Operator: Welcome to the E*TRADE Financial Third Quarter 2011 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Following the formal remarks, we will open the call for Q&A.
It is now my pleasure to turn the floor over to Susan Hickey from E*TRADE Financial. Please go ahead.
Susan Hickey - IR: Good afternoon, and thank you for joining us for E*TRADE Financials third quarter 2011 conference call. Joining me today are Steven Freiberg, E*TRADE's Chief Executive Officer, Matt Audette, our Chief Financial Officer, and other members of E*TRADE's management team.
Before turning the call over to Steve, I'd like to remind everyone that during this conference call, the Company will be sharing with you certain projections or other forward-looking statements regarding future events or its future performance.
E*TRADE Financial cautions you that certain factors including risks and uncertainties referred to in the 10-Ks, 10-Qs and other documents E*TRADE files with the Securities and Exchange Commission could cause the Company's actual results to differ materially from those indicated by its projections of forward-looking statements. This call will present information as of October 19, 2011. Please note that E*TRADE Financial disclaims any duty to update any forward-looking statements made in the presentation.
During this call, E*TRADE Financial may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP, either during the course of this call or in the Company's press release, which can be found on its website at investor.etrade.com.
This call is being recorded and a replay of this call will be available via phone and webcast beginning this evening at approximately 7.00 p.m. The call is being webcast live at investor.etrade.com. No other recordings or copies of this call are authorized or may be relied upon.
With that I will turn the call over to Steve Freiberg.
Steven J. Freiberg - CEO: Good afternoon and thank you for joining today's call. I will begin by covering highlights from the third quarter and then Matt will take you through the results. I will follow with a few additional comments, after which we will open up the call for questions.
We are pleased with our third quarter performance as we executed well during a period of extreme market volatility, driven by continued uncertainty in the global economy. We reported net income of $71 million or $0.24 per share on revenue of $507 million. Our results this quarter included a tax benefit, as well as two specific expenses that I will summarize upfront and Matt will provide additional details later in the call.
First, we recorded an income tax benefit of approximately $62 million or $0.21 per share related to the taxable liquidation of a European subsidiary in conjunction with our international restructuring.
On the expense side, we reserved $55 million or $0.13 per share related to our intention to initiate an offer to purchase auction rate securities held by customers of E*TRADE Securities. While we played a limited role in the market for these securities, we believe an offer to purchase is the appropriate thing to do for our customers and in the best interest of our stakeholders. We will be pleased to put this matter behind us.