Cohen & Steers Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported income attributable to common shareholders of $21.7 million, or $0.49 per diluted share and $0.50 per basic share compared with income attributable to common shareholders of $16.0 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended December 31, 2011. Total revenue was $71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter of 2011, primarily due to higher average assets under management. Operating income was $32.7 million compared to $22.8 million for the same period last year. Excluding the closed end fund offering costs, operating income for the third quarter of 2012 was $27.9 million. Income before provision for income taxes was $34.26 million compared to $25.21 million for the same period last year. Pre-tax income for the quarter was $33.9 million net of non controlling interest, which represents third party interest in the funds it has consolidated, compared with $25.2 million in the prior year and $15.2 million sequentially. Excluding the offering costs, pre-tax income for the third quarter of 2012 was $30.9 million.

For the year ended December 31, 2012, the company reported income attributable to common shareholders of $66.1 million, or $1.49 per diluted share and $1.51 per basic share, compared with income attributable to common shareholders of $54.3 million, or $1.23 per diluted share and $1.26 per basic share, for the year ended December 31, 2011. The 2012 results included after-tax expenses of approximately $0.21 per share associated primarily with the offering of Cohen & Steers Limited Duration Preferred and Income Fund Inc., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.70 for the year ended December 31, 2012. Total revenue was $273.553 million compared to $237.246 million for the same period last year. Operating income was $86.432 million compared to $87.004 million for the same period last year. Income before provision for income taxes was $104.303 million compared to $86.861 million for the same period last year.

Based on the preliminary projections the company estimates that effective tax rate will increase to 37% for 2013.