Waddell & Reed Financial (WDR) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 17, 2015
Document and Entity Information
Entity Registrant Name	WADDELL & REED FINANCIAL INC
Entity Central Index Key	1052100
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		84,276,779
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Cash and cash equivalents	$610,847	$566,621
Cash and cash equivalents - restricted	80,099	76,595
Investment securities	245,381	243,283
Receivables:
Funds and separate accounts	33,571	39,110
Customers and other	147,379	216,843
Deferred income taxes	5,161	7,454
Income taxes receivable		7,747
Prepaid expenses and other current assets	18,219	14,980
Total current assets	1,140,657	1,172,633
Property and equipment, net	97,411	92,304
Deferred sales commissions, net	46,762	56,472
Goodwill and identifiable intangible assets	158,123	158,123
Deferred income taxes	21,531	20,036
Other non-current assets	12,904	12,298
Total assets	1,477,388	1,511,866
Liabilities:
Accounts payable	21,742	32,263
Payable to investment companies for securities	116,593	129,633
Payable to third party brokers	67,156	67,954
Payable to customers	58,646	110,399
Accrued compensation	61,367	67,574
Other current liabilities	54,573	55,143
Income taxes payable	25,153
Total current liabilities	405,230	462,966
Long-term debt	190,000	190,000
Accrued pension and postretirement costs	27,773	45,936
Other non-current liabilities	25,752	26,880
Total liabilities	648,755	725,782
Commitments and contingencies
Stockholders' equity :
Preferred stock-$1.00 par value: 5,000 shares authorized; none issued
Class A Common stock-$0.01 par value: 250,000 shares authorized; 99,701 shares issued; 83,558 shares outstanding (83,654 at December 31, 2014)	997	997
Additional paid-in capital	331,467	318,636
Retained earnings	1,073,084	1,041,909
Cost of 16,143 common shares in treasury (16,047 at December 31, 2014)	-529,225	-525,015
Accumulated other comprehensive loss	-47,690	-50,443
Total stockholders' equity	828,633	786,084
Total liabilities and stockholders' equity	$1,477,388	$1,511,866

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS
Preferred stock-par value (in dollars per share)	$1	$1
Preferred stock-shares authorized	5,000	5,000
Preferred stock-shares issued	0	0
Class A Common stock-par value (in dollars per share)	$0.01	$0.01
Class A Common stock-shares authorized	250,000	250,000
Class A Common stock-shares issued	99,701	99,701
Class A Common stock-shares outstanding	83,558	-83,654
Common shares in treasury	16,143	-16,047

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Investment management fees	$182,105	$188,037
Underwriting and distribution fees	166,978	165,267
Shareholder service fees	36,375	37,112
Total	385,458	390,416
Operating expenses:
Underwriting and distribution	195,420	194,951
Compensation and related costs (including share-based compensation of $12,473 and $13,086, respectively)	53,495	50,009
General and administrative	25,678	23,756
Subadvisory fees	2,387	1,877
Depreciation	4,034	3,249
Total	281,014	273,842
Operating income	104,444	116,574
Investment and other income	3,972	3,900
Interest expense	-2,766	-2,755
Income before provision for income taxes	105,650	117,719
Provision for income taxes	38,537	42,855
Net income	$67,113	$74,864
Net income per share, basic and diluted:
Net income per share, basic and diluted	$0.80	$0.88
Weighted average shares outstanding, basic and diluted:
Weighted average shares outstanding, basic and diluted:	83,581	85,019

CONSOLIDATED_STATEMENTS_OF_INC1

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF INCOME
Compensation and related costs, share-based compensation	$12,473	$13,086

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$67,113	$74,864
Other comprehensive income:
Unrealized appreciation (depreciation) of available for sale investment securities during the period, net of income tax expense (benefit) of $13 and $(2), respectively	1,810	-699
Pension and postretirement benefits, net of income tax expense of $555 and $205, respectively	943	347
Comprehensive income	$69,866	$74,512

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized appreciation (depreciation) of available for sale investment securities during the year, income tax expense (benefit)	$13
Pension and postretirement benefits, income tax expense (benefit)	$555	$205

CONSOLIDATED_STATEMENT_OF_STOC

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
In Thousands, unless otherwise specified
Balance at Dec. 31, 2014	$997	$318,636	$1,041,909	($525,015)	($50,443)	$786,084
Balance (in shares) at Dec. 31, 2014	99,701
Increase (Decrease) in Stockholders' Equity
Net income			67,113			67,113
Recognition of equity compensation		12,473				12,473
Net issuance/forfeiture of nonvested shares		-389		389
Dividends accrued, $0.43 per share			-35,938			-35,938
Excess tax benefits from share-based payment arrangements		747				747
Repurchase of common stock				-4,599		-4,599
Other comprehensive income					2,753	2,753
Balance at Mar. 31, 2015	$997	$331,467	$1,073,084	($529,225)	($47,690)	$828,633
Balance (in shares) at Mar. 31, 2015	99,701

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	0 Months Ended	3 Months Ended
	Feb. 12, 2015	Mar. 31, 2015
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
Dividends accrued, per share (in dollars per share)	$0.43	$0.43

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$67,113	$74,864
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,035	3,330
Amortization of deferred sales commissions	13,084	16,120
Share-based compensation	12,473	13,086
Excess tax benefits from share-based payment arrangements	-747	-1,132
Gain on sale of available for sale investment securities	-2,345	-1,182
Net purchases and sales or maturities of trading securities	54	479
Gain on trading securities	-930	-1,961
Loss on sale and retirement of property and equipment	18	410
Capital gains and dividends reinvested		-4
Deferred income taxes	230	3,809
Changes in assets and liabilities:
Cash and cash equivalents - restricted	-3,504	19,258
Other receivables	69,464	13,533
Payable to investment companies for securities and payable to customers	-64,793	-43,206
Receivables from funds and separate accounts	5,539	553
Other assets	-3,845	2,044
Deferred sales commissions	-3,374	-18,839
Accounts payable and payable to third party brokers	-11,319	-2,169
Other liabilities	9,118	9,942
Net cash provided by operating activities	90,271	88,935
Cash flows from investing activities:
Purchases of available for sale investment securities	-25,890	-16,826
Proceeds from sales and maturities of available for sale investment securities	28,835	20,142
Additions to property and equipment	-9,159	-13,825
Net cash used in investing activities	-6,214	-10,509
Cash flows from financing activities:
Dividends paid	-35,979	-28,986
Repurchase of common stock	-4,599	-17,675
Excess tax benefits from share-based payment arrangements	747	1,132
Net cash used in financing activities	-39,831	-45,529
Net increase in cash and cash equivalents	44,226	32,897
Cash and cash equivalents at beginning of period	566,621	487,845
Cash and cash equivalents at end of period	$610,847	$520,742

Description_of_Business_and_Si

Description of Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Description of Business and Significant Accounting Policies
Description of Business and Significant Accounting Policies	1.Description of Business and Significant Accounting Policies
	Waddell & Reed Financial, Inc. and Subsidiaries
	Waddell & Reed Financial, Inc. and subsidiaries (hereinafter referred to as the “Company,” “we,” “our” and “us”) derive revenues from investment management and advisory services, investment product underwriting and distribution, and/or shareholder services administration provided to the Waddell & Reed Advisors group of mutual funds (the “Advisors Funds”), Ivy Funds (the “Ivy Funds”), Ivy Funds Variable Insurance Portfolios (the “Ivy Funds VIP”) and InvestEd Portfolios (“InvestEd”) (collectively, the Advisors Funds, Ivy Funds, Ivy Funds VIP and InvestEd are referred to as the “Funds”), the Selector Management Fund SICAV and its Ivy Global Investors sub-funds (the “Selector Management Funds”) and institutional and separately managed accounts.  The Funds and the institutional and separately managed accounts operate under various rules and regulations set forth by the United States Securities and Exchange Commission (the “SEC”).  The Selector Management Funds are regulated by Luxembourg’s Commission de Surveillance du Secteur Financier as an undertaking for collective investment in transferable securities (“UCITS”). Services to the Funds and the Selector Management Funds are provided under investment management agreements, underwriting agreements and shareholder servicing and accounting service agreements that set forth the fees to be charged for these services.  The majority of these agreements are subject to annual review and approval by each Fund’s board of trustees.  Our revenues are largely dependent on the total value and composition of assets under management.  Accordingly, fluctuations in financial markets and composition of assets under management can significantly impact our revenues and results of operations.
	Basis of Presentation
	We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to enable a reasonable understanding of the information presented.  The information in this Quarterly Report on Form 10-Q should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).
	The accompanying unaudited consolidated financial statements are prepared consistent with the accounting policies described in Note 2 to the consolidated financial statements included in our 2014 Form 10-K, which include the following: use of estimates, cash and cash equivalents, disclosures about fair value of financial instruments, investment securities and investments in affiliated funds (mutual funds and UCITS sub-funds), property and equipment, software developed for internal use, goodwill and identifiable intangible assets, deferred sales commissions, revenue recognition, advertising and promotion, leases, share-based compensation and accounting for income taxes.
	In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of only a normal and recurring nature) necessary to present fairly our financial position at March 31, 2015, the results of operations and cash flows for the three months ended March 31, 2015 and 2014 in conformity with accounting principles generally accepted in the United States.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2015
Cash and Cash Equivalents
Cash and Cash Equivalents	2.Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand and short-term investments.  We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents.  Cash and cash equivalents — restricted represents cash held for the benefit of customers segregated in compliance with federal and other regulations.

Accounting_Pronouncements_Not_

Accounting Pronouncements Not Yet Adopted	3 Months Ended
	Mar. 31, 2015
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted	3.Accounting Pronouncements Not Yet Adopted
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.”  ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  This standard also specifies the accounting for certain costs to obtain or fulfill a contract with a customer.  This ASU will supersede much of the existing revenue recognition guidance in accounting principles generally accepted in the United States and is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period; early application is not permitted.  ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method.  The Company is evaluating which transition method to apply and the estimated impact the adoption of this ASU will have on our consolidated financial statements and related disclosures.
	In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.”  The amendments in this ASU will affect all companies that are required to evaluate whether they should consolidate another entity. Additionally, the amendments in this ASU rescind the indefinite deferral of FASB Statement 167, “Amendments to FASB Interpretation No. 46(r)” included in FASB ASU 2010-10, “Consolidation — Amendments for Certain Investment Funds.”  ASU 2015-02 will be effective for annual reporting periods after December 15, 2016, including interim periods within that reporting period; early adoption is permitted.  This standard permits the use of either a full retrospective or a modified retrospective approach. The Company is evaluating which approach to apply and the estimated impact the adoption of this ASU will have on our consolidated financial statements and related disclosures.
	In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.”  The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU.  ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period; early adoption is permitted.  The Company believes that the adoption of this ASU in 2016 will result in an immaterial impact to our consolidated financial statements.
	In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”  ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license.  If a cloud computing arrangement includes a software license, then the customer would account for the software license element of the arrangement consistent with the acquisition of other software licenses.  If a cloud computing arrangement does not include a software license, the customer would account for the arrangement as a service contract.  The proposed guidance would not change GAAP for a customer’s accounting of software license or service contracts.  This standard will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015; early adoption is permitted.  The Company is evaluating the estimated impact the adoption of this ASU will have on our consolidated financial statements and related disclosures.

Investment_Securities

Investment Securities	3 Months Ended
	Mar. 31, 2015
Investment Securities
Investment Securities
	4.Investment Securities
	Investment securities at March 31, 2015 and December 31, 2014 are as follows:
			Amortized		Unrealized		Unrealized
	March 31, 2015		cost		gains		losses		Fair value
			(in thousands)
	Available for sale securities:
	Affiliated funds		$	189,089	7,065		(6,397	)	189,757
			$	189,089	7,065		(6,397	)	189,757
	Trading securities:
	Mortgage-backed securities								27
	Common stock								76
	Affiliated funds								55,521
									55,624
	Total investment securities								$	245,381
			Amortized		Unrealized		Unrealized
	December 31, 2014		cost		gains		losses		Fair value
			(in thousands)
	Available for sale securities:
	Affiliated funds		$	162,425	4,237		(5,392	)	161,270
			$	162,425	4,237		(5,392	)	161,270
	Trading securities:
	Mortgage-backed securities								28
	Common stock								72
	Affiliated funds								81,913
									82,013
	Total investment securities								$	243,283
	Purchases of trading securities during the three months ended March 31, 2015 were $0.3 million.  Sales of trading securities were $0.3 million for the same period.
	A summary of available for sale affiliated funds with fair values below carrying values at March 31, 2015 and December 31, 2014 is as follows:
			Less than 12 months				12 months or longer				Total
					Unrealized		Fair		Unrealized		Fair	Unrealized
	March 31, 2015		Fair value		losses		value		losses		value	losses
			(in thousands)
	Affiliated funds		$	84,828	(6,373	)	316		(24	)	85,144	(6,397	)
			Less than 12 months				12 months or longer				Total
					Unrealized		Fair		Unrealized		Fair	Unrealized
	December 31, 2014		Fair value		losses		value		losses		value	losses
			(in thousands)
	Affiliated funds		$	66,858	(5,362	)	1,187		(30	)	68,045	(5,392	)
	Based upon our assessment of these affiliated funds, the time frame the investments have been in a loss position and our intent to hold affiliated funds until they have recovered, we determined that a write-down was not necessary at March 31, 2015.
	Mortgage-backed securities accounted for as trading and held as of March 31, 2015 mature in 2022.
	Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of the asset.  Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset.  An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs that are significant to the overall valuation.  The three-level hierarchy of inputs is summarized as follows:
		·		Level 1 — Investments are valued using quoted prices in active markets for identical securities.
		·		Level 2 — Investments are valued using other significant observable inputs, including quoted prices in active markets for similar securities.
		·		Level 3 — Investments are valued using significant unobservable inputs, including the Company’s own assumptions in determining the fair value of investments.
	Assets classified as Level 2 can have a variety of observable inputs.  These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value.  The fair value of municipal bonds is measured based on pricing models that take into account, among other factors, information received from market makers and broker/dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance and benchmark yield curves.  The fair value of equity derivatives is measured based on active market broker quotes, evaluated broker quotes and evaluated prices from vendors.
	Securities’ values classified as Level 3 are primarily determined through the use of a single quote (or multiple quotes) from dealers in the securities using proprietary valuation models.  These quotes involve significant unobservable inputs, and thus, the related securities are classified as Level 3 securities.
	The following tables summarize our investment securities as of March 31, 2015 and December 31, 2014 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs.
	March 31, 2015		Level 1		Level 2		Level 3		Total
			(in thousands)
	Mortgage-backed securities		$	—	27		—		27
	Common stock		76		—		—		76
	Affiliated funds		245,278		—		—		245,278
	Total		$	245,354	27		—		245,381
	December 31, 2014		Level 1		Level 2		Level 3		Total
			(in thousands)
	Mortgage-backed securities		$	—	28		—		28
	Common stock		72		—		—		72
	Affiliated funds		243,183		—		—		243,183
	Total		$	243,255	28		—		243,283

Goodwill_and_Identifiable_Inta

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2015
Goodwill and Identifiable Intangible Assets
Goodwill and Identifiable Intangible Assets
	5.Goodwill and Identifiable Intangible Assets
	Goodwill represents the excess of purchase price over the tangible assets and identifiable intangible assets of an acquired business.  Our goodwill is not deductible for tax purposes.  Goodwill and identifiable intangible assets (all considered indefinite lived) at March 31, 2015 and December 31, 2014 are as follows:
		March 31,		December 31 ,
		2015		2014
		(in thousands)
	Goodwill	$	106,970	106,970
	Mutual fund management advisory contracts	42,753		42,753
	Mutual fund management subadvisory contracts	8,400		8,400
	Total identifiable intangible assets	51,153		51,153
	Total	$	158,123	158,123

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2015
Indebtedness
Indebtedness
	6.Indebtedness
	Debt is reported at its carrying amount in the consolidated balance sheet.  The fair value of the Company’s outstanding indebtedness is approximately $209.0 million at March 31, 2015 compared to the carrying value of $190.0 million.  Fair value is calculated based on Level 2 inputs.

Income_Tax_Uncertainties

Income Tax Uncertainties	3 Months Ended
	Mar. 31, 2015
Income Tax Uncertainties
Income Tax Uncertainties	7.Income Tax Uncertainties
	As of January 1, 2015 and March 31, 2015, the Company had unrecognized tax benefits, including penalties and interest, of $11.6 million ($8.3 million net of federal benefit) and $12.0 million ($8.5 million net of federal benefit), respectively, that if recognized, would impact the Company’s effective tax rate.  In the accompanying consolidated balance sheet, unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities; unrecognized tax benefits that are expected to be settled within the next 12 months are included in income taxes payable; unrecognized tax benefits that reduce a net operating loss, similar tax loss, or tax credit carryforward are presented as a reduction to either current or noncurrent deferred income taxes, as applicable.
	The Company’s accounting policy with respect to interest and penalties related to income tax uncertainties is to classify these amounts as income taxes.  As of January 1, 2015, the total amount of accrued interest and penalties related to uncertain tax positions recognized in the consolidated balance sheet was $3.5 million ($2.9 million net of federal benefit).  The total amount of penalties and interest, net of federal benefit, related to income tax uncertainties recognized in the statement of income for the three month period ended March 31, 2015 was $0.1 million.  The total amount of accrued penalties and interest related to uncertain tax positions at March 31, 2015 of $3.7 million ($3.0 million net of federal benefit) is included in the total unrecognized tax benefits described above.
	In the ordinary course of business, many transactions occur for which the ultimate tax outcome is uncertain.  In addition, respective tax authorities periodically audit our income tax returns.  These audits examine our significant tax filing positions, including the timing and amounts of deductions and the allocation of income among tax jurisdictions.  The 2011, 2012, 2013 and 2014 federal income tax returns are open tax years that remain subject to potential future audit.  State income tax returns for all years after 2010 and, in certain states, income tax returns for 2010, are subject to potential future audit by tax authorities in the Company’s major state tax jurisdictions.
	The Company is currently being audited in various state jurisdictions.  It is reasonably possible that the Company will settle the audits in these jurisdictions within the next 12-month period.  The Company’s liability for unrecognized tax benefits, including penalties and interest, will not decrease significantly upon settlement of these audits.  Additionally, such settlements are not anticipated to have a significant impact on the results of operations.

Pension_Plan_and_Postretiremen

Pension Plan and Postretirement Benefits Other Than Pension	3 Months Ended
	Mar. 31, 2015
Pension Plan and Postretirement Benefits Other Than Pension
Pension Plan and Postretirement Benefits Other Than Pension
	8.Pension Plan and Postretirement Benefits Other Than Pension
	We provide a non-contributory retirement plan that covers substantially all employees and certain vested employees of our former parent company (the “Pension Plan”).  Benefits payable under the Pension Plan are based on employees’ years of service and compensation during the final 10 years of employment.  We also sponsor an unfunded defined benefit postretirement medical plan that covers substantially all employees, as well as our advisors, who are independent contractors.  The medical plan is contributory with participant retiree contributions adjusted annually.  The medical plan does not provide for post age 65 benefits with the exception of a small group of employees that were grandfathered when such plan was established.
	The components of net periodic pension and other postretirement costs related to these plans were as follows:
			Pension Benefits					Other
								Postretirement
								Benefits
			Three months					Three months
			ended					ended
			March 31,					March 31,
			2015			2014		2015	2014
			(in thousands)
	Components of net periodic benefit cost:
	Service cost		$	3,047		2,725		228	180
	Interest cost		2,154			2,153		99	99
	Expected return on plan assets		(3,691		)	(3,413	)	—	—
	Actuarial (gain) loss amortization		1,377			411		—	(4	)
	Prior service cost amortization		115			130		5	14
	Transition obligation amortization		1			1		—	—
	Total(1)		$	3,003		2,007		332	289
		-1		Approximately 60% of net periodic pension and other postretirement benefit costs are included in compensation and related costs on the consolidated statements of income, while the remainder is included in underwriting and distribution expense.
	During the first quarter of 2015, we contributed $20.0 million to the Pension Plan.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Stockholders' Equity
	9.Stockholders’ Equity
	Earnings per Share
	The components of basic and diluted earnings per share were as follows:
		Three months ended
		March 31,
		2015			2014
		(in thousands, except per share
		amounts)
	Net income	$	67,113		74,864
	Weighted average shares outstanding, basic and diluted	83,581			85,019
	Earnings per share, basic and diluted	0.80			0.88
	Dividends
	On February 12, 2015, the Board of Directors approved a dividend on our common stock in the amount of $0.43 per share to stockholders of record on April 10, 2015 to be paid on May 1, 2015.  The total dividend to be paid is approximately $35.9 million and is included in other current liabilities as of March 31, 2015.
	Common Stock Repurchases
	The Board of Directors has authorized the repurchase of our common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including shares issued to employees in our stock-based compensation programs.
	There were 106,058 shares and 280,186 shares repurchased in the open market or privately during the three months ended March 31, 2015 and 2014, respectively, which includes 5,558 shares and 2,667 shares, respectively, repurchased from employees who tendered shares to cover their minimum income tax withholdings with respect to vesting of stock awards during these same reporting periods.
	In April 2015, the Company repurchased 306,533 shares from employees who tendered shares to cover their minimum income tax withholdings with respect to vesting of stock awards during April 2015.
	Accumulated Other Comprehensive Income (Loss)
	The following tables summarize other comprehensive income (loss) activity for the three months ended March 31, 2015 and March 31, 2014.
	Three months ended March 31, 2015	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2014	$	(727	)	(1,471	)	(48,245	)	(50,443	)
	Other comprehensive income before reclassification	(327		)	(189	)	—		(516	)
	Amount reclassified from accumulated other comprehensive income	1,475			851		943		3,269
	Net current period other comprehensive income (loss)	1,148			662		943		2,753
	Balance at March 31, 2015	$	421		(809	)	(47,302	)	(47,690	)
	Three months ended March 31, 2014	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2013	$	3,150		810		(19,819	)	(15,859	)
	Other comprehensive income before reclassification	307			176		—		483
	Amount reclassified from accumulated other comprehensive income	(748		)	(434	)	347		(835	)
	Net current period other comprehensive income	(441		)	(258	)	347		(352	)
	Balance at March 31, 2014	$	2,709		552		(19,472	)	(16,211	)
	Reclassifications from accumulated other comprehensive income (loss) and included in net income are summarized in the tables that follow.
		For the three months ended March 31, 2015
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	(2,345	)	870		(1,475	)	Investment and other income
	Valuation allowance	—			(851	)	(851	)	Provision for income taxes
	Amortization of pension and postretirement benefits	(1,498		)	555		(943	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	(3,843	)	574		(3,269	)
		For the three months ended March 31, 2014
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	1,182		(434	)	748		Investment and other income
Valuation allowance	—			434		434		Provision for income taxes
Amortization of pension and postretirement benefits	(552		)	205		(347	)	Underwriting and distribution expense and Compensation and related costs
Total	$	630		205		835

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2015
Share-Based Compensation
Share-Based Compensation
	10.Share-Based Compensation
	In the first quarter of 2015, we granted 21,293 shares of restricted stock with an average fair value of $49.59 per share under the Company’s 1998 Stock Incentive Plan, as amended and restated (the “SI Plan”).  The value of those shares at the grant date, aggregating to $1.1 million, will generally be amortized to expense over a four-year vesting period.
	On April 2, 2015, we granted 1,028,523 shares of restricted stock with a fair value of $50.18 per share under the SI Plan.  The value of those shares at the grant date, aggregating to $51.6 million, will generally be amortized to expense over a four-year vesting period.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2015
Contingencies
Contingencies
	11.Contingencies
	The Company is involved from time to time in various legal proceedings, regulatory investigations and claims incident to the normal conduct of business, which may include proceedings that are specific to us and others generally applicable to business practices within the industries in which we operate.  A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations in a particular quarter or year.
	The Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated.  These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately. The Company regularly revises such accruals in light of new information.  For contingencies where an unfavorable outcome is reasonably possible and that are significant, the Company discloses the nature of the contingency and, where feasible, an estimate of the possible loss.  For purposes of our litigation contingency disclosures, “significant” includes material matters as well as other items that management believes should be disclosed.  Management’s judgment is required related to contingent liabilities because the outcomes are difficult to predict.  In our opinion, the likelihood that any pending legal proceeding, regulatory investigation, claim, or other contingency will have a material adverse effect on our business, financial condition or results of operations is remote.

Description_of_Business_and_Si1

Description of Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Description of Business and Significant Accounting Policies
Basis of Presentation	Basis of Presentation
	We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to enable a reasonable understanding of the information presented.  The information in this Quarterly Report on Form 10-Q should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).
	The accompanying unaudited consolidated financial statements are prepared consistent with the accounting policies described in Note 2 to the consolidated financial statements included in our 2014 Form 10-K, which include the following: use of estimates, cash and cash equivalents, disclosures about fair value of financial instruments, investment securities and investments in affiliated funds (mutual funds and UCITS sub-funds), property and equipment, software developed for internal use, goodwill and identifiable intangible assets, deferred sales commissions, revenue recognition, advertising and promotion, leases, share-based compensation and accounting for income taxes.
	In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of only a normal and recurring nature) necessary to present fairly our financial position at March 31, 2015, the results of operations and cash flows for the three months ended March 31, 2015 and 2014 in conformity with accounting principles generally accepted in the United States.

Investment_Securities_Tables

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2015
Investment Securities
Schedule of investment securities
		Amortized		Unrealized		Unrealized
	March 31, 2015	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Affiliated funds	$	189,089	7,065		(6,397	)	189,757
		$	189,089	7,065		(6,397	)	189,757
	Trading securities:
	Mortgage-backed securities							27
	Common stock							76
	Affiliated funds							55,521
								55,624
	Total investment securities							$	245,381
		Amortized		Unrealized		Unrealized
	December 31, 2014	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Affiliated funds	$	162,425	4,237		(5,392	)	161,270
		$	162,425	4,237		(5,392	)	161,270
	Trading securities:
	Mortgage-backed securities							28
	Common stock							72
	Affiliated funds							81,913
								82,013
	Total investment securities							$	243,283
Summary of available for sale affiliated mutual funds with fair values below carrying values
		Less than 12 months				12 months or longer				Total
				Unrealized		Fair		Unrealized		Fair	Unrealized
	March 31, 2015	Fair value		losses		value		losses		value	losses
		(in thousands)
	Affiliated funds	$	84,828	(6,373	)	316		(24	)	85,144	(6,397	)
		Less than 12 months				12 months or longer				Total
				Unrealized		Fair		Unrealized		Fair	Unrealized
	December 31, 2014	Fair value		losses		value		losses		value	losses
		(in thousands)
	Affiliated funds	$	66,858	(5,362	)	1,187		(30	)	68,045	(5,392	)
Schedule of fair value of investment securities
	March 31, 2015	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	27		—		27
	Common stock	76		—		—		76
	Affiliated funds	245,278		—		—		245,278
	Total	$	245,354	27		—		245,381
	December 31, 2014	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	28		—		28
	Common stock	72		—		—		72
	Affiliated funds	243,183		—		—		243,183
	Total	$	243,255	28		—		243,283

Goodwill_and_Identifiable_Inta1

Goodwill and Identifiable Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Identifiable Intangible Assets
Schedule of goodwill and identifiable intangible assets
		March 31,		December 31 ,
		2015		2014
		(in thousands)
	Goodwill	$	106,970	106,970
	Mutual fund management advisory contracts	42,753		42,753
	Mutual fund management subadvisory contracts	8,400		8,400
	Total identifiable intangible assets	51,153		51,153
	Total	$	158,123	158,123

Pension_Plan_and_Postretiremen1

Pension Plan and Postretirement Benefits Other Than Pension (Tables)	3 Months Ended
	Mar. 31, 2015
Pension Plan and Postretirement Benefits Other Than Pension
Schedule of components of net periodic pension and other postretirement costs
			Pension Benefits					Other
								Postretirement
								Benefits
			Three months					Three months
			ended					ended
			March 31,					March 31,
			2015			2014		2015	2014
			(in thousands)
	Components of net periodic benefit cost:
	Service cost		$	3,047		2,725		228	180
	Interest cost		2,154			2,153		99	99
	Expected return on plan assets		(3,691		)	(3,413	)	—	—
	Actuarial (gain) loss amortization		1,377			411		—	(4	)
	Prior service cost amortization		115			130		5	14
	Transition obligation amortization		1			1		—	—
	Total(1)		$	3,003		2,007		332	289
		-1		Approximately 60% of net periodic pension and other postretirement benefit costs are included in compensation and related costs on the consolidated statements of income, while the remainder is included in underwriting and distribution expense.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Components of basic and diluted earnings per share
		Three months ended
		March 31,
		2015			2014
		(in thousands, except per share
		amounts)
	Net income	$	67,113		74,864
	Weighted average shares outstanding, basic and diluted	83,581			85,019
	Earnings per share, basic and diluted	0.80			0.88
Summary of other comprehensive income (loss) activity
	Three months ended March 31, 2015	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2014	$	(727	)	(1,471	)	(48,245	)	(50,443	)
	Other comprehensive income before reclassification	(327		)	(189	)	—		(516	)
	Amount reclassified from accumulated other comprehensive income	1,475			851		943		3,269
	Net current period other comprehensive income (loss)	1,148			662		943		2,753
	Balance at March 31, 2015	$	421		(809	)	(47,302	)	(47,690	)
	Three months ended March 31, 2014	Unrealized gains			Change in		Pension and		Total
		on investment			valuation		postretirement		accumulated
		securities			allowance for		benefits		other
					unrealized gains				comprehensive
					(losses) on				income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2013	$	3,150		810		(19,819	)	(15,859	)
	Other comprehensive income before reclassification	307			176		—		483
	Amount reclassified from accumulated other comprehensive income	(748		)	(434	)	347		(835	)
	Net current period other comprehensive income	(441		)	(258	)	347		(352	)
	Balance at March 31, 2014	$	2,709		552		(19,472	)	(16,211	)
Summary of reclassifications from accumulated other comprehensive income (loss) and included in net income
		For the three months ended March 31, 2015
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	(2,345	)	870		(1,475	)	Investment and other income
	Valuation allowance	—			(851	)	(851	)	Provision for income taxes
	Amortization of pension and postretirement benefits	(1,498		)	555		(943	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	(3,843	)	574		(3,269	)
		For the three months ended March 31, 2014
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	1,182		(434	)	748		Investment and other income
	Valuation allowance	—			434		434		Provision for income taxes
	Amortization of pension and postretirement benefits	(552		)	205		(347	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	630		205		835

Investment_Securities_Details_

Investment Securities (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Available for sale securities:
Amortized cost	$189,089,000	$162,425,000
Unrealized gains	7,065,000	4,237,000
Unrealized losses	-6,397,000	-5,392,000
Fair value	189,757,000	161,270,000
Trading securities:
Fair value	55,624,000	82,013,000
Purchases of trading securities	300,000
Sales and maturities of trading securities	300,000
Affiliated funds
Available for sale securities:
Amortized cost	189,089,000	162,425,000
Unrealized gains	7,065,000	4,237,000
Unrealized losses	-6,397,000	-5,392,000
Fair value	189,757,000	161,270,000
Trading securities:
Fair value	55,521,000	81,913,000
Mortgage-backed securities
Trading securities:
Fair value	27,000	28,000
Common Stock
Trading securities:
Fair value	$76,000	$72,000

Investment_Securities_Details_1

Investment Securities (Details 2) (Affiliated funds, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Affiliated funds
Fair Value
Less than 12 months	$84,828	$66,858
12 months or longer	316	1,187
Total temporarily impaired securities	85,144	68,045
Unrealized losses
Less than 12 months	-6,373	-5,362
12 months or longer	-24	-30
Total Unrealized losses on temporarily impaired securities	($6,397)	($5,392)

Investment_Securities_Details_2

Investment Securities (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Fair value of investments
Total investment securities	$245,381	$243,283
Level 1
Fair value of investments
Total investment securities	245,354	243,255
Level 1 | Common Stock
Fair value of investments
Total investment securities	76	72
Level 1 | Affiliated funds
Fair value of investments
Total investment securities	245,278	243,183
Level 2
Fair value of investments
Total investment securities	27	28
Level 2 | Mortgage-backed securities
Fair value of investments
Total investment securities	27	28
Total
Fair value of investments
Total investment securities	245,381		243,283
Total | Mortgage-backed securities
Fair value of investments
Total investment securities	27	28
Total | Common Stock
Fair value of investments
Total investment securities	76	72
Total | Affiliated funds
Fair value of investments
Total investment securities	$245,278	$243,183

Goodwill_and_Identifiable_Inta2

Goodwill and Identifiable Intangible Assets (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Goodwill and Identifiable Intangible Assets
Goodwill	$106,970	$106,970
Mutual fund management advisory contracts	42,753	42,753
Mutual fund management subadvisory contracts	8,400	8,400
Total identifiable intangible assets	51,153	51,153
Total goodwill and identifiable intangible assets	$158,123	$158,123

Indebtedness_Details

Indebtedness (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Indebtedness
Fair value of outstanding indebtedness	$209,000,000
Summary of long-term debt
Total long-term debt	$190,000,000	$190,000,000

Income_Tax_Uncertainties_Detai

Income Tax Uncertainties (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Jan. 01, 2015
Income Tax Uncertainties
Unrecognized tax benefits, including penalties and interest that if recognized would impact effective tax rate	$12	$11.60
Unrecognized tax benefits, including penalties and interest, net of federal tax benefit that if recognized would affect effective tax rate	8.5	8.3
Accrued interest and penalties related to uncertain tax positions	3.7	3.5
Accrued interest and penalties related to uncertain tax positions, net of federal benefit	3	2.9
Total expense of interest and penalties, net of federal benefit related to uncertain tax positions	$0.10

Pension_Plan_and_Postretiremen2

Pension Plan and Postretirement Benefits Other Than Pension (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Components of net periodic benefit cost:
Percentage of net periodic pension and other postretirement benefit costs included in Compensation and related costs	60.00%
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Final number of years of employee's compensation to determine the benefits payable	10 years
Employer contributions	$20,000,000
Components of net periodic benefit cost:
Service cost	3,047,000	2,725,000
Interest cost	2,154,000	2,153,000
Expected return on plan assets	-3,691,000	-3,413,000
Actuarial (gain) loss amortization	1,377,000	411,000
Prior service cost amortization	115,000	130,000
Transition obligation amortization	1,000	1,000
Total	3,003,000	2,007,000
Other Postretirement Benefits
Pension Plan and Postretirement Benefits Other than Pension
Age of employees after which the plan does not provide benefits	65 years
Components of net periodic benefit cost:
Service cost	228,000	180,000
Interest cost	99,000	99,000
Actuarial (gain) loss amortization		-4,000
Prior service cost amortization	5,000	14,000
Total	$332,000	$289,000

Stockholders_Equity_Details_1

Stockholders' Equity (Details 1) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended
	Feb. 12, 2015	Apr. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Components of basic and diluted earnings per share
Net income			$67,113,000	$74,864,000
Weighted average shares outstanding - basic and diluted			83,581,000	85,019,000
Earnings per share:
Earnings per share from continuing operations, basic and diluted (in dollars per share)			$0.80	$0.88
Dividends
Dividends accrued, per share (in dollars per share)	$0.43		$0.43
Dividends to be paid			$35,900,000
Common stock repurchases
Shares repurchased in the open market or privately			106,058	280,186
Shares repurchased from employees to cover minimum income tax withholdings		306,533	5,558	2,667

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	($50,443)	($15,859)
Other comprehensive income before reclassification	-516	483
Amount reclassified from accumulated other comprehensive income	3,269	-835
Net current period other comprehensive income (loss)	2,753	-352
Balance at the end of the period	-47,690	-16,211
Unrealized gains on investment securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-727	3,150
Other comprehensive income before reclassification	-327	307
Amount reclassified from accumulated other comprehensive income	1,475	-748
Net current period other comprehensive income (loss)	1,148	-441
Balance at the end of the period	421	2,709
Change in valuation allowance for unrealized gains (losses) on investment securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-1,471	810
Other comprehensive income before reclassification	-189	176
Amount reclassified from accumulated other comprehensive income	851	-434
Net current period other comprehensive income (loss)	662	-258
Balance at the end of the period	-809	552
Pension and postretirement benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-48,245	-19,819
Amount reclassified from accumulated other comprehensive income	943	347
Net current period other comprehensive income (loss)	943	347
Balance at the end of the period	($47,302)	($19,472)

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reclassifications included in net income:
Net of tax	($3,269)	$835
Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Pre-tax	-3,843	630
Tax (expense) benefit	574	205
Net of tax	-3,269	835
Realized gain on sale of available for sale investment securities | Investment and other income | Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Pre-tax	-2,345	1,182
Tax (expense) benefit	870	-434
Net of tax	-1,475	748
Change in valuation allowance for unrealized gains (losses) on investment securities
Reclassifications included in net income:
Net of tax	-851	434
Change in valuation allowance for unrealized gains (losses) on investment securities | Provision for income taxes | Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Tax (expense) benefit	-851	434
Net of tax	-851	434
Pension and postretirement benefits
Reclassifications included in net income:
Net of tax	-943	-347
Pension and postretirement benefits | Underwriting and distribution expense and Compensation and related costs | Reclassifications from accumulated other comprehensive income (loss)
Reclassifications included in net income:
Pre-tax	-1,498	-552
Tax (expense) benefit	555	205
Net of tax	($943)	($347)

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (Nonvested stock awards, 1998 Stock Incentive Plan ("SI Plan"), USD $)	0 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Apr. 02, 2015	Mar. 31, 2015
Nonvested stock awards | 1998 Stock Incentive Plan ("SI Plan")
Nonvested Stock Shares
Number of restricted stocks granted (in shares)	1,028,523	21,293
Vesting period	4 years	4 years
Fair value of shares granted (in dollars)	$51.60	$1.10
Nonvested Stock Shares, Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$50.18	$49.59