Question-and-Answer Session
Operator
Thank you. (Operator Instructions). Our first question comes from the Keith Walsh with Citi. Please state your question.
Keith Walsh – Citigroup
Hi, good morning everybody. A couple of questions for Doug. I’m just a little confused, looking at $0.12 versus $0.37. I know there is a lot of one-time as you talk about in the release, but just a cut through at all. What is the core EPS for this quarter if you can walk us through that? Thanks.
Douglas Howell
Good morning Keith. I think the way to look at is in the Financial Services and Corporate segment. Again $0.06 share of loss per quarter is what we told you at the beginning of the year. The reason why it shows a negative, I’m looking backwards up the face of the press release here. If you are working backwards, we took a write off at 5.7 on asset alliance and we wrote off some state taxes of $1.9 million. So, that’s the difference between the $0.06 of interest in operating cost and then the reportable $0.11 negative. Going up into the risk management segment you can see on page four of the press release, if you add that the one-time items there is about $6.6 million worth of one-time items, if you tax effect that you get about $0.04 a share differential, sort of $0.05 plus the $0.04 to $0.05, the result of that is about $0.09 to $0.10 there. On the brokerage segment doing the same exercise, we give an add back to the earnings there, how about a nickel again, so your 18 moves to 23 and the difference between that and probably what you are expecting was 4% negative organic growth and loss investment income. So those are the big pieces that navigate you back to the kind of the quarter earnings.
Keith Walsh – Citigroup
So about $0.23 versus the $0.37 if we wanted to do apples–to–apples?
Douglas Howell
If you assume no investment income and you assume 4% negative organic growth that’s right.
Keith Walsh – Citigroup
Okay and then just for Pat the two questions, in the press release you said, renewal exposure units are down as one of the reasons for the organic being down. I assume this issue is only going to accelerate in first quarter. Maybe if you can correct me if I’m wrong but I believe first quarter would probably be a bigger renewal season than fourth quarter and then I have a followup.
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