2013 Q1 Form 10-Q Financial Statement

#000119312513188120 Filed on May 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $422.1M $506.5M
YoY Change -16.67% 9.79%
Cost Of Revenue $33.60M $33.90M
YoY Change -0.88% -7.38%
Gross Profit $388.4M $472.6M
YoY Change -17.82% 11.25%
Gross Profit Margin 92.03% 93.31%
Selling, General & Admin $356.8M $422.6M
YoY Change -15.57% 24.22%
% of Gross Profit 91.86% 89.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.059M $6.975M
YoY Change 15.54% -5.74%
% of Gross Profit 2.07% 1.48%
Operating Expenses $366.9M $434.7M
YoY Change -15.6% 23.74%
Operating Profit $21.60M $37.82M
YoY Change -42.9% -48.5%
Interest Expense $20.16M $20.42M
YoY Change -1.31%
% of Operating Profit 93.32% 53.99%
Other Income/Expense, Net $9.136M $11.08M
YoY Change -17.52%
Pretax Income $21.60M $37.80M
YoY Change -42.86% -48.5%
Income Tax $3.948M $8.767M
% Of Pretax Income 18.28% 23.19%
Net Earnings $15.36M $25.55M
YoY Change -39.89% -53.55%
Net Earnings / Revenue 3.64% 5.05%
Basic Earnings Per Share $0.13 $0.21
Diluted Earnings Per Share $0.12 $0.20
COMMON SHARES
Basic Shares Outstanding 117.7M shares 119.2M shares
Diluted Shares Outstanding 132.8M shares 136.6M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $900.7M $1.098B
YoY Change -17.96% -22.82%
Cash & Equivalents $586.1M $765.7M
Short-Term Investments
Other Short-Term Assets $60.50M $74.50M
YoY Change -18.79% -25.13%
Inventory
Prepaid Expenses
Receivables $368.7M $436.2M
Other Receivables $91.20M $86.40M
Total Short-Term Assets $1.361B $1.621B
YoY Change -16.04% -17.05%
LONG-TERM ASSETS
Property, Plant & Equipment $239.6M $190.1M
YoY Change 26.03% 23.76%
Goodwill $365.6M $360.6M
YoY Change 1.39%
Intangibles
YoY Change
Long-Term Investments $7.012M $378.3M
YoY Change -98.15% -7.07%
Other Assets
YoY Change
Total Long-Term Assets $1.368B $1.288B
YoY Change 6.22% 6.77%
TOTAL ASSETS
Total Short-Term Assets $1.361B $1.621B
Total Long-Term Assets $1.368B $1.288B
Total Assets $2.728B $2.908B
YoY Change -6.18% -7.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.8M $274.7M
YoY Change -10.16% -16.86%
Accrued Expenses $274.0M $210.4M
YoY Change 30.23% 56.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $526.1M $496.1M
YoY Change 6.05% 6.09%
LONG-TERM LIABILITIES
Long-Term Debt $1.093B $1.097B
YoY Change -0.32% -12.29%
Other Long-Term Liabilities $531.8M $454.4M
YoY Change 17.03% -24.39%
Total Long-Term Liabilities $1.625B $1.551B
YoY Change 4.76% -16.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $526.1M $496.1M
Total Long-Term Liabilities $1.625B $1.551B
Total Liabilities $2.151B $2.170B
YoY Change -0.86% -12.0%
SHAREHOLDERS EQUITY
Retained Earnings $197.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $496.6M $738.3M
YoY Change
Total Liabilities & Shareholders Equity $2.728B $2.908B
YoY Change -6.18% -7.96%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $15.36M $25.55M
YoY Change -39.89% -53.55%
Depreciation, Depletion And Amortization $8.059M $6.975M
YoY Change 15.54% -5.74%
Cash From Operating Activities -$73.09M -$82.21M
YoY Change -11.1% 17.94%
INVESTING ACTIVITIES
Capital Expenditures $29.20M $26.85M
YoY Change 8.75% -1442.4%
Acquisitions
YoY Change
Other Investing Activities $2.600M $1.600M
YoY Change 62.5%
Cash From Investing Activities -$26.57M -$25.24M
YoY Change 5.26% 1228.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.17M $70.54M
YoY Change -57.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -148.5M -138.7M
YoY Change 7.12% 5.12%
NET CHANGE
Cash From Operating Activities -73.09M -82.21M
Cash From Investing Activities -26.57M -25.24M
Cash From Financing Activities -148.5M -138.7M
Net Change In Cash -248.2M -246.1M
YoY Change 0.85% 20.93%
FREE CASH FLOW
Cash From Operating Activities -$73.09M -$82.21M
Capital Expenditures $29.20M $26.85M
Free Cash Flow -$102.3M -$109.1M
YoY Change -6.21% 61.09%

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<div> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The tables below summarize net income attributable to noncontrolling interests for the three month periods ended March 31, 2013 and 2012 and noncontrolling interests as of March 31, 2013 and December 31, 2012 in the Company&#x2019;s condensed consolidated financial statements:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> </tr> <tr> <td valign="bottom" rowspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net&#xA0;Income<br /> Attributable&#xA0;to&#xA0;Noncontrolling<br /> Interests</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Three Months Ended</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>March 31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2013&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">80,501</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">81,884</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
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OtherComprehensiveIncomeReclassificationAdjustment
1482000
CY2013Q1 laz Maximum Contingent Earn Out Payment
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CY2013Q1 laz Derivative Liability Amortization
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396000
CY2013Q1 laz Governing Operating Agreement Date
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1218000
CY2013Q1 laz Prepaid Compensation Asset Change In Fair Value
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CY2013Q1 laz Prepaid Compensation Asset Settled
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CY2013Q1 laz Share Based Incentive Compensation And Related Tax Benefit Or Expenses
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CY2013Q1 laz Derivative Liability Adjustment To Forfeiture
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CY2013Q1 laz Prepaid Compensation Asset Adjustment To Forfeiture
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264000
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CY2013Q1 laz Other Comprehensive Income Amortization Expense Relating To Employee Benefit Plans
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CY2013Q1 laz Other Comprehensive Income Amortization Expense Relating To Employee Benefit Plans Net Of Tax
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1218000
CY2012Q1 us-gaap Other Income
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CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2012Q1 us-gaap Payments To Minority Shareholders
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CY2012Q1 us-gaap Adjustment For Amortization
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CY2012Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2012Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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CY2012Q1 us-gaap Share Based Compensation
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CY2012Q1 us-gaap Stock Repurchased During Period Value
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CY2012Q1 us-gaap Employee Benefits And Share Based Compensation
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CY2012Q1 us-gaap Dividends Common Stock
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19164000
CY2012Q1 us-gaap Earnings Per Share Basic
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6080000
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CY2012Q1 us-gaap Asset Management Fees
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CY2012Q1 us-gaap Net Income Loss
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25552000
CY2012Q1 us-gaap Increase Decrease In Receivables
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11454000
CY2012Q1 us-gaap Costs And Expenses
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CY2012Q1 us-gaap Other Expenses
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CY2012Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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4602000
CY2012Q1 us-gaap Earnings Per Share Diluted
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0.20
CY2012Q1 us-gaap Information Technology And Data Processing
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20393000
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2012Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
264000
CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
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70540000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q1 us-gaap Comprehensive Income Net Of Tax
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CY2012Q1 us-gaap Trading Securities Unrealized Holding Gain
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15357000
CY2012Q1 us-gaap Revenues
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506461000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8767000
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
7995000
CY2012Q1 us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
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-2687000
CY2012Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3504000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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26848000
CY2012Q1 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
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36866000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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25552000
CY2012Q1 us-gaap Amortization Of Intangible Assets
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1118000
CY2012Q1 us-gaap Occupancy Net
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26282000
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
19164000
CY2012Q1 us-gaap Professional Fees
ProfessionalFees
9311000
CY2012Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
22265000
CY2012Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
338317000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
46667000
CY2012Q1 us-gaap Interest Income Operating
InterestIncomeOperating
2150000
CY2012Q1 us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
3981000
CY2012Q1 us-gaap Interest Expense
InterestExpense
20422000
CY2012Q1 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
129000
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
42065000
CY2012Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-7691000
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1609000
CY2012Q1 us-gaap Proceeds From Minority Shareholders
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704000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-82207000
CY2012Q1 laz Stock Issued During Period Value Share Based Compensation And Related Tax Benefits
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CY2012Q1 laz Settlement Of Share Based Incentive Compensation
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24925000
CY2012Q1 laz Net Revenue
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486039000
CY2012Q1 laz Marketing And Business Development Expense
MarketingAndBusinessDevelopmentExpense
28267000
CY2012Q1 laz Investment Banking And Other Advisory Fees
InvestmentBankingAndOtherAdvisoryFees
273541000
CY2012Q1 laz Prepaid Compensation Asset Foreign Currency Translation And Other Adjustments
PrepaidCompensationAssetForeignCurrencyTranslationAndOtherAdjustments
162000
CY2012Q1 laz Prepaid Compensation Asset Granted
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CY2012Q1 laz Payments For Other Financing Activities
PaymentsForOtherFinancingActivities
-28000
CY2012Q1 laz Other Comprehensive Income Net Actuarial Gains Losses And Prior Service Cost Arising During Period Net Of Tax
OtherComprehensiveIncomeNetActuarialGainsLossesAndPriorServiceCostArisingDuringPeriodNetOfTax
815000
CY2012Q1 laz Dividend Equivalents
DividendEquivalents
-23000
CY2012Q1 laz Derivative Liability Change In Fair Value
DerivativeLiabilityChangeInFairValue
2767000
CY2012Q1 laz Derivative Liability Foreign Currency Translation And Other Adjustments
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-57000
CY2012Q1 laz Derivative Liability Granted
DerivativeLiabilityGranted
64598000
CY2012Q1 laz Derivative Liability Settled
DerivativeLiabilitySettled
6922000
CY2012Q1 laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Translation Adjustments
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignCurrencyTranslationAdjustments
1463000
CY2012Q1 laz Increase Decrease In Cash And Securities Segregated Under Federal And Other Regulations
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-3124000
CY2012Q1 laz Increase Decrease In Deposits And Other Customer Payables
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17602000
CY2012Q1 laz Fund Administration And Outsourced Services
FundAdministrationAndOutsourcedServices
13451000
CY2012Q1 laz Charge Offs Foreign Currency Translation And Other Adjustments
ChargeOffsForeignCurrencyTranslationAndOtherAdjustments
441000
CY2012Q1 laz Charge To Retained Earnings Pertaining To Issuance Of Restricted Stock Units In Connection With Participation Rights
ChargeToRetainedEarningsPertainingToIssuanceOfRestrictedStockUnitsInConnectionWithParticipationRights
2912000
CY2012Q1 laz Change In Fair Value Of Compensation Liability
ChangeInFairValueOfCompensationLiability
2767000
CY2012Q1 laz Accrued Compensation And Benefits And Other Liabilities
AccruedCompensationAndBenefitsAndOtherLiabilities
174391000
CY2012Q1 laz Amortization Grants Of Awards To Retirement Eligible Recipients
AmortizationGrantsOfAwardsToRetirementEligibleRecipients
6185000
CY2012Q1 laz Amortization Of Deferred Expenses Stock Units And Interest Rate Hedge
AmortizationOfDeferredExpensesStockUnitsAndInterestRateHedge
93937000
CY2012Q1 laz Derivative Liability Amortization
DerivativeLiabilityAmortization
CY2012Q1 laz Other Comprehensive Income Adjustments For Items Reclassified To Earnings Arising During Period Net Of Tax
OtherComprehensiveIncomeAdjustmentsForItemsReclassifiedToEarningsArisingDuringPeriodNetOfTax
815000
CY2012Q1 laz Prepaid Compensation Asset Change In Fair Value
PrepaidCompensationAssetChangeInFairValue
CY2012Q1 laz Prepaid Compensation Asset Settled
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CY2012Q1 laz Provision For Income Taxes
ProvisionForIncomeTaxes
8767000
CY2012Q1 laz Share Based Incentive Compensation And Related Tax Benefit Or Expenses
ShareBasedIncentiveCompensationAndRelatedTaxBenefitOrExpenses
972000
CY2012Q1 laz Issuance Of Restricted Stock Units In Connection With Dividend Participation Rights
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101597 shares
CY2012Q1 laz Tax Benefit Expense Associated With Actuary Loss Employee Benefit Plans
TaxBenefitExpenseAssociatedWithActuaryLossEmployeeBenefitPlans
1282000
CY2012Q1 laz Tax Expense Associated With Adjustment For Item Reclassified To Earnings Employee Benefit Plans
TaxExpenseAssociatedWithAdjustmentForItemReclassifiedToEarningsEmployeeBenefitPlans
297000

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