TradeStation Group—Unaudited Quarterly Statements of Income


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	2008

	First Quarter		Second Quarter		Third Quarter		Year to date
	First Quarter		Second Quarter		Third Quarter		Year to date

Revenues:
Brokerage commissions and fees	$	30,524,838	$	28,227,501	$	33,455,104	$	92,207,443

Interest income		9,276,857		7,061,046		6,966,950		23,304,853
Brokerage interest expense		1,224,421		846,639		682,331		2,753,391
Net interest income		8,052,436		6,214,407		6,284,619		20,551,462

Subscription fees and other		2,141,378		2,117,909		2,030,362		6,289,649
Net revenues		40,718,652		36,559,817		41,770,085		119,048,554

Expenses:
Employee compensation and benefits		9,218,940		10,826,681		9,852,436		29,898,057
Clearing and execution		9,525,805		8,509,871		10,159,048		28,194,724
Data centers and communications		2,391,320		2,368,979		2,170,304		6,930,603
Advertising		1,305,318		1,482,949		1,534,485		4,322,752
Professional services		1,629,322		158,584		642,988		2,430,894
Occupancy and equipment		752,673		754,917		774,456		2,282,046
Depreciation and amortization		949,615		1,082,005		1,076,006		3,107,626
Other		1,449,683		1,351,645		1,553,323		4,354,651
Total expenses		27,222,676		26,535,631		27,763,046		81,521,353

Income before income taxes		13,495,976		10,024,186		14,007,039		37,527,201
Income tax provision		5,240,327		3,937,208		5,328,318		14,505,853

Net income	$	8,255,649	$	6,086,978	$	8,678,721	$	23,021,348

Earnings per share:
Basic	$	0.19	$	0.14	$	0.20	$	0.53

Diluted	$	0.19	$	0.14	$	0.20	$	0.52

Weighted average shares outstanding:
Basic		43,707,699		43,389,483		43,098,707		43,398,630

Diluted		44,462,332		44,143,095		43,875,506		44,160,311

	2007

	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	$	22,287,705	$	22,718,953	$	27,333,980	$	27,604,198	$	99,944,836

Interest income		11,965,727		12,151,328		12,094,616		11,713,011		47,924,682
Brokerage interest expense		1,193,786		1,223,225		1,301,379		1,402,089		5,120,479
Net interest income		10,771,941		10,928,103		10,793,237		10,310,922		42,804,203

Subscription fees and other		2,270,977		2,146,640		2,133,699		2,254,903		8,806,219
Net revenues		35,330,623		35,793,696		40,260,916		40,170,023		151,555,258

Expenses:
Employee compensation and benefits		8,451,017		8,771,032		8,652,294		8,304,679		34,179,022
Clearing and execution		7,122,914		7,534,991		9,111,644		8,492,415		32,261,964
Data centers and communications		1,673,999		1,479,811		2,213,286		2,818,940		8,186,036
Advertising		1,085,569		1,569,333		1,500,750		1,431,135		5,586,787
Professional services		1,158,827		204,170		867,388		1,040,279		3,270,664
Occupancy and equipment		696,627		689,070		699,866		716,812		2,802,375
Depreciation and amortization		998,929		1,007,647		991,211		1,010,889		4,008,676
Other		944,513		1,570,254		1,110,632		1,535,547		5,160,946
Total expenses		22,132,395		22,826,308		25,147,071		25,350,696		95,456,470

Income before income taxes		13,198,228		12,967,388		15,113,845		14,819,327		56,098,788
Income tax provision		5,002,871		4,834,533		5,390,439		5,500,275		20,728,118

Net income	$	8,195,357	$	8,132,855	$	9,723,406	$	9,319,052	$	35,370,670

Earnings per share:
Basic	$	0.18	$	0.18	$	0.22	$	0.21	$	0.80

Diluted	$	0.18	$	0.18	$	0.22	$	0.21	$	0.78

Weighted average shares outstanding:
Basic		44,590,076		44,382,844		44,121,906		43,888,675		44,245,875

Diluted		45,708,564		45,424,242		44,949,865		44,797,586		45,220,843

					2006

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year

Revenues:
Brokerage commissions and fees	$	18,632,433	$	20,007,857	$	19,215,783	$	20,972,667	$	78,828,740

Interest income		9,503,841		11,162,025		11,655,041		12,265,813		44,586,720
Brokerage interest expense		1,098,810		1,119,148		1,202,442		1,214,546		4,634,946
Net interest income		8,405,031		10,042,877		10,452,599		11,051,267		39,951,774

Subscription fees		1,992,413		2,239,510		2,230,892		2,120,946		8,583,761
Other		354,802		160,575		316,744		348,809		1,180,930

Net revenues		29,384,679		32,450,819		32,216,018		34,493,689		128,545,205

Expenses:
Employee compensation and benefits		6,966,771		7,230,492		7,544,662		7,637,284		29,379,209
Clearing and execution		5,827,683		6,856,437		6,425,480		6,997,769		26,107,369
Data centers and communications		1,530,803		1,618,377		1,626,680		1,677,137		6,452,997
Advertising		956,617		1,101,775		1,121,833		1,134,466		4,314,691
Professional services		758,560		678,148