we have been providing investment advisory services since 1983 and , according to recognized industry sources including morningstar , inc. , our principal investment strategies have consistently ranked above median performance within their peer groups when measured over multi-year periods . 21 with respect to the bulk of our client assets under management , we utilize a value investment style focused on achieving superior long-term , risk-adjusted returns by investing in companies with high levels of free cash flow , improving returns on equity , strengthening balance sheets and well positioned for growth but whose value is not fully recognized in the marketplace . this investment approach is designed to preserve capital during unfavorable periods and provide superior real returns over the long term . our investment teams have significant industry experience . our founder , susan m. byrne , has over forty years of investment experience . our investment team has average investment experience of fifteen years while one third of our team has worked together at westwood for over ten years . we have focused on building a foundation in terms of personnel and infrastructure to support a potentially much larger business . we have also developed investment strategies that we believe will be desirable within our target institutional , private wealth and mutual fund markets . the cost of developing new products and the organization as a whole has resulted in our incurring expenses that , in some cases , do not currently have significant offsetting revenues . we believe that the appropriate foundation and products are now in place and believe that investors will recognize the value in these products , thereby generating new revenue streams for westwood . 2011 highlights the following items are highlights for the year ended december 31 , 2011 : assets under management as of december 31 , 2011 were $ 13.1 billion , a 5 % increase compared to december 31 , 2010 ; average assets under management for 2011 were $ 12.9 billion , a 20 % increase compared to 2010. net asset inflows were $ 665 million , including net inflows to the westwood funds tm of $ 309 million , for an organic growth rate of 32 % . as of december 31 , 2011 , over 90 % of our investment strategies have outperformed their respective benchmarks since inception . with the addition of three funds in 2011 , our westwood funds tm family of mutual funds now includes eight funds and ended the year with $ 1.3 billion in assets under management . our income opportunity strategy , with its focus on current income and lower volatility , experienced tremendous client inflows in the turbulent market of 2011 , more than doubling its assets to over $ 900 million . our smidcap plus+ strategy exceeded $ 500 million in assets in its first full year of operation . we completed the first year of operation of our westwood trust omaha office , which was added via the acquisition of mccarthy group advisors , llc in november 2010. total revenue was a record $ 68.9 million , a 25 % increase over the prior year net income was a record $ 14.7 million , a 30 % increase over the prior year in october 2011 , the board approved an increase in our quarterly dividend to $ 0.37 per share , or an annual rate of $ 1.48 , resulting in a dividend yield of 4.0 % at the year-end stock price of $ 36.55. we repurchased 90,540 shares of our common stock during the year and have approximately $ 6.9 million remaining under a stock repurchase program authorized by our board of directors in august 2011. our financial position remains strong with liquid cash and investments of $ 57.1 million as of december 31 , 2011 ( excludes shares of teton advisors , inc. ) . revenues we derive revenues from investment advisory fees , trust fees , and other revenues . our advisory fees are generated by westwood management , which manages client accounts under investment advisory and subadvisory agreements . advisory fees are calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements . westwood management 's advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter , quarterly in arrears based on assets under management on the last day of the previous quarter , or are based on a daily or monthly analysis of assets under management for the stated period . westwood management recognizes revenues as services are rendered . a limited number of our clients have agreed to contractual performance-based fees , which generate additional revenues if we 22 outperform a specified index over a specific period of time . we record revenue for performance-based fees at the end of the measurement periods . since most of our advance paying clients ' billing periods coincide with the calendar quarter to which payment relates , revenue related to those clients is fully recognized within the quarter . consequently , there is not a significant amount of deferred revenue contained in our financial statements . our trust fees are generated by westwood trust pursuant to trust or custodial agreements . trust fees are separately negotiated with each client and are generally based on a percentage of assets under management . westwood trust also provides trust services to a small number of clients on a fixed fee basis . most trust fees are paid quarterly in advance and are recognized as services are rendered . since billing periods for the majority of westwood trust 's advance paying clients coincide with the calendar quarter to which payment relates , revenue is fully recognized within the quarter and consequently there is not a significant amount of deferred revenue contained in our financial statements . story_separator_special_tag sales and marketing costs increased by 43 % to $ 823,000 in 2010 compared with $ 576,000 in 2009. the increase was primarily the result of increased travel related to european marketing tours with subadvisory partner pictet & cie and increased direct marketing expenses . westwood mutual funds . westwood mutual funds expenses increased 10 % to $ 662,000 in 2010 compared with $ 600,000 in 2009. this increase was primarily due to an increase of $ 133,000 in expense related to recording to fair value the deferred acquisition liability from a fund acquisition we made in 2009 and an increase of $ 86,000 in shareholder servicing fees due to higher fund assets . partially offsetting these increases was a net decrease in professional and legal fees due to the acquisition of the philadelphia fund and its reorganization into the westwood largecap value fund in 2009. in 2010 we incurred costs related to the reorganization of the mccarthy multi-cap stock fund , which was acquired in november 2010 , into the westwood dividend growth fund . information technology . information technology expense increased by 11 % to $ 1.4 million in 2010 compared with $ 1.2 million in 2009. the increase is primarily due to increases of $ 94,000 in software maintenance and licenses and $ 37,000 for research tools . professional services . professional services expense increased by 92 % to $ 2.9 million in 2010 compared with $ 1.5 million in 2009 primarily due to an increase of $ 759,000 in legal and other professional fees related to the mccarthy acquisition and other growth initiatives undertaken in 2010 and a $ 600,000 increase in advisory fees paid to external subadvisors for common trust funds sponsored by westwood trust that were temporarily invested in passive index funds in 2009. general and administrative . general and administrative expenses increased by 9 % to $ 2.8 million in 2010 compared with $ 2.6 million in 2009 primarily due to an increase of $ 142,000 in amortization of intangible assets acquired in acquisitions made in 2009 and 2010. provision for income taxes . provision for income taxes increased by 46 % to $ 6.4 million in 2010 compared with $ 4.4 million in 2009 primarily due to higher income before taxes . the increase in the effective tax rate from 35.9 % in 2009 to 36.3 % in 2010 was primarily due to more taxable income in the higher federal income tax bracket . supplemental financial information as supplemental information , we are providing non-generally accepted accounting principles ( non-gaap ) performance measures that we refer to as economic earnings and economic expenses . we provide these measures in addition to , but not as a substitute for , net income and total expenses , which are reported on a u.s. generally accepted accounting principles ( gaap ) basis . management and the board of directors review economic earnings and economic expenses to evaluate ongoing performance , allocate resources and review dividend policy . we believe that these non-gaap performance measures , while not substitutes for gaap net income and total expenses , are useful for both management and investors to evaluate our underlying operating and financial performance and our available resources . we do not advocate that investors consider these non-gaap measures without considering financial information prepared in accordance with gaap . in calculating economic earnings , we add to net income the non-cash expense associated with equity-based compensation awards of restricted stock and stock options , amortization of intangible assets and the deferred taxes related to the tax-basis amortization of goodwill . we define economic expenses as total expenses less non-cash equity-based compensation expense and amortization of intangible assets . although depreciation on property and equipment is a non-cash expense , we do not add it back when calculating economic earnings or deduct it when calculating economic expenses because depreciation charges represent a decline in the value of the related assets that will ultimately require replacement . 27 for the year ended december 31 , 2011 , our economic earnings increased by 22 % to $ 25.3 million compared with $ 20.8 million for the year ended december 31 , 2010 , primarily due to a 25 % increase in total revenues . the following table provides a reconciliation of net income to economic earnings and total expenses to economic expenses for the years presented : replace_table_token_12_th story_separator_special_tag roman `` > intangible assets our intangible assets represent the acquisition date fair value of the intangible assets acquired and are reflected net of amortization . the values of these assets are comprised mostly of customer lists but also include valuations of trade names and non-compete agreements . in valuing these assets , we made significant estimates regarding the useful life , growth rates and potential attrition of the assets acquired . we periodically review our intangible assets for events or circumstances that would indicate impairment and we would record an impairment to remove the excess if their carrying value exceeded fair value . restricted stock we have granted restricted stock to employees and non-employee directors . we calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant , the number of shares issued and an estimate of shares that will not vest due to forfeitures . this compensation cost is amortized on a straight-line basis over the applicable vesting period . the estimate of shares that will not vest due to forfeitures is based on our historical forfeiture rate and our expectation of potential forfeitures , which is dependent upon our judgment . if actual experience differs significantly from these estimates , stock based compensation expense and our results of operations could be materially affected . if forfeitures of restricted stock do not occur or are significantly less than our estimation , we would record as much as $ 209,000 of additional compensation costs over the next two years

liquidity and capital resources replace_table_token_13_th historically we have funded our operations and cash requirements with cash generated from operating activities . as of december 31 , 2011 , we had no long-term debt . the changes in net cash provided by operating activities generally reflect the changes in earnings plus the effect of non-cash items and changes in working capital . changes in working capital , especially accounts receivable and accounts payable , are generally the result of timing differences between collection of fees billed and payment of operating expenses . during 2011 , cash flow provided by operating activities , principally our investment advisory business , was $ 18.5 million compared to cash provided by operations of $ 18.3 million during 2010 and $ 10.6 million during 2009. the increase of $ 271,000 was primarily due to increased net income and an increase in accounts and compensation payables , partially offset by increased net purchases of u.s. treasury bills . the increase of $ 8.4 million from 2009 to 2010 was primarily due to increased net income , reduced net purchases of u.s. treasury bills and an increase in accounts and compensation payables , partially offset by higher accounts receivable . 28 cash flow used in investing activities during 2011 of $ 2.2 million primarily reflected the purchase of property and equipment and cash paid to acquire businesses . cash flow used in investing activities during 2010 was $ 5.7 million and was primarily related to cash paid to acquire businesses . cash flow used in investing activities during 2009 of $ 1.7 million was primarily related to net sales of available-for-sale investments and cash paid to acquire a business . cash used in financing activities of $ 12.8 million , $ 13.8 million and $ 9.5 million during 2011 , 2010 and 2009 , respectively , primarily related to payment of cash dividends and purchase of treasury stock , partially offset by excess tax benefits related to vested restricted shares and proceeds from the issuance of stock upon option exercises .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources replace_table_token_13_th historically we have funded our operations and cash requirements with cash generated from operating activities . as of december 31 , 2011 , we had no long-term debt . the changes in net cash provided by operating activities generally reflect the changes in earnings plus the effect of non-cash items and changes in working capital . changes in working capital , especially accounts receivable and accounts payable , are generally the result of timing differences between collection of fees billed and payment of operating expenses . during 2011 , cash flow provided by operating activities , principally our investment advisory business , was $ 18.5 million compared to cash provided by operations of $ 18.3 million during 2010 and $ 10.6 million during 2009. the increase of $ 271,000 was primarily due to increased net income and an increase in accounts and compensation payables , partially offset by increased net purchases of u.s. treasury bills . the increase of $ 8.4 million from 2009 to 2010 was primarily due to increased net income , reduced net purchases of u.s. treasury bills and an increase in accounts and compensation payables , partially offset by higher accounts receivable . 28 cash flow used in investing activities during 2011 of $ 2.2 million primarily reflected the purchase of property and equipment and cash paid to acquire businesses . cash flow used in investing activities during 2010 was $ 5.7 million and was primarily related to cash paid to acquire businesses . cash flow used in investing activities during 2009 of $ 1.7 million was primarily related to net sales of available-for-sale investments and cash paid to acquire a business . cash used in financing activities of $ 12.8 million , $ 13.8 million and $ 9.5 million during 2011 , 2010 and 2009 , respectively , primarily related to payment of cash dividends and purchase of treasury stock , partially offset by excess tax benefits related to vested restricted shares and proceeds from the issuance of stock upon option exercises .
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 Suspicious Activity Report : we have been providing investment advisory services since 1983 and , according to recognized industry sources including morningstar , inc. , our principal investment strategies have consistently ranked above median performance within their peer groups when measured over multi-year periods . 21 with respect to the bulk of our client assets under management , we utilize a value investment style focused on achieving superior long-term , risk-adjusted returns by investing in companies with high levels of free cash flow , improving returns on equity , strengthening balance sheets and well positioned for growth but whose value is not fully recognized in the marketplace . this investment approach is designed to preserve capital during unfavorable periods and provide superior real returns over the long term . our investment teams have significant industry experience . our founder , susan m. byrne , has over forty years of investment experience . our investment team has average investment experience of fifteen years while one third of our team has worked together at westwood for over ten years . we have focused on building a foundation in terms of personnel and infrastructure to support a potentially much larger business . we have also developed investment strategies that we believe will be desirable within our target institutional , private wealth and mutual fund markets . the cost of developing new products and the organization as a whole has resulted in our incurring expenses that , in some cases , do not currently have significant offsetting revenues . we believe that the appropriate foundation and products are now in place and believe that investors will recognize the value in these products , thereby generating new revenue streams for westwood . 2011 highlights the following items are highlights for the year ended december 31 , 2011 : assets under management as of december 31 , 2011 were $ 13.1 billion , a 5 % increase compared to december 31 , 2010 ; average assets under management for 2011 were $ 12.9 billion , a 20 % increase compared to 2010. net asset inflows were $ 665 million , including net inflows to the westwood funds tm of $ 309 million , for an organic growth rate of 32 % . as of december 31 , 2011 , over 90 % of our investment strategies have outperformed their respective benchmarks since inception . with the addition of three funds in 2011 , our westwood funds tm family of mutual funds now includes eight funds and ended the year with $ 1.3 billion in assets under management . our income opportunity strategy , with its focus on current income and lower volatility , experienced tremendous client inflows in the turbulent market of 2011 , more than doubling its assets to over $ 900 million . our smidcap plus+ strategy exceeded $ 500 million in assets in its first full year of operation . we completed the first year of operation of our westwood trust omaha office , which was added via the acquisition of mccarthy group advisors , llc in november 2010. total revenue was a record $ 68.9 million , a 25 % increase over the prior year net income was a record $ 14.7 million , a 30 % increase over the prior year in october 2011 , the board approved an increase in our quarterly dividend to $ 0.37 per share , or an annual rate of $ 1.48 , resulting in a dividend yield of 4.0 % at the year-end stock price of $ 36.55. we repurchased 90,540 shares of our common stock during the year and have approximately $ 6.9 million remaining under a stock repurchase program authorized by our board of directors in august 2011. our financial position remains strong with liquid cash and investments of $ 57.1 million as of december 31 , 2011 ( excludes shares of teton advisors , inc. ) . revenues we derive revenues from investment advisory fees , trust fees , and other revenues . our advisory fees are generated by westwood management , which manages client accounts under investment advisory and subadvisory agreements . advisory fees are calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements . westwood management 's advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter , quarterly in arrears based on assets under management on the last day of the previous quarter , or are based on a daily or monthly analysis of assets under management for the stated period . westwood management recognizes revenues as services are rendered . a limited number of our clients have agreed to contractual performance-based fees , which generate additional revenues if we 22 outperform a specified index over a specific period of time . we record revenue for performance-based fees at the end of the measurement periods . since most of our advance paying clients ' billing periods coincide with the calendar quarter to which payment relates , revenue related to those clients is fully recognized within the quarter . consequently , there is not a significant amount of deferred revenue contained in our financial statements . our trust fees are generated by westwood trust pursuant to trust or custodial agreements . trust fees are separately negotiated with each client and are generally based on a percentage of assets under management . westwood trust also provides trust services to a small number of clients on a fixed fee basis . most trust fees are paid quarterly in advance and are recognized as services are rendered . since billing periods for the majority of westwood trust 's advance paying clients coincide with the calendar quarter to which payment relates , revenue is fully recognized within the quarter and consequently there is not a significant amount of deferred revenue contained in our financial statements . story_separator_special_tag sales and marketing costs increased by 43 % to $ 823,000 in 2010 compared with $ 576,000 in 2009. the increase was primarily the result of increased travel related to european marketing tours with subadvisory partner pictet & cie and increased direct marketing expenses . westwood mutual funds . westwood mutual funds expenses increased 10 % to $ 662,000 in 2010 compared with $ 600,000 in 2009. this increase was primarily due to an increase of $ 133,000 in expense related to recording to fair value the deferred acquisition liability from a fund acquisition we made in 2009 and an increase of $ 86,000 in shareholder servicing fees due to higher fund assets . partially offsetting these increases was a net decrease in professional and legal fees due to the acquisition of the philadelphia fund and its reorganization into the westwood largecap value fund in 2009. in 2010 we incurred costs related to the reorganization of the mccarthy multi-cap stock fund , which was acquired in november 2010 , into the westwood dividend growth fund . information technology . information technology expense increased by 11 % to $ 1.4 million in 2010 compared with $ 1.2 million in 2009. the increase is primarily due to increases of $ 94,000 in software maintenance and licenses and $ 37,000 for research tools . professional services . professional services expense increased by 92 % to $ 2.9 million in 2010 compared with $ 1.5 million in 2009 primarily due to an increase of $ 759,000 in legal and other professional fees related to the mccarthy acquisition and other growth initiatives undertaken in 2010 and a $ 600,000 increase in advisory fees paid to external subadvisors for common trust funds sponsored by westwood trust that were temporarily invested in passive index funds in 2009. general and administrative . general and administrative expenses increased by 9 % to $ 2.8 million in 2010 compared with $ 2.6 million in 2009 primarily due to an increase of $ 142,000 in amortization of intangible assets acquired in acquisitions made in 2009 and 2010. provision for income taxes . provision for income taxes increased by 46 % to $ 6.4 million in 2010 compared with $ 4.4 million in 2009 primarily due to higher income before taxes . the increase in the effective tax rate from 35.9 % in 2009 to 36.3 % in 2010 was primarily due to more taxable income in the higher federal income tax bracket . supplemental financial information as supplemental information , we are providing non-generally accepted accounting principles ( non-gaap ) performance measures that we refer to as economic earnings and economic expenses . we provide these measures in addition to , but not as a substitute for , net income and total expenses , which are reported on a u.s. generally accepted accounting principles ( gaap ) basis . management and the board of directors review economic earnings and economic expenses to evaluate ongoing performance , allocate resources and review dividend policy . we believe that these non-gaap performance measures , while not substitutes for gaap net income and total expenses , are useful for both management and investors to evaluate our underlying operating and financial performance and our available resources . we do not advocate that investors consider these non-gaap measures without considering financial information prepared in accordance with gaap . in calculating economic earnings , we add to net income the non-cash expense associated with equity-based compensation awards of restricted stock and stock options , amortization of intangible assets and the deferred taxes related to the tax-basis amortization of goodwill . we define economic expenses as total expenses less non-cash equity-based compensation expense and amortization of intangible assets . although depreciation on property and equipment is a non-cash expense , we do not add it back when calculating economic earnings or deduct it when calculating economic expenses because depreciation charges represent a decline in the value of the related assets that will ultimately require replacement . 27 for the year ended december 31 , 2011 , our economic earnings increased by 22 % to $ 25.3 million compared with $ 20.8 million for the year ended december 31 , 2010 , primarily due to a 25 % increase in total revenues . the following table provides a reconciliation of net income to economic earnings and total expenses to economic expenses for the years presented : replace_table_token_12_th story_separator_special_tag roman `` > intangible assets our intangible assets represent the acquisition date fair value of the intangible assets acquired and are reflected net of amortization . the values of these assets are comprised mostly of customer lists but also include valuations of trade names and non-compete agreements . in valuing these assets , we made significant estimates regarding the useful life , growth rates and potential attrition of the assets acquired . we periodically review our intangible assets for events or circumstances that would indicate impairment and we would record an impairment to remove the excess if their carrying value exceeded fair value . restricted stock we have granted restricted stock to employees and non-employee directors . we calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant , the number of shares issued and an estimate of shares that will not vest due to forfeitures . this compensation cost is amortized on a straight-line basis over the applicable vesting period . the estimate of shares that will not vest due to forfeitures is based on our historical forfeiture rate and our expectation of potential forfeitures , which is dependent upon our judgment . if actual experience differs significantly from these estimates , stock based compensation expense and our results of operations could be materially affected . if forfeitures of restricted stock do not occur or are significantly less than our estimation , we would record as much as $ 209,000 of additional compensation costs over the next two years

