*Represents the book value per share of Baird stock at December 31, 2019, of $53.21 plus cumulative cash dividends per share from 2011 through 2019 of $26.70 per share, representing annual dividends of $2.50, $2.10, $7.50, $2.00, $1.85, $1.65, $1.60 and $7.50 per share in 2019, 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.
**For comparative purposes, book value appreciation includes an adjustment for the value of the dividends paid in December of each year.
***Represents stockholders' equity at December 31, 2019, of $1,176 million plus cumulative cash dividends from 2011 through 2019 of $469 million, representing annual dividends of $55 million,$39 million, $136 million, $35 million, $32 million, $27 million, $25 million and $120 million in 2019, 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.
| Operating Results |
Per-Share Data |
Financial Position |
Other Data |
|||||||||
| Net Revenues (millions) |
Operating Income (millions) |
Book Value (fully diluted) |
Cash Dividend |
Total Assets (millions) |
Associates | Financial Advisors |
||||||
| 2019 | $ | 2,060 | $ | 262 | $ | 53.21 | $ | 2.50 | $ | 3,343 | 4,641 | 1,298 |
| 2018 | $ | 1,784 | $ | 244 | $ | 48.77 | $ | 0.00 | $ | 3,235 | 3,642 | 937 |
| 2017 | $ | 1,533 | $ | 199 | $ | 39.77 | $ | 2.10 | $ | 3,114 | 3,410 | 858 |
| 2016 | $ | 1,390 | $ | 155 | $ | 34.67 | $ | 7.50 | $ | 2,613 | 3,410 | 877 |
| 2015 | $ | 1,286 | $ | 154 | $ | 37.48 | $ | 2.00 | $ | 2,793 | 3,312 | 872 |
| 2014 | $ | 1,202 | $ | 135 | $ | 34.87 | $ | 1.85 | $ | 2,635 | 3,172 | 816 |
| 2013 | $ | 1,069 | $ | 117 | $ | 31.78 | $ | 1.65 | $ | 2,259 | 2,935 | 727 |
| 2012 | $ | 961 | $ | 100 | $ | 28.98 | $ | 1.60 | $ | 2,340 | 2,787 | 698 |
| 2011 | $ | 925 | $ | 86 | $ | 27.19 | $ | 7.50 | $ | 2,264 | 2,752 | 694 |
| 2010 | $ | 847 | $ | 84 | $ | 31.51 | — | $ | 2,414 | 2,629 | 680 | |
Financial information does not reflect the consolidation of certain private equity partnerships.
Book Value: Baird paid cash dividends per share of $2.50, $2.10, $7.50, $2.00, $1.85, $1.65, $1.60 and $7.50 in December of 2019, 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively, which resulted in corresponding decreases in book value. In addition, pershare amounts have been restated to give effect for a three-for-one stock split, effective November 30, 1999, and a two-for-one stock split, effective February 19, 2008.
