TradeStation Group—Unaudited Quarterly Statements of Income


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(in thousands, except per share data)

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	2009

	First Quarter		Second Quarter		Third Quarter		Year to Date
	First Quarter		Second Quarter		Third Quarter		Year to Date

Revenues:
Brokerage commissions and fees	$	32,935	$	31,864	$	28,623	$	93,422

Interest income		995		1,341		1,612		3,948
Brokerage interest expense		-		-		-		-
Net interest income		995		1,341		1,612		3,948

Subscription fees and other		2,040		1,993		2,121		6,154
Net revenues		35,970		35,198		32,356		103,524

Expenses:
Employee compensation and benefits		10,499		10,653		10,509		31,661
Clearing and execution		8,848		7,814		7,160		23,822
Data centers and communications		2,762		2,887		2,902		8,551
Marketing		1,802		1,791		1,453		5,046
Professional services		848		912		754		2,514
Occupancy and equipment		737		746		800		2,283
Depreciation and amortization		1,129		1,115		1,062		3,306
Other		1,524		1,685		1,653		4,862
Total expenses		28,149		27,603		26,293		82,045

Income before income taxes		7,821		7,595		6,063		21,479
Income tax provision		3,141		2,914		2,366		8,421

Net income	$	4,680	$	4,681	$	3,697	$	13,058

Earnings per share:
Basic	$	0.11	$	0.11	$	0.09	$	0.31

Diluted	$	0.11	$	0.11	$	0.09	$	0.31

Weighted average shares outstanding:
Basic		42,202		41,658		41,285		41,715

Diluted		42,561		42,210		41,792		42,188

	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