PORTFOLIO RECOVERY ASSOCIATES, INC., 1 through its subsidiaries, purchases and manages portfolios of defaulted consumer  receivables. It also provides a broad range of accounts receivable management services to lenders, service providers, governments, and others. The Company combines a disciplined approach to portfolio acquisitions with a long-term view of collections, a commitment to customer service and continuous innovation. We have  created a rewarding organization for our employees, who produce exceptional results  for our investors and clients alike. PRA began operations in 1996 and has been a public company since November 2002.  Since our initial public offering, our purchased portfolio has increased to $54.8 billion  from $5.1 billion in face value, and our earnings have increased to $4.35 per diluted  share from $0.94. At year-end 2010, we employed 2,473 people on a full-time basis in  ten office locations from New Jersey to California.