Table of Contents PART II Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Price Range Our common stock trades on the NASDAQ Global Select Market under the symbol “MKTX”.
The range of closing price information for our common stock, as reported by NASDAQ, was as follows:
## Table 0 ##
On February 20, 2013, the last reported closing price of our common stock on the NASDAQ Global Select Market was $39.60.
Holders There were 33 holders of record of our common stock as of February 20, 2013.  Dividend Policy We initiated a regular quarterly dividend in the fourth quarter of 2009.
During 2012 and 2011, we paid quarterly cash dividends of $0.11 per share and $0.09 per share, respectively.
On December 27, 2012, we paid a special dividend of $1.30 per share.
In January 2013, our Board of Directors approved a quarterly cash dividend of $0.13 per share payable on February 28, 2013 to stockholders of record as of the close of business on February 14, 2013.
Any future declaration and payment of dividends will be at the sole discretion of our Board of Directors.
The Board of Directors may take into account such matters as general business conditions, our financial results, capital requirements, and contractual, legal, and regulatory restrictions on the payment of dividends to our stockholders or by our subsidiaries to the parent and any other such factors as the Board of Directors may deem relevant.
Recent Sales of Unregistered Securities None.
Securities Authorized for Issuance Under Equity Compensation Plans Please see the section entitled “Equity Compensation Plan Information” in Item 12.
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) On February 28, 2012, the Company repurchased 1,821,730 shares of the Company’s non-voting common stock from JPM at a cost of $52.9 million.
Shares repurchased from JPM were cancelled by the Company.
JPM also converted 763,924 shares of non-voting common stock to voting common stock on February 28, 2012.
Series B Preferred Stock Conversion In 2008, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with two funds managed by Technology Crossover Ventures (the “Purchasers”), pursuant to which the Company sold to the Purchasers (i) 35,000 shares of the Company’s Series B Preferred Stock, which shares were convertible into an aggregate of 3,500,000 shares of common stock, and (ii) warrants (the “Warrants” and, together with the Series B Preferred Stock, the “Securities”) to purchase an aggregate of 700,000 shares of common stock at an exercise price of $10.00 per share, for an aggregate purchase price of $35.0 million.
The net proceeds, after the placement agent fee and legal fees, were $33.5 million.
The Warrants were exercisable for cash or on a net exercise basis.
The Warrants were to expire on the tenth anniversary of the date they were first issued and were subject to customary anti-dilution adjustments in the event of stock splits, reverse stock splits, stock dividends and similar transactions.
The shares of Series B Preferred Stock were convertible at any time by the holders thereof at a conversion price of $10.00 per share, subject to certain anti-dilution adjustments and also were subject to automatic conversion into shares of common stock if the closing price of the common stock was at least $17.50 on each trading day for a period of 65 consecutive trading days.
In January 2011, all of the shares of the Series B Preferred Stock were mandatorily and automatically converted into 3,499,999 shares of common stock.
In November 2011, a total of 455,465 shares of common stock were issued upon the exercise of the Warrants on a net exercise basis.
Dividends The Company initiated a regular quarterly dividend in the fourth quarter of 2009.
In January 2013, the Company’s Board of Directors approved a quarterly cash dividend of $0.13 per share payable on February 28, 2013 to stockholders of record as of the close of business on February 14, 2013.
On December 27, 2012, the Company paid a special dividend of $1.30 per share.
Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors.
The Board of Directors may take into account such matters as general business conditions, the Company’s financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to the parent and any such other factors as the Board of Directors may deem relevant.10.
Stock-Based Compensation Plans The Company has two stock incentive plans which provide for the grant of stock options, stock appreciation rights, restricted stock, performance shares, performance units, or other stock-based awards as incentives and rewards to encourage employees, consultants and nonemployee directors to participate in the long-term success of the Company.
As of December 31, 2012, there were 5,116,163 shares available for grant under the stock incentive plans.
Total stock-based compensation expense was as follows:
## Table 1 ##
Expenses Our?expenses?for?the?years?ended?December?31,?2014?and?2013,?and?the?resulting?dollar?and?percentage?changes,?were?as?follows:
## Table 2 ##
Employee Compensation and Benefits .
?Employee?compensation?and?benefits?increased?by?$10.6?million?primarily?due?to?higher?wages?and?benefits?of?$6.0 million,?an?increase?in?employee?incentive?compensation?of?$1.0?million?and?the?out-of?period?adjustment?for?software?development?costs?of?$2.9?million?in?the year?ended?December?31,?2013.
???The?total?number?of?employees?increased?to?303?as?of?December?31,?2014?from?293?as?of?December?31,?2013.
??
?Employee compensation?and?benefits?for?the?year?ended?December?31,?2014?include?two?additional?months?of?compensation?and?benefit?expenses?from?Xtrakter.
Depreciation and Amortization.
?Depreciation?and?amortization?increased?by?$3.3?million?due?to?higher?depreciation?of?production?hardware?of?$2.0?million and?amortization?of?software?development?costs?of?$2.2?million,?partially?offset?by?the?out-of-period?adjustment?for?software?development?costs?of?$1.3?million?in the?year?ended?December?31,?2013.
?For?the?year?ended?December?31,?2014?and?2013,?$4.6?million?and?$15.3?million,?respectively,?of?equipment?purchases?and leasehold?improvements?and?$10.2?million?and?$7.9?million,?respectively,?of?software?development?costs?were?capitalized.
?The?lower?equipment?purchases?and leasehold?improvements?in?2014?were?primarily?due?to?the?build-out?of?a?replacement?primary?production?data?center?in?2013?and?the?build-out?costs?for?new?office space?in?London?in?2013.
?The?higher?software?development?costs?were?primarily?due?to?continued?investment?in?new?product?initiatives?and?Xtrakter?technology architecture?changes.
Technology and Communications.
?Technology?and?communications?expenses?increased?by?$1.6?million?primarily?due?to?higher?office?telecommunication costs?of?$1.0?million?and?software?maintenance?and?support?of?$0.7?million.
Professional and Consulting Fees.
?Professional?and?consulting?fees?decreased?by?$3.8?million?primarily?due?to?lower?technology?consulting?costs?of?$1.7 million,?legal?fees?of?$1.3?million?and?recruiting?fees?of?$0.4?million.
??In?2013,?we?incurred?approximately?$1.2?million?in?investment?banking,?legal?and?other professional?fees?related?to?the?Xtrakter?acquisition.
Occupancy.
?Occupancy?costs?decreased?by?$0.8?million. ?
?The?decreased?occupancy?costs?principally?related?to?a?loss?on?a?sub-lease?and?duplicate?rent aggregating?$0.6?million?related?to?our?move?to?a?new?U.
K. ?office?in?2013.
Marketing and Advertising.
?Marketing?and?advertising?expenses?increased?by?$1.1?million?due?to?higher?sales?related?travel?and?entertainment?costs?of?$0.6 million?and?promotion?and?trade?show?costs?of?$0.4?million.
General and Administrative.
?General?and?administrative?expenses?increased?by?$0.8?million?primarily?due?to?higher?clearing?costs?from?matched?principal trading,?VAT?expense?and?board?of?director?fees.
Provision for Income Tax The ?$5.0 ?million ?increase ?in ?the ?2014 ?tax ?provision ?was ?primarily ?attributable ?to ?an ?increase ?in ?pre-tax ?income ?and ?a ?higher ?effective ?tax ?rate.
?Our consolidated?effective?tax?rate?for?the?year?ended?December?31,?2014?was?36.9%,?compared?to?36.1%?for?the?year?ended?December?31,?2013.
?The?2013?income?tax provision ?included ?benefits ?for ?certain ?2012 ?tax ?credits ?enacted ?into ?law ?in ?2013 ?and ?a ?catch-up ?tax ?benefit ?associated ?with ?the ?domestic ?production ?activities deduction. ?
?Our?consolidated?effective?tax?rate?can?vary?from?period?to?period?depending?on,?among?other?factors,?the?geographic?and?business?mix?of?our?earnings and?changes?in?tax?legislation?and?tax?rates.

<table><tr><td>2012:</td><td>High</td><td>Low</td></tr><tr><td>January 1, 2012 to March 31, 2012</td><td>$37.79</td><td>$29.26</td></tr><tr><td>April 1, 2012 to June 30, 2012</td><td>$37.65</td><td>$26.22</td></tr><tr><td>July 1, 2012 to September 30, 2012</td><td>$34.00</td><td>$26.88</td></tr><tr><td>October 1, 2012 to December 31, 2012</td><td>$35.30</td><td>$29.00</td></tr><tr><td>2011:</td><td>High</td><td>Low</td></tr><tr><td>January 1, 2011 to March 31, 2011</td><td>$24.19</td><td>$19.78</td></tr><tr><td>April 1, 2011 to June 30, 2011</td><td>$25.22</td><td>$21.00</td></tr><tr><td>July 1, 2011 to September 30, 2011</td><td>$30.75</td><td>$23.41</td></tr><tr><td>October 1, 2011 to December 31, 2011</td><td>$31.16</td><td>$24.57</td></tr></table>
<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td> 2012</td><td> 2011</td><td> 2010</td></tr><tr><td></td><td colspan="3"> (In thousands)</td></tr><tr><td>Employee:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock and performance shares</td><td>$7,046</td><td>$5,856</td><td>$6,588</td></tr><tr><td>Stock options</td><td>668</td><td>324</td><td>1,728</td></tr><tr><td></td><td>7,714</td><td>6,180</td><td>8,316</td></tr><tr><td>Non-employee directors:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock</td><td>671</td><td>679</td><td>570</td></tr><tr><td>Stock options</td><td>—</td><td>—</td><td>83</td></tr><tr><td></td><td>671</td><td>679</td><td>653</td></tr><tr><td>Total stock-based compensation</td><td>$8,385</td><td>$6,859</td><td>$8,969</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td>2013</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>% of</td><td></td><td>% of</td><td>$</td><td>%</td></tr><tr><td></td><td></td><td>$Revenues</td><td></td><td>$Revenues</td><td>Change</td><td>Change</td></tr><tr><td></td><td colspan="6">($ in thousands)</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>$74,995</td><td>28.5</td><td>%$64,406</td><td>27.0</td><td>%$10,589</td><td>16.4%</td></tr><tr><td>Depreciation and amortization</td><td>17,379</td><td>6.6</td><td>14,123</td><td>5.9</td><td>3,256</td><td>23.1</td></tr><tr><td>Technology and communications</td><td>17,685</td><td>6.7</td><td>16,037</td><td>6.7</td><td>1,648</td><td>10.3</td></tr><tr><td>Professional and consulting fees</td><td>14,375</td><td>5.5</td><td>18,220</td><td>7.6</td><td>-3,845</td><td>-21.1</td></tr><tr><td>Occupancy</td><td>4,381</td><td>1.7</td><td>5,173</td><td>2.2</td><td>-792</td><td>-15.3</td></tr><tr><td>Marketing and advertising</td><td>5,769</td><td>2.2</td><td>4,632</td><td>1.9</td><td>1,137</td><td>24.5</td></tr><tr><td>General and administrative</td><td>9,654</td><td>3.7</td><td>8,862</td><td>3.7</td><td>792</td><td>8.9</td></tr><tr><td>Total expenses</td><td>$144,238</td><td>54.9</td><td>%$131,453</td><td>55.0</td><td>%$12,785</td><td>9.7%</td></tr></table>

Question: In what year is Professional and consulting fees positive?
Answer: 2013 20124