Business Segments (Tables)

9 Months Ended

Sep. 30, 2010

Summarized Unaudited Financial Information by Business Segments

Summarized unaudited financial information by business segment for the three and nine months ended September 30, 2011 and 2010 is as follows ($ in thousands):

	Three Months Ended September 30, 2011		Three Months Ended September 30, 2010			Nine Months Ended September 30, 2011			Nine Months Ended September 30, 2010
Real Estate Services
Americas
Segment revenue:
Revenue	$	379,273		309,063			1,013,128			832,748
Equity income		34		40			2,666			280
		379,307		309,103			1,015,794			833,028
Operating expenses:
Compensation, operating and administrative expenses		332,831		263,140			908,736			727,806
Depreciation and amortization		9,325		8,697			28,793			26,415
Operating income	$	37,151		37,266			78,265			78,807

EMEA
Segment revenue:
Revenue	$	247,298		169,275			633,720			491,442
Equity income (losses)		4		(12	)		(306	)		(45	)
		247,302		169,263			633,414			491,397
Operating expenses:
Compensation, operating and administrative expenses		236,855		161,858			619,136			478,672
Depreciation and amortization		9,824		4,222			20,326			13,249
Operating income (loss)	$	623		3,183			(6,048	)		(524	)

Asia Pacific
Segment revenue:
Revenue	$	200,536		164,968			580,362			455,317
Equity income		56		-			151			-
		200,592		164,968			580,513			455,317
Operating expenses:
Compensation, operating and administrative expenses		183,563		153,981			530,311			421,573
Depreciation and amortization		3,128		3,616			9,202			9,948
Operating income	$	13,901		7,371			41,000			23,796

Investment Management
Segment revenue:
Revenue	$	76,103		65,073			209,158			189,854
Equity income (losses)		420		(2,042	)		171			(11,172	)
		76,523		63,031			209,329			178,682
Operating expenses:
Compensation, operating and administrative expenses		56,741		49,422			163,555			145,633
Depreciation and amortization		558		1,208			2,179			3,377
Operating income	$	19,224		12,401			43,595			29,672

Segment Reconciling Items:
Total segment revenue	$	903,724		706,365			2,439,050			1,958,424
Reclassification of equity income (losses)		514		(2,014	)		2,682			(10,937	)
Total revenue		903,210		708,379			2,436,368			1,969,361

Total segment operating expenses	$	832,825		646,144			2,282,238			1,826,673
Restructuring and acquisition charges		16,031		385			22,144			5,501
Operating income	$	54,354		61,850			131,986			137,187

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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