TradeStation Group—Unaudited Quarterly Statements of Income


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	2008

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

Revenues:
Brokerage commissions and fees	$	30,524,838	$	28,227,501	$	58,752,339

Interest income		9,276,857		7,061,046		16,337,903
Brokerage interest expense		1,224,421		846,639		2,071,060
Net interest income		8,052,436		6,214,407		14,266,843

Subscription fees and other		2,141,378		2,117,909		4,259,287
Net revenues		40,718,652		36,559,817		77,278,469

Expenses:
Employee compensation and benefits		9,218,940		10,826,681		20,045,621
Clearing and execution		9,525,805		8,509,871		18,035,676
Data centers and communications		2,391,320		2,368,979		4,760,299
Advertising		1,305,318		1,482,949		2,788,267
Professional services		1,629,322		158,584		1,787,906
Occupancy and equipment		752,673		754,917		1,507,590
Depreciation and amortization		949,615		1,082,005		2,031,620
Other		1,449,683		1,351,645		2,801,328
Total expenses		27,222,676		26,535,631		53,758,307

Income before income taxes		13,495,976		10,024,186		23,520,162
Income tax provision		5,240,327		3,937,208		9,177,535

Net income	$	8,255,649	$	6,086,978	$	14,342,627

Earnings per share:
Basic	$	0.19	$	0.14	$	0.33

Diluted	$	0.19	$	0.14	$	0.32

Weighted average shares outstanding:
Basic		43,707,699		43,389,483		43,548,591

Diluted		44,462,332		44,143,095		44,302,714

	2007

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Full Year
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Full Year

Revenues:
Brokerage commissions and fees	$	22,287,705	$	22,718,953	$	27,333,980	$	27,604,198	$	99,944,836

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

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

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

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

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

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

Diluted	$	0.18	$	0.18	$	0.22	$	0.21	$	0.78

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

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

					2006

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year

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

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

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

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

Expenses:
Employee compensation and benefits		6,966,771		7,230,492		7,544,662		7,637,284		29,379,209
Clearing and execution		5,827,683		6,856,437		6,425,480		6,997,769		26,107,369
Data centers and communications		1,530,803		1,618,377		1,626,680		1,677,137		6,452,997
Advertising		956,617		1,101,775		1,121,833		1,134,466		4,314,691
Professional services		758,560		678,148		842,725		1,131,455		3,410,888
Occupancy and equipment		622,162		633,532		646,987		645,894		2,548,575
Depreciation and amortization		482,611		564,982		674,867		785,456		2,507,916
Other		780,370		1,165,620		1,036,448		871,527		3,853,965