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Year Ended December 31, | ||||||||||||||||||
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| (in thousands, except per share data and percentages)(1) |
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2002 | |
Percent Change | |
2001 |
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2000 | 1998 | |||||||||||
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Commissions & fees(2) | $ | 452,289 | 25.7 | $ | 359,697 | $ | 258,309 | $ | 231,437 | $ | 211,722 | ||||||||
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Total revenues | $ | 455,472 | 24.9 | $ | 365,029 | $ | 265,405 | $ | 237,523 | $ | 216,790 | ||||||||
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Total expenses | $ | 321,078 | 16.9 | $ | 274,551 | $ | 211,341 | $ | 190,021 | $ | 174,617 | ||||||||
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Income before income taxes and minority interest |
$ | 134,664 | 48.8 | $ | 90,478 | $ | 54,064 | $ | 47,502 | $ | 42,173 | ||||||||
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Net income |
$ | 83,122 | 54.2 | $ | 53,913 | $ | 32,793 | $ | 28,271 | $ | 25,146 | ||||||||
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Net income per share (diluted) |
$ | 1.22 | 43.5 | $ | 0.85 | $ | 0.53 | $ | 0.46 | $ | 0.41 | ||||||||
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Weighted average number of shares outstanding (diluted) |
68,043 | 7.6 | 63,222 | 62,091 | 61,655 | 61,524 | |||||||||||||
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Dividends declared per share |
$ | 0.2000 | 25.0 | $ | 0.1600 | $ | 0.1350 | $ | 0.1150 | $ | 0.1025 | ||||||||
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Total assets | $ | 754,349 | 54.3 | $ | 488,737 | $ | 324,677 | $ | 286,416 | $ | 285,028 | ||||||||
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Long-term debt | $ | 57,585 | (26.4 | ) | $ | 78,195 | $ | 10,660 | $ | 10,905 | $ | 24,522 | |||||||
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Shareholders’ equity(3) | $ | 391,590 | 123.4 | $ | 175,285 | $ | 118,372 | $ | 100,355 | $ | 82,073 | ||||||||
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| (1) | All share and per share information has been restated to give effect to the two-for-one common stock split that became effective November 21, 2001, the two-for-one common stock split that became effective August 23, 2000 and the three-for-two common stock split that became effective February 27, 1998. Each stock split was effected as a stock dividend. Prior years’ results have been restated to give effect to acquisitions accounted for under the pooling-of-interests method of accounting. In addition, we made acquisitions accounted for under the purchase method of accounting during those periods, which affect the comparability of results. See “Management’s discussion and analysis of financial condition and results of operations: General” and notes 2 and 3 of the notes to our consolidated financial statements for a description of our acquisitions in 2002, 2001 and 2000. |
| (2) | See Notes 2 and 3 to consolidated financial statements for information regarding business purchase transactions which impact the comparability of this information. |
| (3) | Shareholders’ equity as of December 31,2002,2001,2000,1999,1998 and 1997 included net increases of $2,106,000, $4,393,000, $2,495,000, $4,922,000, $5,540,000 and $6,744,000, respectively, as a result of the Company’s applications of SFAS 115, “Accounting for Certain Investments in Debt and Equity Securities” and SFAS 133, “Accounting for Derivatives Instruments and Hedging Activities.” |
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