UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

LPL Investment Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-34963		20-3717839
(State or other jurisdictions of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification Nos.)

One Beacon Street
Boston MA 02108
(Address of principal executive offices) (Zip Code)

(617) 423-3644
(Registrant’s telephone number, including area code)

N/A
(Former Name or Former Address, if Changed since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition

     On April 25, 2011, LPL Investment Holdings Inc. issued a press release announcing its financial results for the quarter ended March 31, 2011. A copy of the press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1.

     Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits

	(d)		Exhibits
	99.1		Press Release dated April 25, 2011 (“LPL Financial Announces First Quarter 2011 Financial Results”)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 25, 2011

Exhibit 99.1

LPL Financial Announces First Quarter 2011 Financial Results

Net Revenues Up 18%, Advisory and Brokerage Assets Top $330 Billion

Boston, MA — April 25, 2011 — LPL Investment Holdings Inc. (NASDAQ: LPLA) (the “Company”), parent company of LPL Financial LLC (“LPL Financial”), announced today first quarter net income of $49.0 million, or $0.43 per diluted share, up $23.4 million or 91.7% compared to first quarter 2010 net income of $25.6 million, or $0.25 per diluted share. Adjusted EBITDA for the quarter was $124.3 million, up 17.9% from $105.5 million in the year-ago quarter. Adjusted Earnings, which exclude certain non-cash charges and other adjustments, were $59.4 million, or $0.52 per diluted share, up $18.3 million or 44.5% compared to $41.1 million, or $0.42 per diluted share, in the first quarter of 2010. A reconciliation of these non-GAAP measures to GAAP measures, along with an explanation of these metrics, is provided below.

“We began the year with solid results, driven primarily by the increased activity of our advisors,” said Mark Casady, LPL Financial chairman and CEO. “Improving investor sentiment and market conditions provided a strong backdrop for our advisors to grow their businesses. To help our financial advisors capitalize on this opportunity, we have continued to expand and enhance our investment platforms and practice management tools and programs. The launch of a fee-based variable annuity option in the first quarter is a powerful example of our ability to leverage our relationships with leading product manufacturers to create an innovative offering allowing advisors to deliver active portfolio management efficiently while maintaining the income protection features of variable annuity products. Additionally, resources such as our new client relationship management tool from Salesforce.com and our portfolio rebalancing solution, which enables advisors to more efficiently rebalance multiple accounts, are helping our advisors to increase their productivity and spend more time and effort on growing their businesses.”

During the quarter, assets under custody in the Company’s advisory platform reached $99.7 billion. Among the drivers of this growth was the continued success of the Company’s Hybrid RIA offering, as well as several important investments made in 2010 to enhance the advisory platforms. These enhancements include the introduction of third-party exchange traded funds to the Model Wealth Portfolios, creating a unique offering that provides advisors with access to multiple strategists in a centrally managed fee-based asset allocation platform that gives them more choice and flexibility in managing client accounts.

Robert Moore, chief financial officer, said, “Our first-quarter financial results reflected strong performance across all of our business units highlighted by strong underlying investment activity. The significant growth in total advisory and brokerage assets, as well as increased attachment revenues helped drive double-digit growth in net revenues. We also achieved double-digit growth in Adjusted Earnings per share, reflecting continued focus on disciplined expense management and the benefits of our scale in propelling cost-reduction initiatives.

Moore added, “The increase in operating expenses over the first-quarter 2010 was largely due to lower than normal spending in the year-ago quarter, combined with incremental costs in the current period arising from more robust levels of new business development and costs associated with our advisor recognition conferences. Core run-rate expenses are on track given the growth in our business and increased level of advisor activity.”

Casady concluded, “Looking ahead, our business development teams continue to attract new financial advisors who are

seeking industry-leading support to build successful practices. At the same time, we are exploring opportunities to extend our capabilities in areas of growing advisor and consumer demand, including expanded fee-based platforms, insurance, retirement services, healthcare and development of new programs in our institutional services. We will continue to use our capital wisely to invest in capabilities that assist our customers in building their businesses. The recent announcement of our intent to acquire Concord Wealth Management is a great example of this.”

Operational Highlights

•

Net revenue for the first quarter of 2011 increased 17.5% to $873.9 million from $743.4 million in the first quarter of 2010. Key drivers of this growth include:

	•		Advisory assets in the Company’s fee-based platforms were $99.7 billion at March 31, 2011, up 23.1% from $81.0 billion at March 31, 2010, and outpacing the S&P 500, which increased 13.4% from March 31, 2010.
	•		Net new advisory assets were $3.7 billion during the three months ended March 31, 2011 compared to $1.4 billion for the three months ended March 31, 2010, primarily as a result of strong new business development in 2010 and mix shift toward more advisory business.
	•		Asset-based fees increased by 25.7% due to growth in record-keeping, omnibus processing, and other administrative fees.
	•		Double-digit commission and high single-digit transaction-fee growth reflects improving advisor confidence in the outlook for equity markets.

•		Total advisory and brokerage assets hit a record level of $330.1 billion as of March 31, 2011, up 16.0% compared to $284.6 billion as of March 31, 2010.
•		Assets under custody in the LPL Financial Hybrid RIA platform, which provides integrated fee- and commission-based capabilities for independent advisors, grew to $15.5 billion as of March 31, 2011, and encompassed 115 RIA firms, compared to $8.4 billion and 96 RIA firms as of March 31, 2010. The strong growth in the firm’s RIA business over the last several years makes LPL Financial one of the largest RIA custodians in the industry.
•		Revenues generated from the Company’s cash sweep programs increased by $5.6 million, or 21.5%, to $31.7 million in the first quarter of 2011 compared to $26.1 million in the prior-year period. The increase in revenues was driven by growth in assets in the Company’s cash sweep programs, which averaged $18.9 billion for the first quarter of 2011 compared to $18.4 billion in the year-ago quarter, as well as an increase in the effective federal funds rate, which averaged 0.15% for the first quarter of 2011 compared to 0.13% for the same period in the prior year.
•		Nearly 70% of the increase in commissions revenue is from increased sales activity, with the remainder due to increases in market levels and prior sales of investments that pay trail commissions. During the first quarter of 2011, sales activities have recovered to levels attained prior to the market’s steep declines in late 2008 and early 2009. The increase in sales activity and in our overall number of advisors have also increased our volume-related-expenses primarily in hiring staff in trading, account and advisor support areas and in statement and confirmation production costs.
•		Interest expense for the first quarter of 2011 declined $6.2 million compared to the first quarter of 2010, largely as the result of debt refinancing in the second quarter of 2010, which included a redemption of the Company’s senior unsecured subordinated notes. At current interest rates, the Company expects annual interest savings of approximately $20.0 million.
•		The Company added 528 net new advisors during the twelve months ending March 31, 2011. Additionally, according to available industry data, more new advisors from business development and acquisitions became affiliated with LPL Financial during 2010 than with any other broker-dealer in the U.S.
•		On March 14, the Company announced its plans to consolidate UVEST Financial Services Group, Inc. (“UVEST”) onto its self-clearing platform. The Company acquired UVEST as a wholly owned subsidiary in 2007. The consolidation,

		which is expected to commence in June and to be completed by the end of this year, underscores the commitment of LPL Financial to the financial institution channel and creates a unified platform for continued future growth in this space. Through this integration, bank- and credit union-based advisors and investment program managers currently served by UVEST will benefit from operational and service efficiencies in addition to enhanced functionality through the LPL Financial BranchNet technology platform.
•		On April 20, the Company announced its intent to acquire Concord Capital Partners and certain of its subsidiaries (“Concord Wealth Management”). Concord Wealth Management is an industry leader in providing technology and open architecture investment management solutions for trust departments of financial institutions. Concord Wealth Management has over $10.0 billion in assets under administration. Through this acquisition, LPL Financial will have the ability to support both the trust and brokerage business lines of current and prospective financial institutions. It will also create new expansion opportunities such as giving the Company the ability to custody personal trust assets within banks across the country.
•		During the first quarter, the Company announced the launch of its new fee-based variable annuity platform, which allows LPL Financial advisors to manage their variable annuity sub-account assets within a fee-based relationship and on a discretionary basis. This structure empowers advisors to deliver active portfolio management efficiently while maintaining the income protection features of variable annuity products. This innovative platform is unique because it is the only non-commissioned variable annuity platform that allows product selection from multiple providers and was built in partnership with Allianz Life, AXA Equitable, Lincoln Financial Group, Prudential Annuities, and SunLife Financial.
•		In March, the Company hosted annual conferences for its top-producing independent and financial institution-based advisors, attracting more than 1,000 attendees who represented 51% of overall production. At the conference, the top producing advisors were recognized for achieving success during 2010 and were offered additional sessions on how to further grow their businesses, improve productivity and enhance advisory-based practices.

Conference Call

The Company will hold a conference call to discuss results at 5 p.m. EST on April 25, 2011. The conference call can be accessed by dialing 877-677-9122 (domestic) or 708-290-1401 (international) and entering passcode 57079228.

The conference call will also be webcast simultaneously on the Investor Relations section of Company’s website (www.lpl.com), where a replay of the call will also be available following the live webcast. A telephonic replay will be available one hour after the call and can be accessed by dialing 800-642-1687 (domestic) or 706-645-9291 (international) and entering passcode 57079228. The telephonic replay will be available until 11:59 pm on May 9, 2011.

Financial Highlights and Key Metrics
(Dollars in thousands except per share data and where noted)

		Three Months Ended March 31,
		2011				2010				Change
Financial Highlights (unaudited)
Net Revenue		$	873,869			$	743,406				17.5	%
Net Income		$	48,999			$	25,554				91.7	%
Adjusted Earnings (1)		$	59,373			$	41,099				44.5	%
Earnings Per Share (diluted)		$	0.43			$	0.25				72.0	%
Adjusted Earnings Per Share (1)		$	0.52			$	0.42				23.8	%
Adjusted EBITDA (1)		$	124,331			$	105,457				17.9	%

		As of March 31,
		2011				2010				Change
Metric Highlights
Advisors (2)			12,554				12,026				4.4	%
Advisory and Brokerage Assets (3) (billions)		$	330.1			$	284.6				16.0	%
Advisory Assets Under Management (4) (billions)		$	99.7			$	81.0				23.1	%
Net New Advisory Assets (5) (billions)		$	3.7			$	1.4				164.3	%
Insured Cash Account Balances (4) (billions)		$	12.3			$	11.4				7.9	%
Money Market Account Balances (4) (billions)		$	6.9			$	6.7				3.0	%

	•		Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings per share do not reflect all cash expenditures, future requirements for capital expenditures, or contractual commitments;
	•		Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings per share do not reflect changes in, or cash requirements for, working capital needs; and
	•		Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt.

The reconciliation from net income to Adjusted EBITDA and Adjusted Earnings for the periods presented is as follows (in thousands):

		Three Months Ended
		March 31,
		2011				2010
		(unaudited)
Net income		$	48,999			$	25,554
Interest expense			18,172				24,336
Income tax expense			32,559				19,162
Amortization of purchased intangible assets and software (a)			9,537				14,111
Depreciation and amortization of all other fixed assets			8,628				11,479
EBITDA			117,895				94,642
EBITDA Adjustments:
Share-based compensation expense (b)			3,860				2,536
Acquisition and integration related expenses (c)			1,416				140
Restructuring and conversion costs (d)			835				7,979
Debt amendment and extinguishment costs (e)			—				121
Equity issuance and related offering costs			292				—
Other (f)			33				39
Total EBITDA Adjustments			6,436				10,815
Adjusted EBITDA		$	124,331			$	105,457
Net income		$	48,999			$	25,554
After-Tax:
EBITDA Adjustments (g)
Share-based compensation expense (h)			2,901				2,010
Acquisition and integration related expenses			874				85
Restructuring and conversion costs			515				4,823
Debt amendment and extinguishment costs			—				73
Equity issuance and related offering costs			180				—
Other			20				24
Total EBITDA Adjustments			4,490				7,015
Amortization of purchased intangible assets and software (g)			5,884				8,530
Adjusted Earnings		$	59,373			$	41,099
Adjusted Earnings per share (i)		$	0.52			$	0.42
Weighted average shares outstanding — diluted (j)			113,196				98,945

		For the Three
		Months Ended
		March 31,
		2011				2010
		(unaudited)
Earnings per share — diluted		$	0.43			$	0.25
Adjustment for allocation of undistributed earnings to stock units			—				0.01
After-Tax:
EBITDA Adjustments per share			0.04				0.07
Amortization of purchased intangible assets and software per share			0.05				0.09
Adjusted Earnings per share		$	0.52			$	0.42

The following table reflects pro-forma Adjusted Earnings per share and growth in pro-forma Adjusted Earnings per share, assuming the number of weighted average shares outstanding on a fully diluted basis as of March 31, 2011 was also outstanding as of March 31, 2010:

		For the Three
		Months Ended
		March 31,
		2011				2010				% Change
		(unaudited)
Adjusted Earnings		$	59,373			$	41,099
Weighted average shares outstanding—diluted as of March 31, 2011			113,196				113,196
Pro-forma Adjusted Earnings per share		$	0.52			$	0.36				44.4	%

Non-GAAP Financial Measures

Adjusted Earnings represent net income before: (a) share-based compensation expense, (b) amortization of intangible assets and software, a component of depreciation and amortization, resulting from previous acquisitions, (c) debt amendment and extinguishment costs (d) restructuring and conversion costs and (e) equity issuance and related offering costs. Reconciling items are tax effected using the income tax rates in effect for the applicable period, adjusted for any potentially non-deductible amounts. Adjusted Earnings per share represents Adjusted Earnings divided by weighted average outstanding shares on a fully diluted basis. The Company prepared Adjusted Earnings and Adjusted Earnings per share to eliminate the effects of items that it does not consider indicative of its core operating performance. The Company believes this measure provides investors with greater transparency by helping illustrate the underlying financial and business trends relating to results of operations and financial condition and comparability between current and prior periods. Adjusted Earnings and Adjusted Earnings per share are not measures of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity.

Adjusted EBITDA is defined as EBITDA (net income plus interest expense, income tax expense, depreciation and amortization), further adjusted to exclude certain non-cash charges and other adjustments set forth in the table above. The Company presents Adjusted EBITDA because the Company considers it a useful financial metric in assessing the Company’s operating performance from period to period by excluding certain items that the Company believes are not representative of its core business, such as certain material non-cash items and other adjustments that are outside the control of management. Adjusted EBITDA is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity. In addition, Adjusted EBITDA can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments.

Forward-Looking Statements

This press release may contain forward-looking statements (regarding the Company’s future financial condition, results of operations, business strategy and financial needs, and other similar matters) that involve risks and uncertainties. Forward-looking statements can be identified by words such as “anticipates,” “expects,” “believes,” “plans,” “predicts,” and similar terms. Forward-looking statements are not guarantees of future performance and actual results may differ significantly from the results discussed in the forward-looking statements. Important factors that may cause such differences include, but are not limited to, changes in general economic and financial market conditions, fluctuations in the value of assets under management, effects of competition in the financial services industry, changes in the number of the Company’s financial advisors and institutions and their ability to effectively market financial products and services, the effect of current, pending and future legislation, regulation and regulatory actions, and other factors set forth in the Company’s Annual Report on Form 10-K for the period ended December 31, 2010, which is available on www.lpl.com and www.sec.gov.

About LPL Financial LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc., is an independent broker-dealer. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,500 financial advisors and over 750 financial institutions. Additionally, LPL Financial supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have

over 2,600 employees with employees and offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

Member FINRA/SIPC

# # #

LPLA-F

Media Relations		Investor Relations
Joseph Kuo		Mark Barnett
LPL Financial		LPL Financial
Phone: 704-733-3931		Phone: 617-897-4574
Email: media.inquiries@lpl.com		Email: investor.relations@lpl.com

LPL Investment Holdings Inc.
Condensed Consolidated Statements of Operations
(Dollars in thousands except per share data and where noted)
(Unaudited)

		Three Months Ended
		March 31,								%
		2011				2010				Change
Revenues
Commissions		$	451,877			$	388,972				16.2	%
Advisory fees			244,087				206,330				18.3	%
Asset-based fees			89,823				71,450				25.7	%
Transaction and other fees			73,749				67,363				9.5	%
Other			14,333				9,291				54.3	%
Net revenues			873,869				743,406				17.5	%
Expenses
Production			604,327				513,202				17.8	%
Compensation and benefits			84,142				73,575				14.4	%
General and administrative			64,282				53,237				20.7	%
Depreciation and amortization			18,165				25,590				(29.0	)%
Restructuring charges			537				3,949				(86.4	)%
Other			2,686				4,801				(44.1	)%
Total operating expenses			774,139				674,354				14.8	%
Non-operating interest expense			18,172				24,336				(25.3)	%
Total expenses			792,311				698,690				13.4	%
Income before provision for income taxes			81,558				44,716				82.4	%
Provision for income taxes			32,559				19,162				69.9	%
Net income		$	48,999			$	25,554				91.7	%
Earnings per share
Basic		$	0.44			$	0.29				51.7	%
Diluted		$	0.43			$	0.25				72.0	%

LPL Investment Holdings Inc.
Financial Highlights
(Dollars in thousands, unless otherwise noted)
(Unaudited)

		Three Month Quarterly Results
		Q1 2011				Q4 2010				Q3 2010				Q2 2010				Q1 2010
REVENUES
Commissions		$	451,877			$	426,397			$	385,273			$	420,169			$	388,972
Advisory fees			244,087				226,407				212,344				215,146				206,330
Asset-based fees			89,823				87,020				81,599				77,436				71,450
Transaction and other fees			73,749				68,410				70,243				68,132				67,363
Other			14,333				11,721				10,505				9,278				9,291
Net revenues			873,869				819,955				759,964				790,161				743,406
EXPENSES
Production (1)(5)			604,327				802,167				525,628				556,538				513,202
Compensation and benefits			84,142				85,632				74,627				74,822				73,575
General and administrative			64,282				56,430				68,798				54,550				53,237
Depreciation and amortization			18,165				18,565				19,772				22,110				25,590
Restructuring charges			537				3,488				1,863				4,622				3,949
Other (2)			2,686				23,001				3,753				3,229				4,801
Total operating expenses (2)			774,139				989,283				694,441				715,871				674,354
Non-operating interest expense			18,172				18,877				19,511				27,683				24,336
Loss on extinguishment of debt			—				—				—				37,979				—
Total expenses			792,311				1,008,160				713,952				781,533				698,690
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES			81,558				(188,205	)			46,012				8,628				44,716
PROVISION (BENEFIT) FOR INCOME TAXES (3)			32,559				(71,645	)			19,868				628				19,162
NET INCOME (LOSS)		$	48,999			$	(116,560	)		$	26,144			$	8,000			$	25,554
EARNINGS (LOSS) PER SHARE
Basic		$	0.44			$	(1.20	)		$	0.30			$	0.09			$	0.29
Diluted		$	0.43			$	(1.20	)		$	0.26			$	0.08			$	0.25
FINANCIAL CONDITION
Total Cash & Cash Equivalents		$	596,584			$	419,208			$	442,547			$	402,741			$	324,761
Total Assets		$	3,694,264			$	3,646,167			$	3,364,896			$	3,315,310			$	3,343,286
Total Debt (4)		$	1,343,146			$	1,386,639			$	1,390,132			$	1,393,625			$	1,407,117
Stockholders’ Equity		$	1,265,916			$	1,173,755			$	927,335			$	897,863			$	883,157
KEY METRICS
Advisors			12,554				12,444				12,017				12,066				12,026
Production Payout (5)			85.4	%			87.5	%			86.6	%			86.1	%			84.8	%
Advisory and Brokerage Assets (billions)		$	330.1			$	315.6			$	293.3			$	276.9			$	284.6
Advisory Assets Under Management (billions)		$	99.7			$	93.0			$	86.2			$	78.9			$	81.0
Insured Cash Account Balances (6) (billions)		$	12.3			$	12.2			$	11.7			$	11.8			$	11.4
Money Market Account Balances (6) (billions)		$	6.9			$	6.9			$	6.9			$	7.2			$	6.7
Adjusted EBITDA (7)		$	124,331			$	99,159			$	98,633			$	109,864			$	105,457
Adjusted Earnings (7)		$	59,373			$	44,677			$	40,526			$	46,418			$	41,099
Adjusted Earnings per share (7)		$	0.52			$	0.42			$	0.41			$	0.47			$	0.42

		Q1				Q4				Q3				Q2				Q1
		2011				2010				2010				2010				2010
										(unaudited)
Net income (loss)		$	48,999			$	(116,560	)		$	26,144			$	8,000			$	25,554
Interest expense			18,172				18,877				19,511				27,683				24,336
Income tax expense (benefit)			32,559				(71,645	)			19,868				628				19,162
Amortization of purchased intangible assets and software (a)			9,537				9,257				9,352				10,938				14,111
Depreciation and amortization of all other fixed assets			8,628				9,308				10,420				11,172				11,479
EBITDA			117,895				(150,763	)			85,295				58,421				94,642
EBITDA Adjustments:
Share-based compensation expense (b)			3,860				2,801				2,853				2,239				2,536
Acquisition and integration related expenses (c)			1,416				2,784				6,268				3,377				140
Restructuring and conversion costs (d)			835				6,122				3,115				5,619				7,979
Debt amendment and extinguishment costs (e)			—				—				28				38,484				121
Equity issuance and offering related costs (f)			292				238,177				1,038				1,687				—
Other (g)			33				38				36				37				39
Total EBITDA Adjustments			6,436				249,922				13,338				51,443				10,815
Adjusted EBITDA		$	124,331			$	99,159			$	98,633			$	109,864			$	105,457
Net income (loss)		$	48,999			$	(116,560	)		$	26,144			$	8,000			$	25,554
After-Tax:
EBITDA Adjustments (h)
Share-based compensation expense (i)			2,901				2,263				2,257				1,870				2,010
Acquisition and integration related expenses			874				1,692				3,809				2,052				85
Restructuring and conversion costs			515				3,721				1,918				3,415				4,823
Debt amendment and extinguishment costs			—				—				17				23,387				73
Equity issuance and offering related costs (j)			180				147,912				631				1,025				—
Other			20				23				22				22				24
Total EBITDA Adjustments			4,490				155,611				8,654				31,771				7,015
Amortization of purchased intangible assets and software (h)(i)			5,884				5,626				5,728				6,647				8,530
Adjusted Earnings		$	59,373			$	44,677			$	40,526			$	46,418			$	41,099
Adjusted Earnings per share (k)		$	0.52			$	0.42			$	0.41			$	0.47			$	0.42
Weighted average shares outstanding — diluted			113,196				105,873				99,612				99,487				98,945

		Q1				Q4				Q3				Q2				Q1
		2011				2010				2010				2010				2010
										(unaudited)
Earnings (loss) per share — diluted		$	0.43			$	(1.20	)		$	0.26			$	0.08			$	0.25
Adjustment to include dilutive shares, not included in GAAP loss per share			—				0.10				—				—				—
Adjustment for allocation of undistributed earnings to stock units			—				—				—				—				0.01
After-Tax:
EBITDA Adjustments per share			0.04				1.47				0.09				0.32				0.07
Amortization of purchased intangible assets per share			0.05				0.05				0.06				0.07				0.09
Adjusted Earnings per share		$	0.52			$	0.42			$	0.41			$	0.47			$	0.42