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<td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="8">Average during</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="5">December 31,</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td style="border-bottom: #000000 1px solid;">   </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td style="border-bottom: #000000 1px solid;">   </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td style="border-bottom: #000000 1px solid;">   </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Sponsored mutual funds in the U.S.</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td align="left">$</td> <td align="right">139.5</td> <td> </td> <td align="left">$</td> <td align="right">184.7</td> <td> </td> <td align="left">$</td> <td align="right">217.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">212.4</td> <td> </td> <td align="left">$</td> <td align="right">211.7</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond and money market</div></td> <td> </td> <td> </td> <td align="right">52.3</td> <td> </td> <td> </td> <td align="right">66.1</td> <td> </td> <td> </td> <td align="right">74.5</td> <td> </td> <td> </td> <td> </td> <td align="right">70.2</td> <td> </td> <td> </td> <td align="right">77.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">191.8</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">250.8</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">292.1</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">282.6</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">289.4</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Other portfolios</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td> </td> <td align="right">93.3</td> <td> </td> <td> </td> <td align="right">126.2</td> <td> </td> <td> </td> <td align="right">149.6</td> <td> </td> <td> </td> <td> </td> <td align="right">148.2</td> <td> </td> <td> </td> <td align="right">140.7</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond, money market, and stable value</div></td> <td> </td> <td> </td> <td align="right">36.2</td> <td> </td> <td> </td> <td align="right">45.6</td> <td> </td> <td> </td> <td align="right">55.4</td> <td> </td> <td> </td> <td> </td> <td align="right">51.2</td> <td> </td> <td> </td> <td align="right">59.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">129.5</td> <td> </td> <td> </td> <td align="right">171.8</td> <td> </td> <td> </td> <td align="right">205.0</td> <td> </td> <td> </td> <td> </td> <td align="right">199.4</td> <td> </td> <td> </td> <td align="right">200.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">321.3</td> <td> </td> <td align="left">$</td> <td align="right">422.6</td> <td> </td> <td align="left">$</td> <td align="right">497.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">482.0</td> <td> </td> <td align="left">$</td> <td align="right">489.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr></table></div> </div> <div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Sponsored mutual funds in the U.S.</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td align="left">$</td> <td align="right">843.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,116.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,304.5</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond and money market</div></td> <td> </td> <td> </td> <td align="right">224.6</td> <td> </td> <td> </td> <td> </td> <td align="right">278.0</td> <td> </td> <td> </td> <td> </td> <td align="right">303.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,068.3</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,394.3</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,607.6</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Other portfolios</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td> </td> <td align="right">391.6</td> <td> </td> <td> </td> <td> </td> <td align="right">514.4</td> <td> </td> <td> </td> <td> </td> <td align="right">604.8</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond, money market, and stable value</div></td> <td> </td> <td> </td> <td align="right">86.2</td> <td> </td> <td> </td> <td> </td> <td align="right">118.1</td> <td> </td> <td> </td> <td> </td> <td align="right">136.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">477.8</td> <td> </td> <td> </td> <td> </td> <td align="right">632.5</td> <td> </td> <td> </td> <td> </td> <td align="right">741.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">1,546.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,026.8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,349.0</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div> <div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Cost method investments</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">10% interest in Daiwa SB Investments Ltd. (Japan)</div></td> <td> </td> <td align="left">$</td> <td align="right">13.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13.6</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other investments</div></td> <td> </td> <td> </td> <td align="right">34.2</td> <td> </td> <td> </td> <td> </td> <td align="right">39.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Equity method investments</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">26% interest in UTI Asset Management Company Limited (India)</div></td> <td> </td> <td> </td> <td align="right">154.1</td> <td> </td> <td> </td> <td> </td> <td align="right">144.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other investments</div></td> <td> </td> <td> </td> <td align="right">2.0</td> <td> </td> <td> </td> <td> </td> <td align="right">2.6</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Sponsored mutual fund investments held as trading</div></td> <td> </td> <td> </td> <td align="right">4.8</td> <td> </td> <td> </td> <td> </td> <td align="right">4.4</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">U.S. Treasury Note</div></td> <td> </td> <td> </td> <td align="right">1.0</td> <td> </td> <td> </td> <td> </td> <td align="right">1.0</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 30px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">209.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">206.3</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div> <div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Total comprehensive income is reported in our consolidated statements of stockholders' equity and includes net income, the change in net unrealized security holding gains (losses), after income taxes (tax benefits), and the change in the currency translation adjustment, after income taxes (tax benefits).</div> </div> 0.10 0.10 <div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 2 — INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Accounts receivable from our sponsored mutual funds for advisory fees and advisory-related administrative services aggregate $154.0 million at December 31, 2010, and $155.9 million at December 31, 2011.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Revenues (in millions) from investment advisory services provided under agreements with our sponsored mutual funds and other investment clients include:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Sponsored mutual funds in the U.S.</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td align="left">$</td> <td align="right">843.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,116.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,304.5</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond and money market</div></td> <td> </td> <td> </td> <td align="right">224.6</td> <td> </td> <td> </td> <td> </td> <td align="right">278.0</td> <td> </td> <td> </td> <td> </td> <td align="right">303.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,068.3</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,394.3</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,607.6</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Other portfolios</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td> </td> <td align="right">391.6</td> <td> </td> <td> </td> <td> </td> <td align="right">514.4</td> <td> </td> <td> </td> <td> </td> <td align="right">604.8</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond, money market, and stable value</div></td> <td> </td> <td> </td> <td align="right">86.2</td> <td> </td> <td> </td> <td> </td> <td align="right">118.1</td> <td> </td> <td> </td> <td> </td> <td align="right">136.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">477.8</td> <td> </td> <td> </td> <td> </td> <td align="right">632.5</td> <td> </td> <td> </td> <td> </td> <td align="right">741.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">1,546.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,026.8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,349.0</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table summarizes the various investment portfolios and assets under management (in billions) on which we earn advisory fees.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="8">Average during</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="5">December 31,</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Sponsored mutual funds in the U.S.</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td align="left">$</td> <td align="right">139.5</td> <td> </td> <td align="left">$</td> <td align="right">184.7</td> <td> </td> <td align="left">$</td> <td align="right">217.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">212.4</td> <td> </td> <td align="left">$</td> <td align="right">211.7</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond and money market</div></td> <td> </td> <td> </td> <td align="right">52.3</td> <td> </td> <td> </td> <td align="right">66.1</td> <td> </td> <td> </td> <td align="right">74.5</td> <td> </td> <td> </td> <td> </td> <td align="right">70.2</td> <td> </td> <td> </td> <td align="right">77.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">191.8</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">250.8</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">292.1</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">282.6</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" align="right">289.4</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Other portfolios</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Stock and blended asset</div></td> <td> </td> <td> </td> <td align="right">93.3</td> <td> </td> <td> </td> <td align="right">126.2</td> <td> </td> <td> </td> <td align="right">149.6</td> <td> </td> <td> </td> <td> </td> <td align="right">148.2</td> <td> </td> <td> </td> <td align="right">140.7</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Bond, money market, and stable value</div></td> <td> </td> <td> </td> <td align="right">36.2</td> <td> </td> <td> </td> <td align="right">45.6</td> <td> </td> <td> </td> <td align="right">55.4</td> <td> </td> <td> </td> <td> </td> <td align="right">51.2</td> <td> </td> <td> </td> <td align="right">59.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">129.5</td> <td> </td> <td> </td> <td align="right">171.8</td> <td> </td> <td> </td> <td align="right">205.0</td> <td> </td> <td> </td> <td> </td> <td align="right">199.4</td> <td> </td> <td> </td> <td align="right">200.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">321.3</td> <td> </td> <td align="left">$</td> <td align="right">422.6</td> <td> </td> <td align="left">$</td> <td align="right">497.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">482.0</td> <td> </td> <td align="left">$</td> <td align="right">489.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="8"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="5"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investors that we serve are primarily domiciled in the United States of America; investment advisory clients outside the United States account for 11% of our assets under management at December 31, 2011. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Fees for advisory-related administrative and distribution services provided to our sponsored mutual funds were $249.9 million in 2009, $266.8 million in 2010, and $321.6 million in 2011.</div> </div> <div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investment income from debt securities</div></td> <td> </td> <td align="left">$</td> <td align="right">7.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5.4</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Interest expense on customer deposits</div></td> <td> </td> <td> </td> <td align="right">4.5</td> <td> </td> <td> </td> <td> </td> <td align="right">3.5</td> <td> </td> <td> </td> <td> </td> <td align="right">3.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net revenue</div></td> <td> </td> <td align="left">$</td> <td align="right">2.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.9</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.3</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div> 153600000 169300000 P5Y P5Y <div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">NOTE 13 — OTHER DISCLOSURES.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">SHARE REPURCHASES. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The Board of Directors has authorized the future repurchase of up to 13,715,681 common shares as of December 31, 2011.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">DIVIDENDS. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Cash dividends declared per share were $1.00 in 2009, $1.08 in 2010, and $1.24 in 2011.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">RESTRICTED CAPITAL.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our consolidated stockholders' equity at December 31, 2011, includes about $92 million that is restricted as to use by various regulations and agreements arising in the ordinary course of our business.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">CONTINGENCIES.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">From time to time, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood that an adverse determination in one or more pending claims would have a material adverse effect on our financial position or results of operations is remote.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">RETIREMENT PLANS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Compensation expense recognized for our defined contribution retirement plans was $41.2 million in 2009, $48.2 million in 2010, and $54.5 million in 2011.</div> </div> <div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 5 — OTHER INVESTMENTS. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These investments (in millions) at December 31 include:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Cost method investments</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">10% interest in Daiwa SB Investments Ltd. (Japan)</div></td> <td> </td> <td align="left">$</td> <td align="right">13.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13.6</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other investments</div></td> <td> </td> <td> </td> <td align="right">34.2</td> <td> </td> <td> </td> <td> </td> <td align="right">39.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Equity method investments</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">26% interest in UTI Asset Management Company Limited (India)</div></td> <td> </td> <td> </td> <td align="right">154.1</td> <td> </td> <td> </td> <td> </td> <td align="right">144.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other investments</div></td> <td> </td> <td> </td> <td align="right">2.0</td> <td> </td> <td> </td> <td> </td> <td align="right">2.6</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Sponsored mutual fund investments held as trading</div></td> <td> </td> <td> </td> <td align="right">4.8</td> <td> </td> <td> </td> <td> </td> <td align="right">4.4</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">U.S. Treasury Note</div></td> <td> </td> <td> </td> <td align="right">1.0</td> <td> </td> <td> </td> <td> </td> <td align="right">1.0</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 30px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">209.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">206.3</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">On January 20, 2010, we completed the purchase of a 26% equity interest in UTI and an affiliate from existing stockholders for 6.5 billion Indian rupees (INR) or $142.4 million, plus transaction costs of $3.2 million of which a portion was paid in 2009. The basis difference between our carrying value and our proportionate share of UTI's book value is primarily related to consideration paid in excess of the stepped-up basis of assets and liabilities on the date of purchase.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">At December 31, 2011, we had outstanding commitments to make additional contributions totaling $42.5 million to various investment partnerships in which we have an existing investment.</div> </div> 1 1 <div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="6">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="6">2011</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unrealized</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unrealized</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">holding</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Fair</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">gains</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Fair</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">gains</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">value</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">(losses)</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">value</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">(losses)</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investments with temporary impairment (43 securities in 2011) of</div></td> <td>   </td> <td> </td> <td> </td> <td> </td> <td>   </td> <td> </td> <td> </td> <td> </td> <td>   </td> <td> </td> <td> </td> <td> </td> <td>   </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Less than 12 months</div></td> <td> </td> <td align="left">$</td> <td align="right">25.0</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(.4</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">22.8</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(.2</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">12 months or more</div></td> <td> </td> <td> </td> <td align="right">6.1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.4</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">6.3</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.2</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Total</div></td> <td> </td> <td> </td> <td align="right">31.1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.8</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">29.1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.4</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investments with unrealized holding gains</div></td> <td> </td> <td> </td> <td align="right">153.6</td> <td> </td> <td> </td> <td> </td> <td align="right">4.1</td> <td> </td> <td> </td> <td> </td> <td align="right">169.3</td> <td> </td> <td> </td> <td> </td> <td align="right">3.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">184.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">198.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Aggregate cost</div></td> <td> </td> <td align="left">$</td> <td align="right">181.4</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">195.3</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr></table></div> </div> <div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Aggregate</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">Unrealized holding</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Aggregate</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">cost</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">gains</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">losses</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">fair value</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2010</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Stock and blended asset funds</div></td> <td> </td> <td align="left">$</td> <td align="right">281.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">178.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">460.3</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Bond funds</div></td> <td> </td> <td> </td> <td align="right">248.5</td> <td> </td> <td> </td> <td> </td> <td align="right">39.1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">287.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">530.2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">217.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">747.9</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2011</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Stock and blended asset funds</div></td> <td> </td> <td align="left">$</td> <td align="right">281.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">137.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">(.8</td> <td>)</td> <td> </td> <td align="left">$</td> <td align="right">417.9</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Bond funds</div></td> <td> </td> <td> </td> <td align="right">310.6</td> <td> </td> <td> </td> <td> </td> <td align="right">38.5</td> <td> </td> <td> </td> <td> </td> <td align="right">(2.5</td> <td>)</td> <td> </td> <td> </td> <td align="right">346.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">592.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">175.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">(3.3</td> <td>)</td> <td> </td> <td align="left">$</td> <td align="right">764.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div> P10Y 52887988 80400000 15300000 79500000 21800000 21400000 21000000 2 3660000 4933000 2920000 1100000 800000 900000 -400000 -4000000 400000 5600000 5900000 34917

79400000

82900000

307900000

154000000

304500000

155900000

33800000

30000000

380500000

419500000

135500000

108400000

3600000

-5600000

139100000

102800000

506300000

502000000

89100000

89500000

98700000

31900000

50900000

35900000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Costs of advertising are expensed the first time that the advertising takes place.</div> </div>

89100000

17000000

72100000

4100000

89500000

18000000

71500000

3200000

98700000

19200000

79500000

500000

400000

92000000

19900000

12400000

7200000

1546100000

477800000

1068300000

86200000

391600000

224600000

843700000

2026800000

632500000

1394300000

118100000

514400000

278000000

1116300000

2349000000

741400000

1607600000

136600000

604800000

303100000

1304500000

3642000000

3770300000

1479600000

184700000

1592100000

198400000

321300000000

129500000000

191800000000

36200000000

93300000000

52300000000

139500000000

422600000000

171800000000

250800000000

45600000000

126200000000

66100000000

184700000000

497100000000

205000000000

292100000000

55400000000

149600000000

74500000000

217600000000

482000000000

199400000000

282600000000

51200000000

148200000000

70200000000

212400000000

489500000000

200100000000

289400000000

59400000000

140700000000

77700000000

211700000000

181400000

195300000

530200000

281700000

248500000

592300000

281700000

310600000

400000

200000

800000

400000

31100000

29100000

400000

200000

25000000

22800000

86300000

6100000

6300000

184700000

198400000

747900000

460300000

287600000

764500000

417900000

346600000

747900000

184700000

764500000

198400000

4100000

217700000

178600000

39100000

3500000

175500000

137000000

38500000

3300000

3100000

3300000

800000

2500000

<div style="margin-top: 6pt; font-size: 10pt;" align="left">The unrealized losses in these investments were generally caused by changes in interest rates and market liquidity, and not by changes in credit quality.</div>

<div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 4 — SAVINGS BANK SUBSIDIARY.</div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">DEBT SECURITIES.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our savings bank subsidiary holds investments in marketable debt securities, including mortgage- and other asset-backed securities, which are accounted for as available-for-sale. The following table (in millions) details the components of these investments at December 31.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="6">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="6">2011</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unrealized</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Unrealized</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">holding</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Fair</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">gains</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Fair</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">gains</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">value</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">(losses)</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">value</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">(losses)</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investments with temporary impairment (43 securities in 2011) of</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Less than 12 months</div></td> <td> </td> <td align="left">$</td> <td align="right">25.0</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(.4</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">22.8</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(.2</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">12 months or more</div></td> <td> </td> <td> </td> <td align="right">6.1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.4</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">6.3</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.2</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Total</div></td> <td> </td> <td> </td> <td align="right">31.1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.8</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">29.1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.4</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investments with unrealized holding gains</div></td> <td> </td> <td> </td> <td align="right">153.6</td> <td> </td> <td> </td> <td> </td> <td align="right">4.1</td> <td> </td> <td> </td> <td> </td> <td align="right">169.3</td> <td> </td> <td> </td> <td> </td> <td align="right">3.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">184.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">198.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Aggregate cost</div></td> <td> </td> <td align="left">$</td> <td align="right">181.4</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">195.3</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The unrealized losses in these investments were generally caused by changes in interest rates and market liquidity, and not by changes in credit quality. Impairments of these investments are considered temporary. </div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">CUSTOMER DEPOSITS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The estimated fair value of our customer deposit liability, based on discounting expected cash outflows at maturity dates that range up to five years, using current interest rates offered for deposits with the same dates of maturity, was $164.1 million at December 31, 2010, and $176.9 million at December 31, 2011.</div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NET REVENUE.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Net revenue (in millions) includes the following:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investment income from debt securities</div></td> <td> </td> <td align="left">$</td> <td align="right">7.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5.4</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Interest expense on customer deposits</div></td> <td> </td> <td> </td> <td align="right">4.5</td> <td> </td> <td> </td> <td> </td> <td align="right">3.5</td> <td> </td> <td> </td> <td> </td> <td align="right">3.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net revenue</div></td> <td> </td> <td align="left">$</td> <td align="right">2.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.9</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.3</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These consolidated financial statements have been prepared by our management in accordance with accounting principles generally accepted in the United States.</div> </div>

619100000

743300000

813100000

897900000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">NOTE 1 — CASH EQUIVALENTS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Cash equivalent investments in our sponsored money market mutual funds aggregate $726.9 million at December 31, 2010, and $823.2 million at December 31, 2011. Dividends earned on these investments totaled $1.6 million in 2009, $.1 million in 2010, and $.1 million in 2011.</div> </div>

726900000

823200000

124200000

69800000

84800000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Cash equivalents consist primarily of short-term, highly liquid investments in our sponsored money market mutual funds. The cost of these funds is equivalent to fair value.</div> </div>

1.08

1.24

0.2

750000000

256856000

258534000

258760000

253272000

51700000

50700000

548600000

709400000

736900000

<div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 12 — COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table presents the components (in millions) of comprehensive income. </div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net income</div></td> <td> </td> <td align="left">$</td> <td align="right">433.6</td> <td> </td> <td> </td> <td>$</td> <td> <div align="right">672.2</div></td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">773.2</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other comprehensive income (loss), net of tax</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Unrealized holding gains (losses)</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Investments in sponsored mutual funds:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net unrealized holding gains (losses)</div></td> <td> </td> <td> </td> <td align="right">150.8</td> <td> </td> <td> </td> <td> </td> <td align="right">67.9</td> <td> </td> <td> </td> <td> </td> <td align="right">(40.2</td> <td>)</td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Capital gain distributions</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2.0</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(2.6)</td> <td> </td> <td> </td> <td> </td> <td align="right">(5.3</td> <td>)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Other than temporary impairments recognized in income</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">36.1</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net losses (gains) realized on dispositions, determined using average cost</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7.4</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(7.6</td> <td>)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Deferred tax benefits (income taxes)</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(66.6</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(24.0</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">18.3</td> <td nowrap="nowrap"> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Net unrealized holding gains (losses) of investments in sponsored mutual funds recognized in other comprehensive income</div></td> <td> </td> <td> </td> <td align="right">110.9</td> <td> </td> <td> </td> <td> </td> <td align="right">33.7</td> <td> </td> <td> </td> <td> </td> <td align="right">(27.2</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Debt securities held by savings bank subsidiary:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net unrealized holding gains (losses)</div></td> <td> </td> <td> </td> <td align="right">6.0</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.2</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net losses (gains) realized on dispositions, determined using average cost</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">.3</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Deferred tax benefits (income taxes)</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2.2</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(.1</td> <td>)</td> <td> </td> <td> </td> <td align="right">.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Net unrealized holding gains (losses) of debt securities held by savings bank subsidiary recognized in other comprehensive income</div></td> <td> </td> <td> </td> <td align="right">4.1</td> <td> </td> <td> </td> <td> </td> <td align="right">(.1</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.1</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Investment in UTI Asset Management Company Limited</div></td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Proportionate share of net unrealized holding gains (losses) of available-for-sale securities held by UTI Asset Management Company Limited, net of deferred taxes</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">.2</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Total net unrealized holding gains (losses) recognized in other comprehensive income</div></td> <td> </td> <td> </td> <td align="right">115.0</td> <td> </td> <td> </td> <td> </td> <td align="right">33.6</td> <td> </td> <td> </td> <td> </td> <td align="right">(27.1</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Currency translation adjustment</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Investment in UTI Asset Management Company Limited</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5.6</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14.2</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Deferred tax benefits (income taxes)</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">(2.0</td> <td>)</td> <td> </td> <td> </td> <td align="right">5.0</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Total currency translation adjustment</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3.6</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9.2</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Total other comprehensive income (loss)</div></td> <td> </td> <td> </td> <td align="right">115.0</td> <td> </td> <td> </td> <td> </td> <td align="right">37.2</td> <td> </td> <td> </td> <td> </td> <td align="right">(36.3</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total comprehensive income</div></td> <td> </td> <td align="left">$</td> <td align="right">548.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">709.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">736.9</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The currency translation adjustment results from translating our proportionate share of the financial statements of UTI, our equity method investment, into U.S. dollars. Assets and liabilities are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using weighted-average exchange rates for the period.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Accumulated other comprehensive income (in millions) at December 31 includes:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center">2010</td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net unrealized holding gains on</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Investments in sponsored mutual funds</div></td> <td> </td> <td align="left">$</td> <td align="right">217.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">172.2</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Debt securities held by savings bank subsidiary</div></td> <td> </td> <td> </td> <td align="right">3.3</td> <td> </td> <td> </td> <td> </td> <td align="right">3.1</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Proportionate share of investments held by UTI Asset Management Company Limited</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">221.0</td> <td> </td> <td> </td> <td> </td> <td align="right">175.7</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Deferred income taxes</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85.5</td> <td nowrap="nowrap">)</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(67.3</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net unrealized holding gains</div></td> <td> </td> <td align="left"> </td> <td align="right">135.5</td> <td> </td> <td> </td> <td align="left"> </td> <td align="right">108.4</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Currency translation adjustment, net of deferred income taxes (benefits) of $2.0 million in 2010 and ($3.0) million in 2011</div></td> <td> </td> <td> </td> <td align="right">3.6</td> <td> </td> <td> </td> <td> </td> <td align="right">(5.6</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">139.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">102.8</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

Investment advisory clients outside the United States

Assets under management at December 31, 2011

<div style="margin-top: 6pt; font-size: 10pt;" align="left">Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios that we manage for them.</div>

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios that we manage for them.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our investments in sponsored mutual funds expose us to market risk in the form of equity price risk; that is, the potential future loss of value that would result from a decline in the fair values of the mutual funds. Each fund and its underlying net assets are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investments by our savings bank subsidiary in debt securities expose us to market risk, which may arise from changes in credit ratings and interest rates.</div> </div>

<div style="margin-top: 6pt; font-size: 10pt;" align="left">Our investments in sponsored mutual funds expose us to market risk in the form of equity price risk; that is, the potential future loss of value that would result from a decline in the fair values of the mutual funds. Each fund and its underlying net assets are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investments by our savings bank subsidiary in debt securities expose us to market risk, which may arise from changes in credit ratings and interest rates.</div>

0.11

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our financial statements include the accounts of all subsidiaries in which we have a majority or controlling interest. All material intercompany accounts and transactions are eliminated in consolidation.</div> </div>

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We are not the primary beneficiary, and do not consolidate the accounts, of a high-yield collateralized bond obligation (CBO) that held assets of $5.4 million at December 31, 2011. This variable interest entity is a non-recourse, limited liability company for which we are the collateral manager and receive related investment advisory fees. We recognized the full impairment of our investment in this CBO in 2002 and do not expect to recognize any future gains or losses from this investment.</div> </div>

13600000

34200000

13600000

39900000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Those other investments to which we do not exercise significant influence over the operating and financial policies of the investee are recognized using the cost method of accounting.</div> </div>

232500000

323400000

375800000

26500000

50100000

29900000

32000000

47500000

68800000

-35700000

-12400000

-22400000

-23200000

-27600000

2900000

13900000

-15100000

173000000

190900000

60700000

80600000

4400000

6900000

2200000

2900000

117200000

131800000

49200000

49300000

112300000

110300000

9200000

11700000

85500000

67100000

17600000

31500000

143200000

A deferred tax liability for unremitted earnings of our foreign subsidiaries has not been recognized, as it is our intention to indefinitely reinvest these earnings outside the U.S.

Determination of the amount of the unrecognized deferred tax liability related to these earnings is not practicable.

If these earnings were distributed to the U.S. in the form of dividends or otherwise, or if the entity was sold or otherwise transferred, we would be subject to U.S. income taxes, less any foreign tax credits.

41200000

48200000

54500000

164100000

176900000

65200000

62600000

72000000

<div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 10 — STOCK-BASED COMPENSATION.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">SHARES AUTHORIZED FOR STOCK-BASED COMPENSATION PROGRAMS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">At December 31, 2011, 52,887,988 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, 3,360,000 shares are authorized for issuance under a plan whereby substantially all employees may acquire common stock through payroll deductions at prevailing market prices. We believe that our stock-based compensation programs align the interests of our employees and directors with those of our common stockholders.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">STOCK OPTIONS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table summarizes the status of and changes in our stock option grants during 2011.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td nowrap="nowrap" align="center"> </td> <td nowrap="nowrap" align="center" colspan="2">Weighted-</td> <td nowrap="nowrap" align="center"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td nowrap="nowrap" align="center"> </td> <td nowrap="nowrap" align="center" colspan="2">average</td> <td nowrap="nowrap" align="center"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Weighted-</td> <td nowrap="nowrap" align="center"> </td> <td nowrap="nowrap" align="center" colspan="2">remaining</td> <td nowrap="nowrap" align="center"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">average</td> <td nowrap="nowrap" align="center"> </td> <td nowrap="nowrap" align="center" colspan="2">contractual</td> <td nowrap="nowrap" align="center"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">exercise</td> <td nowrap="nowrap" align="center"> </td> <td nowrap="nowrap" align="center" colspan="2">term in</td> <td nowrap="nowrap" align="center"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="3">Options</td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">price</td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">years</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Outstanding at beginning of year</div></td> <td> </td> <td> </td> <td align="right">37,759,580</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">41.34</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Semiannual grants</div></td> <td> </td> <td> </td> <td align="right">5,793,805</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">60.43</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Reload grants</div></td> <td> </td> <td> </td> <td align="right">80,080</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">58.73</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">New hire grants</div></td> <td> </td> <td> </td> <td align="right">41,519</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">57.74</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Non-employee director grants</div></td> <td> </td> <td> </td> <td align="right">16,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">60.74</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Exercised</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(3,814,074</td> <td nowrap="nowrap">)</td> <td> </td> <td align="right">$</td> <td align="right">29.11</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Forfeited</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(499,410</td> <td nowrap="nowrap">)</td> <td> </td> <td align="right">$</td> <td align="right">47.73</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Expired</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(137,778</td> <td nowrap="nowrap">)</td> <td> </td> <td align="right">$</td> <td align="right">55.69</td> <td> </td> <td align="right"> </td> <td align="right"> </td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Outstanding at end of year</div></td> <td> </td> <td> </td> <td align="right">39,239,722</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">45.27</td> <td> </td> <td align="right"> </td> <td align="right">6.2</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Exercisable at end of year</div></td> <td> </td> <td> </td> <td align="right">22,964,004</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">41.01</td> <td> </td> <td align="right"> </td> <td align="right">4.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Net income includes a charge for stock option-based compensation expense of $72.1 million in 2009, $71.5 million in 2010, and $79.5 million in 2011, including $4.1 million, $3.2 million, and $.5 million, respectively, for reload option grants.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The total intrinsic value of options exercised was $115.7 million in 2009, $189.4 million in 2010, and $123.5 million in 2011. At December 31, 2011, the aggregate intrinsic value of in-the-money options outstanding was $499.4 million including $368.6 million related to options exercisable.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">STOCK AWARDS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table summarizes the status of and changes in our nonvested restricted shares and restricted stock units during 2011.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Weighted-</td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Restricted</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Restricted</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">average</td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="3">shares</td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="3">stock units</td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="3">fair value</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Nonvested at beginning of year</div></td> <td> </td> <td> </td> <td align="right">638,532</td> <td> </td> <td> </td> <td> </td> <td align="right">368,201</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">46.92</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Granted to employees and directors</div></td> <td> </td> <td> </td> <td align="right">274,841</td> <td> </td> <td> </td> <td> </td> <td align="right">152,450</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">59.75</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Vested (value at vest date was $21.9 million)</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(246,988</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(129,105</td> <td nowrap="nowrap">)</td> <td> </td> <td align="right">$</td> <td align="right">48.32</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Forfeited</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(28,992</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(40,529</td> <td nowrap="nowrap">)</td> <td> </td> <td align="right">$</td> <td align="right">48.47</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Nonvested at end of year</div></td> <td> </td> <td> </td> <td align="right">637,393</td> <td> </td> <td> </td> <td> </td> <td align="right">351,017</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">51.83</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" align="right"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We recognized compensation expense for restricted shares and restricted stock units of $17.0 million in 2009, $18.0 million in 2010, and $19.2 million in 2011.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">At December 31, 2011, non-employee directors hold 34,917 vested stock units that will convert to common shares upon their separation from the board.</div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">FUTURE STOCK-BASED COMPENSATION EXPENSE.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table presents the compensation expense (in millions) to be recognized over the remaining vesting periods of the stock-based awards outstanding at December 31, 2011. Estimated future compensation expense will change to reflect future option grants, including reloads; future awards of unrestricted shares, restricted shares, and restricted stock units; changes in estimated forfeitures; and adjustments for actual forfeitures.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">First quarter 2012</div></td> <td> </td> <td align="left">$</td> <td align="right">21.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Second quarter 2012</div></td> <td> </td> <td> </td> <td align="right">21.4</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Third quarter 2012</div></td> <td> </td> <td align="left"> </td> <td align="right">21.0</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Fourth quarter 2012</div></td> <td> </td> <td> </td> <td align="right">15.3</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total 2012</div></td> <td> </td> <td style="border-top: #000000 1px solid;"> </td> <td style="border-top: #000000 1px solid;" align="right">79.5</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">2013 through 2016</div></td> <td> </td> <td> </td> <td align="right">80.4</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td style="border-top: #000000 1px solid;" align="left">$</td> <td style="border-top: #000000 1px solid;" align="right">159.9</td> <td> </td></tr> <tr style="font-size: 1px;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

31000000

43200000

74600000

256900000

278900000

317900000

1.69

0.59

2.60

0.61

0.66

0.74

0.75

3.01

0.79

0.73

0.74

1.65

0.57

2.53

0.59

0.64

0.72

2.92

0.76

0.71

0.73

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We compute our basic and diluted earnings per share under the two-class method, which considers our outstanding restricted stock and stock units, on which we pay non-forfeitable dividends, as if they were a separate class of stock.</div> </div>

<div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 11 — EARNINGS PER SHARE CALCULATIONS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table presents the reconciliation (in millions) of our net income to net income allocated to our common stockholders and the weighted average shares (in millions) that are used in calculating the basic and the diluted earnings per share on our common stock. Weighted average common shares outstanding assuming dilution reflects the potential additional dilution, determined using the treasury stock method that could occur if outstanding stock options were exercised.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net income</div></td> <td> </td> <td align="left">$</td> <td align="right">433.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">672.2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">773.2</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Less: net income allocated to outstanding restricted stock and stock unit holders</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1.5</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2.8</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3.5</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net income allocated to common stockholders</div></td> <td> </td> <td align="left">$</td> <td align="right">432.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">669.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">769.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Weighted average common shares</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Outstanding</div></td> <td> </td> <td> </td> <td align="right">255.9</td> <td> </td> <td> </td> <td> </td> <td align="right">257.2</td> <td> </td> <td> </td> <td> </td> <td align="right">255.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Outstanding assuming dilution</div></td> <td> </td> <td> </td> <td align="right">262.3</td> <td> </td> <td> </td> <td> </td> <td align="right">265.1</td> <td> </td> <td> </td> <td> </td> <td align="right">263.3</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table shows the weighted average outstanding stock options (in millions) and their average exercise price that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Weighted average outstanding stock options excluded</div></td> <td> </td> <td> </td> <td align="right">19.9</td> <td> </td> <td> </td> <td> </td> <td align="right">12.4</td> <td> </td> <td> </td> <td> </td> <td align="right">7.2</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Average exercise price</div></td> <td> </td> <td align="left">$</td> <td align="right">48.20</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">52.07</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">60.03</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

0.371

0.372

0.382

0.35

-0.010

-0.008

-0.003

0.031

0.030

0.035

71900000

63200000

159900000

33100000

51900000

36300000

6500000000

142400000

3200000

0.26

154100000

2000000

144800000

2600000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investments that give us the ability to exercise significant influence over the operating and financial policies of the investee are recognized using the equity method of accounting. The carrying value of these investments are adjusted to reflect our proportionate share of income or loss, any unrealized gain or loss resulting from the translation of foreign denominated financial statements into U.S. dollars and dividends received. Our proportionate share of income or loss is included in non-operating investment income (loss) in the consolidated statements of income. As permitted under existing accounting guidance, we adopted a policy by which we recognize our share of UTI Asset Management Company Limited's (UTI) earnings on a quarter lag as current financial information is not available in a timely manner.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We evaluate our equity method investments for impairment when events or changes in circumstances indicate that the carrying value of the investment exceeds its fair value, and the decline in fair value is other than temporary.</div> </div>

32000000

50700000

35300000

<div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 6 — FAIR VALUE MEASUREMENTS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We determine the fair value of our investments using the following broad levels of inputs as defined by related accounting standards:</div> <div style="margin-top: 6pt; font-size: 10pt; margin-left: 2%;" align="left">Level 1 — quoted prices in active markets for identical securities. </div> <div style="margin-top: 6pt; font-size: 10pt; margin-left: 2%;" align="left">Level 2 — observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.</div> <div style="margin-top: 6pt; font-size: 10pt; margin-left: 2%;" align="left">Level 3 — unobservable inputs reflecting our own assumptions based on the best information available. We do not value any of our investments using Level 3 inputs. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These levels are not necessarily an indication of the risk or liquidity associated with our investments. There were no transfers in or out of the levels in 2010 or 2011. The following table summarizes our investments (in millions) that are recognized in our balance sheet at year end using fair value measurements determined based on the differing levels of inputs.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">Level 1</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">Level 2</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2010</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Cash equivalents</div></td> <td> </td> <td align="left">$</td> <td align="right">726.9</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investments in sponsored mutual funds</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Held as available-for-sale</div></td> <td> </td> <td> </td> <td align="right">747.9</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Held as trading</div></td> <td> </td> <td> </td> <td align="right">4.8</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Debt securities held by savings bank subsidiary</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">184.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">1,479.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">184.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2011</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Cash equivalents</div></td> <td> </td> <td align="left">$</td> <td align="right">823.2</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Investments in sponsored mutual funds</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Held as available-for-sale</div></td> <td> </td> <td> </td> <td align="right">764.5</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Held as trading</div></td> <td> </td> <td> </td> <td align="right">4.4</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Debt securities held by savings bank subsidiary</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">198.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">1,592.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">198.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

<div style="margin-top: 6pt; font-size: 10pt;" align="left">The estimated fair value of our customer deposit liability, based on discounting expected cash outflows at maturity dates that range up to five years, using current interest rates offered for deposits with the same dates of maturity, was $164.1 million at December 31, 2010, and $176.9 million at December 31, 2011.</div>

287800000

294300000

321200000

1600000

1100000

<div style="margin-top: 6pt; font-size: 10pt;" align="left">The currency translation adjustment results from translating our proportionate share of the financial statements of UTI, our equity method investment, into U.S. dollars. Assets and liabilities are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using weighted-average exchange rates for the period.</div>

665700000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We evaluate the carrying amount of goodwill in our balance sheet for possible impairment on an annual basis in the third quarter of each year using a fair value approach. Our evaluations have indicated that no impairment exists.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We internally conduct, manage and report our operations as one investment advisory business. We do not have distinct operating segments or components that separately constitute a business. Accordingly, we attribute goodwill to a single reportable business segment and reporting unit — our investment advisory business.</div> </div>

1867400000

556200000

2367200000

577400000

586100000

647500000

682400000

2747100000

713700000

679400000

671600000

1000000

688900000

1070000000

1250600000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">NOTE 9 — INCOME TAXES.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The provision for income taxes (in millions) consists of:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Current income taxes</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">U.S. federal</div></td> <td> </td> <td align="left">$</td> <td align="right">232.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">323.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">375.8</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Foreign</div></td> <td> </td> <td> </td> <td align="right">26.5</td> <td> </td> <td> </td> <td> </td> <td align="right">50.1</td> <td> </td> <td> </td> <td> </td> <td align="right">29.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">State and local</div></td> <td> </td> <td> </td> <td align="right">32.0</td> <td> </td> <td> </td> <td> </td> <td align="right">47.5</td> <td> </td> <td> </td> <td> </td> <td align="right">68.8</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Deferred income taxes (tax benefits)</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(35.7</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(23.2</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.9</td> <td nowrap="nowrap"> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">255.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">397.8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">477.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Deferred income taxes arise from temporary differences between taxable income for financial statement and income tax return purposes. Deferred tax benefits include $22.4 million in 2009 and $27.6 million in 2010 relating to the recognition of stock-based compensation expense. Deferred tax benefits in 2009 also include $12.4 million attributable to other than temporary impairments recognized on our sponsored mutual fund investments.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Significant temporary differences in 2011 include deferred income taxes of $13.9 million related to property and equipment offset by deferred tax benefits of $15.1 million related to the recognition of stock-based compensation expense.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table reconciles the statutory federal income tax rate to the effective income tax rate.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td nowrap="nowrap" align="center"> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td nowrap="nowrap" align="center"> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Statutory U.S. federal income tax rate</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">35.0</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">35.0</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">35.0</td> <td nowrap="nowrap">%</td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">State income taxes for current year, net of federal income tax benefits</div></td> <td> </td> <td> </td> <td align="right">3.1</td> <td> </td> <td> </td> <td> </td> <td align="right">3.0</td> <td> </td> <td> </td> <td> </td> <td align="right">3.5</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Other items</div></td> <td> </td> <td> </td> <td align="right">(1.0</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.8</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.3</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Effective income tax rate</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">37.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">37.2</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">38.2</td> <td nowrap="nowrap">%</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The net deferred tax asset recognized in our balance sheet in other assets includes the following (in millions) at December 31.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Deferred tax liabilities</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Related to property and equipment</div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(17.6</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(31.5</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Recognized in other comprehensive income on net unrealized holding gains</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85.5</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(67.1</td> <td nowrap="nowrap">)</td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9.2</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(11.7</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(112.3</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(110.3</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Deferred tax assets</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Related to stock-based compensation</div></td> <td> </td> <td> </td> <td align="right">117.2</td> <td> </td> <td> </td> <td> </td> <td align="right">131.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Related to other than temporary impairments of investments in mutual funds</div></td> <td> </td> <td> </td> <td align="right">49.2</td> <td> </td> <td> </td> <td> </td> <td align="right">49.3</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Related to accrued compensation</div></td> <td> </td> <td> </td> <td align="right">2.2</td> <td> </td> <td> </td> <td> </td> <td align="right">2.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other</div></td> <td> </td> <td> </td> <td align="right">4.4</td> <td> </td> <td> </td> <td> </td> <td align="right">6.9</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 30px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">173.0</td> <td> </td> <td> </td> <td> </td> <td align="right">190.9</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net deferred tax asset</div></td> <td> </td> <td align="left">$</td> <td align="right">60.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">80.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">A deferred tax liability for unremitted earnings of our foreign subsidiaries has not been recognized, as it is our intention to indefinitely reinvest these earnings outside the U.S. The unremitted earnings of these subsidiaries are estimated to be $143.2 million at December 31, 2011. If these earnings were distributed to the U.S. in the form of dividends or otherwise, or if the entity was sold or otherwise transferred, we would be subject to U.S. income taxes, less any foreign tax credits. Determination of the amount of the unrecognized deferred tax liability related to these earnings is not practicable.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Other assets also include tax refund receivables of $31.9 million at December 31, 2010, and $20.1 million at December 31, 2011.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Cash outflows from operating activities include income taxes paid of $221.6 million in 2009, $383.0 million in 2010, and $430.1 million in 2011.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Additional income tax benefits of $33.1 million in 2009, $51.9 million in 2010, and $36.3 million in 2011 arising from stock-based compensation plans activity reduced the amount of income taxes that would have otherwise been payable.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The following table reconciles our unrecognized tax benefits (in millions) during the year:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Balance at beginning of year</div></td> <td> </td> <td align="left">$</td> <td align="right">6.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Changes in tax positions related to</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Current year</div></td> <td> </td> <td> </td> <td align="right">1.1</td> <td> </td> <td> </td> <td> </td> <td align="right">.8</td> <td> </td> <td> </td> <td> </td> <td align="right">.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Prior years</div></td> <td> </td> <td> </td> <td align="right">(.4</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4.0</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">.4</td> <td nowrap="nowrap"> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Expired statute of limitations</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">—</td> <td nowrap="nowrap"> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.4</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Balance at year end</div></td> <td> </td> <td align="left">$</td> <td align="right">7.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">If recognized, these tax benefits would affect our effective tax rate; however, we do not expect that unrecognized tax benefits for tax positions taken with respect to 2011 and prior years will significantly change in 2012. Our United States federal tax obligations have been settled through the year 2000. Net interest recoverable recognized in our balance sheets was $5.6 million at December 31, 2010, and $5.9 million at December 31, 2011. Our accounting policy with respect to interest and penalties arising from income tax settlements is to recognize them as part of our provision for income taxes. Interest recognized as part of our provision for income taxes was not material.</div> </div>

221600000

383000000

430100000

255300000

397800000

477400000

31900000

20100000

-15600000

26700000

-4900000

69300000

62500000

-2800000

4000000

56100000

-6200000

3500000

-900000

13100000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">NOTE 8 — INTANGIBLE ASSETS. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Other assets include mutual fund customer-relationship intangible assets acquired in 2006. Our unamortized cost was $1.6 million at December 31, 2010, and $1.1 million at December 31, 2011.</div> </div>

7000000

6400000

5400000

4500000

3500000

3100000

2500000

2900000

2300000

9800000

10300000

10600000

1600000

100000

-12700000

33500000

23700000

<div> <div style="margin-top: 12pt; font-size: 10pt;" align="left">NOTE 3 — INVESTMENTS IN SPONSORED MUTUAL FUNDS. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These investments (in millions) at December 31 include:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Aggregate</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">Unrealized holding</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Aggregate</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">cost</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">gains</td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;"> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">losses</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">fair value</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2010</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Stock and blended asset funds</div></td> <td> </td> <td align="left">$</td> <td align="right">281.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">178.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">460.3</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Bond funds</div></td> <td> </td> <td> </td> <td align="right">248.5</td> <td> </td> <td> </td> <td> </td> <td align="right">39.1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">287.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">530.2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">217.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">747.9</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2011</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Stock and blended asset funds</div></td> <td> </td> <td align="left">$</td> <td align="right">281.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">137.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">(.8</td> <td>)</td> <td> </td> <td align="left">$</td> <td align="right">417.9</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Bond funds</div></td> <td> </td> <td> </td> <td align="right">310.6</td> <td> </td> <td> </td> <td> </td> <td align="right">38.5</td> <td> </td> <td> </td> <td> </td> <td align="right">(2.5</td> <td>)</td> <td> </td> <td> </td> <td align="right">346.6</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">592.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">175.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">(3.3</td> <td>)</td> <td> </td> <td align="left">$</td> <td align="right">764.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The unrealized holding losses at December 31, 2011, are attributable to ten fund holdings with an aggregate fair value of $86.3 million and are considered temporary.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Dividends, excluding capital gain distributions, earned on sponsored mutual fund investments totaled $9.8 million in 2009, $10.3 million in 2010, and $10.6 million in 2011.</div> </div>

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<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Fees for investment advisory services, which are based on a percentage of assets under management, and related administrative services that we provide to investment advisory clients, including our sponsored mutual funds, are recognized in the period that our services are provided.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our assets under management are valued in accordance with a valuation and pricing policy that defines the valuation and pricing processes for each major type of investment held in our sponsored mutual funds and other client investment portfolios. Fair values used in our processes are primarily determined from quoted market prices, prices furnished by dealers who make markets in such securities, or from data provided by an independent pricing service that considers yield or price of investments of comparable quality, coupon, maturity, and type. Investments for which market prices are not readily available are not a material portion of our total assets under management.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Distribution and servicing fees earned from 12b-1 plans of the Advisor, R, and VIP II classes of our sponsored mutual funds are recognized in the period that they are earned, which is the same period that the related mutual funds recognize their expense. These fees are offset entirely by the distribution and servicing costs paid to third-party financial intermediaries that source these share classes.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We provide all services to the sponsored U.S. mutual funds under contracts that are subject to periodic review and approval by each of the funds' boards. Regulations require that the funds' shareholders also approve material changes to investment advisory contracts.</div> </div>

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">INVESTMENTS IN SPONSORED MUTUAL FUNDS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We value our investments in sponsored mutual funds at the quoted closing net asset values, or NAVs, per share of each mutual fund last reported as of the balance sheet date, and generally classify these holdings as available-for-sale. Changes in net unrealized holding gains on these investments are recognized in accumulated other comprehensive income.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We review the carrying amount of each investment on a quarterly basis and recognize an impairment charge in non-operating investment income whenever an unrealized loss is considered other than temporary. In determining whether a mutual fund holding is other then temporarily impaired we consider many factors, including the duration of time it has existed, the severity of the impairment, any subsequent changes in value and our intent and ability to hold the security for a period of time sufficient for an anticipated recovery in fair value. Subject to the other considerations noted above, with respect to duration of time, we believe a mutual fund holding with an unrealized loss that has persisted daily throughout the six months between quarter-ends is generally presumed to have an other than temporary impairment. We may also recognize an other than temporary loss if particular circumstances of the underlying investment do not warrant our belief that a near-term recovery is possible.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">DEBT SECURITIES HELD BY SAVINGS BANK SUBSIDIARY.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our investments in marketable debt securities, including mortgage- and other asset-backed securities held by our savings bank subsidiary, are classified as available-for-sale and reported at fair value. Changes in net unrealized holding gains on these debt securities are recognized in accumulated other comprehensive income.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These debt securities are generally traded in the over-the-counter market. Securities with remaining maturities of one year or more at the time of acquisition are valued by us based on prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Securities with remaining maturities of less than one year at the time of acquisition generally are valued at amortized cost, which approximates fair value; however, if amortized cost is deemed not to reflect fair value, such securities are valued by us based generally on prices furnished by dealers who make markets in such securities or by an independent pricing service. Our investment valuation policies, methods and sources are the same as those employed by the sponsored mutual funds to price similar investment holdings.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We review the carrying amount of each investment on a quarterly basis. We will recognize an impairment charge in non-operating investment income if the impairment is caused by a change in credit quality that affects our ability to recover our amortized cost. An impairment charge will also be taken if we intend to sell the security before its maturity, which generally correlates to the maturities of our customer deposits, or if we believe that it is more likely than not that, we will be required to sell the security before recovering cost.</div> </div>

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We classify some investments in sponsored mutual funds made at fund formation as trading because they are expected to be held for only a short period of time.</div> </div>

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<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">T. Rowe Price Group derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the sponsored T. Rowe Price mutual funds and other investment portfolios. We also provide our investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; and trust services.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.</div> </div>

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Our United States federal tax obligations have been settled through the year 2000.

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<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">T. Rowe Price Group derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the sponsored T. Rowe Price mutual funds and other investment portfolios. We also provide our investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; and trust services.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">BASIS OF PREPARATION.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These consolidated financial statements have been prepared by our management in accordance with accounting principles generally accepted in the United States. These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">In 2011, we changed the presentation of our consolidated statements of income. We are presenting distribution and servicing fees earned from 12b-1 plans of the Advisor, R, and VIP II classes of our sponsored mutual funds previously included in administrative fees, as a separate line to enhance transparency of these fees. We also are presenting as a separate line the offsetting distribution and servicing costs, previously included in other operating expenses, paid to third-party financial intermediaries who source those share classes noted above. Investment income earned by our savings bank subsidiary, previously presented on its own, is being classified net of interest expense paid on savings bank deposits. The line was renamed net revenue of savings bank subsidiary and the details of this line are included in note 4 to the consolidated financial statements. All amounts for the comparable calendar years have been reclassified to conform to the 2011 presentation.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our financial statements include the accounts of all subsidiaries in which we have a majority or controlling interest. All material intercompany accounts and transactions are eliminated in consolidation.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We are not the primary beneficiary, and do not consolidate the accounts, of a high-yield collateralized bond obligation (CBO) that held assets of $5.4 million at December 31, 2011. This variable interest entity is a non-recourse, limited liability company for which we are the collateral manager and receive related investment advisory fees. We recognized the full impairment of our investment in this CBO in 2002 and do not expect to recognize any future gains or losses from this investment.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">CASH EQUIVALENTS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Cash equivalents consist primarily of short-term, highly liquid investments in our sponsored money market mutual funds. The cost of these funds is equivalent to fair value.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">INVESTMENTS IN SPONSORED MUTUAL FUNDS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We value our investments in sponsored mutual funds at the quoted closing net asset values, or NAVs, per share of each mutual fund last reported as of the balance sheet date, and generally classify these holdings as available-for-sale. Changes in net unrealized holding gains on these investments are recognized in accumulated other comprehensive income.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We review the carrying amount of each investment on a quarterly basis and recognize an impairment charge in non-operating investment income whenever an unrealized loss is considered other than temporary. In determining whether a mutual fund holding is other then temporarily impaired we consider many factors, including the duration of time it has existed, the severity of the impairment, any subsequent changes in value and our intent and ability to hold the security for a period of time sufficient for an anticipated recovery in fair value. Subject to the other considerations noted above, with respect to duration of time, we believe a mutual fund holding with an unrealized loss that has persisted daily throughout the six months between quarter-ends is generally presumed to have an other than temporary impairment. We may also recognize an other than temporary loss if particular circumstances of the underlying investment do not warrant our belief that a near-term recovery is possible.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">DEBT SECURITIES HELD BY SAVINGS BANK SUBSIDIARY.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our investments in marketable debt securities, including mortgage- and other asset-backed securities held by our savings bank subsidiary, are classified as available-for-sale and reported at fair value. Changes in net unrealized holding gains on these debt securities are recognized in accumulated other comprehensive income.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These debt securities are generally traded in the over-the-counter market. Securities with remaining maturities of one year or more at the time of acquisition are valued by us based on prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Securities with remaining maturities of less than one year at the time of acquisition generally are valued at amortized cost, which approximates fair value; however, if amortized cost is deemed not to reflect fair value, such securities are valued by us based generally on prices furnished by dealers who make markets in such securities or by an independent pricing service. Our investment valuation policies, methods and sources are the same as those employed by the sponsored mutual funds to price similar investment holdings.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We review the carrying amount of each investment on a quarterly basis. We will recognize an impairment charge in non-operating investment income if the impairment is caused by a change in credit quality that affects our ability to recover our amortized cost. An impairment charge will also be taken if we intend to sell the security before its maturity, which generally correlates to the maturities of our customer deposits, or if we believe that it is more likely than not that, we will be required to sell the security before recovering cost.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">OTHER INVESTMENTS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We classify some investments in sponsored mutual funds made at fund formation as trading because they are expected to be held for only a short period of time.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investments that give us the ability to exercise significant influence over the operating and financial policies of the investee are recognized using the equity method of accounting. The carrying value of these investments are adjusted to reflect our proportionate share of income or loss, any unrealized gain or loss resulting from the translation of foreign denominated financial statements into U.S. dollars and dividends received. Our proportionate share of income or loss is included in non-operating investment income (loss) in the consolidated statements of income. As permitted under existing accounting guidance, we adopted a policy by which we recognize our share of UTI Asset Management Company Limited's (UTI) earnings on a quarter lag as current financial information is not available in a timely manner.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We evaluate our equity method investments for impairment when events or changes in circumstances indicate that the carrying value of the investment exceeds its fair value, and the decline in fair value is other than temporary.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Those other investments to which we do not exercise significant influence over the operating and financial policies of the investee are recognized using the cost method of accounting.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">CONCENTRATIONS OF RISK. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios that we manage for them.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our investments in sponsored mutual funds expose us to market risk in the form of equity price risk; that is, the potential future loss of value that would result from a decline in the fair values of the mutual funds. Each fund and its underlying net assets are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Investments by our savings bank subsidiary in debt securities expose us to market risk, which may arise from changes in credit ratings and interest rates.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">PROPERTY AND EQUIPMENT.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Property and equipment is stated at cost net of accumulated depreciation and amortization computed using the straight-line method. Provisions for depreciation and amortization are based on the following weighted average estimated useful lives: computer and communications software and equipment, 3.4 years; buildings and improvements, 32.1 years; leasehold improvements, 8.6 years; furniture and other equipment, 6.6 years; and leased land, 99 years.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">GOODWILL.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We evaluate the carrying amount of goodwill in our balance sheet for possible impairment on an annual basis in the third quarter of each year using a fair value approach. Our evaluations have indicated that no impairment exists.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We internally conduct, manage and report our operations as one investment advisory business. We do not have distinct operating segments or components that separately constitute a business. Accordingly, we attribute goodwill to a single reportable business segment and reporting unit — our investment advisory business.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">REVENUE RECOGNITION.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Fees for investment advisory services, which are based on a percentage of assets under management, and related administrative services that we provide to investment advisory clients, including our sponsored mutual funds, are recognized in the period that our services are provided.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our assets under management are valued in accordance with a valuation and pricing policy that defines the valuation and pricing processes for each major type of investment held in our sponsored mutual funds and other client investment portfolios. Fair values used in our processes are primarily determined from quoted market prices, prices furnished by dealers who make markets in such securities, or from data provided by an independent pricing service that considers yield or price of investments of comparable quality, coupon, maturity, and type. Investments for which market prices are not readily available are not a material portion of our total assets under management.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Distribution and servicing fees earned from 12b-1 plans of the Advisor, R, and VIP II classes of our sponsored mutual funds are recognized in the period that they are earned, which is the same period that the related mutual funds recognize their expense. These fees are offset entirely by the distribution and servicing costs paid to third-party financial intermediaries that source these share classes.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We provide all services to the sponsored U.S. mutual funds under contracts that are subject to periodic review and approval by each of the funds' boards. Regulations require that the funds' shareholders also approve material changes to investment advisory contracts.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Taxes billed to our clients based on our fees for services rendered are not included in revenues.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">ADVERTISING.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Costs of advertising are expensed the first time that the advertising takes place.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">STOCK AWARDS AND OPTIONS.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our stockholders have approved the 2001 and 2004 Stock Incentive Plans under which we have issued restricted shares and restricted stock units that convert to shares after vesting. Vesting of these awards generally occurs over a four to five-year graded schedule. All restricted shareholders and restricted stock unit holders receive non-forfeitable cash dividends and cash dividend-equivalents, respectively, on our dividend payable date.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Under the two stockholder approved employee plans (the 2001 and 2004 Stock Incentive Plans), we have granted qualified incentive and nonqualified fixed stock options with a maximum term of 10 years to employees. Vesting of our employee option grants is based solely on the individual continuing to render service and generally occurs over a five- to six-year graded schedule. The exercise price of each option granted is equivalent to the market price of the common stock at the date of grant. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We semiannually grant options with a maximum term of 10 years, restricted shares and restricted stock units to non-employee directors under the stockholder approved 2007 plan. These grants vest over six months to one year, and in the case of restricted stock units are settled upon the non-employee directors' departure from the board. Non-employee directors holding restricted shares receive non-forfeitable dividends while restricted stock unit holders are issued non-forfeitable dividend equivalents in the form of vested stock units on our dividend payable date.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We recognize the grant-date fair value of these awards as compensation expense ratably over the awards service period. The expense recognized includes an estimate of awards that will be forfeited. The restricted shares and units are valued on the grant-date using the closing market price of our common stock. We used the Black-Scholes option-pricing model to estimate the fair value of each option grant, including reloads, as follows:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="10">Weighted-average</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Grant-date fair value per option awarded, including reload grants</div></td> <td> </td> <td align="left">$</td> <td align="right">10.07</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">14.26</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17.94</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Assumptions used:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Expected life in years</div></td> <td> </td> <td> </td> <td align="right">6.7</td> <td> </td> <td> </td> <td> </td> <td align="right">6.7</td> <td> </td> <td> </td> <td> </td> <td align="right">6.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Expected volatility</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">32</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">32</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">33</td> <td nowrap="nowrap">%</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Dividend yield</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.4</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">1.9</td> <td nowrap="nowrap">%</td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Risk-free interest rate</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.5</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.7</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.2</td> <td nowrap="nowrap">%</td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our expected life assumptions are based on the vesting period for each option grant and our historical experience with respect to the average holding period from vesting to option exercise. The assumptions for expected volatility are based on historical experience for the same periods as our expected lives. Dividend yields are based on recent historical experience and future expectations. Risk-free interest rates are set using grant-date U.S. Treasury yield curves for the same periods as our expected lives.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">EARNINGS PER SHARE. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We compute our basic and diluted earnings per share under the two-class method, which considers our outstanding restricted stock and stock units, on which we pay non-forfeitable dividends, as if they were a separate class of stock.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">COMPREHENSIVE INCOME. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Total comprehensive income is reported in our consolidated statements of stockholders' equity and includes net income, the change in net unrealized security holding gains (losses), after income taxes (tax benefits), and the change in the currency translation adjustment, after income taxes (tax benefits).</div> </div>

115000000

4100000

110900000

33600000

-100000

33700000

-27100000

200000

-27100000

-100000

-27200000

2200000

66600000

100000

24000000

-100000

-18300000

5600000

-14200000

3600000

-9200000

2000000

-5000000

115000000

37200000

-36300000

-300000

7400000

7600000

36100000

6000000

150800000

67900000

-200000

-40200000

120600000

168500000

198000000

209700000

206300000

36100000

1500000

2800000

3500000

71000000

240000000

479700000

256900000

278900000

317900000

62300000

55700000

65000000

74300000

26300000

62200000

143600000

7100000

11300000

9400000

133900000

118000000

82300000

0.2

20000000

152700000

165600000

53000000

53600000

52000000

56600000

21200000

100000

1300000

3200000

1800000

47700000

83000000

50600000

7500000

8100000

7500000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">NOTE 7 — PROPERTY AND EQUIPMENT.</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td colspan="3"> <div style="margin-left: 15px; text-indent: -15px;">Property and equipment (in millions) at December 31 consists of:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Computer and communications software and equipment</div></td> <td> </td> <td align="left">$</td> <td align="right">317.8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">342.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Buildings and improvements</div></td> <td> </td> <td> </td> <td align="right">394.8</td> <td> </td> <td> </td> <td> </td> <td align="right">391.5</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Leasehold improvements</div></td> <td> </td> <td> </td> <td align="right">80.7</td> <td> </td> <td> </td> <td> </td> <td align="right">95.3</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Furniture and other equipment</div></td> <td> </td> <td> </td> <td align="right">108.5</td> <td> </td> <td> </td> <td> </td> <td align="right">114.3</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Land</div></td> <td> </td> <td> </td> <td align="right">36.3</td> <td> </td> <td> </td> <td> </td> <td align="right">40.3</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Leased land</div></td> <td> </td> <td> </td> <td align="right">2.7</td> <td> </td> <td> </td> <td> </td> <td align="right">2.7</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td align="right">940.8</td> <td> </td> <td> </td> <td> </td> <td align="right">986.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Less accumulated depreciation and amortization</div></td> <td> </td> <td> </td> <td align="right">380.5</td> <td> </td> <td> </td> <td> </td> <td align="right">419.5</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td align="left">$</td> <td align="right">560.3</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">567.4</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Compensation and related costs attributable to the development of computer software for internal use totaling $7.5 million in 2009, $8.1 million in 2010, and $7.5 million in 2011 have been capitalized. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We occupy certain office facilities, and rent computer and other equipment under noncancelable operating leases. Related rental expense was $29.1 million in 2009, $29.6 million in 2010, and $26.5 million in 2011. Future minimum payments under these leases aggregate $31.0 million in 2012, $32.1 million in 2013, $31.3 million in 2014, $29.1 million in 2015, $27.4 million in 2016, and $33.7 million in later years.</div> </div>

940800000

317800000

394800000

108500000

36300000

80700000

2700000

986900000

342800000

391500000

114300000

40300000

95300000

2700000

560300000

567400000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Property and equipment is stated at cost net of accumulated depreciation and amortization computed using the straight-line method. Provisions for depreciation and amortization are based on the following weighted average estimated useful lives: computer and communications software and equipment, 3.4 years; buildings and improvements, 32.1 years; leasehold improvements, 8.6 years; furniture and other equipment, 6.6 years; and leased land, 99 years.</div> </div>

3.4

32.1

6.6

8.6

99.0

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">NOTE 14 — SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Unaudited).</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Basic</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Diluted</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">earnings</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">earnings</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">per</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">per</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">share on</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">share on</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Net</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Net</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">common</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">common</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">revenues</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">income</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">stock</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">stock</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6">(in millions)</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2010</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">1st quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">556.2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">153.0</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.59</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.57</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">2nd quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">577.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">158.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.61</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.59</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">3rd quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">586.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">169.1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.66</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.64</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">4th quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">647.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">191.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.74</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.72</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"><u>2011</u></div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">1st quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">682.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">194.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.75</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.72</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">2nd quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">713.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">204.7</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.79</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.76</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">3rd quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">679.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">185.5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.73</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.71</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">4th quarter</div></td> <td> </td> <td align="left">$</td> <td align="right">671.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">188.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.74</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.73</td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">The sums of quarterly earnings per share do not equal annual earnings per share because the computations are done independently.</div> </div>

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">In 2011, we changed the presentation of our consolidated statements of income. We are presenting distribution and servicing fees earned from 12b-1 plans of the Advisor, R, and VIP II classes of our sponsored mutual funds previously included in administrative fees, as a separate line to enhance transparency of these fees. We also are presenting as a separate line the offsetting distribution and servicing costs, previously included in other operating expenses, paid to third-party financial intermediaries who source those share classes noted above. Investment income earned by our savings bank subsidiary, previously presented on its own, is being classified net of interest expense paid on savings bank deposits. The line was renamed net revenue of savings bank subsidiary and the details of this line are included in note 4 to the consolidated financial statements. All amounts for the comparable calendar years have been reclassified to conform to the 2011 presentation.</div> </div>

257000

234000

224000

-600000

-700000

100000

-1800000

-2900000

-3000000

100000

2599400000

2765200000

249900000

266800000

321600000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Taxes billed to our clients based on our fees for services rendered are not included in revenues.</div> </div>

<div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Net income</div></td> <td> </td> <td align="left">$</td> <td align="right">433.6</td> <td> </td> <td> </td> <td>$</td> <td> <div align="right">672.2</div></td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">773.2</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Other comprehensive income (loss), net of tax</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Unrealized holding gains (losses)</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Investments in sponsored mutual funds:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net unrealized holding gains (losses)</div></td> <td> </td> <td> </td> <td align="right">150.8</td> <td> </td> <td> </td> <td> </td> <td align="right">67.9</td> <td> </td> <td> </td> <td> </td> <td align="right">(40.2</td> <td>)</td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Capital gain distributions</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2.0</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(2.6)</td> <td> </td> <td> </td> <td> </td> <td align="right">(5.3</td> <td>)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Other than temporary impairments recognized in income</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">36.1</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net losses (gains) realized on dispositions, determined using average cost</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7.4</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(7.6</td> <td>)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Deferred tax benefits (income taxes)</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(66.6</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(24.0</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">18.3</td> <td nowrap="nowrap"> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Net unrealized holding gains (losses) of investments in sponsored mutual funds recognized in other comprehensive income</div></td> <td> </td> <td> </td> <td align="right">110.9</td> <td> </td> <td> </td> <td> </td> <td align="right">33.7</td> <td> </td> <td> </td> <td> </td> <td align="right">(27.2</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Debt securities held by savings bank subsidiary:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net unrealized holding gains (losses)</div></td> <td> </td> <td> </td> <td align="right">6.0</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.2</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Net losses (gains) realized on dispositions, determined using average cost</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">.3</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Deferred tax benefits (income taxes)</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2.2</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(.1</td> <td>)</td> <td> </td> <td> </td> <td align="right">.1</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Net unrealized holding gains (losses) of debt securities held by savings bank subsidiary recognized in other comprehensive income</div></td> <td> </td> <td> </td> <td align="right">4.1</td> <td> </td> <td> </td> <td> </td> <td align="right">(.1</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(.1</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Investment in UTI Asset Management Company Limited</div></td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Proportionate share of net unrealized holding gains (losses) of available-for-sale securities held by UTI Asset Management Company Limited, net of deferred taxes</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">.2</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Total net unrealized holding gains (losses) recognized in other comprehensive income</div></td> <td> </td> <td> </td> <td align="right">115.0</td> <td> </td> <td> </td> <td> </td> <td align="right">33.6</td> <td> </td> <td> </td> <td> </td> <td align="right">(27.1</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Currency translation adjustment</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Investment in UTI Asset Management Company Limited</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5.6</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14.2</td> <td nowrap="nowrap">)</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 60px; text-indent: -15px;">Deferred tax benefits (income taxes)</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">(2.0</td> <td>)</td> <td> </td> <td> </td> <td align="right">5.0</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 45px; text-indent: -15px;">Total currency translation adjustment</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3.6</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9.2</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Total other comprehensive income (loss)</div></td> <td> </td> <td> </td> <td align="right">115.0</td> <td> </td> <td> </td> <td> </td> <td align="right">37.2</td> <td> </td> <td> </td> <td> </td> <td align="right">(36.3</td> <td>)</td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total comprehensive income</div></td> <td> </td> <td align="left">$</td> <td align="right">548.6</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">709.4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">736.9</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

<div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">First quarter 2012</div></td> <td> </td> <td align="left">$</td> <td align="right">21.8</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Second quarter 2012</div></td> <td> </td> <td> </td> <td align="right">21.4</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Third quarter 2012</div></td> <td> </td> <td align="left"> </td> <td align="right">21.0</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Fourth quarter 2012</div></td> <td> </td> <td> </td> <td align="right">15.3</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total 2012</div></td> <td> </td> <td style="border-top: #000000 1px solid;"> </td> <td style="border-top: #000000 1px solid;" align="right">79.5</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">2013 through 2016</div></td> <td> </td> <td> </td> <td align="right">80.4</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Total</div></td> <td> </td> <td style="border-top: #000000 1px solid;" align="left">$</td> <td style="border-top: #000000 1px solid;" align="right">159.9</td> <td> </td></tr> <tr style="font-size: 1px;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td> <td> </td></tr></table></div> </div>

P1Y

P6M

P5Y

P6Y

P4Y

P5Y

28992

40529

48.47

274841

152450

59.75

638532

368201

637393

351017

46.92

51.83

246988

129105

21900000

48.32

0.024

0.021

0.019

6.7

6.9

0.32

0.33

0.025

0.027

0.022

3360000

368600000

22964004

41.01

4.7

115700000

189400000

123500000

29.11

137778

55.69

499410

47.73

41519

16000

80080

5793805

57.74

60.74

58.73

60.43

10.07

14.26

17.94

499400000

37759580

39239722

41.34

45.27

6.2

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our stockholders have approved the 2001 and 2004 Stock Incentive Plans under which we have issued restricted shares and restricted stock units that convert to shares after vesting. Vesting of these awards generally occurs over a four to five-year graded schedule. All restricted shareholders and restricted stock unit holders receive non-forfeitable cash dividends and cash dividend-equivalents, respectively, on our dividend payable date.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Under the two stockholder approved employee plans (the 2001 and 2004 Stock Incentive Plans), we have granted qualified incentive and nonqualified fixed stock options with a maximum term of 10 years to employees. Vesting of our employee option grants is based solely on the individual continuing to render service and generally occurs over a five- to six-year graded schedule. The exercise price of each option granted is equivalent to the market price of the common stock at the date of grant. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We semiannually grant options with a maximum term of 10 years, restricted shares and restricted stock units to non-employee directors under the stockholder approved 2007 plan. These grants vest over six months to one year, and in the case of restricted stock units are settled upon the non-employee directors' departure from the board. Non-employee directors holding restricted shares receive non-forfeitable dividends while restricted stock unit holders are issued non-forfeitable dividend equivalents in the form of vested stock units on our dividend payable date.</div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">We recognize the grant-date fair value of these awards as compensation expense ratably over the awards service period. The expense recognized includes an estimate of awards that will be forfeited. The restricted shares and units are valued on the grant-date using the closing market price of our common stock. We used the Black-Scholes option-pricing model to estimate the fair value of each option grant, including reloads, as follows:</div> <div align="left"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr valign="bottom"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="10">Weighted-average</td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2009</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2010</td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2">2011</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Grant-date fair value per option awarded, including reload grants</div></td> <td> </td> <td align="left">$</td> <td align="right">10.07</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">14.26</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17.94</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 15px; text-indent: -15px;">Assumptions used:</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Expected life in years</div></td> <td> </td> <td> </td> <td align="right">6.7</td> <td> </td> <td> </td> <td> </td> <td align="right">6.7</td> <td> </td> <td> </td> <td> </td> <td align="right">6.9</td> <td> </td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Expected volatility</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">32</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">32</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">33</td> <td nowrap="nowrap">%</td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Dividend yield</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.4</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">1.9</td> <td nowrap="nowrap">%</td></tr> <tr valign="bottom"><td> <div style="margin-left: 30px; text-indent: -15px;">Risk-free interest rate</div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.5</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.7</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.2</td> <td nowrap="nowrap">%</td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">Our expected life assumptions are based on the vesting period for each option grant and our historical experience with respect to the average holding period from vesting to option exercise. The assumptions for expected volatility are based on historical experience for the same periods as our expected lives. Dividend yields are based on recent historical experience and future expectations. Risk-free interest rates are set using grant-date U.S. Treasury yield curves for the same periods as our expected lives.</div> </div>

2488800000

-13100000

363700000

51400000

2086800000

2882200000

101900000

488500000

51700000

2240100000

3296500000

139100000

506300000

51700000

2599400000

3420700000

102800000

502000000

50700000

2765200000

52000

71000

92000

21000

14000

29000

3814074

-400000

-1300000

-1500000

48700000

48000000

700000

86500000

85500000

1000000

54700000

54100000

600000

2270000

4998000

8695000

67000000

43100000

500000

23400000

240000000

205000000

1000000

34000000

479700000

188500000

1700000

289500000

13715681

160400000

173500000

4800000

4400000

4800000

4400000

The Board of Directors has authorized the future repurchase of up to 13,715,681 common shares as of December 31, 2011.

400000

6300000

7000000

3800000

4700000

<div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates.</div> </div>

262300000

265100000

263300000

255900000

257200000

255600000