Expenses TABLE 10: DEALER GROSS MARGIN Investment dealer fees represent the payout to advisors on revenues they generate and were $174.5 million for the year  ended December 31, 2012, compared to $179.5 million for the year ended December 31, 2011. The decrease in these fees  relates directly to the decrease in administration fee revenues discussed above. As detailed in Table 10, dealer gross margin was $46.2 million or 21.0% of administration fee revenue for 2012, compared  to $46.7 million or 20.6% for 2011. The change in gross margin from the prior period relates to the change in average  investment dealer fees paid out to financial advisors on their administration fees. Generally, as an advisor’s assets under  administration and administration fee revenues grow, the payout rates to the respective advisor will correspondingly  increase up to a maximum payout rate. SG&A expenses for the segment were $52.7 million for the year ended December 31, 2012 compared to $54.8 million in the  year ended December 31, 2011. The level of discretionary spending decreased during 2012 compared to 2011. The Asset Administration segment had income before income taxes and non-segmented items of $3.7 million for 2012, up  from $3.2 million in 2011. This increase is a result of the decline in SG&A spend and dealer gross margin rose slightly year  over year. CI monitors its operating profitability on the revenues earned within its Asset Administration segment by measuring the  dealer gross margin, which is calculated as administration fee revenue less investment dealer fees, divided by administration  fee revenue. CI uses this measure to assess the margin remaining after the payout to advisors. 35 Quarter ended  Quarter ended  Quarter ended  Year ended Year ended (in millions) Dec. 31, 2012  Sept. 30, 2012  Dec. 31, 2011  Dec. 31, 2012  Dec. 31, 2011 Administration fees $55.2 $52.6 $52.5 $220.7 $226.2 Less: Investment dealer fees 43.6  41.3  41.5  174.5  179.5 $11.6 $11.3 $11.0 $46.2 $46.7 Dealer gross margin 21.1% 21.4% 21.0% 21.0% 20.6%