Consolidated Statement of Equity and Comprehensive Income (Loss) Data—Total Equity Previously  ($000) Reported  Adjustments  Restated Balance as of December 31, 2007 $ 408,303  $ (5,888)  $ 402,415 Net income  92,929   (2,903)  90,026 Unrealized gains on available-for-sale investments, net of tax of $252 429  —  429 Foreign currency translation adjustment, net (23,972)  —  (23,972) Total comprehensive income  69,386   (2,903)  66,483 Issuance of common stock related to stock-option exercises and vesting of restricted stock units, net 23,428  —  23,428 Stock-based compensation expense  11,281  —  11,281 Excess tax benefit derived from stock-option exercises and vesting of restricted stock units  23,531  3,107  26,638 Balance as of December 31, 2008 $ 535,929  $ (5,684)  $ 530,245 Net income  82,324  (327)  81,997 Unrealized loss on available-for-sale investments, net of tax of $66  (111)  —  (111) Foreign currency translation adjustment, net 16,000  —  16,000 Total comprehensive income  98,213  (327)  97,886 Issuance of common stock related to stock-option exercises and vesting of restricted stock units, net 16,439  —  16,439 Stock-based compensation expense  11,593  —  11,593 Excess tax benefit derived from stock-option exercises and vesting of restricted stock units  13,767   (5,074)  8,693 Noncontrolling interest, Morningstar Korea  933  —  933 Balance as of December 31, 2009 $ 676,874  $(11,085)  $ 665,789 Segment Data 2009  2008 Previously Previously  ($000) Reported  Adjustments  Restated  Reported  Adjustments  Restated Operating expense, excluding stock-based compensation expense, depreciation, and amortization Investment Information  $ 236,954  $ 147 $  237,101  $ 241,435  $ 243  $ 241,678 Corporate items  $ 35,872  $ 500 $  36,372  $ 35,616  $  —  $  35,616 Consolidated  $ 310,122  $ 647 $  310,769  $ 326,061  $ 243  $ 326,304 Operating income (loss) Investment Information  $ 138,576  $ (147) $  138,429  $ 138,902  $ (243)  $ 138,659 Corporate items  $ (66,145)  $ (500) $  (66,645)  $ (60,179)  $  —  $ (60,179) Consolidated operating income  $ 125,320  $ (647) $  124,673  $ 139,119  $ (243)  $ 138,876 Morningstar, Inc. 2010 Annual Report 107