| Calculation Of Basic And Diluted Earnings Per Share |
The calculations of basic and diluted earnings per share for the three months ended June 30, 2012 and 2011 are: | | | | | | | | | | | | | For the Three Months Ended June 30, 2012 | | Income (Numerator) | | Shares (Denominator) | | Per Share Amount | Basic earnings per common share | $ | 49,555 |
| | 174,830 |
| | $ | 0.28 |
| Dilutive effect of stock options | — |
| | 1,083 |
| | | Diluted earnings per common share | $ | 49,555 |
| | 175,913 |
| | $ | 0.28 |
|
| | | | | | | | | | | | | For the Three Months Ended June 30, 2011 | | Income (Numerator) | | Shares (Denominator) | | Per Share Amount | Basic earnings per common share | $ | 53,603 |
| | 184,585 |
| | $ | 0.29 |
| Dilutive effect of stock options | — |
| | 2,435 |
| | | Diluted earnings per common share | $ | 53,603 |
| | 187,020 |
| | $ | 0.29 |
|
Employee stock options to purchase 16,637,000 and 7,675,000 shares of common stock, with an average exercise price of $22.75 and $28.25, were outstanding during the three months ended June 30, 2012 and 2011, respectively, but not included in the computation of diluted earnings per common share because the effect on diluted earnings per common share would have been anti-dilutive. The calculations of basic and diluted earnings per share for the six months ended June 30, 2012 and 2011 are: | | | | | | | | | | | | | For the Six Months Ended June 30, 2012 | | Income (Numerator) | | Shares (Denominator) | | Per Share Amount | Basic earnings per common share | $ | 99,520 |
| | 175,589 |
| | $ | 0.57 |
| Dilutive effect of stock options | — |
| | 1,202 |
| | | Diluted earnings per common share | $ | 99,520 |
| | 176,791 |
| | $ | 0.56 |
|
| | | | | | | | | | | | | For the Six Months Ended June 30, 2011 | | Income (Numerator) | | Shares (Denominator) | | Per Share Amount | Basic earnings per common share | $ | 111,331 |
| | 185,186 |
| | $ | 0.60 |
| Dilutive effect of stock options | — |
| | 2,571 |
| | | Diluted earnings per common share | $ | 111,331 |
| | 187,757 |
| | $ | 0.59 |
|
Employee stock options to purchase 14,017,000 and 7,606,000 shares of common stock, with an average exercise price of $23.40 and $28.26, were outstanding during the six months ended June 30, 2012 and 2011, respectively, but not included in the computation of diluted earnings per common share because the effect on diluted earnings per common share would have been anti-dilutive. |
| Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities |
The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the six months ended June 30: | | | | | | | | | | 2012 | | 2011 | Net income | $ | 99,974 |
| | $ | 112,153 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | Depreciation | 11,062 |
| | 11,002 |
| Amortization | 15,029 |
| | 13,023 |
| Equity in earnings of unconsolidated affiliate | (50,042 | ) | | (58,479 | ) | Distributions received from unconsolidated affiliate | 47,443 |
| | 50,760 |
| Stock-based compensation | 7,898 |
| | 7,542 |
| Provision for losses on receivables | (104 | ) | | (327 | ) | Deferred income tax expense | (1,291 | ) | | (36 | ) | Net realized gains from investments | (3,869 | ) | | (5,330 | ) | Change in other long-term liabilities | 2,356 |
| | 1,904 |
| Change in other assets | (916 | ) | | (1,658 | ) | Other | 657 |
| | 3,858 |
| Change in current asset and liabilities | | | | Decrease (increase) in | | | | Receivables from regulated investment companies | (7,881 | ) | | (1,953 | ) | Receivables | (26,992 | ) | | (15,353 | ) | Other current assets | 147 |
| | (211 | ) | Increase (decrease) in | | | | Accounts payable | 1,851 |
| | (1,727 | ) | Accrued liabilities | (18,810 | ) | | (21,081 | ) | Deferred revenue | (1,399 | ) | | (1,247 | ) | Total adjustments | (24,861 | ) | | (19,313 | ) | Net cash provided by operating activities | $ | 75,113 |
| | $ | 92,840 |
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