2010 10-K: Part II 5. Segment and Geographical Area Information 112 web-based investment planning system for advisors. Advisor  Workstation is available in two editions: Morningstar Office for  independent financial advisors and an enterprise edition for financial  advisors affiliated with larger firms. Morningstar.com includes both  Premium Memberships and Internet advertising sales. Morningstar Direct is a web-based institutional research platform. Site Builder  and Licensed Tools are services that help institutional clients build  customized websites or enhance their existing sites with  Morningstar’s online tools and components. Principia is our CD-ROM- based investment research and planning software for advisors. The Investment Information segment also includes Morningstar  Equity Research, which we distribute through several channels. From  June 2004 through July 2009, our equity research was distributed  through six major investment banks to meet the requirements for  independent research under the Global Analyst Research Settlement.  The period covered by the Global Analyst Research Settlement  expired at the end of July 2009. The banks covered by it are no  longer required to provide independent research to their clients.  We also sell Equity Research to other companies that purchase our  research for their own use or provide our research to their affiliated  advisors or individual investor clients. The key products and services in this segment based on revenue  are Investment Consulting, which focuses on investment monitoring  and asset allocation for funds of funds, including mutual funds and  variable annuities; Retirement Advice, including the Morningstar  Retirement Manager and Advice by Ibbotson platforms; and  Morningstar Managed Portfolios, a fee-based discretionary asset  management service that includes a series of mutual fund, exchange- traded fund, and stock portfolios tailored to meet a range of investment  time horizons, risk levels, and investment strategies that financial  advisors can use for their clients’ taxable and tax-deferred accounts. Morningstar has two operating segments: The largest products in this segment based on revenue are Licensed  Data, Morningstar Advisor Workstation, Morningstar.com,  Morningstar Direct, Site Builder and Licensed Tools, and Morningstar  Principia. Licensed Data is a set of investment data spanning all of  our investment databases, including real-time pricing data, and is  available through electronic data feeds. Advisor Workstation is a Our segment accounting policies are the same as those described  in Note 3, except for the capitalization and amortization of internal  product development costs, amortization of intangible assets, and  costs related to corporate functions. We exclude these items from  our operating segment results to provide our chief operating decision  maker with a better indication of each segment’s ability to generate  cash flow. This information is one of the criteria used by our chief U Investment Management.  The Investment Management segment  includes all of our asset management operations, which earn the  majority of their revenue from asset-based fees. U Investment Information.  The Investment Information segment  includes all of our data, software, and research products and  services. These products are typically sold through subscriptions  or license agreements. (in thousands, except per share amounts)  2010 2009  2008 Diluted net income per share attributable to Morningstar, Inc.: Numerator for basic net income $ 86,025 $ 82,129  $ 89,629 per share—undistributed and distributed earnings available to common shareholders Add: Undistributed earnings allocated 335 —  — to participating securities Less: Undistributed earnings reallocated (326) —  — to participating securities Numerator for diluted net income per share—undistributed and distributed earnings available to common shareholders  $ 86,034 $ 82,129  $ 89,629 Weighted average common 49,249  48,112   46,139 shares outstanding  Net effect of dilutive stock options 1,306 1,681  3,074 and restricted stock units Weighted average common shares outstanding for computing diluted income per share  50,555  49,793  49,213 Diluted net income per share $  1.70 $  1.65  $  1.82 attributable to Morningstar, Inc. 