Jones Lang LaSalle Reports Record Second Quarter 2007; Net Income of $77.9 Million, $2.32 Per Share

    CHICAGO, July 24 /PRNewswire-FirstCall/ -- Jones Lang LaSalle
 Incorporated ( JLL), the leading integrated global real estate
 services and money management firm, today reported for the quarter ended
 June 30, 2007 record net income of $77.9 million, or $2.32 per diluted
 share of common stock, and net income of $105.2 million, or $3.12 per
 share, for year-to-date 2007. In 2006, net income for the second quarter
 was $65.7 million, or $1.94 per share, with year-to-date net income of
 $70.3 million, or $2.08 per share. Revenue for the second quarter of 2007
 was $676 million, an increase of 33 percent compared with 2006, and $1.2
 billion for the first half of the year, an increase of 38 percent over the
 prior year. Operating income for the second quarter of 2007 increased 20
 percent to $101.0 million from $84.3 million a year ago, and on a
 year-to-date basis increased 48 percent to $137.4 million. Included in the
 2007 second quarter results was a significant transaction advisory fee
 earned in the Asia Pacific Hotels business. The 2006 second quarter results
 included a $109.5 million incentive fee earned by the firm's money
 management business, LaSalle Investment Management.
     Positive returns from strategic investments made in 2005 and 2006 and
 continued favorable market conditions, together with size and timing of
 transactions, led to strong operating performance from all segments. The
 Asia Pacific region had the strongest revenue and operating income growth
 driven by the significant hotel transaction advisory fee. The Americas and
 EMEA regions continued to deliver solid growth and LaSalle Investment
 Management generated healthy increases in advisory fee revenue earned from
 assets under management along with significant incentive fees from
 performance for clients.
     Second Quarter 2007 Highlights:
 
     -- Revenue increased 33 percent to $676 million
     -- Operating income increased 20 percent to $101 million
     -- Asia Pacific Hotels business earned significant advisory fee
     "The impressive second quarter performance in all our businesses and
 geographies, together with our strong first quarter, puts us in an
 excellent position for the second half," said Colin Dyer, Chief Executive
 Officer of Jones Lang LaSalle. "To build additional momentum, we continue
 to invest in our operations, and to deepen and strengthen our service
 delivery to clients," Dyer added.
     Operating expenses were $575 million for the second quarter of 2007, an
 increase of 35 percent, and $1.0 billion on a year-to-date basis, a 36
 percent increase. Continued additions to capital markets and leasing teams,
 additional client-service staff, and the expansion of offices contributed
 to increased operating expenses. Higher incentive compensation costs
 related to the strong revenue and profit performance also resulted in an
 increase to operating expenses.
     Business Segment Second Quarter Performance Highlights
 
     Investor and Occupier Services
 
     -- In the Americas region, revenue for the second quarter of 2007 was
        $179 million, an increase of 33 percent over the prior year. The
        year-to-date revenue was $327 million, an increase of 32 percent over
        the same period in 2006. Revenue growth in the second quarter was
        driven both by Management Services, which grew 33 percent, and
        Transaction Services, which grew 28 percent. On a year-to-date basis,
        Management Services and Transaction Services revenue increased 24 and
        37 percent, respectively, over the prior year.
 
        The current quarter's revenue growth benefited from an increased number
        of large transactions in both local markets and Capital Markets.
        Second quarter Capital Markets revenue increased 69 percent over the
        prior year, reflecting the successful investments made over the past
        two years. Higher volumes in the project and development service
        business also contributed to the growth.
 
        Total operating expenses for the quarter and year to date increased 26
        and 25 percent, respectively, over the prior year due to the addition
        of a significant number of staff and higher incentive compensation
        expenses driven by growth in both revenue-generating activities and
        profit performance.
 
 
     -- EMEA's second quarter revenue was $197 million, an increase of
        45 percent, and $374 million for the first half of the year, an
        increase of 56 percent over 2006, with robust growth across all
        businesses. Transaction Services revenue grew 45 percent for the
        quarter and 59 percent year to date over the prior year, while
        Management Services revenue grew approximately 55 percent for both the
        second quarter and first half of the year.
 
        Transaction Services revenue benefited from Capital Markets, which
        increased 45 and 77 percent for the quarter and first half of the year,
        respectively, driven by increased market share and continued favorable
        market activity. Agency Leasing revenue increased 36 percent for the
        quarter and 30 percent for the first half of the year. Advisory
        Services revenue, which increased 95 percent for the quarter and
        84 percent for the first half of the year over 2006, contributed to the
        growth in Management Services.
 
        Geographically, England and Russia contributed to the region's growth
        for both the quarter and year to date. England's revenue increased
        55 and 40 percent for the second quarter and first half of the year,
        respectively, compared with 2006, benefiting from the investments made
        in 2006 and healthy growth in Management Services. Russia's revenue
        nearly tripled for both the quarter and first half of the year over the
        prior year driven by the increased volume of valuations completed.
        Revenue in Germany more than doubled over the prior year on a
        year-to-date basis with all other countries providing solid
        year-over-year revenue growth.
 
        Two strategic acquisitions were completed during the second quarter of
        2007. The firm joined forces with Troostwijk Makelaars, one of the
        leading and fastest growing independent property advisors in the
        Netherlands, and the English business expanded its operations with the
        acquisition of KHK Group, a national 54-person project and development
        services business.
 
        Operating expenses in 2007 increased by 39 percent for the second
        quarter of 2007 compared with the prior year, and increased 44 percent
        for the first half of the year. The increase was primarily due to
        acquisitions, staff additions to service clients and grow market share,
        and increased incentive compensation resulting from improved revenue
        and profit performance.
 
     -- Revenue for the Asia Pacific region was $211 million for the second
        quarter, and $298 million for the first half of 2007, a significant
        increase over the prior year. The growth was driven by the Asia Pacific
        Hotels business recognizing a transaction advisory fee on the sale of
        an All Nippon Airways (ANA) portfolio of 13 Japanese assets. This
        transaction was the latest phase of a long-established global
        relationship with this client and followed the firm's advisory role in
        the innovative ANA-InterContinental Hotels Group joint venture in 2006.
 
        The region accelerated its momentum with healthy top-line growth in
        both Transaction and Management Services revenue. Geographically, the
        second quarter revenue contributions came equally from growth markets
        (India, Japan, China and Korea) and core markets (Hong Kong, Singapore
        and Australia). Revenue from the growth markets more than doubled, led
        by Japan and India, while revenue for the core markets increased
        45 percent, led by Singapore and Australia. On a year-to-date basis,
        revenue from the growth markets was up over 100 percent and core
        markets' revenue increased 34 percent compared with the same period in
        2006.
 
        Operating expenses for the region increased as a result of higher
        incentive compensation driven by the Hotels fee and continued expansion
        of the operating platform.
 
 
     LaSalle Investment Management
 
        LaSalle Investment Management's revenue for the second quarter of 2007
        was $95 million and $174 million for the first half of 2007. Excluding
        the revenue impact of the $109.5 million incentive fee recognized in
        the second quarter of 2006, revenue for the second quarter of 2007
        increased 51 percent, while for the first half of the year revenue
        increased 39 percent. The growth of annuity-based revenue remained
        strong, with advisory fees of $54 million for the second quarter of
        2007, compared with $43 million in 2006, an increase of 26 percent over
        the prior year and an increase of 33 percent, to $108 million, on a
        year-to-date basis. The growth in the annuity revenue was driven by a
        continued healthy increase in assets under management, which were
        nearly $46 billion at the end of the second quarter of 2007, an
        increase of 26 percent over the prior year.
 
        Incentive fees were $29.8 million for the second quarter of 2007, and
        $51.7 million for the first half of 2007, as the firm liquidates its
        maturing funds. The firm continues to build a portfolio capable of
        producing incentive fees on a recurring basis. Incentive fees vary
        significantly from period to period due to both the performance of the
        underlying investments and the contractual timing of the measurement
        periods for clients.
 
        LaSalle Investment Management raised over $2.8 billion of equity during
        the second quarter of 2007. Global securities mandates accounted for
        approximately 50 percent of the year-to-date capital raise of
        $4.2 billion. Investments made on behalf of clients in the second
        quarter of 2007 were $2.1 billion, bringing the total investments to
        $3.4 billion on a year-to-date basis.
 
     Summary
     The firm's aggressive investments made over the last two years to
 expand market share and client wins, together with its strategic
 acquisitions, are contributing to the positive results. The globally
 diverse business platform and service lines, along with the continued
 overall strength of the global real estate markets, have positioned the
 firm to expect solid performance from all businesses for the remainder of
 the year.
     About Jones Lang LaSalle
     Jones Lang LaSalle ( JLL), the only real estate money management
 and services firm named to FORTUNE magazine's "100 Best Companies to Work
 For" and Forbes magazine's "400 Best Big Companies," has approximately 160
 offices worldwide and operates in more than 450 cities in over 50
 countries. With 2006 revenue of over $2.0 billion, the company provides
 comprehensive integrated real estate and investment management expertise on
 a local, regional and global level to owner, occupier and investor clients.
 Jones Lang LaSalle is an industry leader in property and corporate facility
 management services, with a portfolio of over 1.1 billion square feet
 worldwide. In 2006, the firm completed capital markets sales and
 acquisitions, debt financing, and equity placements on assets and
 portfolios valued at $70.9 billion. LaSalle Investment Management, the
 company's investment management business, is one of the world's largest and
 most diverse real estate money management firms, with approximately $45.8
 billion of assets under management. For further information, please visit
 our Web site, http://www.joneslanglasalle.com.
     Statements in this press release regarding, among other things, future
 financial results and performance, achievements, plans and objectives may
 be considered forward-looking statements within the meaning of the Private
 Securities Litigation Reform Act of 1995. Such statements involve known and
 unknown risks, uncertainties and other factors which may cause actual
 results, performance, achievements, plans and objectives of Jones Lang
 LaSalle to be materially different from those expressed or implied by such
 forward-looking statements. Factors that could cause actual results to
 differ materially include those discussed under "Business," "Management's
 Discussion and Analysis of Financial Condition and Results of Operations,"
 "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere
 in Jones Lang LaSalle's Annual Report on Form 10-K for the year ended
 December 31, 2006 and in the Quarterly Report on Form 10-Q for the quarter
 ended March 31, 2007 and in other reports filed with the Securities and
 Exchange Commission. Statements speak only as of the date of this release.
 Jones Lang LaSalle expressly disclaims any obligation or undertaking to
 update or revise any forward-looking statements contained herein to reflect
 any change in Jones Lang LaSalle's expectations or results, or any change
 in events.
     Conference Call
     The firm will conduct a conference call for shareholders, analysts and
 investment professionals on Wednesday, July 25 at 9:00 a.m. Eastern.
     As additional information, please note that, shortly following the
 public dissemination of our Second Quarter Earnings Release, at
 approximately 4:30 p.m. Eastern (or soon thereafter) on Tuesday, July 24th,
 Colin Dyer, Chief Executive Officer of Jones Lang LaSalle, is currently
 scheduled to appear as a special guest on Bloomberg (U.S.) Television's
 "Final Word" program. On the program, Mr. Dyer will review company
 performance and discuss industry trends. A link to the program will be
 available on Jones Lang LaSalle's Web site at
 http://www.joneslanglasalle.com/en-gb/investor+relations/ approximately two
 hours after the program airs.
     To participate in the teleconference on July 25 at 9 a.m. Eastern,
 please dial into one of the following phone numbers five to ten minutes
 before the start time.
     -- U.S. callers:              +1 877 809 9540
     -- International callers:     +1 706 679 7364
     -- Pass code:                 7021951
     Replay Information Available: (11:00 a.m. EDT) Wednesday, July 25
 through Midnight EDT August 1 at the following numbers:
     -- U.S. callers:              +1 800 642 1687
     -- International callers:     +1 706 645 9291
     -- Pass code:                 7021951
 
 
     Live webcast
     Follow these steps to listen to the webcast:
     1. You must have a minimum 14.4 Kbps Internet connection
     2. Log on to http://www.videonewswire.com/event.asp?id=41114 and follow
        instructions
     3. Download free Windows Media Player software: (link located under
        registration form)
     4. If you experience problems listening, send an e-mail to
        webcastsupport@tfprn.com
     This information is also available on the company's Web site at
 http://www.joneslanglasalle.com
     If you have any questions, call Yvonne Peterson of Jones Lang LaSalle's
 Investor Relations department at +1 312 228 2919.
                        JONES LANG LASALLE INCORPORATED
                      Consolidated Statements of Earnings
           For the Three and Six Months Ended June 30, 2007 and 2006
                       (in thousands, except share data)
                                  (Unaudited)
 
                                 Three Months Ended         Six Months Ended
                                       June 30,                  June 30,
                                 2007          2006          2007         2006
 
     Revenue                 $676,086      $509,789    $1,166,139     $846,887
 
     Operating expenses:
       Compensation and
        benefits              436,265       318,369       761,922      549,615
       Operating,
        administrative
        and other             126,517        96,894       242,253      184,557
       Depreciation and
        amortization           12,309        10,378        24,935       20,354
       Restructuring
        credits                   -            (169)         (411)        (670)
 
         Total operating
          expenses            575,091       425,472     1,028,699      753,856
 
         Operating income     100,995        84,317       137,440       93,031
 
     Interest expense,
      net of interest
      income                    3,830         4,478         5,668        7,687
     Gain on sale of
      investments               3,703           -           6,129          -
 
     Equity in earnings
      from unconsolidated
      ventures                  6,368         9,593         6,502        8,649
 
     Income before
      provision for income
      taxes                   107,236        89,432       144,403       93,993
     Provision for income
      taxes                    28,632        23,216        38,556       24,397
 
     Net income before
      cumulative effect of
      accounting change        78,604        66,216       105,847       69,596
     Cumulative effect of
      change in accounting
      principle                   -             -             -          1,180
     Net income               $78,604       $66,216      $105,847      $70,776
 
 
     Net income available
      to common
      shareholders            $77,932       $65,694      $105,175      $70,254
 
     Basic earnings per
      common share              $2.45         $2.07         $3.30        $2.22
 
     Basic weighted
      average shares
      outstanding          31,828,364    31,688,327    31,878,811   31,600,591
 
     Diluted earnings per
      common share              $2.32         $1.94         $3.12        $2.08
 
     Diluted weighted
      average shares
      outstanding          33,655,359    33,821,945   33,664,471    33,796,465
 
     EBITDA                  $123,375      $104,288     $175,006      $123,214
 
     Please reference attached financial statement notes.
 
 
 
                        JONES LANG LASALLE INCORPORATED
                           Segment Operating Results
           For the Three and Six Months Ended June 30, 2007 and 2006
                                 (in thousands)
                                  (Unaudited)
 
 
                                   Three Months Ended        Six Months Ended
                                         June 30,                June 30,
                                    2007        2006         2007        2006
 
     INVESTOR & OCCUPIER
      SERVICES
       AMERICAS
         Revenue:
          Transaction services    $85,070     $66,535     $157,759    $114,747
          Management services      86,021      64,801      156,952     127,062
          Equity earnings             270         135          420         284
          Other services            7,638       2,891       12,134       5,432
                                  178,999     134,362      327,265     247,525
 
         Operating expenses:
          Compensation,
           operating and
           administrative         153,792     121,332      289,675     229,936
          Depreciation and
           amortization             6,084       5,281       12,006      10,583
                                  159,876     126,613      301,681     240,519
 
          Operating income        $19,123      $7,749      $25,584      $7,006
 
 
       EMEA
         Revenue:
          Transaction services   $157,903    $109,110     $300,041    $188,485
          Management services      35,181      22,561       67,264      43,782
          Equity earnings
           (loss)                     172         (85)        (195)       (305)
          Other services            3,730       4,396        6,767       7,365
                                  196,986     135,982      373,877     239,327
 
         Operating expenses:
          Compensation,
           operating and
           administrative         177,830     127,877      335,555     233,596
          Depreciation and
           amortization             3,931       2,840        8,447       5,348
                                  181,761     130,717      344,002     238,944
 
          Operating income        $15,225      $5,265      $29,875        $383
 
 
       ASIA PACIFIC
         Revenue:
          Transaction services   $162,312     $45,189     $201,908     $73,837
          Management services      47,018      28,041       92,077      55,881
          Equity earnings             210       1,633          231       1,850
          Other services            1,691       1,529        3,410       2,697
                                  211,231      76,392      297,626     134,265
 
         Operating expenses:
          Compensation,
           operating and
           administrative         165,194      71,556      252,715     128,301
          Depreciation and
           amortization             1,857       1,938        3,630       3,760
                                  167,051      73,494      256,345     132,061
 
          Operating income        $44,180      $2,898      $41,281      $2,204
 
 
 
     LASALLE INVESTMENT
      MANAGEMENT
         Revenue:
          Transaction services     $5,411      $3,886       $7,930     $14,936
          Advisory fees            54,295      43,084      108,214      81,353
          Incentive fees           29,817     117,766       51,683     131,310
          Equity earnings           5,716       7,910        6,046       6,820
                                   95,239     172,646      173,873     234,419
 
         Operating expenses:
          Compensation,
           operating and
           administrative          65,966      94,498      126,230     142,339
          Depreciation and
           amortization               437         319          852         663
                                   66,403      94,817      127,082     143,002
          Operating income        $28,836     $77,829      $46,791     $91,417
 
          Total segment
           revenue                682,454     519,382    1,172,641     855,536
          Reclassification
           of equity earnings      (6,368)     (9,593)      (6,502)     (8,649)
            Total revenue        $676,086    $509,789   $1,166,139    $846,887
 
            Total segment
             operating
             expenses            $575,091    $425,641   $1,029,110    $754,526
 
            Operating
             income before
             restructuring
             items               $100,995     $84,148     $137,029     $92,361
 
     Please reference attached financial statement notes.
 
 
 
                        JONES LANG LASALLE INCORPORATED
                          Consolidated Balance Sheets
              June 30, 2007, December 31, 2006, and June 30, 2006
                                 (in thousands)
 
 
                                              June 30,                June 30,
                                                2007    December 31,    2006
                                            (Unaudited)     2006    (Unaudited)
 
     ASSETS
     Current assets:
         Cash and cash equivalents             $37,513      50,612     $23,879
         Trade receivables, net of
          allowances                           581,272     630,121     516,669
         Notes and other receivables            60,408      30,079      24,140
         Prepaid expenses                       30,319      28,040      28,365
         Deferred tax assets                    48,034      49,230      21,836
         Other assets                           22,346      19,363      14,342
           Total current assets                779,892     807,445     629,231
 
         Property and equipment, at cost,
          less accumulated depreciation        146,926     120,376      98,507
         Goodwill, with indefinite useful
          lives, at cost, less accumulated
          amortization                         580,237     520,478     500,342
         Identified intangibles, with finite
          useful lives, at cost, less
          accumulated amortization              38,822      37,583      41,412
         Investments in real estate ventures   130,698     131,789     114,035
         Long-term receivables                  30,744      29,781      25,726
         Deferred tax assets                    40,967      37,465      72,651
         Other assets                           47,607      45,031      26,330
                                            $1,795,893  $1,729,948  $1,508,234
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities:
         Accounts payable and accrued
          liabilities                         $192,377    $221,356    $143,660
         Accrued compensation                  365,679     514,586     245,268
         Short-term borrowings                  30,239      17,738      15,192
         Deferred tax liabilities                2,027       1,426       2,993
         Deferred income                        22,796      31,896      29,939
         Other liabilities                      39,593      43,444      34,933
           Total current liabilities           652,711     830,446     471,985
 
     Long-term liabilities:
         Credit facilities                     117,710      32,398     284,955
         Deferred tax liabilities                1,289         648       2,910
         Deferred compensation                  47,267      30,668      22,219
         Minimum pension liability              20,152      19,252      17,457
         Deferred business acquisition
          obligations                           45,439      34,178      32,854
         Other liabilities                      41,266      31,978      30,242
           Total liabilities                   925,834     979,568     862,622
 
     Shareholders' equity:
         Common stock, $.01 par value per
          share, 100,000,000 shares
          authorized; 36,821,901,
          36,592,864 and 35,841,474
          shares issued and outstanding
          as of June 30, 2007, December 31,
          2006, and June 30, 2006,
          respectively                             368         366         358
         Additional paid-in capital            706,050     676,270     643,878
         Retained earnings                     349,705     255,914     162,282
         Stock held by subsidiary             (219,359)   (197,543)   (153,026)
         Stock held in trust                    (1,427)     (1,427)       (935)
         Accumulated other comprehensive
          income (loss)                         34,722      16,800      (6,945)
           Total shareholders' equity          870,059     750,380     645,612
                                            $1,795,893  $1,729,948  $1,508,234
 
     Please reference attached financial statement notes.
 
 
 
                        JONES LANG LASALLE INCORPORATED
                Summarized Consolidated Statements of Cash Flows
                For the Six Months Ended June 30, 2007 and 2006
                                 (in thousands)
                                  (Unaudited)
 
                                                  Six Months Ended June 30,
                                                     2007            2006
 
     Cash provided by earnings                    $ 157,635      $ 115,788
 
     Cash used in working capital                  (137,332)      (147,829)
 
     Cash provided by (used in) operating
      activities                                     20,303        (32,041)
 
     Cash used in investing activities             (108,681)      (223,011)
 
     Cash provided by financing activities           75,279        250,273
 
       Net decrease in cash and cash equivalents    (13,099)        (4,779)
 
     Cash and cash equivalents, beginning of
      period                                         50,612         28,658
 
     Cash and cash equivalents, end of period      $ 37,513        $23,879
 
     Please reference attached financial statement notes.
 
 
                        JONES LANG LASALLE INCORPORATED
                           Financial Statement Notes
 
     1. EBITDA represents earnings before interest expense, net of interest
        income, income taxes, depreciation and amortization. Although EBITDA is
        a non-GAAP financial measure, it is used extensively by management and
        is useful to investors as one of the primary metrics for evaluating
        operating performance and liquidity. The firm believes that an increase
        in EBITDA is an indicator of improved ability to service existing debt,
        to sustain potential future increases in debt and to satisfy capital
        requirements.  EBITDA is also used in the calculations of certain
        covenants related to the firm's revolving credit facility. However,
        EBITDA should not be considered as an alternative either to net income
        or net cash provided by operating activities, both of which are
        determined in accordance with GAAP. Because EBITDA is not calculated
        under GAAP, the firm's EBITDA may not be comparable to similarly titled
        measures used by other companies.
 
       Below is a reconciliation of net income to EBITDA (in thousands):
 
 
 
                                Three Months Ended          Six Months Ended
                                    June 30,                     June 30,
                                2007         2006           2007         2006
 
     Net income                $78,604      $66,216       $105,847     $70,776
     Add:
     Interest expense,
     net of interest income      3,830        4,478          5,668       7,687
     Provision for income
      taxes                     28,632       23,216         38,556      24,397
     Depreciation and
      amortization              12,309       10,378         24,935      20,354
     EBITDA                   $123,375     $104,288       $175,006    $123,214
 
 
     Below is a reconciliation of net cash provided by operating activities,
     the most comparable cash flow measure on the consolidated statements of
     cash flows, to EBITDA (in thousands):
 
 
 
                                Three Months Ended          Six Months Ended
                                    June 30,                     June 30,
                                2007         2006           2007         2006
 
     Net cash provided by
      (used in) operating
      activities              $202,720      $54,945        $20,303    $(32,041)
     Add:
     Interest expense, net
      of interest income         3,830        4,478          5,668       7,687
     Change in working
      capital and non-cash
      expenses                (111,807)      21,649        110,479     123,171
     Provision for income
      taxes                     28,632       23,216         38,556      24,397
     EBITDA                   $123,375    $ 104,288       $175,006    $123,214
 
 
 
     2. Net debt represents the aggregate of Short-Term Borrowings and Credit
        Facilities, less Cash and Cash Equivalents.
 
     3. For purposes of segment operating results, the allocation of
        restructuring charges to our segments has been determined to not be
        meaningful to investors. Additionally, the performance of segment
        results has been evaluated without these charges being allocated.
 
     4. The consolidated statements of cash flows are presented in summarized
        form. For complete consolidated statements of cash flows, please refer
        to the firm's Quarterly Report on Form 10-Q for the quarter ended June
        30, 2007, to be filed with the Securities and Exchange Commission
        shortly.
 
     5. Earnings per common share is calculated by dividing net income
        available to common shareholders by weighted average shares
        outstanding.
 
 
                                Three Months Ended          Six Months Ended
                                     June 30,                    June 30,
                                2007         2006           2007         2006
     Net income before
      cumulative effect of
      change in accounting
      principle                $78,604      $66,216       $105,847     $69,596
     Cumulative effect of
      change in accounting
      principle                      -            -              -       1,180
 
     Net income                 78,604       66,216        105,847      70,776
 
     Dividends on unvested
      common stock                 672          522            672         522
     Net income available to
      common shareholders      $77,932      $65,694       $105,175     $70,254
 
 
     Basic weighted average
      shares outstanding    31,828,364   31,688,327     31,878,811  31,600,591
 
     Basic income per common
      share before
      cumulative effect of
      change in accounting
      principle and
      dividends on unvested
      common stock               $2.47        $2.09          $3.32       $2.20
     Cumulative effect of
      change in accounting
      principle                      -            -              -        0.04
     Dividends on unvested
      common stock                0.02         0.02           0.02        0.02
     Basic earnings per
      common share               $2.45        $2.07          $3.30       $2.22
 
 
     Diluted weighted
      average shares
      outstanding           33,655,359   33,821,945     33,664,471  33,796,465
 
     Diluted income per
      common share before
      cumulative effect of
      change in accounting
      principle and
      dividends on unvested
      common stock               $2.34        $1.96          $3.14       $2.06
     Cumulative effect of
      change in accounting
      principle                      -            -              -        0.03
     Dividends on unvested
      common stock                0.02         0.02           0.02        0.01
     Diluted earnings per
      common share               $2.32        $1.94          $3.12       $2.08
 
 
     6. Europe, Middle East, Africa - EMEA; previously referred to as Europe.
 
 

SOURCE Jones Lang LaSalle Incorporated