Condensed Consolidated Statements of Operations 15 2011 2010 2011 2010 Revenue Trading revenue 29.8 $ 39.7 $ 175.9 $ 187.4 $ Other revenue 1.8 1.5 6.4 3.4 Total non-interest revenue 31.6 41.2 182.3 190.8 Interest revenue 0.3 0.1 0.6 0.4 Interest expense (0.3) (0.4) (1.4) (2.1) Total net interest revenue (expense) - (0.3) (0.8) (1.7) Net revenue 31.6 40.9 181.5 189.1 Expenses Employee compensation and benefits 11.5 11.4 46.4 45.4 Selling and marketing 8.2 10.0 36.2 37.7 Trading expenses and commissions 7.5 7.1 33.0 25.7 Bank fees 0.8 1.0 4.2 4.2 Depreciation and amortization 1.0 0.9 3.9 3.4 Purchase intangible amortization 2.5 1.2 8.9 1.2 Communications and data processing 0.8 0.7 2.9 3.0 Occupancy and equipment 1.2 1.1 4.7 4.1 Bad debt provision 0.1 0.1 0.9 0.6 Professional fees 1.4 0.4 5.2 2.0 Product development, software and maintenance 1.2 1.0 4.2 3.5 Change in fair value of convertible, redeemable preferred stock embedded derivative (1) - (53.6) - (4.7) Other 2.1 1.0 7.7 5.6 Total 38.3 (17.7) 158.2 131.7 Income / (loss) before tax expense (6.7) 58.6 23.3 57.4 Income tax expense / (benefit) (3.4) 1.8 7.6 20.0 Net Income / (loss) (3.3) $ 56.8 $ 15.7 $ 37.4 $ Net loss applicable to noncontrolling interest - - - (0.4) Net income / (loss) applicable to GAIN Capital Holdings, Inc. (3.3) $ 56.8 $ 15.7 $ 37.8 $ Earnings / (loss) per common share (2) : Basic (0.10) $ 6.62 $ 0.46 $ 8.62 $ Diluted (0.10) $ 1.44 $ 0.40 $ 1.00 $ Weighted average common shares outstanding used in computing earnings per common share (2) : Basic 34,205,991 8,570,387 34,286,840 4,392,798 Diluted 34,205,991 39,347,111 38,981,792 37,742,902 (unaudited) December 31, December 31, Three Months Ended Twelve Months Ended In millions, except per share data (1) For the periods prior to the closing of our initial public offering in December 2010, in accordance with Financial Accounting Standards Board Accounting Standards Codification 815, Derivatives and Hedging, we accounted for an embedded derivative liability attributable to the redemption feature of our previously outstanding preferred stock. This redemption feature and the associated embedded derivative liability was no longer required to be recognized following the conversion of all of our preferred stock into common stock in connection with the completion of our initial public offering in December 2010 (the “IPO”). (2) In connection with our IPO, our board of directors approved a 2.29-for-1 stock split of our common stock to be effective immediately prior to the completion of the IPO. The 2.29-for-1 stock split, after giving effect to the receipt by us of 407,692 shares of common stock from all of our pre-IPO common stockholders (on a pro-rata basis) in satisfaction of previously outstanding obligations owed by such stockholders to us, resulted in an effective stock split of 2.26-for-1. Accordingly, all references to share and per share data have been retroactively restated for the three and twelve months ended December 31, 2010 to reflect the effective 2.26-for-1 stock split. | 
