TradeStation Group—Unaudited Quarterly Statements of Income


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(in thousands, except per share data)

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	2009

	First Quarter
	First Quarter

Revenues:
Brokerage commissions and fees	$	32,935

Interest income		995
Brokerage interest expense		-
Net interest income		995

Subscription fees and other		2,040
Net revenues		35,970

Expenses:
Employee compensation and benefits		10,499
Clearing and execution		8,848
Data centers and communications		2,762
Marketing		1,802
Professional services		848
Occupancy and equipment		737
Depreciation and amortization		1,129
Other		1,524
Total expenses		28,149

Income before income taxes		7,821
Income tax provision		3,141

Net income	$	4,680

Earnings per share:
Basic	$	0.11

Diluted	$	0.11

Weighted average shares outstanding:
Basic		42,202

Diluted		42,561

	2008

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Full Year
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Full Year

Revenues:
Brokerage commissions and fees	$	30,525	$	28,228	$	33,455	$	37,096	$	129,304

Interest income		9,277		7,061		6,967		2,632		25,937
Brokerage interest expense		1,224		848		682		412		3,166
Net interest income		8,053		6,213		6,285		2,220		22,771

Subscription fees and other		2,141		2,119		2,030		2,067		8,357
Net revenues		40,719		36,560		41,770		41,383		160,432

Expenses:
Employee compensation and benefits		9,219		10,827		9,852		10,268		40,166
Clearing and execution		9,526		8,510		10,159		10,719		38,914
Data centers and communications		2,391		2,369		2,171		2,285		9,216
Marketing		1,305		1,483		1,535		1,482		5,805
Professional services		1,629		159		643		1,022		3,453
Occupancy and equipment		753		755		774		707		2,989
Depreciation and amortization		950		1,081		1,076		1,111		4,218
Other		1,450		1,352		1,553		1,277		5,632
Total expenses		27,223		26,536		27,763		28,871		110,393

Income before income taxes		13,496		10,024		14,007		12,512		50,039
Income tax provision		5,240		3,937		5,328		4,897		19,402

Net income	$	8,256	$	6,087	$	8,679	$	7,615	$	30,637

Earnings per share:
Basic	$	0.19	$	0.14	$	0.20	$	0.18	$	0.71

Diluted	$	0.19	$	0.14	$	0.20	$	0.18	$	0.70

Weighted average shares outstanding:
Basic		43,708		43,389		43,099		42,742		43,235

Diluted		44,462		44,143		43,876		43,167		43,912