For the first quarter, our operating income was $238.0 million, an increase of 4% from the same period last year. Operating income, net of certain items, (see Note 1 on page 3 for further description of this Non-GAAP financial measure) also increased 4% to $227.9 million for the first quarter compared to $218.6 million for the same period last year.
|For the three months ended|
|$ in millions||2012||2011||Change|
|Excluding interest on funds held for clients||(10.1||)||(11.1||)||(9||%)|
|Operating income, net of certain items||$||227.9||$||218.6||4||%|
|Operating income, net of certain items, as a percent of total service revenue||40.1||%||39.6||%|