e10vq

0000950123-11-096292.txt : 20111108 0000950123-11-096292.hdr.sgml : 20111108 20111108113717 ACCESSION NUMBER: 0000950123-11-096292 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111108 DATE AS OF CHANGE: 20111108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORPORATE EXECUTIVE BOARD CO CENTRAL INDEX KEY: 0001066104 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 522056410 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34849 FILM NUMBER: 111186784 BUSINESS ADDRESS: STREET 1: 1919 NORTH LYNN ST. CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 5713033000 MAIL ADDRESS: STREET 1: 1919 NORTH LYNN ST. CITY: ARLINGTON STATE: VA ZIP: 22209 FORMER COMPANY: FORMER CONFORMED NAME: CORPORATE ADVISORY BOARD CO DATE OF NAME CHANGE: 19980716 10-Q 1 c22881e10vq.htm FORM 10-Q e10vq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


þ		Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2011


o		Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-34849

THE CORPORATE EXECUTIVE BOARD COMPANY

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		52-2056410 (I.R.S. Employer Identification Number)

1919 North Lynn Street Arlington, Virginia (Address of principal executive offices)		22209 (Zip Code)

(571) 303-3000
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address or former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer þ		Accelerated filer o		Non-accelerated filer o (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

The Company had 33,294,413 shares of common stock, par value $0.01 per share, outstanding at November 4, 2011.

THE CORPORATE EXECUTIVE BOARD COMPANY

INDEX TO FORM 10-Q


PART I. FINANCIAL INFORMATION			3

Item 1. Financial Statements			3

Condensed Consolidated Balance Sheets			3

Condensed Consolidated Statements of Income			4

Condensed Consolidated Statements of Cash Flows			5

Notes to Condensed Consolidated Financial Statements (Unaudited)			6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			14

Item 3. Quantitative and Qualitative Disclosures about Market Risk			22

Item 4. Controls and Procedures			22


PART II. OTHER INFORMATION			23

Item 1. Legal Proceedings			23

Item 1A. Risk Factors			23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			23

Item 3. Defaults Upon Senior Securities			23

Item 4. (Removed and Reserved)			23

Item 5. Other Information			23

Item 6. Exhibits			24

Exhibit 10.1
EX-31.1
EX-31.2
EX-32.1
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART I. FINANCIAL INFORMATION


Item 1.		Financial Statements.

THE CORPORATE EXECUTIVE BOARD COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)


	September 30,			December 31,
	2011			2010
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	96,922		$	102,498
Marketable securities		3,314			10,114
Membership fees receivable, net		92,039			141,322
Deferred income taxes, net		17,594			18,727
Deferred incentive compensation		15,086			15,710
Prepaid expenses and other current assets		16,135			10,388

Total current assets		241,090			298,759
Deferred income taxes, net		39,222			43,524
Marketable securities		7,314			10,850
Property and equipment, net		81,922			83,140
Goodwill		32,275			29,266
Intangible assets, net		15,853			13,828
Other non-current assets		32,693			30,782

Total assets	$	450,369		$	510,149


Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	35,661		$	52,439
Accrued incentive compensation		28,693			40,719
Deferred revenues		235,097			251,200

Total current liabilities		299,451			344,358
Deferred income taxes		1,833			679
Other liabilities		83,213			82,296

Total liabilities		384,497			427,333
Stockholders’ equity:
Common stock, par value $0.01; 100,000,000 shares authorized, 43,848,582 and 43,533,802 shares issued, and 33,294,413 and 34,322,055 shares outstanding at September 30, 2011 and December 31, 2010, respectively		438			435
Additional paid-in capital		416,326			409,558
Retained earnings		320,302			300,030
Accumulated elements of other comprehensive income		1,021			1,714
Treasury stock, at cost, 10,554,169 and 9,211,747 shares at September 30, 2011 and December 31, 2010, respectively		(672,215	)		(628,921	)

Total stockholders’ equity		65,872			82,816

Total liabilities and stockholders’ equity	$	450,369		$	510,149

See accompanying notes to condensed consolidated financial statements.

THE CORPORATE EXECUTIVE BOARD COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)


	Three months ended September 30,					Nine months ended September 30,
	2011			2010		2011			2010
Revenues	$	122,852		$	112,113	$	356,925		$	321,865
Costs and expenses:
Cost of services		41,892			40,071		126,199			112,866
Member relations and marketing		36,608			32,222		108,196			88,157
General and administrative		15,706			14,334		49,456			44,614
Depreciation and amortization		3,974			4,517		12,820			15,291
Impairment loss		—			12,645		—			12,645

Total costs and expenses		98,180			103,789		296,671			273,573

Income from operations		24,672			8,324		60,254			48,292
Other (expense) income, net		(2,545	)		3,125		(717	)		1,878

Income before provision for income taxes		22,127			11,449		59,537			50,170
Provision for income taxes		8,121			4,460		23,833			20,568

Net income	$	14,006		$	6,989	$	35,704		$	29,602


Earnings per share:
Basic	$	0.41		$	0.20	$	1.04		$	0.87
Diluted	$	0.41		$	0.20	$	1.03		$	0.86

Dividends per share	$	0.15		$	0.11	$	0.45		$	0.33

Weighted average shares outstanding:
Basic		34,134			34,292		34,299			34,211
Diluted		34,381			34,532		34,648			34,488

See accompanying notes to condensed consolidated financial statements.

THE CORPORATE EXECUTIVE BOARD COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine months ended
	September 30,
	2011			2010
Cash flows from operating activities:
Net income	$	35,704		$	29,602
Adjustments to reconcile net income to net cash flows provided by operating activities:
Impairment loss		—			12,645
Depreciation and amortization		12,820			15,291
Deferred income taxes		4,027			(6,039	)
Share-based compensation		6,144			5,301
Excess tax benefits from share-based compensation arrangements		(1,821	)		—
Foreign currency translation gain		(70	)		—
Amortization of marketable securities premiums, net		166			288
Changes in operating assets and liabilities:
Membership fees receivable, net		50,169			39,337
Deferred incentive compensation		520			(1,655	)
Prepaid expenses and other current assets		(5,812	)		(652	)
Other non-current assets		(1,172	)		(4,001	)
Accounts payable and accrued liabilities		(15,251	)		(21,287	)
Accrued incentive compensation		(12,227	)		1,352
Deferred revenues		(16,036	)		(29,464	)
Other liabilities		920			6,421

Net cash flows provided by operating activities		58,081			47,139

Cash flows from investing activities:
Purchases of property and equipment		(7,641	)		(4,225	)
Acquisition of business, net of cash acquired		(5,791	)		(12,957	)
Cost method investment		(150	)		—
Maturities of marketable securities		9,845			22,382

Net cash flows (used in) provided by investing activities		(3,737	)		5,200

Cash flows from financing activities:
Proceeds from the exercise of common stock options		1,587			—
Proceeds from the issuance of common stock under the employee stock purchase plan		369			333
Excess tax benefits from share-based compensation arrangements		1,821			—
Acquisition of business, contingent consideration		(3,655	)		—
Credit facility issuance costs		(542	)		—
Purchases of treasury shares		(43,295	)		(1,225	)
Payment of dividends		(15,430	)		(11,283	)

Net cash flows used in financing activities		(59,145	)		(12,175	)

Effect of exchange rates on cash		(775	)		—

Net (decrease) increase in cash and cash equivalents		(5,576	)		40,164
Cash and cash equivalents, beginning of period		102,498			31,760

Cash and cash equivalents, end of period	$	96,922		$	71,924

See accompanying notes to condensed consolidated financial statements.

THE CORPORATE EXECUTIVE BOARD COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Nature of business and basis of presentation

The Corporate Executive Board Company (the “Company”) provides essential information by analyzing and disseminating the most successful practices from its global network of members. The Company drives corporate performance through a network of executives and business professionals by providing actionable insights, analytical tools, and advisory support to quickly and confidently focus efforts on what executives and their teams need to know, and do, next. The Company provides its members with the authoritative and timely decision support they need to elevate company performance and excel in their careers. For an annual fee, members of each program have access to an integrated set of products and services, including best practices studies, executive education, customized analysis, proprietary databases and decision support tools. The Company also generates advertising and content related revenues through its wholly-owned subsidiary, Toolbox.com, LLC. (“Toolbox.com”).

The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete consolidated financial statements are not included. It is recommended that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and related notes in the Company’s 2010 Annual Report on Form 10-K.

In management’s opinion, all adjustments, consisting of a normal recurring nature, considered necessary for a fair presentation of the condensed consolidated financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The condensed consolidated balance sheet presented at December 31, 2010 has been derived from the financial statements that were audited by the Company’s independent registered public accounting firm. The results of operations for the three and nine months ended September 30, 2011 may not be indicative of the results that may be expected for the year ended December 31, 2011 or any other period within 2011.

Note 2. Summary of significant accounting policies

Except to the extent updated or described below, a detailed description of the Company’s significant accounting policies is included in the Company’s 2010 Annual Report on Form 10-K filed with the SEC on February 28, 2011. The following notes should be read in conjunction with such policies and other disclosures contained therein.

Revenue Recognition

The Company generates the majority of its revenues from three primary service offerings: executive memberships, performance analytics, and leadership academies. Executive memberships generally contain multiple deliverables, which are determined based upon the availability and delivery method of the services and may include: on-line best practices research and insights, peer benchmarks, decision and diagnostics tools, advisory support, and live and on-line learning events. Performance analytics deliver data and analytical insight to drive improved performance of executives and their teams and are accounted for as service revenues. Leadership academies generally contain multiple deliverables and provide access to training and development services that may include diagnostic reports, learning portal access, classroom-based development sessions, webinars, and virtual office hours with faculty.

In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, “Multiple Deliverable Revenue Arrangements” (“ASU 2009-13”) that is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. This guidance eliminates the residual method under previous guidance and replaces it with the “relative selling price” method when allocating revenue in a multiple deliverable arrangement. The Company adopted ASU 2009-13 prospectively on January 1, 2011.

When service offerings include multiple deliverables that qualify as separate units of accounting, the Company allocates arrangement consideration at the inception of the contract period to all deliverables based on the relative selling price method in accordance with the selling price hierarchy, which includes vendor specific objective evidence (“VSOE”) if available; third-party evidence (“TPE”) if VSOE is not available; or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available.

•

VSOE. The Company determines VSOE based on established pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Company limits its assessment of VSOE for each element to either the price charged when the same element is sold separately, or the price established by management having the relevant authority to do so for an element not yet sold separately.

•

TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Company applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar services when sold separately. Generally, the Company’s services contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitors’ selling prices are for similar services on a stand-alone basis. As a result, the Company has not been able to establish selling price based on TPE.

•

BESP. When unable to establish a selling price using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charges for similar offerings, market conditions, competitive landscape and pricing practices.

Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed and determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectability is reasonably assured. Certain fees are billed on an installment basis. Customers generally may request a refund of their fees, which is provided from the date of the refund request on a pro-rata basis relative to the length of the remaining term, under the Company’s service guarantee.

•

Executive memberships. In general, the majority of the deliverables within the Company’s memberships are consistently available throughout the membership period. Revenues are generally recognized ratably over the term of the related agreement, which is typically 12 months. Membership fees are billable, and revenue recognition begins, when a member agrees to the terms of the membership and the fees receivable and the related deferred revenue are recorded upon the commencement of the agreement or collection of fees, if earlier. In some instances, a membership may include a service that is available only once, or on a limited basis, during the membership period. These services are separated from the remainder of the membership and arrangement consideration is allocated based on VSOE, if available, or BESP. The consideration allocated to services available only once or on a limited basis is recognized as revenue upon the earlier of the delivery of the service or the completion of the contract period, provided that all other criteria for recognition have been met. The arrangement consideration allocated to the remainder of the membership services continues to be recognized ratably.

•

Performance analytics. Revenues are generally recognized ratably from the date services begin, which is primarily after the design of the service outputs, through the completion of the services.

•

Leadership academies. Revenues are generally recognized as services are completed. The service offering generally includes one or more class-room based training or presentation events. If more than one delivery date is evident, arrangement consideration is allocated on a pro-rata basis and revenue is recognized on the delivery date of each event.

Agreements entered into between January 1, 2011 and September 30, 2011, and impacted by ASU 2009-13 have resulted in lower results of operations for the three and nine months ended September 30, 2011 than would have been reported under the previous guidance. Revenues and income from operations were lower by $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively. Net income was lower by $1.6 million and $3.7 million for the three and nine months ended September 30, 2011, respectively. Basic and diluted earnings per share were lower by $0.05 and $0.11 for the three and nine months ended September 30, 2011, respectively.

To lessen the impact of ASU 2009-13, the Company completed modifications to certain memberships to remove or alter services that were available only once, or on a limited basis, during the membership period. These modifications were completed on or about March 31, 2011. The modifications will allow the Company to recognize revenue for executive memberships ratably over the term of the related agreement for sales on or after April 1, 2011. For memberships that have not been modified, the Company has and will continue to allocate arrangement consideration to all services. For services that are available only once, or on a limited basis, revenues are recognized upon the earlier of the delivery of the service or the completion of the membership period.

Advertising and content related revenues from Toolbox.com are recognized as the services are provided.

Note 3. Recent accounting pronouncements

Recently adopted

In January 2010, the FASB issued ASU 2010-06, “Improving Disclosures about Fair Value Measurements” to require additional disclosures about purchases, sales, issuances, and settlements in the rollforward of Level 3 fair value measurements. The adoption of this new accounting guidance in the first quarter of 2011 did not have a material impact on the consolidated financial statements.

The Company adopted ASU 2009-13 on January 1, 2011 as discussed above.

Not yet adopted

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework on how (not when) to measure fair value and what disclosures to provide about fair value measurements. While the ASU is largely consistent with existing fair value measurement principles in U.S. GAAP, it modifies Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) to expand existing disclosure requirements for fair value measurements and makes other amendments. This ASU is effective for interim and annual periods beginning after December 15, 2011. The Company is in the process of assessing this new guidance but the adoption of this ASU is not expected to have a material impact on the consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” This ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC Topic 220, “Comprehensive Income” and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08 “Testing Goodwill for Impairment.” This ASU allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. This ASU is effective for goodwill impairment tests performed in interim and annual periods for fiscal years beginning after December 15, 2011. The Company does not expect this guidance will have a material impact on its financial statements.

Note 4. Acquisitions

On September 30, 2011 the Company completed the acquisition of Baumgartner & Partner GmbH (“Baumgartner”), a German services firm that provides human resources and finance data and benchmarking services, as well as human resources advisory services. The Company acquired 100% of the equity interests for an initial cash payment of $6.0 million less cash acquired of $1.0 million. The Company allocated $4.1 million to intangible assets with a weighted average amortization period of 5 years and $3.2 million to goodwill. The Company also will be required to pay an additional $1.5 million less any amounts that the Company is entitled to retain to reimburse it for any losses that are subject to indemnification by the sellers, at various times prior to September 30, 2013.

In May 2010, the Company completed the acquisition of Iconoculture, Inc., a Minnesota corporation (now doing business as Iconoculture LLC, or “Iconoculture”). Iconoculture provides comprehensive consumer insights and effective strategic marketing advisory services and project support to an established customer base. The Company acquired 100% of the equity interests of Iconoculture for an initial cash payment of $16.2 million, less cash acquired totaling $7.2 million, plus a working capital adjustment of $4.0 million paid in July 2010. The Company also paid $1.5 million on April 1, 2011, which had been held back by the Company for any indemnifiable losses under the terms of the acquisition agreement. In addition, the Company paid $2.5 million on April 1, 2011 as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010. The acquisition date fair value of the total consideration was $24.2 million and was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values. The Company allocated $9.2 million to intangible assets with a weighted average amortization period of 4.5 years and $11.0 million to goodwill.

Note 5. Impairment of goodwill and intangible assets

In the three months ended September 30, 2010, the Company concluded there were impairment indicators relating to the 2007 acquisition of Toolbox.com based on a combination of factors (including the then current economic environment and the near term outlook for advertising related revenue). The Company completed an impairment test at August 31, 2010 and concluded that goodwill and intangible asset amounts were impaired. The total pre-tax impairment loss recognized in the three months ended September 30, 2010 was $12.6 million ($9.5 million related to goodwill and $3.1 million related to intangible assets). This non-cash charge did not impact the Company’s liquidity position or cash flows.

The Company utilized the income approach (discounted cash flow method) and the market approach (guideline company method) in the determination of the fair value. Significant assumptions used included: expected revenue growth rates, reporting unit profit margins, and working capital levels; a discount rate of 19%; and a terminal value based upon long-term growth assumptions. The expected future revenue growth rates and profit margins were determined after taking into consideration historical revenue growth rates and profit margins, the Company’s assessment of future market potential, and the Company’s expectations of future business performance.

Note 6. Fair value measurements

Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. There is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands):


	September 30, 2011						December 31, 2010
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	96,922	$	—	$	—	$	102,498	$	—	$	—
Debt securities issued by the District of Columbia		10,628		—		—		20,964		—		—
Variable insurance products held in a Rabbi Trust		—		13,234		—		—		14,905		—
Forward currency exchange contracts		—		9		—		—		232		—

Financial liabilities
Forward currency exchange contracts	$	—	$	455	$	—	$	—	$	113	$	—
Contingent consideration — Iconoculture		—		—		—		—		—		1,900

The fair value of variable insurance products held in a Rabbi Trust is based on actuarial estimates derived from various observable market inputs. The fair value of foreign currency exchange contracts are based on bank quotations for similar instruments using models with market-based inputs.

The fair value estimate of the Iconoculture contingent consideration was $1.9 million at December 31, 2010. In March 2011, the Company increased its estimate of contingent consideration to $2.5 million. On April 1, 2011, the Company paid $2.5 million as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010.

Certain assets (i.e., goodwill, intangible assets) and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is impairment). No fair value adjustments were made in the three and nine months ended September 30, 2011 and 2010, respectively.

Marketable securities

The aggregate fair value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities are as follows (in thousands):


	September 30, 2011
					Gross		Gross
	Fair		Amortized		Unrealized		Unrealized
	Value		Cost		Gains		Losses
Washington D.C. tax exempt bonds	$	10,628	$	10,254	$	374	$	—


	December 31, 2010
					Gross		Gross
	Fair		Amortized		Unrealized		Unrealized
	Value		Cost		Gains		Losses
Washington D.C. tax exempt bonds	$	20,964	$	20,265	$	699	$	—

The following table summarizes maturities of marketable securities (in thousands):


	September 30, 2011
	Fair		Amortized
	Value		Cost
Less than one year	$	3,314	$	3,233
Matures in 1 to 5 years		7,314		7,021

Marketable securities	$	10,628	$	10,254

Note 7. Other liabilities

Other liabilities consist of the following (in thousands):


	September 30,		December 31,
	2011		2010
Deferred compensation	$	10,231	$	11,215
Lease incentives		30,533		31,619
Deferred rent benefit		25,525		23,079
Other		16,924		16,383

Total other liabilities	$	83,213	$	82,296

Note 8. Stockholders’ equity and share-based compensation

Share Repurchases

In August 2011, the Company’s Board of Directors authorized a share repurchase of up to an additional $50 million of the Company’s common stock. Repurchases will be made from time to time in open market and privately negotiated transactions subject to market conditions. No minimum number of shares has been fixed. The Company has funded, and expects to continue to fund, its share repurchases with cash on hand and cash generated from operations. For the nine months ended September 30, 2011, the Company repurchased approximately 1.3 million shares at a total cost of approximately $43.3 million. The remaining share repurchase authorization was $28.1 million at September 30, 2011.

Share-based compensation

The Company granted 293,470 and 396,310 restricted stock units at a weighted-average fair value of $38.85 and $25.63 in the nine months ended September 30, 2011 and 2010, respectively. Share-based compensation expense is recognized on a straight line basis, net of an estimated forfeiture rate, for those shares expected to vest over the requisite service period of the award, which is generally the vesting term of four years. Approximately 12,000 and 228,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2011, respectively. Approximately 16,000 and 244,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2010, respectively.

The Company recognized total share-based compensation costs of $2.0 million and $2.1 million in the three months ended September 30, 2011 and 2010 and $6.1 million and $5.3 million in the nine months ended September 30, 2011 and 2010, respectively. At September 30, 2011, there was $19.1 million of total unrecognized share-based compensation cost.

Dividends

In August 2011, the Board of Directors declared a cash dividend of $0.15 per share for the third quarter of 2011 for stockholders of record on September 15, 2011. The dividend, totaling $5.0 million, was paid on September 30, 2011.

On November 4, 2011, the Board of Directors declared a fourth quarter cash dividend of $0.15 per share. The dividend is payable on December 30, 2011 to stockholders of record at the close of business on December 15, 2011. The Company funds its dividend payments with cash on hand and cash generated from operations.

Note 9. Derivative instruments and hedging activities

The Company’s international operations are subject to risks related to currency exchange fluctuations. Prices for the Company’s products and services are denominated primarily in United States dollars (“USD”), including products and services sold to members that are located outside the United States. Many of the costs associated with the Company’s operations located outside the United States are denominated in local currencies. As a consequence, increases in local currencies against the USD in countries where the Company has foreign operations would result in higher effective operating costs and reduced earnings. The Company uses forward contracts, designated as cash flow hedging instruments, to protect against foreign currency exchange rate risks inherent with its cost reimbursement agreements with its United Kingdom subsidiary. A forward contract obligates the Company to exchange a predetermined amount of USD to make equivalent British pound sterling (“GBP”) payments equal to the value of such exchanges.

The Company formally documents all relationships between hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 12 months. The forward contracts are recognized on the consolidated balance sheets at fair value and changes in fair value measurements are reflected as adjustments to other comprehensive income (“OCI”) until such time as the actual foreign currency expenditures are made and the unrealized gain/loss is reclassified from accumulated OCI to current earnings. There is generally no or an immaterial amount of ineffectiveness. The notional amount of outstanding forward contracts was $21.0 million at September 30, 2011.

The fair value of derivative instruments, which are designated as hedging instruments, on the Company’s condensed consolidated balance sheets are as follows (in thousands):


Balance Sheet Location	September 30, 2011		December 31, 2010

Asset Derivatives
Prepaid expenses and other current assets	$	9	$	232

Liability Derivatives
Accounts payable and accrued liabilities	$	455	$	113

The pre-tax effect of the derivative instruments on the Company’s consolidated statements of income is as follows (in thousands):


	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective portion)
	Three Months Ended September 30,					Nine months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2011			2010		2011		2010
Forward currency contracts	$	(331	)	$	557	$	187	$	195


Location of Gain (Loss) Reclassified from	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective portion)
Accumulated OCI into Income (Effective	Three Months Ended September 30,					Nine months Ended September 30,
portion)	2011			2010		2011		2010
Cost of services	$	(34	)	$	95	$	278	$	(51	)
Member relations and marketing		(28	)		186		237		(101	)
General and administrative		(14	)		45		113		(25	)

	$	(76	)	$	326	$	628	$	(177	)

Note 10. Revolving credit facility

On March 16, 2011, the Company, together with certain of its subsidiaries acting as guarantors, entered into a $100 million five-year senior unsecured, revolving credit facility (the “Credit Facility”) with certain lenders, including Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. The Credit Facility contains letter of credit and swing line loan sub-facilities and has a maturity date of March 16, 2016.

The Credit Facility is available for working capital and general corporate purposes. Under the terms of the Credit Facility, the Company has the right, from time to time, to increase the aggregate revolving commitments from $100 million up to a maximum $150 million upon at least five business days prior written notice to the Administrative Agent, subject to certain limitations set forth in the Credit Facility, including the absence of a default under the Credit Facility. The Company has issued letters of credit under the Credit Facility in an aggregate amount of $7.2 million at September 30, 2011 and has otherwise not borrowed under the Credit Facility.

Borrowings under the Credit Facility bear interest at rates based on the ratio of the Company’s consolidated indebtedness to consolidated EBITDA (earnings before interest income, net, depreciation and amortization, and provision for income taxes.) for applicable periods specified in the Credit Facility (the “Consolidated Leverage Ratio”). Such rates are tied to the highest of the federal funds rate, Bank of America’s prime rate and LIBOR, or to LIBOR, depending on the type of loan.

The Company must pay the Administrative Agent a quarterly commitment fee based upon the amount by which the aggregate revolving commitments exceed the outstanding loans and obligations of the Company under the Credit Facility. Additionally, the Company must pay the lenders certain letter of credit fees based upon the daily amount available to be drawn under such letters of credit. The commitment fee and letter of credit fees vary based on the Consolidated Leverage Ratio.

The Credit Facility also contains customary financial and other covenants, including limitations on the ability of the Company and its subsidiaries to incur debt or liens or make certain investments and restricted payments, a requirement to maintain certain leverage and interest coverage ratios, and certain restrictions on the sale of assets and capital expenditures. A violation of these covenants could result in the Company being prohibited from making certain restricted payments, including dividends, or cause a default under the Credit Facility, which would permit the participating lenders to restrict the Company’s ability to access the Credit Facility and require the immediate repayment of any outstanding advances made under it.

Note 11. Income taxes

The Company computes its provision for income taxes by applying the estimated annual effective tax rate to income from operations and adjusts the provision for discrete tax items recorded in the period. The effective tax rate was 36.7% and 40.0% in the three and nine months ended September 30, 2011, respectively. The effective tax rate for the three months ended September 30, 2011 includes the effect of a discrete event related to the release of a tax contingency reserve to reflect the lapse of a statute of limitations which resulted in a decrease to the effective tax rate. The Company currently anticipates a full-year expected annualized tax rate of approximately 40%, excluding the effects of unrealized currency translation gains and losses. The effective tax rate was 39.0% and 41.0% in the three and nine months ended September 30, 2010, respectively.

The Company made income tax payments of $7.2 million and $9.1 million in the three months ended September 30, 2011 and 2010 and $27.8 million and $27.3 million in the nine months ended September 30, 2011 and 2010, respectively.

Note 12. Earnings per share

A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2011		2010		2011		2010

Basic weighted average common shares outstanding		34,134		34,292		34,299		34,211
Dilutive effect of common shares outstanding		247		240		349		277

Diluted weighted average common shares outstanding		34,381		34,532		34,648		34,488

Approximately 1.8 million and 2.4 million shares in the three months ended September 30, 2011 and 2010, respectively, and approximately 1.9 million and 2.5 million shares in the nine months ended September 30, 2011 and 2010, respectively, have been excluded from the dilutive effect shown above because their impact would be anti-dilutive. These shares related to share-based compensation awards.

Note 13. Comprehensive income

Total comprehensive income is as follows (in thousands):


	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
Net income	$	14,006		$	6,989		$	35,704		$	29,602
Change in unrealized gains of marketable securities, net of tax		(47	)		(71	)		(195	)		(317	)
Unrealized (losses) gains on forward contracts, net of tax		(153	)		122			(263	)		216
Change in cumulative translation adjustment		(242	)		(136	)		(234	)		580

Total comprehensive income	$	13,564		$	6,904		$	35,012		$	30,081

Accumulated elements of other comprehensive income at September 30, 2011 consist primarily of a $1.0 million cumulative foreign currency translation gain. Accumulated elements of other comprehensive income at December 31, 2010 consists of a $0.4 million unrealized gain, net of tax, on marketable securities; a $0.1 million unrealized gain, net of tax, on forward currency exchange contracts; and a $1.2 million cumulative foreign currency translation gain.

Note 14. Commitments and contingencies

Operating leases

The Company leases office facilities that expire on various dates through 2028. Generally, the leases carry renewal provisions and rental escalations and require the Company to pay executory costs such as taxes and insurance.

Future minimum rental payments under non-cancelable operating leases and future minimum receipts under subleases, excluding executory costs, are as follows at September 30, 2011:


	Total			2011*			YE 2012			YE 2013			YE 2014			YE 2015			Thereafter
Operating lease obligations	$	584,715		$	9,012		$	36,579		$	36,801		$	36,532		$	36,839		$	428,952
Sublease receipts		(272,889	)		(3,079	)		(13,997	)		(14,306	)		(13,383	)		(14,954	)		(213,170	)

Total net lease obligations	$	311,826		$	5,933		$	22,582		$	22,495		$	23,149		$	21,885		$	215,782


*		For the three months ended December 31, 2011.

Contingencies

From time to time, the Company is subject to litigation related to normal business operations. The Company vigorously defends itself in litigation and is not currently a party to, and the Company’s property is not subject to, any legal proceedings likely to materially affect the Company’s financial results.

The Company continues to evaluate potential tax exposures relating to sales and use, payroll, income and property tax laws, and regulations for various states in which the Company sells or supports its goods and services. Accruals for potential contingencies are recorded by the Company when it is probable that a liability has been incurred and the liability can be reasonably estimated. As additional information becomes available, changes in the estimates of the liability are reported in the period that those changes occur. The Company has a $3.0 million liability at September 30, 2011 and December 31, 2010, respectively, relating to certain sales and use tax regulations for states in which the Company sells or supports its goods and services.


Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. The following discussion includes forward-looking statements that involve certain risks and uncertainties. For additional information regarding forward-looking statements and risk factors, see “Forward-looking statements.”

Executive Overview

In 2011, our objective is to continue to build on what we believe is a strong foundation for long-term profitable growth. To do that, we intend to deepen existing member relationships, add high-value new member companies, and leverage the member platform to launch new products and services. With the goal of making continued progress with these growth levers, our four operating priorities for 2011 are to create uniquely valuable insights into corporate performance; drive loyalty, growth, and brand strength through high value member engagement; invest globally in key markets; and leverage technology and service to deliver innovative products.

Our performance through September 30, 2011 reflects continued progress on elements of our growth strategy. Contract Value, which we define as the aggregate annualized revenues attributed to all agreements in effect at a given date without regard to the remaining duration of any such agreement, was $472.2 million at September 30, 2011, an increase of 12.0%, compared to $421.6 million at September 30, 2010, as a result of increased sales to new and existing members. Contract Value per member institution increased 4.4% at September 30, 2011 to $85,804 from $82,176 at September 30, 2010.

We believe that member-based operating metrics provide a useful view of the true economics, management, and growth trends in our business. Wallet retention rate, which we define as the total current year Contract Value from prior year members as a percentage of the total prior year Contract Value, increased to 102% at September 30, 2011 from 96% at September 30, 2010 as a result of improved pricing, renewals, and sales of additional products and services. We believe that Wallet Retention Rate provides an integrated view of member buying activity as it reflects the cumulative year-over-year impact of renewals, cross sales, and pricing growth.

Revenues were $122.9 million in the three months ended September 30, 2011, an increase of $10.8 million from the three months ended September 30, 2010. Total costs and expenses were $98.2 million in the three months ended September 30, 2011, a decrease of $5.6 million from the three months ended September 30, 2010 primarily due to the $12.6 million impairment loss in the prior year offset by higher operating costs and additional investments in new products and market extensions to further enhance organic growth. Our EBITDA and Adjusted EBITDA margins were 21.1% in the three months ended September 30, 2011 compared to EBITDA and Adjusted EBITDA margins of 14.0% and 25.2%, respectively, in the three months ended September 30, 2010. As a result, net income and Adjusted net income were $14.0 million in the three months ended September 30, 2011 compared to $7.0 million and $14.8 million, respectively, in the three months ended September 30, 2010.

Revenues were $356.9 million in the nine months ended September 30, 2011, an increase of $35.0 million from the nine months ended September 30, 2010. Total costs and expenses were $296.7 million in the nine months ended September 30, 2011, an increase of $23.1 million from the nine months ended September 30, 2010 primarily due to higher operating costs and additional investments in new products and market extensions to further enhance organic growth partially offset by the $12.6 million impairment loss in the prior year. Our EBITDA and Adjusted EBITDA margins were 20.1% in the nine months ended September 30, 2011 compared to EBITDA and Adjusted EBITDA margins of 20.0% and 23.9%, respectively, in the nine months ended September 30, 2010. As a result, net income and Adjusted net income were $35.7 million in the nine months ended September 30, 2011 compared to $29.6 million and $37.4 million, respectively, in the nine months ended September 30, 2010.

Non-GAAP Financial Measures

The tables below, as well as earnings discussions, may include a discussion of EBITDA, Adjusted EBITDA, Adjusted net income, and Non-GAAP diluted earnings per share, which are non-GAAP financial measures provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The term “EBITDA” refers to a financial measure that we define as earnings before interest income, net, depreciation and amortization, and provision for income taxes. The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before interest income, net, depreciation and amortization, provision for income taxes, impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition. The term “Adjusted net income” refers to net income excluding the after tax effects of impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition. “Non-GAAP diluted earnings per share” refers to diluted earnings per share excluding the after tax per share effects of impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition.

These non-GAAP measures may be considered in addition to results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.

We believe that EBITDA, Adjusted EBITDA, Adjusted net income, and Non-GAAP diluted earnings per share are relevant and useful supplemental information for our investors. We use these non-GAAP financial measures for internal budgeting and other managerial purposes, when publicly providing the Company’s business outlook and as a measurement for potential acquisitions. A limitation associated with EBITDA and Adjusted EBITDA is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our business. Management evaluates the costs of such tangible and intangible assets through other financial measures such as capital expenditures. Management compensates for these limitations by also relying on the comparable GAAP financial measure of Income from operations, which includes depreciation and amortization.

A reconciliation of these non-GAAP measures to GAAP results is provided below (in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net income	$	14,006		$	6,989		$	35,704		$	29,602
Interest income, net		(146	)		(317	)		(644	)		(1,116	)
Depreciation and amortization		3,974			4,517			12,820			15,291
Provision for income taxes		8,121			4,460			23,833			20,568

EBITDA	$	25,955		$	15,649		$	71,713		$	64,345
Impairment loss		—			12,645			—			12,645

Adjusted EBITDA	$	25,955		$	28,294		$	71,713		$	76,990


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Net income	$	14,006	$	6,989	$	35,704	$	29,602
Adjustments, net of tax:
Impairment loss		—		7,789		—		7,789

Adjusted net income	$	14,006	$	14,778	$	35,704	$	37,391


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
GAAP diluted earnings per share	$	0.41	$	0.20	$	1.03	$	0.86
Adjustments, net of tax:
Impairment loss		—		0.23		—		0.23

Non-GAAP diluted earnings per share	$	0.41	$	0.43	$	1.03	$	1.09

Critical Accounting Policies

Our accounting policies require us to apply methodologies, estimates and judgments that have a significant impact on the results we report in our consolidated financial statements. In our 2010 Annual Report on Form 10-K, we discussed those material policies that we believe are critical and require the use of complex judgment in their application. There have been no changes to our critical accounting policies since that time other than discussed below.

On January 1, 2011, we prospectively adopted Accounting Standards Update 2009-13, “Multiple-Deliverable Revenue Arrangements” (“ASU 2009-13”), which is discussed in Note 2 to the condensed consolidated financial statements. In response to the adoption of ASU 2009-13, we must analyze our service offerings to determine if there are multiple deliverables. If there are multiple deliverables in our service offerings, we must account for them as separate units of accounting. Measuring and allocating arrangement consideration to separate units of accounting requires the application of judgment by management. The adoption of ASU 2009-13 has affected the timing of revenue recognition. For services that are available only once, or on a limited basis, revenues are recognized upon the earlier of the delivery of the service or the completion of the membership period.

Recent Accounting Pronouncements

See Note 3 to the condensed consolidated financial statements for a discussion of recent accounting pronouncements.

Results of Operations

We generate the majority of our revenues through memberships that provide access to our products and services, which are delivered through several channels. Memberships, which principally are annually renewable agreements, primarily are payable by members at the beginning of the contract term. Billings attributable to memberships for our products and services initially are recorded as deferred revenues and then generally are recognized on a pro-rata basis over the membership contract term, which typically is 12 months. Generally, a member may request a refund of its membership fee during the membership term under our service guarantee. Refunds are provided from the date of the refund request on a pro-rata basis relative to the remaining term of the membership.

Our operating costs and expenses consist of:

•

Cost of services, which represents the costs associated with the production and delivery of our products and services, consisting of compensation, including salaries, variable, and share-based compensation, and for research personnel, in-house faculty, and product advisors; the organization and delivery of membership meetings, seminars, and other events; ongoing product development costs; production of published materials, costs of developing and supporting our membership web platform and digital delivery of products and services; and associated support services.

•

Member relations and marketing, which represents the costs of acquiring new members and the costs of account management, consisting of compensation, including salaries, sales incentives, and share-based compensation; travel and related expenses; recruiting and training of personnel; sales and marketing materials; and associated support services, as well as the costs of maintaining our customer relationship management software.

•

General and administrative, which represents the costs associated with the corporate and administrative functions, including human resources and recruiting, finance and accounting, legal, management information systems, facilities management, business development and other. Costs include compensation, including salaries, variable, and share-based compensation; third-party consulting and compliance expenses; and associated support services.

•

Depreciation and amortization, consisting of depreciation of our property and equipment, including leasehold improvements, furniture, fixtures and equipment, capitalized software and Web site development costs and the amortization of intangible assets.

Three and Nine months Ended September 30, 2011 Compared to the Three and Nine months Ended September 30, 2010

Revenues

Revenues increased 9.6% to $122.9 million in the three months ended September 30, 2011 from $112.1 million in the three months ended September 30, 2010. Revenues increased 10.9% to $356.9 million in the nine months ended September 30, 2010 from $321.9 million in the nine months ended September 30, 2010.

The increase of $10.8 million for the three months ended September 30, 2011 compared to the same period in the prior year was due to an increase in sales bookings to new and existing members throughout 2010 and the first nine months of 2011. This increase is net of a $2.5 million revenue deferral resulting from the adoption of ASU 2009-13 prospectively.

The increase of $35.0 million in the nine months ended September 30, 2011 compared to the same period in the prior year was due to an increase in sales bookings to new and existing members throughout 2010 and the first nine months of 2011. This increase is net of a $6.1 million revenue deferral resulting from the adoption of ASU 2009-13 prospectively.

Costs and expenses

Increases in compensation and the impact of changes in the exchange rates of the U.S. Dollar (“USD”) to the British pound sterling (“GBP”) and the Indian Rupee (“INR”) all contributed to the year-over-year increases in costs and expenses. These items are allocated to Cost of services, Member relations and marketing, and General and administrative expenses. We discuss these major components of costs and expenses on an aggregated basis below:

•

Compensation and related costs, including salaries and payroll taxes, increased $6.7 million and $23.1 million in the three and nine months ended September 30, 2011, respectively, compared to the same periods in 2010. The increase was primarily due to headcount increases, as described more fully below, and, for the nine month period, the effect of the Iconoculture acquisition in May 2010.

•

Variable compensation increased $2.4 million and $5.8 million in the three and nine months ended September 30, 2011, respectively, compared to the same periods in 2010. The increase in the third quarter was primarily the result of a $2.1 million increase in sales commission expense resulting from increased sales bookings in 2010 and 2011. The year to date increase was primarily the result of a $6.7 million increase in sales commission expense resulting from increased sales bookings in 2010 and 2011.

•

Our expenses are also impacted by currency fluctuations, primarily in the value of the GBP compared to the USD. The value of the GBP versus the USD was approximately $0.06 higher on average in the three months ended September 30, 2011 compared to the same period in 2010. The value of the GBP versus the USD was approximately $0.08 higher on average for the nine months ended September 30, 2011 compared to the same period in 2010. Costs incurred for foreign subsidiaries will fluctuate based upon changes in foreign currency rates in addition to other operational factors. We enter into cash flow hedges for our UK subsidiary to mitigate foreign currency risk, which offsets a portion of the impact foreign currency fluctuations have on costs and expenses.

Cost of services

Cost of services increased 4.5% to $41.9 million in the three months ended September 30, 2011 from $40.1 million in the three months ended September 30, 2010. The increase of $1.8 million was primarily due to a $3.6 million increase in compensation and related costs, including salaries and payroll taxes. The increase in compensation and related costs was primarily due to headcount increases relating to investments in our product research and delivery teams. Additionally, variable compensation expense increased $0.4 million, legal expenses increased $0.2 million, and costs associated with the production and delivery of meetings and other services increased $0.1 million. These increases were partially offset by a $1.5 million decrease in deferred compensation expense, a $0.9 million decrease in third party consulting fees, and a $0.4 million decrease in facilities expense.

Cost of services increased 11.8% to $126.2 million in the nine months ended September 30, 2011 from $112.9 million in the nine months ended September 30, 2010. The increase of $13.3 million was primarily due to an $11.1 million increase in compensation and related costs, including salaries and payroll taxes. The increase in compensation and related costs was primarily due to headcount increases relating to investments in our product research and delivery teams and the acquisition of Iconoculture. Additionally, third-party consulting fees increased $1.9 million, travel and related expenses increased $1.4 million, share based compensation expense increased $0.9 million, and costs associated with the production and delivery of meetings and other services increased $0.5 million. These increases were partially offset by decreases in deferred compensation expense of $1.0 million, variable compensation of $0.9 million, and facilities expense of $0.8 million.

Member relations and marketing

Member relations and marketing expense increased 13.7% to $36.6 million in the three months ended September 30, 2011 from $32.2 million in the three months ended September 30, 2010. The increase of $4.4 million was primarily due to a $3.1 million increase in compensation and related costs, including salaries and payroll taxes, relating to investments in our sales teams and a $2.1 million increase in variable compensation resulting from higher sales bookings across 2010 and 2011. These increases were partially offset by a $0.7 million decrease in deferred compensation expense.

Member relations and marketing expense increased 22.7% to $108.2 million in the nine months ended September 30, 2011 from $88.2 million in the nine months ended September 30, 2010. The increase of $20.0 million was primarily due to a $10.3 million increase in compensation and related costs, including salaries and payroll taxes. The increase in compensation and related costs was primarily due to headcount increases relating to additional capacity and support for our sales teams. Additionally, variable compensation increased $7.2 million due to higher sales bookings across 2010 and 2011 and travel and related expenses increased $0.9 million. Third party consulting fees, share-based compensation expense, benefits expense, and costs of temporary employees each increased $0.2 million. These increases were partially offset by a $0.5 million decrease in deferred compensation expense.

General and administrative

General and administrative expense increased 9.8% to $15.7 million in the three months ended September 30, 2011 from $14.3 million in the three months ended September 30, 2010. The increase of $1.4 million was primarily due to costs related to the Baumgartner acquisition of $0.8 million and a $0.9 million increase in compensation and related costs, including salaries and payroll taxes. Additionally, third party consulting fees and share-based compensation expenses each increased $0.4 million. These increases were partially offset by a $0.7 million decrease in deferred compensation expense, and a $0.4 million decrease in facilities expense.

General and administrative expense increased 11.0% to $49.5 million in the nine months ended September 30, 2011 from $44.6 million in the nine months ended September 30, 2010. The increase of $4.9 million was primarily due to a $3.0 million increase in compensation and related costs, including salaries and payroll taxes. Additionally, transaction costs increased $0.8 million, third party consulting fees and travel and related expenses each increased $0.9 million, and the fair value of the Iconoculture earnout increased $0.6 million. These increases were partially offset by a $0.8 decrease in facilities expense, and a $0.5 million decrease in both deferred compensation and variable compensation.

Depreciation and amortization

Depreciation and amortization expense decreased 11.1% to $4.0 million in the three months ended September 30, 2011 from $4.5 million in the three months ended September 30, 2010. The decrease of $0.5 million was primarily due to a $0.7 million decrease in amortization.

Depreciation and amortization expense decreased 16.3% to $12.8 million in the nine months ended September 30, 2011 from $15.3 million in the nine months ended September 30, 2010. The decrease of $2.5 million was primarily due to a $2.0 million decrease in amortization.

Impairment loss

In the three months ended September 30, 2010, we concluded there were impairment indicators relating to our 2007 acquisition of Toolbox.com based on a combination of factors (including the then current economic environment and the near term outlook for advertising related revenue). We completed an impairment test at August 31, 2010 and concluded that goodwill and intangible asset amounts were impaired. The total pre-tax impairment loss recognized in the three months ended September 30, 2010 was $12.6 million ($9.5 million related to goodwill and $3.1 million related to intangible assets). This non-cash charge did not impact our liquidity position or cash flows.

We utilized the income approach (discounted cash flow method) and the market approach (guideline company method) in the determination of the fair value. Significant assumptions used included: expected revenue growth rates, reporting unit profit margins, and working capital levels; a discount rate of 19%; and a terminal value based upon long-term growth assumptions. The expected future revenue growth rates and profit margins were determined after taking into consideration historical revenue growth rates and profit margins, our assessment of future market potential, and our expectations of future business performance.

Other (expense) income, net

Other (expense) income, net decreased to $2.5 million of expense in the three months ended September 30, 2011 from $3.1 million of income in the three months ended September 30, 2010. Other (expense) income, net for the three months ended September 30, 2011 included a $1.9 million decrease in the fair value of deferred compensation plan assets and a $0.7 million foreign currency loss, partially offset by $0.1 million of interest income, net. Other (expense) income, net in the three months ended September 30, 2010 included a $1.1 million increase in the fair value of deferred compensation plan assets, $0.9 million in other income, a $0.8 million foreign currency gain, and $0.3 million of interest income.

Other (expense) income, net decreased to $0.7 million of expense in the nine months ended September 30, 2011 from $1.9 million of income in the nine months ended September 30, 2010. Other (expense) income, net for the nine months ended September 30, 2011 included a $1.3 million decrease in the fair value of deferred compensation plan assets partially offset by $0.6 million of interest income, net. Other (expense) income, net in the nine months ended September 30, 2010 included $1.1 million of interest income and a $0.8 million increase in the fair value of deferred compensation plan assets.

Provision for income taxes

We recorded a provision for income taxes of $8.1 million in the three months ended September 30, 2011 compared to $4.5 million in the three months ended September 30, 2010. We recorded a provision for income taxes of $23.8 million in the nine months ended September 30, 2011 compared to $20.6 million in the nine months ended September 30, 2010.

The effective tax rate was 36.7% and 40.0% in the three and nine months ended September 30, 2011, respectively. The effective tax rate for the three months ended September 30, 2011 includes the effect of a discrete event related to the release of a tax contingency reserve to reflect the lapse of a statute of limitations which resulted in a decrease to the effective tax rate. The tax expense or benefit for unusual items, or certain adjustments to the valuation allowance are treated as discrete items in the interim period in which the events occur. The effective tax rate was 39.0% and 41.0% in the three and nine months ended September 30, 2010, respectively. Our provision for income taxes differs from the U.S. statutory rate of 35% primarily due to state income taxes and nondeductible expenses.

We currently anticipate a full-year 2011 expected annualized tax rate of approximately 40%, excluding the effects of unrealized currency translation gains/losses.

Liquidity and Capital Resources

Cash flows generated from operating activities have been our primary source of liquidity. On March 16, 2011, we entered into a $100 million five-year senior unsecured, revolving credit facility (the “Credit Facility”) with certain lenders, including Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. The Credit Facility contains letter of credit and swing line loan sub-facilities and has a maturity date of March 16, 2016.

The Credit Facility is available for working capital and general corporate purposes. Under the terms of the Credit Facility, we have the right, from time to time, to increase the aggregate revolving commitments from $100 million up to a maximum $150 million, subject to certain limitations set forth in the Credit Facility. We have issued letters of credit under the Credit Facility in an aggregate amount of $7.2 million at September 30, 2011 and have otherwise not borrowed under the Credit Facility.

We had cash and cash equivalents and marketable securities of $107.6 million and $123.5 million at September 30, 2011 and December 31, 2010, respectively. We believe that existing cash and cash equivalents and marketable securities balances and operating cash flows will be sufficient to support operations, anticipated capital expenditures, and the payment of dividends, as well as potential share repurchases for at least the next 12 months. Our future cash flows will depend on many factors, including our rate of Contract Value growth and selective investments to expand our market presence and enhance technology. Also, we may make investments in, or acquisitions of, complementary businesses, which could require us to borrow under the Credit Facility as an additional source of liquidity for permitted acquisitions or seek additional financing.

In September 2011, we completed the acquisition of Baumgartner. We acquired 100% of the equity interests of Baumgartner for an initial cash payment of approximately $6.0 million less cash acquired of $1.0 million. We will be required to pay up to an additional $1.5 million at various times prior to September 30, 2013.

In May 2010, we completed the acquisition of Iconoculture. We acquired 100% of the equity interests of Iconoculture for an initial cash payment of $16.2 million, less cash acquired totaling $7.2 million, plus a working capital adjustment of $4.0 million paid in July 2010. We also paid $1.5 million on April 1, 2011, which had been held back by us for any indemnifiable losses under the terms of the acquisition agreement. In addition, we paid additional consideration of $2.5 million on April 1, 2011 as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010.

Cash flows from operating activities

Membership subscriptions, which principally are annually renewable agreements, generally are payable by members at the beginning of the contract term. Historically, the combination of revenue growth, profitable operations, and advance payments of membership subscriptions has resulted in net cash flows provided by operating activities. Net cash flows provided by operating activities were $58.1 million and $47.1 million in the nine months ended September 30, 2011 and 2010, respectively.

Cash flows from operations have recently benefited from recent booking trends, as evidenced by the increase in Contract Value, which has resulted in higher year over year balances in accounts receivable and deferred revenues. This benefit was primarily offset by increased incentive compensation paid in the first nine months of 2011 versus the same period of 2010 and increased operating expenses.

We made income tax payments of $27.8 million and $27.3 million in the nine months ended September 30, 2011 and 2010, respectively and expect to continue making tax payments in future periods. We made payments under restructuring plans of $3.3 million in the nine months ended September 30, 2010.

Cash flows from investing activities

Our cash management, acquisition, and capital expenditure strategies affect cash flows from investing activities. Net cash flows used in investing activities were $3.7 million in the nine months ended September 30, 2011 versus net cash flows provided by investing activities of $5.2 million in the nine months ended September 30, 2010. We generated $9.8 million from maturities of marketable securities and used $7.6 million for capital expenditures, primarily on technology infrastructure and new product platforms in the nine months ended September 30, 2011. Additionally, we utilized $5.8 million for acquisitions of businesses, primarily related to Baumgartner, which included an initial payment of $5.0 million, net of cash acquired totaling $1.0 million.

We generated $22.4 million from maturities of marketable securities and used $4.2 million for capital expenditures, primarily on technology infrastructure, in the nine months ended September 30, 2010. Additionally, we utilized $13.0 million for the Iconoculture acquisition in May 2010, which included an initial payment of $16.2 million and a working capital payment of $4.0 million, net of cash acquired totaling $7.2 million.

We estimate that capital expenditures to support our infrastructure will be approximately $11.0 million in 2011.

Cash flows from financing activities

Net cash flows used in financing activities were $59.1 million and $12.2 million in the nine months ended September 30, 2011 and 2010, respectively. The $46.9 million increase in cash outflows is primarily the result of the repurchase of shares of our common stock. During the third quarter of 2011, we utilized $40.3 million to repurchase 1.3 million shares of our common stock pursuant to a publicly announced plan. An additional $3.0 million of the repurchases were the result of employees using common stock received from the exercise of share-based awards to satisfy the minimum statutory federal and state withholding requirements. This is compared to $1.2 million used on the repurchase of shares in the nine months ended September 30, 2010. Additionally we increased our quarterly dividend from $0.11 per share in the first, second, and third quarters of 2010 to $0.15 per share in the first, second, and third quarters of 2011 resulting in dividends paid of $15.4 million and $11.3 million in the nine months ended September 30, 2011 and 2010, respectively. Additionally, we utilized $3.7 million for the acquisition of businesses, primarily related to payments in April 2011 of the Iconoculture contingent consideration and an amount which had been held back for indemnifiable losses under the terms of the acquisition agreement. We also recorded a $1.8 million tax benefit related to share-based compensation and received $1.6 million from the exercise of share-based awards in the nine months ended September 30, 2011.

Commitments and contingencies

We continue to evaluate potential tax exposure relating to sales and use, payroll, income and property tax laws, and regulations for various states in which we sell or support our goods and services. Accruals for potential contingencies are recorded when it is probable that a liability has been incurred, and the liability can be reasonably estimated. As additional information becomes available, changes in the estimates of the liability are reported in the period that those changes occur. We have a liability of $3.0 million at September 30, 2011 and December 31, 2010, respectively, relating to certain sales and use tax regulations for states in which we sell or support our goods and services.

Contractual obligations

There have been no material changes to the contractual obligations tables as disclosed in our 2010 Annual Report on Form 10-K. We have operating lease obligations that relate primarily to our office leases that expire on various dates through 2028. The operating lease obligations generally include scheduled rent increases.

Off-Balance Sheet Arrangements

At September 30, 2011 and December 31, 2010, we had no off-balance sheet financing or other arrangements with unconsolidated entities or financial partnerships (such as entities often referred to as structured finance or special purpose entities) established for purposes of facilitating off-balance sheet financing or other debt arrangements or for other contractually narrow or limited purposes.

Toolbox.com

We review the carrying value of goodwill and conduct impairment tests at least on an annual basis. In the third quarter of 2011, we had indicators of possible impairment relating to the continued weakness in the online advertising market. Toolbox.com has not benefited from the favorable revenue dynamics or operating platform of our membership programs. As a result, we have initiated a comprehensive review of strategic alternatives for its business operations and technology platform. Decisions that we make regarding the future direction of Toolbox.com could impact the recoverability of these assets. The carrying value of the business unit at September 30, 2011 was $5.1 million. We tested the goodwill for impairment and determined that the asset was not impaired. If the test had indicated impairment, then the value of the goodwill would have been written down to its fair value.

Forward-looking statements

This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, the results of the Company and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenues, margins, expenses, provision for income taxes, earnings, cash flows, share repurchases, acquisition synergies, foreign currency exchange rates or other financial items; any statements of the plans, strategies and objectives of management for future operations, including the execution of cost reduction programs and restructuring plans; any statements concerning expected development, performance or market share relating to products or services; any statements regarding future economic conditions or performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.

Factors that could cause actual results to differ materially from those indicated by forward-looking statements include, among others, our dependence on renewals of our membership-based services, the sale of additional programs to existing members and our ability to attract new members, our potential failure to adapt to member needs and demands, our potential inability to attract and retain a significant number of highly skilled employees, risks associated with the results of restructuring plans, fluctuations in operating results, our potential inability to protect our intellectual property, our potential exposure to loss of revenues resulting from our unconditional service guarantee, exposure to litigation related to our content, various factors that could affect our estimated income tax rate or our ability to utilize our deferred tax assets, changes in estimates, assumptions or revenue recognition policies used to prepare our consolidated financial statements, our potential inability to make, integrate and maintain acquisitions and investments, and the amount and timing of the benefits expected from acquisitions and investments, our potential inability to implement, maintain, upgrade and effectively operate our technology and information infrastructure, our potential inability to effectively manage the risks associated with our international operations, including the risk of foreign currency exchange fluctuations, our potential inability to effectively anticipate, plan for and respond to changing economic and financial markets conditions, especially in light of ongoing uncertainty in the worldwide economy and possible volatility of our stock price. In Part I, “Item 1A. Risk Factors” of the Company’s 2010 Annual Report on Form 10-K, as filed on February 28, 2011, the Company discusses in more detail various important factors that could cause actual results to differ from expected or historic results. One should understand that it is not possible to predict or identify all such factors. Consequently, the reader should not consider any such list to be a complete statement of all potential risks or uncertainties. All forward-looking statements contained in this Quarterly Report on Form 10-Q are qualified by these cautionary statements and are made only as of the date this Quarterly Report on Form 10-Q is filed. We assume no obligation and do not intend to update these forward-looking statements.


Item 3.		Quantitative and Qualitative Disclosures About Market Risk.

There has been no material change in the Company’s assessment of its sensitivity to market risk since its presentation set forth in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” in its 2010 Annual Report on Form 10-K.


Item 4.		Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In connection with the preparation of this Quarterly Report on Form 10-Q, our Chief Executive Officer and Chief Financial Officer, with the participation of management, have evaluated our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that as of September 30, 2011, our disclosure controls and procedures are effective in providing reasonable assurance that information required to be disclosed in the reports that the Company files and submits under the Exchange Act is recorded, processed, summarized, and reported when required and is accumulated and communicated to management, as appropriate, to allow timely decisions regarding required disclosure

Changes in Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION


Item 1.		Legal Proceedings.

From time to time, the Company is subject to litigation related to normal business operations. The Company vigorously defends itself in litigation. The Company is not currently a party to, and the Company’s property is not subject to, any legal proceedings likely to materially affect our financial results.


Item 1A.		Risk Factors.

In addition to the other information contained in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 2010 Annual Report on Form 10-K. There were no material changes during the quarter ended September 30, 2011 to the information included in “Item 1A. Risk Factors” in our 2010 Annual Report on Form 10-K.


Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities


					Total Number of
					Shares		Approximate $
			Average		Purchased as		Value of Shares
	Total		Price		Part of a		That May Yet Be
	Number of		Paid Per		Publicly		Purchased
	Shares Purchased		Share		Announced Plan(2)(3)		Under the Plans
July 1, 2011 to July 31, 2011 (1)		6,130	$	43.63		—	$	18,362,583	(4)
August 1, 2011 to August 31, 2011 (1)		582,711	$	31.51		582,711	$	50,000,000	(5)
September 1, 2011 to September 30, 2011(1)		685,269	$	32.02		685,028	$	28,063,156	(5)

Total		1,274,110	$	31.85		1,267,739


(1)		Includes 6,130, 0, and 241 shares of common stock surrendered by employees to the Company in July, August and September 2011, respectively, to satisfy federal and state tax withholding obligations.

(2)		Includes shares of common stock repurchased by the Company through August 24, 2011 in full satisfaction of the remaining authorization under its previously announced stock repurchase plan (the “Prior Repurchase Plan”).

(3)		On August 29, 2011, the Company announced that its board of directors approved a new $50 million stock repurchase program (the “August 2011 Repurchase Program”), which is authorized through December 31, 2012. In September 2011, the Company repurchased $21.9 million of its common stock pursuant to the August 2011 Repurchase Program.

(4)		Reflects remaining authorization under the Prior Repurchase Plan, which was fully utilized as of August 24, 2011.

(5)		Reflects remaining authorization under the August 2011 Repurchase Program.

Repurchases may be made from time to time in open market and privately negotiated transactions subject to market conditions. No minimum number of shares has been fixed. We fund our share repurchases with cash on hand and cash generated from operations.


Item 3.		Defaults Upon Senior Securities.

None.


Item 4.		(Removed and Reserved).


Item 5.		Other Information.

On November 7, 2011, The Corporate Executive Board Company (“Company”) and The Advisory Board Company agreed to extend the term of their Collaboration Agreement, dated as of February 6, 2007, through February 5, 2014. The Collaboration Agreement was filed with the Securities and Exchange Commission as Exhibit 10.26 to the Company's 10-Q for the quarterly period ended March 1, 2007.


Item 6.		Exhibits.

(a)

Exhibits:


Exhibit No.		Description

10.1*		Extension letter, dated November 7, 2011 to the Collaboration Agreement with The Advisory Board Company.

31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934, as amended

31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934, as amended

32.1*		Certifications pursuant to 18 U.S.C. Section 1350

101.INS**		XBRL Instance Document

101.SCH**		XBRL Taxonomy Extension Schema Document

101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB**		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document


*		Filed herewith

**		Furnished with the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	THE CORPORATE EXECUTIVE BOARD COMPANY (Registrant)
Date: November 8, 2011	By:	/s/ Richard S. Lindahl
		Richard S. Lindahl
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Exhibit Index


Exhibit No.		Description

10.1*		Extension letter, dated November 7, 2011 to the Collaboration Agreement with The Advisory Board Company.

31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934, as amended

31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934, as amended

32.1*		Certifications pursuant to 18 U.S.C. Section 1350

101.INS**		XBRL Instance Document

101.SCH**		XBRL Taxonomy Extension Schema Document

101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB**		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document


*		Filed herewith

**		Furnished with the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2011

EX-10.1 2 c22881exv10w1.htm EXHIBIT 10.1 Exhibit 10.1

Exhibit 10.1

November 7, 2011

Thomas L. Monahan, III
Chairman of the Board and Chief Executive Officer
The Corporate Executive Board Company
1919 North Lynn Street
Arlington, VA 22209


Re:		Collaboration Agreement, dated as of February 6, 2007, by and between The Corporate Executive Board Company and The Advisory Board Company (as previously amended, the “Collaboration Agreement”)

Dear Tom:

This letter confirms that The Corporate Executive Board Company (“CEB”) and The Advisory Board Company (“ABCO”) have agreed to extend the Initial NP Term and the Initial EC Term (as such terms are defined in the Collaboration Agreement) through February 5, 2014 as contemplated by Sections 3.3(a) and 3.4(a) of the Collaboration Agreement, respectively, effective as of the date hereof.

Please indicate your agreement with the foregoing by signing and returning one copy of this letter to my attention, which shall constitute CEB’s and ABCO’s agreement with respect to the subject matter hereof.

Very truly yours,

/s/ Robert. W. Musslewhite
Robert W. Musslewhite
Chief Executive Officer

ACCEPTED AND AGREED:
THE CORPORATE EXECUTIVE BOARD COMPANY

By: /s/ Thomas L. Monahan
Thomas L. Monahan, III
Chairman of the Board and Chief Executive Officer

EX-31.1 3 c22881exv31w1.htm EX-31.1 exv31w1

Exhibit 31.1

CERTIFICATION

I, Thomas L. Monahan III, certify that:

I have reviewed this quarterly report on Form 10-Q of The Corporate Executive Board Company;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2011


/s/ Thomas L. Monahan III Thomas L. Monahan III
Chairman of the Board of Directors and Chief Executive Officer

EX-31.2 4 c22881exv31w2.htm EX-31.2 exv31w2

Exhibit 31.2

CERTIFICATION

I, Richard S. Lindahl, certify that:

I have reviewed this quarterly report on Form 10-Q of The Corporate Executive Board Company;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2011


/s/ Richard S. Lindahl Richard S. Lindahl
Chief Financial Officer

EX-32.1 5 c22881exv32w1.htm EX-32.1 exv32w1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, in his/her capacity as an officer of The Corporate Executive Board Company (the “Company”), for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

•

The Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•

The information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Thomas L. Monahan III Thomas L. Monahan III
Chairman of the Board of Directors and
Chief Executive Officer
November 8, 2011

/s/ Richard S. Lindahl
Richard S. Lindahl
Chief Financial Officer
November 8, 2011

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<div align="left" style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">   <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 1. Nature of business and basis of presentation</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Corporate Executive Board Company (the “Company”) provides essential information by analyzing and disseminating the most successful practices from its global network of members. The Company drives corporate performance through a network of executives and business professionals by providing actionable insights, analytical tools, and advisory support to quickly and confidently focus efforts on what executives and their teams need to know, and do, next. The Company provides its members with the authoritative and timely decision support they need to elevate company performance and excel in their careers. For an annual fee, members of each program have access to an integrated set of products and services, including best practices studies, executive education, customized analysis, proprietary databases and decision support tools. The Company also generates advertising and content related revenues through its wholly-owned subsidiary, Toolbox.com, LLC. (“Toolbox.com”). </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete consolidated financial statements are not included. It is recommended that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and related notes in the Company’s 2010 Annual Report on Form 10-K. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In management’s opinion, all adjustments, consisting of a normal recurring nature, considered necessary for a fair presentation of the condensed consolidated financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The condensed consolidated balance sheet presented at December 31, 2010 has been derived from the financial statements that were audited by the Company’s independent registered public accounting firm. The results of operations for the three and nine months ended September 30, 2011 may not be indicative of the results that may be expected for the year ended December 31, 2011 or any other period within 2011. </div> </div>

<div align="left" style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 2. Summary of significant accounting policies</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Except to the extent updated or described below, a detailed description of the Company’s significant accounting policies is included in the Company’s 2010 Annual Report on Form 10-K filed with the SEC on February 28, 2011. The following notes should be read in conjunction with such policies and other disclosures contained therein. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Revenue Recognition</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company generates the majority of its revenues from three primary service offerings: executive memberships, performance analytics, and leadership academies. Executive memberships generally contain multiple deliverables, which are determined based upon the availability and delivery method of the services and may include: on-line best practices research and insights, peer benchmarks, decision and diagnostics tools, advisory support, and live and on-line learning events. Performance analytics deliver data and analytical insight to drive improved performance of executives and their teams and are accounted for as service revenues. Leadership academies generally contain multiple deliverables and provide access to training and development services that may include diagnostic reports, learning portal access, classroom-based development sessions, webinars, and virtual office hours with faculty. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, “Multiple Deliverable Revenue Arrangements” (“ASU 2009-13”) that is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. This guidance eliminates the residual method under previous guidance and replaces it with the “relative selling price” method when allocating revenue in a multiple deliverable arrangement. The Company adopted ASU 2009-13 prospectively on January 1, 2011. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">When service offerings include multiple deliverables that qualify as separate units of accounting, the Company allocates arrangement consideration at the inception of the contract period to all deliverables based on the relative selling price method in accordance with the selling price hierarchy, which includes vendor specific objective evidence (“VSOE”) if available; third-party evidence (“TPE”) if VSOE is not available; or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="8%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">VSOE. The Company determines VSOE based on established pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Company limits its assessment of VSOE for each element to either the price charged when the same element is sold separately, or the price established by management having the relevant authority to do so for an element not yet sold separately. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="8%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Company applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar services when sold separately. Generally, the Company’s services contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitors’ selling prices are for similar services on a stand-alone basis. As a result, the Company has not been able to establish selling price based on TPE. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="8%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">BESP. When unable to establish a selling price using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charges for similar offerings, market conditions, competitive landscape and pricing practices. </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed and determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectability is reasonably assured. Certain fees are billed on an installment basis. Customers generally may request a refund of their fees, which is provided from the date of the refund request on a pro-rata basis relative to the length of the remaining term, under the Company’s service guarantee. </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Executive memberships. In general, the majority of the deliverables within the Company’s memberships are consistently available throughout the membership period. Revenues are generally recognized ratably over the term of the related agreement, which is typically 12 months. Membership fees are billable, and revenue recognition begins, when a member agrees to the terms of the membership and the fees receivable and the related deferred revenue are recorded upon the commencement of the agreement or collection of fees, if earlier. In some instances, a membership may include a service that is available only once, or on a limited basis, during the membership period. These services are separated from the remainder of the membership and arrangement consideration is allocated based on VSOE, if available, or BESP. The consideration allocated to services available only once or on a limited basis is recognized as revenue upon the earlier of the delivery of the service or the completion of the contract period, provided that all other criteria for recognition have been met. The arrangement consideration allocated to the remainder of the membership services continues to be recognized ratably. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Performance analytics. Revenues are generally recognized ratably from the date services begin, which is primarily after the design of the service outputs, through the completion of the services. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Leadership academies. Revenues are generally recognized as services are completed. The service offering generally includes one or more class-room based training or presentation events. If more than one delivery date is evident, arrangement consideration is allocated on a pro-rata basis and revenue is recognized on the delivery date of each event. </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Agreements entered into between January 1, 2011 and September 30, 2011, and impacted by ASU 2009-13 have resulted in lower results of operations for the three and nine months ended September 30, 2011 than would have been reported under the previous guidance. Revenues and income from operations were lower by $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively. Net income was lower by $1.6 million and $3.7 million for the three and nine months ended September 30, 2011, respectively. Basic and diluted earnings per share were lower by $0.05 and $0.11 for the three and nine months ended September 30, 2011, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">To lessen the impact of ASU 2009-13, the Company completed modifications to certain memberships to remove or alter services that were available only once, or on a limited basis, during the membership period. These modifications were completed on or about March 31, 2011. The modifications will allow the Company to recognize revenue for executive memberships ratably over the term of the related agreement for sales on or after April 1, 2011. For memberships that have not been modified, the Company has and will continue to allocate arrangement consideration to all services. For services that are available only once, or on a limited basis, revenues are recognized upon the earlier of the delivery of the service or the completion of the membership period. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Advertising and content related revenues from Toolbox.com are recognized as the services are provided. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 3. Recent accounting pronouncements</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Recently adopted</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In January 2010, the FASB issued ASU 2010-06, “Improving Disclosures about Fair Value Measurements” to require additional disclosures about purchases, sales, issuances, and settlements in the rollforward of Level 3 fair value measurements. The adoption of this new accounting guidance in the first quarter of 2011 did not have a material impact on the consolidated financial statements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company adopted ASU 2009-13 on January 1, 2011 as discussed above. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Not yet adopted</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework on how (not when) to measure fair value and what disclosures to provide about fair value measurements. While the ASU is largely consistent with existing fair value measurement principles in U.S. GAAP, it modifies Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) to expand existing disclosure requirements for fair value measurements and makes other amendments. This ASU is effective for interim and annual periods beginning after December 15, 2011. The Company is in the process of assessing this new guidance but the adoption of this ASU is not expected to have a material impact on the consolidated financial statements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” This ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC Topic 220, “Comprehensive Income” and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In September 2011, the FASB issued ASU 2011-08 “Testing Goodwill for Impairment.” This ASU allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. This ASU is effective for goodwill impairment tests performed in interim and annual periods for fiscal years beginning after December 15, 2011. The Company does not expect this guidance will have a material impact on its financial statements. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 4. Acquisitions</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On September 30, 2011 the Company completed the acquisition of Baumgartner & Partner GmbH (“Baumgartner”), a German services firm that provides human resources and finance data and benchmarking services, as well as human resources advisory services. The Company acquired 100% of the equity interests for an initial cash payment of $6.0 million less cash acquired of $1.0 million. The Company allocated $4.1 million to intangible assets with a weighted average amortization period of 5 years and $3.2 million to goodwill. The Company also will be required to pay an additional $1.5 million less any amounts that the Company is entitled to retain to reimburse it for any losses that are subject to indemnification by the sellers, at various times prior to September 30, 2013. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In May 2010, the Company completed the acquisition of Iconoculture, Inc., a Minnesota corporation (now doing business as Iconoculture LLC, or “Iconoculture”). Iconoculture provides comprehensive consumer insights and effective strategic marketing advisory services and project support to an established customer base. The Company acquired 100% of the equity interests of Iconoculture for an initial cash payment of $16.2 million, less cash acquired totaling $7.2 million, plus a working capital adjustment of $4.0 million paid in July 2010. The Company also paid $1.5 million on April 1, 2011, which had been held back by the Company for any indemnifiable losses under the terms of the acquisition agreement. In addition, the Company paid $2.5 million on April 1, 2011 as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010. The acquisition date fair value of the total consideration was $24.2 million and was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values. The Company allocated $9.2 million to intangible assets with a weighted average amortization period of 4.5 years and $11.0 million to goodwill. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 5. Impairment of goodwill and intangible assets</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In the three months ended September 30, 2010, the Company concluded there were impairment indicators relating to the 2007 acquisition of Toolbox.com based on a combination of factors (including the then current economic environment and the near term outlook for advertising related revenue). The Company completed an impairment test at August 31, 2010 and concluded that goodwill and intangible asset amounts were impaired. The total pre-tax impairment loss recognized in the three months ended September 30, 2010 was $12.6 million ($9.5 million related to goodwill and $3.1 million related to intangible assets). This non-cash charge did not impact the Company’s liquidity position or cash flows. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company utilized the income approach (discounted cash flow method) and the market approach (guideline company method) in the determination of the fair value. Significant assumptions used included: expected revenue growth rates, reporting unit profit margins, and working capital levels; a discount rate of 19%; and a terminal value based upon long-term growth assumptions. The expected future revenue growth rates and profit margins were determined after taking into consideration historical revenue growth rates and profit margins, the Company’s assessment of future market potential, and the Company’s expectations of future business performance. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 6. Fair value measurements</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Measurements</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. There is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Level 1 — Quoted prices in active markets for identical assets or liabilities. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="28%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Financial assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents </div></td> <td> </td> <td align="left">$</td> <td align="right">96,922</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">102,498</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Debt securities issued by the District of Columbia </div></td> <td> </td> <td> </td> <td align="right">10,628</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">20,964</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Variable insurance products held in a Rabbi Trust </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">13,234</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">14,905</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forward currency exchange contracts </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">9</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">232</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Financial liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forward currency exchange contracts </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">455</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Contingent consideration — Iconoculture </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,900</td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of variable insurance products held in a Rabbi Trust is based on actuarial estimates derived from various observable market inputs. The fair value of foreign currency exchange contracts are based on bank quotations for similar instruments using models with market-based inputs. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value estimate of the Iconoculture contingent consideration was $1.9 million at December 31, 2010. In March 2011, the Company increased its estimate of contingent consideration to $2.5 million. On April 1, 2011, the Company paid $2.5 million as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Certain assets (i.e., goodwill, intangible assets) and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is impairment). No fair value adjustments were made in the three and nine months ended September 30, 2011 and 2010, respectively. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Marketable securities</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The aggregate fair value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Fair</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gains</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Losses</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Washington D.C. tax exempt bonds </div></td> <td> </td> <td align="left">$</td> <td align="right">10,628</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,254</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">374</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Fair</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gains</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Losses</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Washington D.C. tax exempt bonds </div></td> <td> </td> <td align="left">$</td> <td align="right">20,964</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">20,265</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">699</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The following table summarizes maturities of marketable securities (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Fair</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less than one year </div></td> <td> </td> <td align="left">$</td> <td align="right">3,314</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,233</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Matures in 1 to 5 years </div></td> <td> </td> <td> </td> <td align="right">7,314</td> <td> </td> <td> </td> <td> </td> <td align="right">7,021</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Marketable securities </div></td> <td> </td> <td align="left">$</td> <td align="right">10,628</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,254</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 7. Other liabilities</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Other liabilities consist of the following (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred compensation </div></td> <td> </td> <td align="left">$</td> <td align="right">10,231</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11,215</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Lease incentives </div></td> <td> </td> <td> </td> <td align="right">30,533</td> <td> </td> <td> </td> <td> </td> <td align="right">31,619</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred rent benefit </div></td> <td> </td> <td> </td> <td align="right">25,525</td> <td> </td> <td> </td> <td> </td> <td align="right">23,079</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">16,924</td> <td> </td> <td> </td> <td> </td> <td align="right">16,383</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total other liabilities </div></td> <td> </td> <td align="left">$</td> <td align="right">83,213</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">82,296</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 8. Stockholders’ equity and share-based compensation</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Share Repurchases</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In August 2011, the Company’s Board of Directors authorized a share repurchase of up to an additional $50 million of the Company’s common stock.  Repurchases will be made from time to time in open market and privately negotiated transactions subject to market conditions. No minimum number of shares has been fixed. The Company has funded, and expects to continue to fund, its share repurchases with cash on hand and cash generated from operations. For the nine months ended September 30, 2011, the Company repurchased approximately 1.3 million shares at a total cost of approximately $43.3 million. The remaining share repurchase authorization was $28.1 million at September 30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Share-based compensation</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company granted 293,470 and 396,310 restricted stock units at a weighted-average fair value of $38.85 and $25.63 in the nine months ended September 30, 2011 and 2010, respectively. Share-based compensation expense is recognized on a straight line basis, net of an estimated forfeiture rate, for those shares expected to vest over the requisite service period of the award, which is generally the vesting term of four years. Approximately 12,000 and 228,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2011, respectively. Approximately 16,000 and 244,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2010, respectively. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recognized total share-based compensation costs of $2.0 million and $2.1 million in the three months ended September 30, 2011 and 2010 and $6.1 million and $5.3 million in the nine months ended September 30, 2011 and 2010, respectively. At September 30, 2011, there was $19.1 million of total unrecognized share-based compensation cost. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Dividends</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In August 2011, the Board of Directors declared a cash dividend of $0.15 per share for the third quarter of 2011 for stockholders of record on September 15, 2011. The dividend, totaling $5.0 million, was paid on September 30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On November 4, 2011, the Board of Directors declared a fourth quarter cash dividend of $0.15 per share. The dividend is payable on December 30, 2011 to stockholders of record at the close of business on December 15, 2011. The Company funds its dividend payments with cash on hand and cash generated from operations. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 9. Derivative instruments and hedging activities</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company’s international operations are subject to risks related to currency exchange fluctuations. Prices for the Company’s products and services are denominated primarily in United States dollars (“USD”), including products and services sold to members that are located outside the United States. Many of the costs associated with the Company’s operations located outside the United States are denominated in local currencies. As a consequence, increases in local currencies against the USD in countries where the Company has foreign operations would result in higher effective operating costs and reduced earnings. The Company uses forward contracts, designated as cash flow hedging instruments, to protect against foreign currency exchange rate risks inherent with its cost reimbursement agreements with its United Kingdom subsidiary. A forward contract obligates the Company to exchange a predetermined amount of USD to make equivalent British pound sterling (“GBP”) payments equal to the value of such exchanges. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company formally documents all relationships between hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 12 months. The forward contracts are recognized on the consolidated balance sheets at fair value and changes in fair value measurements are reflected as adjustments to other comprehensive income (“OCI”) until such time as the actual foreign currency expenditures are made and the unrealized gain/loss is reclassified from accumulated OCI to current earnings. There is generally no or an immaterial amount of ineffectiveness. The notional amount of outstanding forward contracts was $21.0 million at September 30, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of derivative instruments, which are designated as hedging instruments, on the Company’s condensed consolidated balance sheets are as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Balance Sheet Location</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Asset Derivatives</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Prepaid expenses and other current assets </div></td> <td> </td> <td align="left">$</td> <td align="right">9</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">232</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liability Derivatives</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities </div></td> <td> </td> <td align="left">$</td> <td align="right">455</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The pre-tax effect of the derivative instruments on the Company’s consolidated statements of income is as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Amount of Gain (Loss) Recognized in <br /> OCI on Derivative (Effective portion)</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left"><b> </b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months Ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Derivatives in Cash Flow Hedging Relationships</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forward currency contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(331</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">557</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">187</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">195</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left"><b>Location of Gain (Loss) Reclassified from</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Amount of Gain (Loss) Reclassified from Accumulated <br /> OCI into Income (Effective portion)</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left"><b>Accumulated OCI into Income (Effective</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months Ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>portion)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of services </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(34</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">95</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">278</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(51</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Member relations and marketing </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(28</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">186</td> <td> </td> <td> </td> <td> </td> <td align="right">237</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(101</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">General and administrative </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">45</td> <td> </td> <td> </td> <td> </td> <td align="right">113</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(25</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(76</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">326</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">628</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(177</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 10. Revolving credit facility</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On March 16, 2011, the Company, together with certain of its subsidiaries acting as guarantors, entered into a $100 million five-year senior unsecured, revolving credit facility (the “Credit Facility”) with certain lenders, including Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. The Credit Facility contains letter of credit and swing line loan sub-facilities and has a maturity date of March 16, 2016. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Credit Facility is available for working capital and general corporate purposes. Under the terms of the Credit Facility, the Company has the right, from time to time, to increase the aggregate revolving commitments from $100 million up to a maximum $150 million upon at least five business days prior written notice to the Administrative Agent, subject to certain limitations set forth in the Credit Facility, including the absence of a default under the Credit Facility. The Company has issued letters of credit under the Credit Facility in an aggregate amount of $7.2 million at September 30, 2011 and has otherwise not borrowed under the Credit Facility. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Borrowings under the Credit Facility bear interest at rates based on the ratio of the Company’s consolidated indebtedness to consolidated EBITDA (earnings before interest income, net, depreciation and amortization, and provision for income taxes.) for applicable periods specified in the Credit Facility (the “Consolidated Leverage Ratio”). Such rates are tied to the highest of the federal funds rate, Bank of America’s prime rate and LIBOR, or to LIBOR, depending on the type of loan. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company must pay the Administrative Agent a quarterly commitment fee based upon the amount by which the aggregate revolving commitments exceed the outstanding loans and obligations of the Company under the Credit Facility. Additionally, the Company must pay the lenders certain letter of credit fees based upon the daily amount available to be drawn under such letters of credit. The commitment fee and letter of credit fees vary based on the Consolidated Leverage Ratio. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Credit Facility also contains customary financial and other covenants, including limitations on the ability of the Company and its subsidiaries to incur debt or liens or make certain investments and restricted payments, a requirement to maintain certain leverage and interest coverage ratios, and certain restrictions on the sale of assets and capital expenditures. A violation of these covenants could result in the Company being prohibited from making certain restricted payments, including dividends, or cause a default under the Credit Facility, which would permit the participating lenders to restrict the Company’s ability to access the Credit Facility and require the immediate repayment of any outstanding advances made under it. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 11. Income taxes</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company computes its provision for income taxes by applying the estimated annual effective tax rate to income from operations and adjusts the provision for discrete tax items recorded in the period. The effective tax rate was 36.7% and 40.0% in the three and nine months ended September 30, 2011, respectively. The effective tax rate for the three months ended September 30, 2011 includes the effect of a discrete event related to the release of a tax contingency reserve to reflect the lapse of a statute of limitations which resulted in a decrease to the effective tax rate. The Company currently anticipates a full-year expected annualized tax rate of approximately 40%, excluding the effects of unrealized currency translation gains and losses. The effective tax rate was 39.0% and 41.0% in the three and nine months ended September 30, 2010, respectively. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company made income tax payments of $7.2 million and $9.1 million in the three months ended September 30, 2011 and 2010 and $27.8 million and $27.3 million in the nine months ended September 30, 2011 and 2010, respectively. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 12. Earnings per share</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%">A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three months ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic weighted average common shares outstanding </div></td> <td> </td> <td> </td> <td align="right">34,134</td> <td> </td> <td> </td> <td> </td> <td align="right">34,292</td> <td> </td> <td> </td> <td> </td> <td align="right">34,299</td> <td> </td> <td> </td> <td> </td> <td align="right">34,211</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Dilutive effect of common shares outstanding </div></td> <td> </td> <td> </td> <td align="right">247</td> <td> </td> <td> </td> <td> </td> <td align="right">240</td> <td> </td> <td> </td> <td> </td> <td align="right">349</td> <td> </td> <td> </td> <td> </td> <td align="right">277</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted weighted average common shares outstanding </div></td> <td> </td> <td> </td> <td align="right">34,381</td> <td> </td> <td> </td> <td> </td> <td align="right">34,532</td> <td> </td> <td> </td> <td> </td> <td align="right">34,648</td> <td> </td> <td> </td> <td> </td> <td align="right">34,488</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Approximately 1.8 million and 2.4 million shares in the three months ended September 30, 2011 and 2010, respectively, and approximately 1.9 million and 2.5 million shares in the nine months ended September 30, 2011 and 2010, respectively, have been excluded from the dilutive effect shown above because their impact would be anti-dilutive. These shares related to share-based compensation awards. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 13. Comprehensive income</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Total comprehensive income is as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three months ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income </div></td> <td> </td> <td align="left">$</td> <td align="right">14,006</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,989</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">35,704</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">29,602</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Change in unrealized gains of marketable securities, net of tax </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(47</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(71</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(195</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(317</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Unrealized (losses) gains on forward contracts, net of tax </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(153</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">122</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(263</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">216</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Change in cumulative translation adjustment </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(242</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(136</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(234</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">580</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total comprehensive income </div></td> <td> </td> <td align="left">$</td> <td align="right">13,564</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,904</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">35,012</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">30,081</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Accumulated elements of other comprehensive income at September 30, 2011 consist primarily of a $1.0 million cumulative foreign currency translation gain. Accumulated elements of other comprehensive income at December 31, 2010 consists of a $0.4 million unrealized gain, net of tax, on marketable securities; a $0.1 million unrealized gain, net of tax, on forward currency exchange contracts; and a $1.2 million cumulative foreign currency translation gain. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 14. Commitments and contingencies</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Operating leases</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company leases office facilities that expire on various dates through 2028. Generally, the leases carry renewal provisions and rental escalations and require the Company to pay executory costs such as taxes and insurance. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Future minimum rental payments under non-cancelable operating leases and future minimum receipts under subleases, excluding executory costs, are as follows at September 30, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="23%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011*</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2012</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2013</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2014</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2015</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Thereafter</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">584,715</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9,012</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,579</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,801</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,532</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,839</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">428,952</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Sublease receipts </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(272,889</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,079</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(13,997</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,306</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(13,383</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,954</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(213,170</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total net lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">311,826</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,933</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">22,582</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">22,495</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">23,149</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">21,885</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">215,782</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">*</td> <td> </td> <td> <div style="text-align: justify">For the three months ended December 31, 2011. </div></td> </tr> </table> <p align="center" style="font-size: 10pt">    </p> </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in"> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Contingencies</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">From time to time, the Company is subject to litigation related to normal business operations. The Company vigorously defends itself in litigation and is not currently a party to, and the Company’s property is not subject to, any legal proceedings likely to materially affect the Company’s financial results. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company continues to evaluate potential tax exposures relating to sales and use, payroll, income and property tax laws, and regulations for various states in which the Company sells or supports its goods and services. Accruals for potential contingencies are recorded by the Company when it is probable that a liability has been incurred and the liability can be reasonably estimated. As additional information becomes available, changes in the estimates of the liability are reported in the period that those changes occur. The Company has a $3.0 million liability at September 30, 2011 and December 31, 2010, respectively, relating to certain sales and use tax regulations for states in which the Company sells or supports its goods and services. </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Revenue Recognition</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company generates the majority of its revenues from three primary service offerings: executive memberships, performance analytics, and leadership academies. Executive memberships generally contain multiple deliverables, which are determined based upon the availability and delivery method of the services and may include: on-line best practices research and insights, peer benchmarks, decision and diagnostics tools, advisory support, and live and on-line learning events. Performance analytics deliver data and analytical insight to drive improved performance of executives and their teams and are accounted for as service revenues. Leadership academies generally contain multiple deliverables and provide access to training and development services that may include diagnostic reports, learning portal access, classroom-based development sessions, webinars, and virtual office hours with faculty. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, “Multiple Deliverable Revenue Arrangements” (“ASU 2009-13”) that is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. This guidance eliminates the residual method under previous guidance and replaces it with the “relative selling price” method when allocating revenue in a multiple deliverable arrangement. The Company adopted ASU 2009-13 prospectively on January 1, 2011. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">When service offerings include multiple deliverables that qualify as separate units of accounting, the Company allocates arrangement consideration at the inception of the contract period to all deliverables based on the relative selling price method in accordance with the selling price hierarchy, which includes vendor specific objective evidence (“VSOE”) if available; third-party evidence (“TPE”) if VSOE is not available; or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="8%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">VSOE. The Company determines VSOE based on established pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Company limits its assessment of VSOE for each element to either the price charged when the same element is sold separately, or the price established by management having the relevant authority to do so for an element not yet sold separately. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="8%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Company applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar services when sold separately. Generally, the Company’s services contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitors’ selling prices are for similar services on a stand-alone basis. As a result, the Company has not been able to establish selling price based on TPE. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="8%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">BESP. When unable to establish a selling price using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charges for similar offerings, market conditions, competitive landscape and pricing practices. </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed and determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectability is reasonably assured. Certain fees are billed on an installment basis. Customers generally may request a refund of their fees, which is provided from the date of the refund request on a pro-rata basis relative to the length of the remaining term, under the Company’s service guarantee. </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Executive memberships. In general, the majority of the deliverables within the Company’s memberships are consistently available throughout the membership period. Revenues are generally recognized ratably over the term of the related agreement, which is typically 12 months. Membership fees are billable, and revenue recognition begins, when a member agrees to the terms of the membership and the fees receivable and the related deferred revenue are recorded upon the commencement of the agreement or collection of fees, if earlier. In some instances, a membership may include a service that is available only once, or on a limited basis, during the membership period. These services are separated from the remainder of the membership and arrangement consideration is allocated based on VSOE, if available, or BESP. The consideration allocated to services available only once or on a limited basis is recognized as revenue upon the earlier of the delivery of the service or the completion of the contract period, provided that all other criteria for recognition have been met. The arrangement consideration allocated to the remainder of the membership services continues to be recognized ratably. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Performance analytics. Revenues are generally recognized ratably from the date services begin, which is primarily after the design of the service outputs, through the completion of the services. </div></td> </tr> </table> </div> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="4%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td> <div style="text-align: justify">Leadership academies. Revenues are generally recognized as services are completed. The service offering generally includes one or more class-room based training or presentation events. If more than one delivery date is evident, arrangement consideration is allocated on a pro-rata basis and revenue is recognized on the delivery date of each event. </div></td> </tr> </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Agreements entered into between January 1, 2011 and September 30, 2011, and impacted by ASU 2009-13 have resulted in lower results of operations for the three and nine months ended September 30, 2011 than would have been reported under the previous guidance. Revenues and income from operations were lower by $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively. Net income was lower by $1.6 million and $3.7 million for the three and nine months ended September 30, 2011, respectively. Basic and diluted earnings per share were lower by $0.05 and $0.11 for the three and nine months ended September 30, 2011, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">To lessen the impact of ASU 2009-13, the Company completed modifications to certain memberships to remove or alter services that were available only once, or on a limited basis, during the membership period. These modifications were completed on or about March 31, 2011. The modifications will allow the Company to recognize revenue for executive memberships ratably over the term of the related agreement for sales on or after April 1, 2011. For memberships that have not been modified, the Company has and will continue to allocate arrangement consideration to all services. For services that are available only once, or on a limited basis, revenues are recognized upon the earlier of the delivery of the service or the completion of the membership period. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Advertising and content related revenues from Toolbox.com are recognized as the services are provided. </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="28%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="7%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Financial assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents </div></td> <td> </td> <td align="left">$</td> <td align="right">96,922</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">102,498</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Debt securities issued by the District of Columbia </div></td> <td> </td> <td> </td> <td align="right">10,628</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">20,964</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Variable insurance products held in a Rabbi Trust </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">13,234</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">14,905</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forward currency exchange contracts </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">9</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">232</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Financial liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forward currency exchange contracts </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">455</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Contingent consideration — Iconoculture </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,900</td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Fair</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gains</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Losses</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Washington D.C. tax exempt bonds </div></td> <td> </td> <td align="left">$</td> <td align="right">10,628</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,254</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">374</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Fair</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unrealized</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gains</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Losses</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Washington D.C. tax exempt bonds </div></td> <td> </td> <td align="left">$</td> <td align="right">20,964</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">20,265</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">699</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Fair</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortized</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less than one year </div></td> <td> </td> <td align="left">$</td> <td align="right">3,314</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,233</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Matures in 1 to 5 years </div></td> <td> </td> <td> </td> <td align="right">7,314</td> <td> </td> <td> </td> <td> </td> <td align="right">7,021</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Marketable securities </div></td> <td> </td> <td align="left">$</td> <td align="right">10,628</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,254</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred compensation </div></td> <td> </td> <td align="left">$</td> <td align="right">10,231</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11,215</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Lease incentives </div></td> <td> </td> <td> </td> <td align="right">30,533</td> <td> </td> <td> </td> <td> </td> <td align="right">31,619</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred rent benefit </div></td> <td> </td> <td> </td> <td align="right">25,525</td> <td> </td> <td> </td> <td> </td> <td align="right">23,079</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">16,924</td> <td> </td> <td> </td> <td> </td> <td align="right">16,383</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total other liabilities </div></td> <td> </td> <td align="left">$</td> <td align="right">83,213</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">82,296</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Balance Sheet Location</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>September 30, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Asset Derivatives</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Prepaid expenses and other current assets </div></td> <td> </td> <td align="left">$</td> <td align="right">9</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">232</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liability Derivatives</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities </div></td> <td> </td> <td align="left">$</td> <td align="right">455</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Amount of Gain (Loss) Recognized in <br /> OCI on Derivative (Effective portion)</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left"><b> </b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months Ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Derivatives in Cash Flow Hedging Relationships</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forward currency contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(331</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">557</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">187</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">195</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>   <div align="right" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left"><b>Location of Gain (Loss) Reclassified from</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Amount of Gain (Loss) Reclassified from Accumulated <br /> OCI into Income (Effective portion)</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left"><b>Accumulated OCI into Income (Effective</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months Ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>portion)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of services </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(34</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">95</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">278</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(51</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Member relations and marketing </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(28</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">186</td> <td> </td> <td> </td> <td> </td> <td align="right">237</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(101</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">General and administrative </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">45</td> <td> </td> <td> </td> <td> </td> <td align="right">113</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(25</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(76</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">326</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">628</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(177</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three months ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic weighted average common shares outstanding </div></td> <td> </td> <td> </td> <td align="right">34,134</td> <td> </td> <td> </td> <td> </td> <td align="right">34,292</td> <td> </td> <td> </td> <td> </td> <td align="right">34,299</td> <td> </td> <td> </td> <td> </td> <td align="right">34,211</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Dilutive effect of common shares outstanding </div></td> <td> </td> <td> </td> <td align="right">247</td> <td> </td> <td> </td> <td> </td> <td align="right">240</td> <td> </td> <td> </td> <td> </td> <td align="right">349</td> <td> </td> <td> </td> <td> </td> <td align="right">277</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted weighted average common shares outstanding </div></td> <td> </td> <td> </td> <td align="right">34,381</td> <td> </td> <td> </td> <td> </td> <td align="right">34,532</td> <td> </td> <td> </td> <td> </td> <td align="right">34,648</td> <td> </td> <td> </td> <td> </td> <td align="right">34,488</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three months ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine months ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income </div></td> <td> </td> <td align="left">$</td> <td align="right">14,006</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,989</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">35,704</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">29,602</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Change in unrealized gains of marketable securities, net of tax </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(47</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(71</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(195</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(317</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Unrealized (losses) gains on forward contracts, net of tax </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(153</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">122</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(263</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">216</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Change in cumulative translation adjustment </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(242</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(136</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(234</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">580</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total comprehensive income </div></td> <td> </td> <td align="left">$</td> <td align="right">13,564</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,904</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">35,012</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">30,081</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="justify" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="23%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="6%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011*</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2012</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2013</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2014</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>YE 2015</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Thereafter</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">584,715</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9,012</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,579</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,801</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,532</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">36,839</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">428,952</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Sublease receipts </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(272,889</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,079</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(13,997</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,306</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(13,383</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,954</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(213,170</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total net lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">311,826</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,933</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">22,582</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">22,495</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">23,149</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">21,885</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">215,782</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">*</td> <td> </td> <td> <div style="text-align: justify">For the three months ended December 31, 2011. </div></td> </tr> </table> </div> </div> false --12-31 Q3 2011 2011-09-30 10-Q 0001066104 33294413 Yes Large Accelerated Filer 900233048 CORPORATE EXECUTIVE BOARD CO No Yes 3655000 2500000 2500000 4000000 0 0 1900000 0 0 0 0.19 0.400 12645000 12645000 1655000 -520000 150000000 88157000 32222000 108196000 36608000 100000000 0.11 0.05 6100000 2500000 5933000 21885000 23149000 22495000 22582000 311826000 215782000 16383000 16924000 150000 10388000 16135000 244000 16000 228000 12000 0 14905000 0 0 13234000 0

52439000

35661000

141322000

92039000

400000

100000

1200000

1000000

1714000

1021000

4.5

409558000

416326000

2500000

2400000

1900000

1800000

510149000

450369000

298759000

241090000

20265000

10254000

7021000

7314000

10254000

3233000

3314000

20964000

10628000

10114000

3314000

10850000

7314000

699000

374000

1900000

1500000

9200000

4100000

24200000

11000000

3200000

7200000

1000000

31760000

71924000

102498000

96922000

102498000

96922000

40164000

-5576000

232000

9000

113000

455000

0.33

0.11

0.45

0.15

0.01

100000000

43533802

43848582

34322055

33294413

435000

438000

30081000

6904000

35012000

13564000

112866000

40071000

126199000

41892000

273573000

103789000

296671000

98180000

11215000

10231000

15710000

15086000

-6039000

4027000

23079000

25525000

251200000

235097000

18727000

17594000

43524000

39222000

679000

1833000

15291000

4517000

12820000

3974000

232000

9000

113000

455000

-177000

-51000

-101000

-25000

326000

95000

186000

45000

628000

278000

237000

113000

-76000

-34000

-28000

-14000

195000

557000

187000

-331000

0.87

0.20

1.04

0.41

0.86

0.20

1.03

0.41

0.410

0.390

0.400

0.367

-775000

40719000

28693000

19100000

1821000

70000

44614000

14334000

49456000

15706000

29266000

32275000

12600000

9500000

3100000

31619000

30533000

50170000

11449000

59537000

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2011	Dec. 31, 2010
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	43,848,582	43,533,802
Common stock, shares outstanding	33,294,413	34,322,055
Treasury stock, at cost, shares	10,554,169	9,211,747

XML 13 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Condensed Consolidated Statements of Income [Abstract]
Revenues	$ 122,852	$ 112,113	$ 356,925	$ 321,865
Costs and expenses:
Cost of services	41,892	40,071	126,199	112,866
Member relations and marketing	36,608	32,222	108,196	88,157
General and administrative	15,706	14,334	49,456	44,614
Depreciation and amortization	3,974	4,517	12,820	15,291
Impairment loss		12,645		12,645
Total costs and expenses	98,180	103,789	296,671	273,573
Income from operations	24,672	8,324	60,254	48,292
Other (expense) income, net	(2,545)	3,125	(717)	1,878
Income before provision for income taxes	22,127	11,449	59,537	50,170
Provision for income taxes	8,121	4,460	23,833	20,568
Net income	$ 14,006	$ 6,989	$ 35,704	$ 29,602
Earnings per share:
Basic	$ 0.41	$ 0.20	$ 1.04	$ 0.87
Diluted	$ 0.41	$ 0.20	$ 1.03	$ 0.86
Dividends per share	$ 0.15	$ 0.11	$ 0.45	$ 0.33
Weighted average shares outstanding:
Basic	34,134	34,292	34,299	34,211
Diluted	34,381	34,532	34,648	34,488

XML 14 R23.htm IDEA: XBRL DOCUMENT

Derivative instruments and hedging activities (Tables)

9 Months Ended

Sep. 30, 2011

Derivative Instruments and Hedging Activities [Abstract]

Fair values of all derivative instruments, which are designated as hedging instruments


Balance Sheet Location	September 30, 2011		December 31, 2010

Asset Derivatives
Prepaid expenses and other current assets	$	9	$	232

Liability Derivatives
Accounts payable and accrued liabilities	$	455	$	113

Pre-tax effect of derivative instruments


	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective portion)
	Three Months Ended September 30,					Nine months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2011			2010		2011		2010
Forward currency contracts	$	(331	)	$	557	$	187	$	195

Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net


Location of Gain (Loss) Reclassified from	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective portion)
Accumulated OCI into Income (Effective	Three Months Ended September 30,					Nine months Ended September 30,
portion)	2011			2010		2011		2010
Cost of services	$	(34	)	$	95	$	278	$	(51	)
Member relations and marketing		(28	)		186		237		(101	)
General and administrative		(14	)		45		113		(25	)

	$	(76	)	$	326	$	628	$	(177	)

XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	9 Months Ended
Document and Entity Information (USD $)	Sep. 30, 2011	Nov. 04, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	CORPORATE EXECUTIVE BOARD CO
Entity Central Index Key	0001066104
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 900,233,048
Entity Common Stock, Shares Outstanding		33,294,413

XML 16 R26.htm IDEA: XBRL DOCUMENT

Commitments and contingencies (Tables)

9 Months Ended

Sep. 30, 2011

Commitments and Contingencies [Abstract]

Future minimum rental payments under non-cancelable operating leases and future minimum receipts under subleases


	Total			2011*			YE 2012			YE 2013			YE 2014			YE 2015			Thereafter
Operating lease obligations	$	584,715		$	9,012		$	36,579		$	36,801		$	36,532		$	36,839		$	428,952
Sublease receipts		(272,889	)		(3,079	)		(13,997	)		(14,306	)		(13,383	)		(14,954	)		(213,170	)

Total net lease obligations	$	311,826		$	5,933		$	22,582		$	22,495		$	23,149		$	21,885		$	215,782


*		For the three months ended December 31, 2011.

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Other liabilities

9 Months Ended

Sep. 30, 2011

Other Liabilities [Abstract]

Other Liabilities

Note 7. Other liabilities

Other liabilities consist of the following (in thousands):


	September 30,		December 31,
	2011		2010
Deferred compensation	$	10,231	$	11,215
Lease incentives		30,533		31,619
Deferred rent benefit		25,525		23,079
Other		16,924		16,383

Total other liabilities	$	83,213	$	82,296

XML 19 R27.htm IDEA: XBRL DOCUMENT

Summary of significant accounting policies (Details) (USD $) In Millions, except Per Share data	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2011
Revenue Recognition [Abstract]
Reduction in revenues and income due to adoption of new accounting guidance	$ 2.5	$ 6.1
Reduction in net income due to adoption of new accounting guidance	$ 1.6	$ 3.7
Reduction in basic and diluted earning per share due to adoption of new accounting guidance	$ 0.05	$ 0.11

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In Millions, unless otherwise specified
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Effective tax rate 36.70% 39.00% 40.00% 41.00%
Expected annualized tax rate 40.00%
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Comprehensive income (Tables)
9 Months Ended
Sep. 30, 2011
Comprehensive income [Abstract]
Comprehensive income

Three months ended September 30, Nine months ended September 30,

2011 2010 2011 2010

Net income
$ 14,006 $ 6,989 $ 35,704 $ 29,602

Change in unrealized gains of marketable securities, net of tax
(47 ) (71 ) (195 ) (317 )

Unrealized (losses) gains on forward contracts, net of tax
(153 ) 122 (263 ) 216

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(242 ) (136 ) (234 ) 580

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Earnings per share
9 Months Ended
Sep. 30, 2011
Earnings per share [Abstract]
Earnings per share

Note 12. Earnings per share

A reconciliation of basic to diluted weighted average common shares outstanding is as follows (in thousands):

Three months ended September 30, Nine months ended September 30,

2011 2010 2011 2010

Basic weighted average common shares outstanding
34,134 34,292 34,299 34,211

Dilutive effect of common shares outstanding
247 240 349 277

Diluted weighted average common shares outstanding
34,381 34,532 34,648 34,488

Approximately 1.8 million and 2.4 million shares in the three months ended September 30, 2011 and 2010, respectively, and approximately 1.9 million and 2.5 million shares in the nine months ended September 30, 2011 and 2010, respectively, have been excluded from the dilutive effect shown above because their impact would be anti-dilutive. These shares related to share-based compensation awards.

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Recent accounting pronouncements
9 Months Ended
Sep. 30, 2011
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements

Note 3. Recent accounting pronouncements

Recently adopted

In January 2010, the FASB issued ASU 2010-06, “Improving Disclosures about Fair Value Measurements” to require additional disclosures about purchases, sales, issuances, and settlements in the rollforward of Level 3 fair value measurements. The adoption of this new accounting guidance in the first quarter of 2011 did not have a material impact on the consolidated financial statements.

The Company adopted ASU 2009-13 on January 1, 2011 as discussed above.

Not yet adopted

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework on how (not when) to measure fair value and what disclosures to provide about fair value measurements. While the ASU is largely consistent with existing fair value measurement principles in U.S. GAAP, it modifies Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) to expand existing disclosure requirements for fair value measurements and makes other amendments. This ASU is effective for interim and annual periods beginning after December 15, 2011. The Company is in the process of assessing this new guidance but the adoption of this ASU is not expected to have a material impact on the consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” This ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC Topic 220, “Comprehensive Income” and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08 “Testing Goodwill for Impairment.” This ASU allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. This ASU is effective for goodwill impairment tests performed in interim and annual periods for fiscal years beginning after December 15, 2011. The Company does not expect this guidance will have a material impact on its financial statements.

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Derivative instruments and hedging activities (Details 1) (Cash Flow Hedging [Member], USD $)
In Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective portion) $ (76) $ 326 $ 628 $ (177)
Cost of Service [Member]

Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective portion) (34) 95 278 (51)
Forward Contracts [Member]

Pre-tax effect of derivative instruments
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective portion) (331) 557 187 195
Member relations and marketing [Member]

Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective portion) (28) 186 237 (101)
General and administrative [Member]

Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net
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Derivative Instruments and hedging activities
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Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities

Note 9. Derivative instruments and hedging activities

The Company’s international operations are subject to risks related to currency exchange fluctuations. Prices for the Company’s products and services are denominated primarily in United States dollars (“USD”), including products and services sold to members that are located outside the United States. Many of the costs associated with the Company’s operations located outside the United States are denominated in local currencies. As a consequence, increases in local currencies against the USD in countries where the Company has foreign operations would result in higher effective operating costs and reduced earnings. The Company uses forward contracts, designated as cash flow hedging instruments, to protect against foreign currency exchange rate risks inherent with its cost reimbursement agreements with its United Kingdom subsidiary. A forward contract obligates the Company to exchange a predetermined amount of USD to make equivalent British pound sterling (“GBP”) payments equal to the value of such exchanges.

The Company formally documents all relationships between hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 12 months. The forward contracts are recognized on the consolidated balance sheets at fair value and changes in fair value measurements are reflected as adjustments to other comprehensive income (“OCI”) until such time as the actual foreign currency expenditures are made and the unrealized gain/loss is reclassified from accumulated OCI to current earnings. There is generally no or an immaterial amount of ineffectiveness. The notional amount of outstanding forward contracts was $21.0 million at September 30, 2011.

The fair value of derivative instruments, which are designated as hedging instruments, on the Company’s condensed consolidated balance sheets are as follows (in thousands):

Balance Sheet Location September 30, 2011 December 31, 2010

Asset Derivatives

Prepaid expenses and other current assets
$ 9 $ 232

Liability Derivatives

Accounts payable and accrued liabilities
$ 455 $ 113

The pre-tax effect of the derivative instruments on the Company’s consolidated statements of income is as follows (in thousands):

Amount of Gain (Loss) Recognized in
OCI on Derivative (Effective portion)

Three Months Ended September 30, Nine months Ended September 30,

Derivatives in Cash Flow Hedging Relationships 2011 2010 2011 2010

Forward currency contracts
$ (331 ) $ 557 $ 187 $ 195

Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from Accumulated
OCI into Income (Effective portion)

Accumulated OCI into Income (Effective Three Months Ended September 30, Nine months Ended September 30,

portion) 2011 2010 2011 2010

Cost of services
$ (34 ) $ 95 $ 278 $ (51 )

Member relations and marketing
(28 ) 186 237 (101 )

General and administrative
(14 ) 45 113 (25 )

$ (76 ) $ 326 $ 628 $ (177 )

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Commitments and Contingencies
9 Months Ended
Sep. 30, 2011
Commitments and Contingencies [Abstract]
Commitments and contingencies

Note 14. Commitments and contingencies

Operating leases

The Company leases office facilities that expire on various dates through 2028. Generally, the leases carry renewal provisions and rental escalations and require the Company to pay executory costs such as taxes and insurance.

Future minimum rental payments under non-cancelable operating leases and future minimum receipts under subleases, excluding executory costs, are as follows at September 30, 2011:

Total 2011* YE 2012 YE 2013 YE 2014 YE 2015 Thereafter

Operating lease obligations
$ 584,715 $ 9,012 $ 36,579 $ 36,801 $ 36,532 $ 36,839 $ 428,952

Sublease receipts
(272,889 ) (3,079 ) (13,997 ) (14,306 ) (13,383 ) (14,954 ) (213,170 )

Total net lease obligations
$ 311,826 $ 5,933 $ 22,582 $ 22,495 $ 23,149 $ 21,885 $ 215,782

*
For the three months ended December 31, 2011.

Contingencies

From time to time, the Company is subject to litigation related to normal business operations. The Company vigorously defends itself in litigation and is not currently a party to, and the Company’s property is not subject to, any legal proceedings likely to materially affect the Company’s financial results.

The Company continues to evaluate potential tax exposures relating to sales and use, payroll, income and property tax laws, and regulations for various states in which the Company sells or supports its goods and services. Accruals for potential contingencies are recorded by the Company when it is probable that a liability has been incurred and the liability can be reasonably estimated. As additional information becomes available, changes in the estimates of the liability are reported in the period that those changes occur. The Company has a $3.0 million liability at September 30, 2011 and December 31, 2010, respectively, relating to certain sales and use tax regulations for states in which the Company sells or supports its goods and services.

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Revolving credit facility
9 Months Ended
Sep. 30, 2011
Revolving Credit Facility [Abstract]
Revolving Credit Facility

Note 10. Revolving credit facility

On March 16, 2011, the Company, together with certain of its subsidiaries acting as guarantors, entered into a $100 million five-year senior unsecured, revolving credit facility (the “Credit Facility”) with certain lenders, including Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. The Credit Facility contains letter of credit and swing line loan sub-facilities and has a maturity date of March 16, 2016.

The Credit Facility is available for working capital and general corporate purposes. Under the terms of the Credit Facility, the Company has the right, from time to time, to increase the aggregate revolving commitments from $100 million up to a maximum $150 million upon at least five business days prior written notice to the Administrative Agent, subject to certain limitations set forth in the Credit Facility, including the absence of a default under the Credit Facility. The Company has issued letters of credit under the Credit Facility in an aggregate amount of $7.2 million at September 30, 2011 and has otherwise not borrowed under the Credit Facility.

Borrowings under the Credit Facility bear interest at rates based on the ratio of the Company’s consolidated indebtedness to consolidated EBITDA (earnings before interest income, net, depreciation and amortization, and provision for income taxes.) for applicable periods specified in the Credit Facility (the “Consolidated Leverage Ratio”). Such rates are tied to the highest of the federal funds rate, Bank of America’s prime rate and LIBOR, or to LIBOR, depending on the type of loan.

The Company must pay the Administrative Agent a quarterly commitment fee based upon the amount by which the aggregate revolving commitments exceed the outstanding loans and obligations of the Company under the Credit Facility. Additionally, the Company must pay the lenders certain letter of credit fees based upon the daily amount available to be drawn under such letters of credit. The commitment fee and letter of credit fees vary based on the Consolidated Leverage Ratio.

The Credit Facility also contains customary financial and other covenants, including limitations on the ability of the Company and its subsidiaries to incur debt or liens or make certain investments and restricted payments, a requirement to maintain certain leverage and interest coverage ratios, and certain restrictions on the sale of assets and capital expenditures. A violation of these covenants could result in the Company being prohibited from making certain restricted payments, including dividends, or cause a default under the Credit Facility, which would permit the participating lenders to restrict the Company’s ability to access the Credit Facility and require the immediate repayment of any outstanding advances made under it.

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Other liabilities (Details) (USD $)
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Dec. 31, 2010
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Deferred compensation $ 10,231 $ 11,215
Lease incentives 30,533 31,619
Deferred rent benefit 25,525 23,079
Other 16,924 16,383
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Stockholders' equity and share-based compensation
9 Months Ended
Sep. 30, 2011
Stockholders' equity and share-based compensation [Abstract]
Stockholders' equity and share-based compensation

Note 8. Stockholders’ equity and share-based compensation

Share Repurchases

In August 2011, the Company’s Board of Directors authorized a share repurchase of up to an additional $50 million of the Company’s common stock. Repurchases will be made from time to time in open market and privately negotiated transactions subject to market conditions. No minimum number of shares has been fixed. The Company has funded, and expects to continue to fund, its share repurchases with cash on hand and cash generated from operations. For the nine months ended September 30, 2011, the Company repurchased approximately 1.3 million shares at a total cost of approximately $43.3 million. The remaining share repurchase authorization was $28.1 million at September 30, 2011.

Share-based compensation

The Company granted 293,470 and 396,310 restricted stock units at a weighted-average fair value of $38.85 and $25.63 in the nine months ended September 30, 2011 and 2010, respectively. Share-based compensation expense is recognized on a straight line basis, net of an estimated forfeiture rate, for those shares expected to vest over the requisite service period of the award, which is generally the vesting term of four years. Approximately 12,000 and 228,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2011, respectively. Approximately 16,000 and 244,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2010, respectively.

The Company recognized total share-based compensation costs of $2.0 million and $2.1 million in the three months ended September 30, 2011 and 2010 and $6.1 million and $5.3 million in the nine months ended September 30, 2011 and 2010, respectively. At September 30, 2011, there was $19.1 million of total unrecognized share-based compensation cost.

Dividends

In August 2011, the Board of Directors declared a cash dividend of $0.15 per share for the third quarter of 2011 for stockholders of record on September 15, 2011. The dividend, totaling $5.0 million, was paid on September 30, 2011.

On November 4, 2011, the Board of Directors declared a fourth quarter cash dividend of $0.15 per share. The dividend is payable on December 30, 2011 to stockholders of record at the close of business on December 15, 2011. The Company funds its dividend payments with cash on hand and cash generated from operations.

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Nature of business and basis of presentation
9 Months Ended
Sep. 30, 2011
Nature of Business and Basis of Presentation [Abstract]
Nature of Business and Basis of Presentation

Note 1. Nature of business and basis of presentation

The Corporate Executive Board Company (the “Company”) provides essential information by analyzing and disseminating the most successful practices from its global network of members. The Company drives corporate performance through a network of executives and business professionals by providing actionable insights, analytical tools, and advisory support to quickly and confidently focus efforts on what executives and their teams need to know, and do, next. The Company provides its members with the authoritative and timely decision support they need to elevate company performance and excel in their careers. For an annual fee, members of each program have access to an integrated set of products and services, including best practices studies, executive education, customized analysis, proprietary databases and decision support tools. The Company also generates advertising and content related revenues through its wholly-owned subsidiary, Toolbox.com, LLC. (“Toolbox.com”).

The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete consolidated financial statements are not included. It is recommended that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and related notes in the Company’s 2010 Annual Report on Form 10-K.

In management’s opinion, all adjustments, consisting of a normal recurring nature, considered necessary for a fair presentation of the condensed consolidated financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The condensed consolidated balance sheet presented at December 31, 2010 has been derived from the financial statements that were audited by the Company’s independent registered public accounting firm. The results of operations for the three and nine months ended September 30, 2011 may not be indicative of the results that may be expected for the year ended December 31, 2011 or any other period within 2011.

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Acquisitions
9 Months Ended
Sep. 30, 2011
Acquisitions [Abstract]
Acquisitions

Note 4. Acquisitions

On September 30, 2011 the Company completed the acquisition of Baumgartner & Partner GmbH (“Baumgartner”), a German services firm that provides human resources and finance data and benchmarking services, as well as human resources advisory services. The Company acquired 100% of the equity interests for an initial cash payment of $6.0 million less cash acquired of $1.0 million. The Company allocated $4.1 million to intangible assets with a weighted average amortization period of 5 years and $3.2 million to goodwill. The Company also will be required to pay an additional $1.5 million less any amounts that the Company is entitled to retain to reimburse it for any losses that are subject to indemnification by the sellers, at various times prior to September 30, 2013.

In May 2010, the Company completed the acquisition of Iconoculture, Inc., a Minnesota corporation (now doing business as Iconoculture LLC, or “Iconoculture”). Iconoculture provides comprehensive consumer insights and effective strategic marketing advisory services and project support to an established customer base. The Company acquired 100% of the equity interests of Iconoculture for an initial cash payment of $16.2 million, less cash acquired totaling $7.2 million, plus a working capital adjustment of $4.0 million paid in July 2010. The Company also paid $1.5 million on April 1, 2011, which had been held back by the Company for any indemnifiable losses under the terms of the acquisition agreement. In addition, the Company paid $2.5 million on April 1, 2011 as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010. The acquisition date fair value of the total consideration was $24.2 million and was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values. The Company allocated $9.2 million to intangible assets with a weighted average amortization period of 4.5 years and $11.0 million to goodwill.

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Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
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Unrealized (losses) gains on forward contracts, net of tax (153,000) 122,000 (263,000) 216,000
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Accumulated unrealized gain, net of tax, on forward currency exchange contracts 100,000
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Fair value measurements (Details 1) (USD $)
1 Months Ended
Mar. 31, 2011
Sep. 30, 2011
Dec. 31, 2010
Aggregate fair value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities
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Matures in 1 to 5 years, Fair Value 7,314,000
Matures in 1 to 5 years, Amortized Cost 7,021,000
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Marketable securities, Amortized Cost 10,254,000
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Estimated increased fair value of Iconoculture contingent consideration 2,500,000
Washington D.C. tax exempt bonds [Member]

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Impairment of goodwill and intangible assets
9 Months Ended
Sep. 30, 2011
Impairment of goodwill and intangible assets [Abstract]
Impairment of goodwill and intangible assets

Note 5. Impairment of goodwill and intangible assets

In the three months ended September 30, 2010, the Company concluded there were impairment indicators relating to the 2007 acquisition of Toolbox.com based on a combination of factors (including the then current economic environment and the near term outlook for advertising related revenue). The Company completed an impairment test at August 31, 2010 and concluded that goodwill and intangible asset amounts were impaired. The total pre-tax impairment loss recognized in the three months ended September 30, 2010 was $12.6 million ($9.5 million related to goodwill and $3.1 million related to intangible assets). This non-cash charge did not impact the Company’s liquidity position or cash flows.

The Company utilized the income approach (discounted cash flow method) and the market approach (guideline company method) in the determination of the fair value. Significant assumptions used included: expected revenue growth rates, reporting unit profit margins, and working capital levels; a discount rate of 19%; and a terminal value based upon long-term growth assumptions. The expected future revenue growth rates and profit margins were determined after taking into consideration historical revenue growth rates and profit margins, the Company’s assessment of future market potential, and the Company’s expectations of future business performance.

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Acquisition (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 1 Months Ended 9 Months Ended
Sep. 30, 2011
Baumgartner & Partner [Member]
Year
Jul. 31, 2010
Iconoculture Inc. [Member]
May 31, 2010
Iconoculture Inc. [Member]
Sep. 30, 2010
Iconoculture Inc. [Member]
Year
Mar. 31, 2011
Iconoculture Inc. [Member]
Business Acquisition [Line Items]
Equity interests in acquiree 100.00% 100.00%
Initial cash payment to acquire business $ 6.0 $ 16.2
Cash acquired in business acquisition 1.0 7.2
Working capital adjustment 4.0
Additional payment to acquire business 1.5
Additional consideration paid 2.5
Fair value of total consideration 24.2
Intangible assets acquired 4.1 9.2
Weighted average amortization period of acquired intangible assets 5 4.5
Goodwill $ 3.2 $ 11.0
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Stockholders' equity and share- based compensation (Details) (USD $)
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2011
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Stockholders Equity And Share Based Compensation (Textual) [Abstract]
Recognized total share-based compensation costs $ 2,000,000 $ 2,100,000 $ 6,144,000 $ 5,301,000
Share-based compensation expense is recognized on a straight line basis, for only those shares expected to vest over the requisite service period of the award, which is generally vesting term 4
Total unrecognized share-based compensation cost which is expected to be recognized 19,100,000 19,100,000
Cash dividend declared per share $ 0.15 $ 0.11 $ 0.45 $ 0.33
Dividend paid in cash 5,000,000 15,430,000 11,283,000
Shares issued relating to vesting of restricted stock units and exercise of stock options 12,000 16,000 228,000 244,000
Share repurchase, authorized amount 50,000,000
Number of shares repurchased 1,300,000
Cost of shares repurchased 43,300,000
Remaining share repurchase authorization $ 28,100,000
Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock unit granted 293,470 396,310
Weighted average fair value for stock granted $ 38.85 $ 25.63
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Commitments and contingencies (Details) (USD $)
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Dec. 31, 2010
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Operating lease obligations, YE 2012 36,579,000
Operating lease obligations, YE 2013 36,801,000
Operating lease obligations, YE 2014 36,532,000
Operating lease obligations, YE 2015 36,839,000
Operating lease obligations, Thereafter 428,952,000
Operating lease obligations, Total 584,715,000
Sublease receipts, 2011 (3,079,000)
Sublease receipts, YE 2012 (13,997,000)
Sublease receipts, YE 2013 (14,306,000)
Sublease receipts, YE 2014 (13,383,000)
Sublease receipts, YE 2015 (14,954,000)
Sublease receipts, Thereafter (213,170,000)
Sublease receipts, Total (272,889,000)
Total net lease obligations, 2011 5,933,000
Total net lease obligations, 2012 22,582,000
Total net lease obligations, 2013 22,495,000
Total net lease obligations, 2014 23,149,000
Total net lease obligations, 2015 21,885,000
Total net lease obligations, Thereafter 215,782,000
Total net lease obligations, Total 311,826,000
Commitments and Contingencies (Textual) [Abstract]
Accrued Liability relating to certain sales $ 3,000,000 $ 3,000,000
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Fair value measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
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Dec. 31, 2010
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Comprehensive income
9 Months Ended
Sep. 30, 2011
Comprehensive income [Abstract]
Comprehensive income

Note 13. Comprehensive income

Total comprehensive income is as follows (in thousands):

Three months ended September 30, Nine months ended September 30,

2011 2010 2011 2010

Net income
$ 14,006 $ 6,989 $ 35,704 $ 29,602

Change in unrealized gains of marketable securities, net of tax
(47 ) (71 ) (195 ) (317 )

Unrealized (losses) gains on forward contracts, net of tax
(153 ) 122 (263 ) 216

Change in cumulative translation adjustment
(242 ) (136 ) (234 ) 580

Total comprehensive income
$ 13,564 $ 6,904 $ 35,012 $ 30,081

Accumulated elements of other comprehensive income at September 30, 2011 consist primarily of a $1.0 million cumulative foreign currency translation gain. Accumulated elements of other comprehensive income at December 31, 2010 consists of a $0.4 million unrealized gain, net of tax, on marketable securities; a $0.1 million unrealized gain, net of tax, on forward currency exchange contracts; and a $1.2 million cumulative foreign currency translation gain.

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Fair value measurements
9 Months Ended
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Note 6. Fair value measurements

Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. There is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•
Level 1 — Quoted prices in active markets for identical assets or liabilities.

•
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands):

September 30, 2011 December 31, 2010

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

Financial assets

Cash and cash equivalents
$ 96,922 $ — $ — $ 102,498 $ — $ —

Debt securities issued by the District of Columbia
10,628 — — 20,964 — —

Variable insurance products held in a Rabbi Trust
— 13,234 — — 14,905 —

Forward currency exchange contracts
— 9 — — 232 —

Financial liabilities

Forward currency exchange contracts
$ — $ 455 $ — $ — $ 113 $ —

Contingent consideration — Iconoculture
— — — — — 1,900

The fair value of variable insurance products held in a Rabbi Trust is based on actuarial estimates derived from various observable market inputs. The fair value of foreign currency exchange contracts are based on bank quotations for similar instruments using models with market-based inputs.

The fair value estimate of the Iconoculture contingent consideration was $1.9 million at December 31, 2010. In March 2011, the Company increased its estimate of contingent consideration to $2.5 million. On April 1, 2011, the Company paid $2.5 million as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010.

Certain assets (i.e., goodwill, intangible assets) and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is impairment). No fair value adjustments were made in the three and nine months ended September 30, 2011 and 2010, respectively.

Marketable securities

The aggregate fair value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities are as follows (in thousands):

September 30, 2011

Gross Gross

Fair Amortized Unrealized Unrealized

Value Cost Gains Losses

Washington D.C. tax exempt bonds
$ 10,628 $ 10,254 $ 374 $ —

December 31, 2010

Gross Gross

Fair Amortized Unrealized Unrealized

Value Cost Gains Losses

Washington D.C. tax exempt bonds
$ 20,964 $ 20,265 $ 699 $ —

The following table summarizes maturities of marketable securities (in thousands):

September 30, 2011

Fair Amortized

Value Cost

Less than one year
$ 3,314 $ 3,233

Matures in 1 to 5 years
7,314 7,021

Marketable securities
$ 10,628 $ 10,254

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Fair value measurements (Tables)
9 Months Ended
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Measurement of financial assets and liabilities at fair value on recurring basis

September 30, 2011 December 31, 2010

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

Financial assets

Cash and cash equivalents
$ 96,922 $ — $ — $ 102,498 $ — $ —

Debt securities issued by the District of Columbia
10,628 — — 20,964 — —

Variable insurance products held in a Rabbi Trust
— 13,234 — — 14,905 —

Forward currency exchange contracts
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Financial liabilities

Forward currency exchange contracts
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Contingent consideration — Iconoculture
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September 30, 2011

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Value Cost Gains Losses

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Washington D.C. tax exempt bonds
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September 30, 2011

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Value Cost

Less than one year
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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
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Depreciation and amortization 12,820 15,291
Deferred income taxes 4,027 (6,039)
Share-based compensation 6,144 5,301
Excess tax benefits from share-based compensation arrangements (1,821)
Foreign currency translation gain (70)
Amortization of marketable securities premiums, net 166 288
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Membership fees receivable, net 50,169 39,337
Deferred incentive compensation 520 (1,655)
Prepaid expenses and other current assets (5,812) (652)
Other non-current assets (1,172) (4,001)
Accounts payable and accrued liabilities (15,251) (21,287)
Accrued incentive compensation (12,227) 1,352
Deferred revenues (16,036) (29,464)
Other liabilities 920 6,421
Net cash flows provided by operating activities 58,081 47,139
Cash flows from investing activities:
Purchases of property and equipment (7,641) (4,225)
Acquisition of business, net of cash acquired (5,791) (12,957)
Cost method investment (150)
Maturities of marketable securities 9,845 22,382
Net cash flows (used in) provided by investing activities (3,737) 5,200
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Proceeds from the exercise of common stock options 1,587
Proceeds from the issuance of common stock under the employee stock purchase plan 369 333
Excess tax benefits from share-based compensation arrangements 1,821
Acquisition of business, contingent consideration (3,655)
Credit facility issuance costs (542)
Purchases of treasury shares (43,295) (1,225)
Payment of dividends (15,430) (11,283)
Net cash flows used in financing activities (59,145) (12,175)
Effect of exchange rates on cash (775)
Net (decrease) increase in cash and cash equivalents (5,576) 40,164
Cash and cash equivalents, beginning of period 102,498 31,760
Cash and cash equivalents, end of period $ 96,922 $ 71,924
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Other Liabilities

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2011 2010

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$ 10,231 $ 11,215

Lease incentives
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Deferred rent benefit
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Summary of significant accounting policies
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Summary of Significant Accounting Policies

Note 2. Summary of significant accounting policies

Except to the extent updated or described below, a detailed description of the Company’s significant accounting policies is included in the Company’s 2010 Annual Report on Form 10-K filed with the SEC on February 28, 2011. The following notes should be read in conjunction with such policies and other disclosures contained therein.

Revenue Recognition

The Company generates the majority of its revenues from three primary service offerings: executive memberships, performance analytics, and leadership academies. Executive memberships generally contain multiple deliverables, which are determined based upon the availability and delivery method of the services and may include: on-line best practices research and insights, peer benchmarks, decision and diagnostics tools, advisory support, and live and on-line learning events. Performance analytics deliver data and analytical insight to drive improved performance of executives and their teams and are accounted for as service revenues. Leadership academies generally contain multiple deliverables and provide access to training and development services that may include diagnostic reports, learning portal access, classroom-based development sessions, webinars, and virtual office hours with faculty.

In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, “Multiple Deliverable Revenue Arrangements” (“ASU 2009-13”) that is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. This guidance eliminates the residual method under previous guidance and replaces it with the “relative selling price” method when allocating revenue in a multiple deliverable arrangement. The Company adopted ASU 2009-13 prospectively on January 1, 2011.

When service offerings include multiple deliverables that qualify as separate units of accounting, the Company allocates arrangement consideration at the inception of the contract period to all deliverables based on the relative selling price method in accordance with the selling price hierarchy, which includes vendor specific objective evidence (“VSOE”) if available; third-party evidence (“TPE”) if VSOE is not available; or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available.

•
VSOE. The Company determines VSOE based on established pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Company limits its assessment of VSOE for each element to either the price charged when the same element is sold separately, or the price established by management having the relevant authority to do so for an element not yet sold separately.

•
TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Company applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar services when sold separately. Generally, the Company’s services contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitors’ selling prices are for similar services on a stand-alone basis. As a result, the Company has not been able to establish selling price based on TPE.

•
BESP. When unable to establish a selling price using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charges for similar offerings, market conditions, competitive landscape and pricing practices.

Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed and determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectability is reasonably assured. Certain fees are billed on an installment basis. Customers generally may request a refund of their fees, which is provided from the date of the refund request on a pro-rata basis relative to the length of the remaining term, under the Company’s service guarantee.

•
Executive memberships. In general, the majority of the deliverables within the Company’s memberships are consistently available throughout the membership period. Revenues are generally recognized ratably over the term of the related agreement, which is typically 12 months. Membership fees are billable, and revenue recognition begins, when a member agrees to the terms of the membership and the fees receivable and the related deferred revenue are recorded upon the commencement of the agreement or collection of fees, if earlier. In some instances, a membership may include a service that is available only once, or on a limited basis, during the membership period. These services are separated from the remainder of the membership and arrangement consideration is allocated based on VSOE, if available, or BESP. The consideration allocated to services available only once or on a limited basis is recognized as revenue upon the earlier of the delivery of the service or the completion of the contract period, provided that all other criteria for recognition have been met. The arrangement consideration allocated to the remainder of the membership services continues to be recognized ratably.

•
Performance analytics. Revenues are generally recognized ratably from the date services begin, which is primarily after the design of the service outputs, through the completion of the services.

•
Leadership academies. Revenues are generally recognized as services are completed. The service offering generally includes one or more class-room based training or presentation events. If more than one delivery date is evident, arrangement consideration is allocated on a pro-rata basis and revenue is recognized on the delivery date of each event.

Agreements entered into between January 1, 2011 and September 30, 2011, and impacted by ASU 2009-13 have resulted in lower results of operations for the three and nine months ended September 30, 2011 than would have been reported under the previous guidance. Revenues and income from operations were lower by $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively. Net income was lower by $1.6 million and $3.7 million for the three and nine months ended September 30, 2011, respectively. Basic and diluted earnings per share were lower by $0.05 and $0.11 for the three and nine months ended September 30, 2011, respectively.

To lessen the impact of ASU 2009-13, the Company completed modifications to certain memberships to remove or alter services that were available only once, or on a limited basis, during the membership period. These modifications were completed on or about March 31, 2011. The modifications will allow the Company to recognize revenue for executive memberships ratably over the term of the related agreement for sales on or after April 1, 2011. For memberships that have not been modified, the Company has and will continue to allocate arrangement consideration to all services. For services that are available only once, or on a limited basis, revenues are recognized upon the earlier of the delivery of the service or the completion of the membership period.

Advertising and content related revenues from Toolbox.com are recognized as the services are provided.

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Income taxes

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The Company computes its provision for income taxes by applying the estimated annual effective tax rate to income from operations and adjusts the provision for discrete tax items recorded in the period. The effective tax rate was 36.7% and 40.0% in the three and nine months ended September 30, 2011, respectively. The effective tax rate for the three months ended September 30, 2011 includes the effect of a discrete event related to the release of a tax contingency reserve to reflect the lapse of a statute of limitations which resulted in a decrease to the effective tax rate. The Company currently anticipates a full-year expected annualized tax rate of approximately 40%, excluding the effects of unrealized currency translation gains and losses. The effective tax rate was 39.0% and 41.0% in the three and nine months ended September 30, 2010, respectively.

The Company made income tax payments of $7.2 million and $9.1 million in the three months ended September 30, 2011 and 2010 and $27.8 million and $27.3 million in the nine months ended September 30, 2011 and 2010, respectively.

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Dec. 31, 2010
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Fair values of all derivative instruments, which are designated as hedging instruments
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Summary of significant accounting policies (Policies)
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Summary of Significant Accounting Policies [Abstract]
Revenue Recognition

Revenue Recognition

The Company generates the majority of its revenues from three primary service offerings: executive memberships, performance analytics, and leadership academies. Executive memberships generally contain multiple deliverables, which are determined based upon the availability and delivery method of the services and may include: on-line best practices research and insights, peer benchmarks, decision and diagnostics tools, advisory support, and live and on-line learning events. Performance analytics deliver data and analytical insight to drive improved performance of executives and their teams and are accounted for as service revenues. Leadership academies generally contain multiple deliverables and provide access to training and development services that may include diagnostic reports, learning portal access, classroom-based development sessions, webinars, and virtual office hours with faculty.

In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, “Multiple Deliverable Revenue Arrangements” (“ASU 2009-13”) that is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. This guidance eliminates the residual method under previous guidance and replaces it with the “relative selling price” method when allocating revenue in a multiple deliverable arrangement. The Company adopted ASU 2009-13 prospectively on January 1, 2011.

When service offerings include multiple deliverables that qualify as separate units of accounting, the Company allocates arrangement consideration at the inception of the contract period to all deliverables based on the relative selling price method in accordance with the selling price hierarchy, which includes vendor specific objective evidence (“VSOE”) if available; third-party evidence (“TPE”) if VSOE is not available; or best estimate of selling price (“BESP”) if neither VSOE nor TPE is available.

•
VSOE. The Company determines VSOE based on established pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Company limits its assessment of VSOE for each element to either the price charged when the same element is sold separately, or the price established by management having the relevant authority to do so for an element not yet sold separately.

•
TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Company applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar services when sold separately. Generally, the Company’s services contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitors’ selling prices are for similar services on a stand-alone basis. As a result, the Company has not been able to establish selling price based on TPE.

•
BESP. When unable to establish a selling price using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charges for similar offerings, market conditions, competitive landscape and pricing practices.

Revenue is recognized when (1) there is persuasive evidence of an arrangement, (2) the fee is fixed and determinable, (3) services have been rendered and payment has been contractually earned, and (4) collectability is reasonably assured. Certain fees are billed on an installment basis. Customers generally may request a refund of their fees, which is provided from the date of the refund request on a pro-rata basis relative to the length of the remaining term, under the Company’s service guarantee.

•
Executive memberships. In general, the majority of the deliverables within the Company’s memberships are consistently available throughout the membership period. Revenues are generally recognized ratably over the term of the related agreement, which is typically 12 months. Membership fees are billable, and revenue recognition begins, when a member agrees to the terms of the membership and the fees receivable and the related deferred revenue are recorded upon the commencement of the agreement or collection of fees, if earlier. In some instances, a membership may include a service that is available only once, or on a limited basis, during the membership period. These services are separated from the remainder of the membership and arrangement consideration is allocated based on VSOE, if available, or BESP. The consideration allocated to services available only once or on a limited basis is recognized as revenue upon the earlier of the delivery of the service or the completion of the contract period, provided that all other criteria for recognition have been met. The arrangement consideration allocated to the remainder of the membership services continues to be recognized ratably.

•
Performance analytics. Revenues are generally recognized ratably from the date services begin, which is primarily after the design of the service outputs, through the completion of the services.

•
Leadership academies. Revenues are generally recognized as services are completed. The service offering generally includes one or more class-room based training or presentation events. If more than one delivery date is evident, arrangement consideration is allocated on a pro-rata basis and revenue is recognized on the delivery date of each event.

Agreements entered into between January 1, 2011 and September 30, 2011, and impacted by ASU 2009-13 have resulted in lower results of operations for the three and nine months ended September 30, 2011 than would have been reported under the previous guidance. Revenues and income from operations were lower by $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively. Net income was lower by $1.6 million and $3.7 million for the three and nine months ended September 30, 2011, respectively. Basic and diluted earnings per share were lower by $0.05 and $0.11 for the three and nine months ended September 30, 2011, respectively.

To lessen the impact of ASU 2009-13, the Company completed modifications to certain memberships to remove or alter services that were available only once, or on a limited basis, during the membership period. These modifications were completed on or about March 31, 2011. The modifications will allow the Company to recognize revenue for executive memberships ratably over the term of the related agreement for sales on or after April 1, 2011. For memberships that have not been modified, the Company has and will continue to allocate arrangement consideration to all services. For services that are available only once, or on a limited basis, revenues are recognized upon the earlier of the delivery of the service or the completion of the membership period.

Advertising and content related revenues from Toolbox.com are recognized as the services are provided.

Fair value measurements

In January 2010, the FASB issued ASU 2010-06, “Improving Disclosures about Fair Value Measurements” to require additional disclosures about purchases, sales, issuances, and settlements in the rollforward of Level 3 fair value measurements. The adoption of this new accounting guidance in the first quarter of 2011 did not have a material impact on the consolidated financial statements.

Description of new accounting pronouncements not yet adopted

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework on how (not when) to measure fair value and what disclosures to provide about fair value measurements. While the ASU is largely consistent with existing fair value measurement principles in U.S. GAAP, it modifies Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) to expand existing disclosure requirements for fair value measurements and makes other amendments. This ASU is effective for interim and annual periods beginning after December 15, 2011. The Company is in the process of assessing this new guidance but the adoption of this ASU is not expected to have a material impact on the consolidated financial statements.

Comprehensive Income

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” This ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC Topic 220, “Comprehensive Income” and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements.

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Current assets:
Cash and cash equivalents $ 96,922 $ 102,498
Marketable securities 3,314 10,114
Membership fees receivable, net 92,039 141,322
Deferred income taxes, net 17,594 18,727
Deferred incentive compensation 15,086 15,710
Prepaid expenses and other current assets 16,135 10,388
Total current assets 241,090 298,759
Deferred income taxes, net 39,222 43,524
Marketable securities 7,314 10,850
Property and equipment, net 81,922 83,140
Goodwill 32,275 29,266
Intangible assets, net 15,853 13,828
Other non-current assets 32,693 30,782
Total assets 450,369 510,149
Current liabilities:
Accounts payable and accrued liabilities 35,661 52,439
Accrued incentive compensation 28,693 40,719
Deferred revenues 235,097 251,200
Total current liabilities 299,451 344,358
Deferred income taxes 1,833 679
Other liabilities 83,213 82,296
Total liabilities 384,497 427,333
Stockholders' equity:
Common stock, par value $0.01; 100,000,000 shares authorized, 43,848,582 and 43,533,802 shares issued, and 33,294,413 and 34,322,055 shares outstanding at September 30, 2011 and December 31, 2010, respectively 438 435
Additional paid-in capital 416,326 409,558
Retained earnings 320,302 300,030
Accumulated elements of other comprehensive income 1,021 1,714
Treasury stock, at cost, 10,554,169 and 9,211,747 shares at September 30, 2011 and December 31, 2010, respectively (672,215) (628,921)
Total stockholders' equity 65,872 82,816
Total liabilities and stockholders' equity $ 450,369 $ 510,149
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Revolving credit facility (Details Textual) (USD $)
In Millions
Sep. 30, 2011
Mar. 16, 2011
Revolving Credit Facility (Additional Textual) [Abstract]
Five year Senior unsecured revolving credit facility $ 100
Aggregate revolving commitments minimum 100
Aggregate revolving commitments maximum 150
Letter of Credit [Member]

Revolving Credit Facility (Textual) [Abstract]
Issuance of Credit facility $ 7.2
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Maximum amount to which Line of Credit can be raised.
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- Definition
Revolving credit facility.
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Revolving credit facility.
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- Definition
Fair value of the amount outstanding under the credit facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

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X
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 22

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant

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Recent accounting pronouncements	9 Months Ended
Recent accounting pronouncements	Sep. 30, 2011
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Note 3. Recent accounting pronouncements *Recently adopted* In January 2010, the FASB issued ASU 2010-06, “Improving Disclosures about Fair Value Measurements” to require additional disclosures about purchases, sales, issuances, and settlements in the rollforward of Level 3 fair value measurements. The adoption of this new accounting guidance in the first quarter of 2011 did not have a material impact on the consolidated financial statements. The Company adopted ASU 2009-13 on January 1, 2011 as discussed above. *Not yet adopted* In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework on how (not when) to measure fair value and what disclosures to provide about fair value measurements. While the ASU is largely consistent with existing fair value measurement principles in U.S. GAAP, it modifies Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) to expand existing disclosure requirements for fair value measurements and makes other amendments. This ASU is effective for interim and annual periods beginning after December 15, 2011. The Company is in the process of assessing this new guidance but the adoption of this ASU is not expected to have a material impact on the consolidated financial statements. In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” This ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC Topic 220, “Comprehensive Income” and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements. In September 2011, the FASB issued ASU 2011-08 “Testing Goodwill for Impairment.” This ASU allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. This ASU is effective for goodwill impairment tests performed in interim and annual periods for fiscal years beginning after December 15, 2011. The Company does not expect this guidance will have a material impact on its financial statements.

Revolving credit facility	9 Months Ended
Revolving credit facility	Sep. 30, 2011
Revolving Credit Facility [Abstract]
Revolving Credit Facility	Note 10. Revolving credit facility On March 16, 2011, the Company, together with certain of its subsidiaries acting as guarantors, entered into a $100 million five-year senior unsecured, revolving credit facility (the “Credit Facility”) with certain lenders, including Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. The Credit Facility contains letter of credit and swing line loan sub-facilities and has a maturity date of March 16, 2016. The Credit Facility is available for working capital and general corporate purposes. Under the terms of the Credit Facility, the Company has the right, from time to time, to increase the aggregate revolving commitments from $100 million up to a maximum $150 million upon at least five business days prior written notice to the Administrative Agent, subject to certain limitations set forth in the Credit Facility, including the absence of a default under the Credit Facility. The Company has issued letters of credit under the Credit Facility in an aggregate amount of $7.2 million at September 30, 2011 and has otherwise not borrowed under the Credit Facility. Borrowings under the Credit Facility bear interest at rates based on the ratio of the Company’s consolidated indebtedness to consolidated EBITDA (earnings before interest income, net, depreciation and amortization, and provision for income taxes.) for applicable periods specified in the Credit Facility (the “Consolidated Leverage Ratio”). Such rates are tied to the highest of the federal funds rate, Bank of America’s prime rate and LIBOR, or to LIBOR, depending on the type of loan. The Company must pay the Administrative Agent a quarterly commitment fee based upon the amount by which the aggregate revolving commitments exceed the outstanding loans and obligations of the Company under the Credit Facility. Additionally, the Company must pay the lenders certain letter of credit fees based upon the daily amount available to be drawn under such letters of credit. The commitment fee and letter of credit fees vary based on the Consolidated Leverage Ratio. The Credit Facility also contains customary financial and other covenants, including limitations on the ability of the Company and its subsidiaries to incur debt or liens or make certain investments and restricted payments, a requirement to maintain certain leverage and interest coverage ratios, and certain restrictions on the sale of assets and capital expenditures. A violation of these covenants could result in the Company being prohibited from making certain restricted payments, including dividends, or cause a default under the Credit Facility, which would permit the participating lenders to restrict the Company’s ability to access the Credit Facility and require the immediate repayment of any outstanding advances made under it.

Other liabilities (Details) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Other Liabilities
Deferred compensation	$ 10,231	$ 11,215
Lease incentives	30,533	31,619
Deferred rent benefit	25,525	23,079
Other	16,924	16,383
Total other liabilities	$ 83,213	$ 82,296

Stockholders' equity and share-based compensation	9 Months Ended
Stockholders' equity and share-based compensation	Sep. 30, 2011
Stockholders' equity and share-based compensation [Abstract]
Stockholders' equity and share-based compensation	Note 8. Stockholders’ equity and share-based compensation *Share Repurchases* In August 2011, the Company’s Board of Directors authorized a share repurchase of up to an additional $50 million of the Company’s common stock. Repurchases will be made from time to time in open market and privately negotiated transactions subject to market conditions. No minimum number of shares has been fixed. The Company has funded, and expects to continue to fund, its share repurchases with cash on hand and cash generated from operations. For the nine months ended September 30, 2011, the Company repurchased approximately 1.3 million shares at a total cost of approximately $43.3 million. The remaining share repurchase authorization was $28.1 million at September 30, 2011. *Share-based compensation* The Company granted 293,470 and 396,310 restricted stock units at a weighted-average fair value of $38.85 and $25.63 in the nine months ended September 30, 2011 and 2010, respectively. Share-based compensation expense is recognized on a straight line basis, net of an estimated forfeiture rate, for those shares expected to vest over the requisite service period of the award, which is generally the vesting term of four years. Approximately 12,000 and 228,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2011, respectively. Approximately 16,000 and 244,000 shares were issued relating to the vesting of restricted stock units and exercise of stock options in the three and nine months ended September 30, 2010, respectively. The Company recognized total share-based compensation costs of $2.0 million and $2.1 million in the three months ended September 30, 2011 and 2010 and $6.1 million and $5.3 million in the nine months ended September 30, 2011 and 2010, respectively. At September 30, 2011, there was $19.1 million of total unrecognized share-based compensation cost. *Dividends* In August 2011, the Board of Directors declared a cash dividend of $0.15 per share for the third quarter of 2011 for stockholders of record on September 15, 2011. The dividend, totaling $5.0 million, was paid on September 30, 2011. On November 4, 2011, the Board of Directors declared a fourth quarter cash dividend of $0.15 per share. The dividend is payable on December 30, 2011 to stockholders of record at the close of business on December 15, 2011. The Company funds its dividend payments with cash on hand and cash generated from operations.

Nature of business and basis of presentation	9 Months Ended
Nature of business and basis of presentation	Sep. 30, 2011
Nature of Business and Basis of Presentation [Abstract]
Nature of Business and Basis of Presentation	Note 1. Nature of business and basis of presentation The Corporate Executive Board Company (the “Company”) provides essential information by analyzing and disseminating the most successful practices from its global network of members. The Company drives corporate performance through a network of executives and business professionals by providing actionable insights, analytical tools, and advisory support to quickly and confidently focus efforts on what executives and their teams need to know, and do, next. The Company provides its members with the authoritative and timely decision support they need to elevate company performance and excel in their careers. For an annual fee, members of each program have access to an integrated set of products and services, including best practices studies, executive education, customized analysis, proprietary databases and decision support tools. The Company also generates advertising and content related revenues through its wholly-owned subsidiary, Toolbox.com, LLC. (“Toolbox.com”). The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete consolidated financial statements are not included. It is recommended that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and related notes in the Company’s 2010 Annual Report on Form 10-K. In management’s opinion, all adjustments, consisting of a normal recurring nature, considered necessary for a fair presentation of the condensed consolidated financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The condensed consolidated balance sheet presented at December 31, 2010 has been derived from the financial statements that were audited by the Company’s independent registered public accounting firm. The results of operations for the three and nine months ended September 30, 2011 may not be indicative of the results that may be expected for the year ended December 31, 2011 or any other period within 2011.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2011
Acquisitions [Abstract]
Acquisitions	Note 4. Acquisitions On September 30, 2011 the Company completed the acquisition of Baumgartner & Partner GmbH (“Baumgartner”), a German services firm that provides human resources and finance data and benchmarking services, as well as human resources advisory services. The Company acquired 100% of the equity interests for an initial cash payment of $6.0 million less cash acquired of $1.0 million. The Company allocated $4.1 million to intangible assets with a weighted average amortization period of 5 years and $3.2 million to goodwill. The Company also will be required to pay an additional $1.5 million less any amounts that the Company is entitled to retain to reimburse it for any losses that are subject to indemnification by the sellers, at various times prior to September 30, 2013. In May 2010, the Company completed the acquisition of Iconoculture, Inc., a Minnesota corporation (now doing business as Iconoculture LLC, or “Iconoculture”). Iconoculture provides comprehensive consumer insights and effective strategic marketing advisory services and project support to an established customer base. The Company acquired 100% of the equity interests of Iconoculture for an initial cash payment of $16.2 million, less cash acquired totaling $7.2 million, plus a working capital adjustment of $4.0 million paid in July 2010. The Company also paid $1.5 million on April 1, 2011, which had been held back by the Company for any indemnifiable losses under the terms of the acquisition agreement. In addition, the Company paid $2.5 million on April 1, 2011 as final settlement of the additional consideration associated with Iconoculture’s financial performance against certain specified targets for the year ended December 31, 2010. The acquisition date fair value of the total consideration was $24.2 million and was allocated to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values. The Company allocated $9.2 million to intangible assets with a weighted average amortization period of 4.5 years and $11.0 million to goodwill.

Comprehensive income (Details) (USD $)	3 Months Ended		9 Months Ended
Comprehensive income (Details) (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Comprehensive income
Net income	$ 14,006,000	$ 6,989,000	$ 35,704,000	$ 29,602,000
Change in unrealized gains of marketable securities, net of tax	(47,000)	(71,000)	(195,000)	(317,000)
Unrealized (losses) gains on forward contracts, net of tax	(153,000)	122,000	(263,000)	216,000
Change in cumulative translation adjustment	(242,000)	(136,000)	(234,000)	580,000
Total comprehensive income	13,564,000	6,904,000	35,012,000	30,081,000
Comprehensive income (Textual) [Abstract]
Accumulated unrealized gain, net of tax, on marketable securities					400,000
Accumulated unrealized gain, net of tax, on forward currency exchange contracts					100,000
Accumulated cumulative foreign currency translation gain	$ 1,000,000		$ 1,000,000		$ 1,200,000

Fair value measurements (Details 1) (USD $)	1 Months Ended
Fair value measurements (Details 1) (USD $)	Mar. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
Aggregate fair value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities
Marketable securities, Fair value		$ 10,628,000
Summarizes maturities of marketable securities
Less than one year, Fair Value		3,314,000
Less than one year, Amortized Cost		3,233,000
Matures in 1 to 5 years, Fair Value		7,314,000
Matures in 1 to 5 years, Amortized Cost		7,021,000
Marketable securities, Fair value		10,628,000
Marketable securities, Amortized Cost		10,254,000
Fair Value Measurements (Textual) [Abstract]
Estimated fair value of Iconoculture contingent consideration at date of acquisition			1,900,000
Estimated increased fair value of Iconoculture contingent consideration	2,500,000
Washington D.C. tax exempt bonds [Member]
Aggregate fair value, amortized cost, gross unrealized gains, and gross unrealized losses on available-for-sale marketable securities
Marketable securities, Fair value		10,628,000	20,964,000
Marketable securities, Amortized Cost		10,254,000	20,265,000
Marketable securities, Gross Unrealized Gains		374,000	699,000
Marketable securities, Gross Unrealized Losses		0	0
Summarizes maturities of marketable securities
Marketable securities, Fair value		$ 10,628,000	$ 20,964,000

Impairment of goodwill and intangible assets	9 Months Ended
Impairment of goodwill and intangible assets	Sep. 30, 2011
Impairment of goodwill and intangible assets [Abstract]
Impairment of goodwill and intangible assets	Note 5. Impairment of goodwill and intangible assets In the three months ended September 30, 2010, the Company concluded there were impairment indicators relating to the 2007 acquisition of Toolbox.com based on a combination of factors (including the then current economic environment and the near term outlook for advertising related revenue). The Company completed an impairment test at August 31, 2010 and concluded that goodwill and intangible asset amounts were impaired. The total pre-tax impairment loss recognized in the three months ended September 30, 2010 was $12.6 million ($9.5 million related to goodwill and $3.1 million related to intangible assets). This non-cash charge did not impact the Company’s liquidity position or cash flows. The Company utilized the income approach (discounted cash flow method) and the market approach (guideline company method) in the determination of the fair value. Significant assumptions used included: expected revenue growth rates, reporting unit profit margins, and working capital levels; a discount rate of 19%; and a terminal value based upon long-term growth assumptions. The expected future revenue growth rates and profit margins were determined after taking into consideration historical revenue growth rates and profit margins, the Company’s assessment of future market potential, and the Company’s expectations of future business performance.

Acquisition (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended	1 Months Ended		9 Months Ended
	Sep. 30, 2011 Baumgartner & Partner [Member] Year	Jul. 31, 2010 Iconoculture Inc. [Member]	May 31, 2010 Iconoculture Inc. [Member]	Sep. 30, 2010 Iconoculture Inc. [Member] Year	Mar. 31, 2011 Iconoculture Inc. [Member]
Business Acquisition [Line Items]
Equity interests in acquiree	100.00%		100.00%
Initial cash payment to acquire business	$ 6.0		$ 16.2
Cash acquired in business acquisition	1.0		7.2
Working capital adjustment		4.0
Additional payment to acquire business					1.5
Additional consideration paid					2.5
Fair value of total consideration			24.2
Intangible assets acquired	4.1		9.2
Weighted average amortization period of acquired intangible assets	5			4.5
Goodwill	$ 3.2		$ 11.0

Stockholders' equity and share- based compensation (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2011	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Stockholders Equity And Share Based Compensation (Textual) [Abstract]
Recognized total share-based compensation costs		$ 2,000,000	$ 2,100,000	$ 6,144,000	$ 5,301,000
Share-based compensation expense is recognized on a straight line basis, for only those shares expected to vest over the requisite service period of the award, which is generally vesting term				4
Total unrecognized share-based compensation cost which is expected to be recognized		19,100,000		19,100,000
Cash dividend declared per share		$ 0.15	$ 0.11	$ 0.45	$ 0.33
Dividend paid in cash		5,000,000		15,430,000	11,283,000
Shares issued relating to vesting of restricted stock units and exercise of stock options		12,000	16,000	228,000	244,000
Share repurchase, authorized amount	50,000,000
Number of shares repurchased				1,300,000
Cost of shares repurchased				43,300,000
Remaining share repurchase authorization				$ 28,100,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock unit granted				293,470	396,310
Weighted average fair value for stock granted				$ 38.85	$ 25.63

Commitments and contingencies (Details) (USD $)	Sep. 30, 2011	Dec. 31, 2010
Future minimum rental payments under non-cancelable operating leases and future minimum receipts under subleases
Operating lease obligations, 2011	$ 9,012,000
Operating lease obligations, YE 2012	36,579,000
Operating lease obligations, YE 2013	36,801,000
Operating lease obligations, YE 2014	36,532,000
Operating lease obligations, YE 2015	36,839,000
Operating lease obligations, Thereafter	428,952,000
Operating lease obligations, Total	584,715,000
Sublease receipts, 2011	(3,079,000)
Sublease receipts, YE 2012	(13,997,000)
Sublease receipts, YE 2013	(14,306,000)
Sublease receipts, YE 2014	(13,383,000)
Sublease receipts, YE 2015	(14,954,000)
Sublease receipts, Thereafter	(213,170,000)
Sublease receipts, Total	(272,889,000)
Total net lease obligations, 2011	5,933,000
Total net lease obligations, 2012	22,582,000
Total net lease obligations, 2013	22,495,000
Total net lease obligations, 2014	23,149,000
Total net lease obligations, 2015	21,885,000
Total net lease obligations, Thereafter	215,782,000
Total net lease obligations, Total	311,826,000
Commitments and Contingencies (Textual) [Abstract]
Accrued Liability relating to certain sales	$ 3,000,000	$ 3,000,000

Fair value measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Fair Value, Inputs, Level 1 [Member]
Financial assets
Cash and cash equivalents	$ 96,922	$ 102,498
Debt securities issued by the District of Columbia	10,628	20,964
Variable insurance products held in a Rabbi Trust	0	0
Forward currency exchange contracts	0	0
Liabilities, Fair Value Disclosure [Abstract]
Forward currency exchange contracts	0	0
Contingent consideration - Iconoculture	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets
Cash and cash equivalents	0	0
Debt securities issued by the District of Columbia	0	0
Variable insurance products held in a Rabbi Trust	13,234	14,905
Forward currency exchange contracts	9	232
Liabilities, Fair Value Disclosure [Abstract]
Forward currency exchange contracts	455	113
Contingent consideration - Iconoculture	0	0
Fair Value, Inputs, Level 3 [Member]
Financial assets
Cash and cash equivalents	0	0
Debt securities issued by the District of Columbia	0	0
Variable insurance products held in a Rabbi Trust	0	0
Forward currency exchange contracts	0	0
Liabilities, Fair Value Disclosure [Abstract]
Forward currency exchange contracts	0	0
Contingent consideration - Iconoculture	$ 0	$ 1,900

Earnings per share (Details)	3 Months Ended		9 Months Ended
Earnings per share (Details)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Reconciliation of basic to diluted weighted average common shares outstanding
Basic weighted average common shares outstanding	34,134,000	34,292,000	34,299,000	34,211,000
Dilutive effect of common shares outstanding	247,000	240,000	349,000	277,000
Diluted weighted average common shares outstanding	34,381,000	34,532,000	34,648,000	34,488,000
Stock Compensation Plan [Member]
Earnings per share (Textual) [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	1,800,000	2,400,000	1,900,000	2,500,000

Impairment of goodwill and intangible assets (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Sep. 30, 2010
Impairment of Goodwill and Intangible Assets (Textual) [Abstract]
Total pre-tax impairment loss recognized	$ 12.6
Impairment loss related to goodwill	9.5
Impairment loss related to intangible assets	$ 3.1
Discount rate assumed for the determination of fair value	19.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net income	$ 35,704	$ 29,602
Adjustments to reconcile net income to net cash flows provided by operating activities:
Impairment loss		12,645
Depreciation and amortization	12,820	15,291
Deferred income taxes	4,027	(6,039)
Share-based compensation	6,144	5,301
Excess tax benefits from share-based compensation arrangements	(1,821)
Foreign currency translation gain	(70)
Amortization of marketable securities premiums, net	166	288
Changes in operating assets and liabilities:
Membership fees receivable, net	50,169	39,337
Deferred incentive compensation	520	(1,655)
Prepaid expenses and other current assets	(5,812)	(652)
Other non-current assets	(1,172)	(4,001)
Accounts payable and accrued liabilities	(15,251)	(21,287)
Accrued incentive compensation	(12,227)	1,352
Deferred revenues	(16,036)	(29,464)
Other liabilities	920	6,421
Net cash flows provided by operating activities	58,081	47,139
Cash flows from investing activities:
Purchases of property and equipment	(7,641)	(4,225)
Acquisition of business, net of cash acquired	(5,791)	(12,957)
Cost method investment	(150)
Maturities of marketable securities	9,845	22,382
Net cash flows (used in) provided by investing activities	(3,737)	5,200
Cash flows from financing activities:
Proceeds from the exercise of common stock options	1,587
Proceeds from the issuance of common stock under the employee stock purchase plan	369	333
Excess tax benefits from share-based compensation arrangements	1,821
Acquisition of business, contingent consideration	(3,655)
Credit facility issuance costs	(542)
Purchases of treasury shares	(43,295)	(1,225)
Payment of dividends	(15,430)	(11,283)
Net cash flows used in financing activities	(59,145)	(12,175)
Effect of exchange rates on cash	(775)
Net (decrease) increase in cash and cash equivalents	(5,576)	40,164
Cash and cash equivalents, beginning of period	102,498	31,760
Cash and cash equivalents, end of period	$ 96,922	$ 71,924

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2011
Income taxes [Abstract]
Income taxes	Note 11. Income taxes The Company computes its provision for income taxes by applying the estimated annual effective tax rate to income from operations and adjusts the provision for discrete tax items recorded in the period. The effective tax rate was 36.7% and 40.0% in the three and nine months ended September 30, 2011, respectively. The effective tax rate for the three months ended September 30, 2011 includes the effect of a discrete event related to the release of a tax contingency reserve to reflect the lapse of a statute of limitations which resulted in a decrease to the effective tax rate. The Company currently anticipates a full-year expected annualized tax rate of approximately 40%, excluding the effects of unrealized currency translation gains and losses. The effective tax rate was 39.0% and 41.0% in the three and nine months ended September 30, 2010, respectively. The Company made income tax payments of $7.2 million and $9.1 million in the three months ended September 30, 2011 and 2010 and $27.8 million and $27.3 million in the nine months ended September 30, 2011 and 2010, respectively.

Derivative instruments and hedging activities (Details) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Prepaid expenses and other current assets [Member]
Fair values of all derivative instruments, which are designated as hedging instruments
Prepaid expenses and other current assets	$ 9	$ 232
Accounts payable and accrued liabilities [Member]
Fair values of all derivative instruments, which are designated as hedging instruments
Accounts payable and accrued liabilities	$ 455	$ 113

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 96,922	$ 102,498
Marketable securities	3,314	10,114
Membership fees receivable, net	92,039	141,322
Deferred income taxes, net	17,594	18,727
Deferred incentive compensation	15,086	15,710
Prepaid expenses and other current assets	16,135	10,388
Total current assets	241,090	298,759
Deferred income taxes, net	39,222	43,524
Marketable securities	7,314	10,850
Property and equipment, net	81,922	83,140
Goodwill	32,275	29,266
Intangible assets, net	15,853	13,828
Other non-current assets	32,693	30,782
Total assets	450,369	510,149
Current liabilities:
Accounts payable and accrued liabilities	35,661	52,439
Accrued incentive compensation	28,693	40,719
Deferred revenues	235,097	251,200
Total current liabilities	299,451	344,358
Deferred income taxes	1,833	679
Other liabilities	83,213	82,296
Total liabilities	384,497	427,333
Stockholders' equity:
Common stock, par value $0.01; 100,000,000 shares authorized, 43,848,582 and 43,533,802 shares issued, and 33,294,413 and 34,322,055 shares outstanding at September 30, 2011 and December 31, 2010, respectively	438	435
Additional paid-in capital	416,326	409,558
Retained earnings	320,302	300,030
Accumulated elements of other comprehensive income	1,021	1,714
Treasury stock, at cost, 10,554,169 and 9,211,747 shares at September 30, 2011 and December 31, 2010, respectively	(672,215)	(628,921)
Total stockholders' equity	65,872	82,816
Total liabilities and stockholders' equity	$ 450,369	$ 510,149

Derivative instruments and hedging activities (Details Textual) (USD $) In Millions	9 Months Ended
	Sep. 30, 2011
Derivative instruments and hedging activities (Textual) [Abstract]
Maximum length of time over which the Company hedges its exposure to the variability in future cash flows	12 months
Forward Contracts [Member]
Derivative [Line Items]
Notional amount of outstanding forward contracts	$ 21.0

Revolving credit facility (Details Textual) (USD $) In Millions	Sep. 30, 2011	Mar. 16, 2011
Revolving Credit Facility (Additional Textual) [Abstract]
Five year Senior unsecured revolving credit facility		$ 100
Aggregate revolving commitments minimum	100
Aggregate revolving commitments maximum	150
Letter of Credit [Member]
Revolving Credit Facility (Textual) [Abstract]
Issuance of Credit facility	$ 7.2