of 2012. The decrease was due primarily to a tax benefit in the second quarter of 2012 resulting from the reversal of a tax liability reserve upon settlement of an uncertain tax position and the write-off of a deferred tax asset related to the vesting of RSUs at a price below their grant date price in the first quarter of 2012. GAAP income tax benefit for the second quarter of 2012 was $0.3 million compared to GAAP income tax expense of $5.3 million for the first quarter of 2012 due primarily to a 90% decrease in income before income tax expense and the reasons noted above. Liquidity and Capital As of June 30, 2012, the Company had cash (excluding amounts held in the Company’s Consolidated Investment Products) of $59.9 million, seed capital investments in our strategies of $47.3 million and investments held for deferred compensation of $10.1 million. Total stockholders’ equity on the Statement of Financial Position was $175.7 million as of June 30, 2012, compared to $162.8 million as of December 31, 2011. Share Repurchase No shares were repurchased during the second quarter of 2012. As of June 30, 2012, the Company retained authorization from the Board of Directors to repurchase 2,226,061 shares of its Class A common stock through December 31, 2013. Shares As of June 30, 2012, there were 59,561,559 total shares of Class A common stock outstanding. On April 24, 2012, each of the Principals exchanged their remaining 600,000 New Class A Units, held in the intermediate holding company, into an equivalent amount of shares of Class A common stock.