Deferred Sales Commissions, Net

12 Months Ended

Dec. 31, 2011

Deferred Sales Commissions, Net [Abstract]

Deferred Sales Commissions, Net

10. Deferred Sales Commissions, Net

The components of deferred sales commissions, net for the years ended December 31, 2011 and 2010 were as follows:

	December 31,(1)
	2011			2010
	(in thousands)
Carrying amount of deferred sales commissions	$	660,735		$	624,995
Less: Accumulated amortization		(434,770	)		(397,095	)
Cumulative CDSC received		(165,966	)		(151,744	)
Deferred sales commissions, net	$	59,999		$	76,156

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(1) Excludes amounts related to fully amortized deferred sales commissions.

Amortization expense was $37.7 million, $47.4 million and $54.9 million for the years ended December 31, 2011, 2010 and 2009, respectively. Estimated future amortization expense related to the December 31, 2011 net asset balance, assuming no additional CDSC is received in future periods, is as follows (in thousands):

2012	$	26,361
2013		17,646
2014		11,007
2015		4,245
2016		651
2017		89
	$	59,999