The following table presents the results of operations of our Asset Management segment:
## Table 0 ##
NM Not Meaningful.
(1) Adjustments include net realized gains or losses and integration charges.
Our Asset Management segment pretax income increased $118 million, or 37%, to $436 million for the year ended December 31, 2011 compared to $318 million for the prior year.
Our Asset Management segment pretax operating income, which excludes net realized gains or losses and integration charges, increased $118 million, or 29%, to $528 million for the year ended December 31, 2011 compared to $410 million for the prior year.
Earnings in 2011 reflected twelve months of Columbia Management earnings compared to eight months in the prior year, which impacted revenues and expenses.
Pretax margin was 15.0% for the year ended December 31, 2011 compared to 13.4% for the prior year.
Pretax operating margin was 18.2% for the year ended December 31, 2011 compared to 17.3% for the prior year.
Net Revenues Net revenues increased $532 million, or 22%, to $2.9 billion for the year ended December 31, 2011 compared to $2.4 billion for the prior year.
Operating net revenues, which exclude net realized gains or losses, increased $532 million, or 22%, to $2.9 billion for the year ended December 31, 2011 compared to $2.4 billion for the prior year driven by an increase in management and distribution fees.
Management and financial advice fees increased $455 million, or 23%, to $2.4 billion for the year ended December 31, 2011 compared to $2.0 billion for the prior year due to an additional four months of business resulting from the Columbia Management Acquisition, as well the impact of higher average equity market levels on assets, partially offset by net outflows and lower hedge fund performance fees.
Distribution fees increased $92 million, or 26%, to $450 million for the year ended December 31, 2011 compared to $358 million for the prior year driven by an additional four months of business resulting from the Columbia Management Acquisition, as well the impact of higher average equity market levels on assets, partially offset by net outflows.
Expenses Total expenses increased $414 million, or 20%, to $2.5 billion for the year ended December 31, 2011 compared to $2.1 billion for the prior year.
Operating expenses, which exclude integration charges, increased $414 million, or 21%, to $2.4 billion for the year ended December 31, 2011 compared to $2.0 billion for the prior year due to an increase in distribution expenses and general and administrative expense.
Distribution expenses increased $292 million, or 40%, to $1.0 billion for the year ended December 31, 2011 compared to $734 million for the prior year due to an additional four months of business resulting from the Columbia Management Acquisition, as well the impact of higher average equity market levels on assets, partially offset by net outflows.
General and administrative expense increased $123 million, or 9%, to $1.4 billion for the year ended December 31, 2011 compared to $1.3 billion for the prior year.
Integration charges remained flat at $95 million for both 2011 and 2010.
Those indirect costs not allocated to or absorbed by these operations are charged to general and administrative expenses.
We regularly review our total overhead cost structure relative to our leasing, development and construction volume and adjust the level of total overhead, generally through changes in our level of staffing in various functional departments, as necessary in order to control overall general and administrative expense.
General and administrative expenses increased from $43.1 million in 2011 to $46.4 million in 2012.
The following table sets forth the factors that led to the increase in general and administrative expenses from 2011 to 2012 (in millions):
## Table 1 ##
(1) We reduced our total pool of overhead costs, through staff reductions and other measures, as the result of changes in our product mix and anticipated future levels of third-party construction, leasing, management and other operational activities.
(2) We increased our focus on development of wholly-owned properties, and also significantly increased our leasing activity during 2012, which resulted in an increased absorption of overhead costs.
We capitalized $30.4 million and $20.0 million of our total overhead costs to leasing and development, respectively, for consolidated properties during 2012, compared to capitalizing $25.3 million and $10.4 million of such costs, respectively, for 2011.
Combined overhead costs capitalized to leasing and development totaled 31.1% and 20.6% of our overall pool of overhead costs for 2012 and 2011, respectively.
(3) The reduction in the allocation of overhead costs to Service Operations and Rental Operations resulted from reduced volumes of third-party construction projects as well as due to reducing our overall investment in office properties, which are more management intensive.
Interest Expense Interest expense allocable to continuing operations increased from $220.5 million in 2011 to $245.2 million in 2012.
We had $47.4 million of interest expense allocated to discontinued operations in 2011, associated with the properties that were disposed of during 2011, compared to the allocation of only $3.1 million of interest expense to discontinued operations for 2012.
Total interest expense, combined for continuing and discontinued operations, decreased from $267.8 million in 2011 to $248.3 million in 2012.
The reduction in total interest expense was primarily the result of a lower weighted average borrowing rate in 2012, due to refinancing some higher rate bonds in 2011 and 2012, as well as a slight decrease in our average level of borrowings compared to 2011.
Also, due to an increase in properties under development from 2011, which met the criteria for capitalization of interest and were financed in part by common equity issuances during 2012, a $5.0 million increase in capitalized interest also contributed to the decrease in total interest expense in 2012.
Acquisition-Related Activity During 2012, we recognized approximately $4.2 million in acquisition costs, compared to $2.3 million of such costs in 2011.
The increase from 2011 to 2012 is the result of acquiring a higher volume of medical office properties, where a higher level of acquisition costs are incurred than other property types, in 2012.
During 2011, we also recognized a $1.1 million gain related to the acquisition of a building from one of our 50%-owned unconsolidated joint ventures.
Discontinued Operations Subject to certain criteria, the results of operations for properties sold during the year to unrelated parties, or classified as held-for-sale at the end of the period, are required to be classified as discontinued operations.
The property specific components of earnings that are classified as discontinued operations include rental revenues, rental expenses, real estate taxes, allocated interest expense and depreciation expense, as well as the net gain or loss on the disposition of properties.
The operations of 150 buildings are currently classified as discontinued operations.
These 150 buildings consist of 114 office, 30 industrial, four retail, and two medical office properties.
As a result, we classified operating losses, before gain on sales, of $1.5 million, $1.8 million and $7.1 million in discontinued operations for the years ended December 31, 2012, 2011 and 2010, respectively.
Of these properties, 28 were sold during 2012, 101 properties were sold during 2011 and 19 properties were sold during 2010.
The gains on disposal of these properties of $13.5 million, $100.9 million and $33.1 million for the years ended December 31, 2012, 2011 and
THE INTERPUBLIC GROUP OF COMPANIES, INC.  AND SUBSIDIARIES MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (Continued) (Amounts in Millions, Except Per Share Amounts) sale of our remaining equity ownership interest in an agency within FCB, and net gains on sales of available-for-sale securities of $7.9, of which $3.8 related to appreciation of Rabbi Trust investments restricted for the purpose of paying our deferred compensation and deferred benefit arrangement liabilities.
Investment Impairments — We recorded charges of $12.2 during 2005, primarily related to a $7.1 adjustment of the carrying amount of our remaining unconsolidated investment in Latin America to fair value as a result of our intent to sell and $3.7 related to a decline in value of certain available-for-sale investments that were determined to be other than temporary.
We recorded investment impairment charges of $63.4 during 2004, primarily related to a $50.9 charge for an unconsolidated investment in a German advertising agency as a result of a decrease in projected operating results.
Additionally, we recorded impairment charges of $4.7 related to unconsolidated affiliates primarily in Israel, Brazil, Japan and India, and $7.8 related to several other available-for-sale investments.
Litigation Reversals — During 2004 the settlement of thirteen class actions under the federal securities laws became final and we agreed to pay $115.0, comprised of $20.0 in cash and $95.0 in shares of our common stock valued at $14.50 per share.
We received insurance proceeds of $20.0, which we recorded as a reduction in litigation charges.
We also recorded a reduction of $12.5 relating to a decrease in the share price between the tentative settlement date and the final settlement date.
INCOME TAXES
## Table 2 ##
The tax provision for 2006 was primarily impacted by domestic losses, foreign profits subject to tax at different rates and losses in certain foreign locations where we receive no tax benefit due to 100% valuation allowances.
Other factors included state and local taxes, the write-off of deferred tax assets from restricted stock, the release of valuation allowances, non-deductible financing costs and the reversal of previously claimed foreign tax credits.
The tax provision for 2005 was primarily impacted by an increase in valuation allowances, a non-deductible asset impairment, state and local taxes and the resolution of various income tax audits and issues.
Valuation Allowance Under Statement of Financial Accounting Standards (“SFAS”) No.109, Accounting for Income Taxes, we are required to evaluate the realizability of our deferred tax assets.
SFAS No.109 requires that a valuation allowance be recognized when it is more likely than not that all or a portion of deferred tax assets will not be realized.
In circumstances where there is significant negative evidence, establishment of valuation allowance must be considered.
We believe that cumulative losses in the most recent three-year period represent significant negative evidence under the provisions of SFAS No.109 and, as a result, we recognized a valuation allowance for certain deferred tax assets.
The deferred tax assets for which an allowance was recognized relate primarily to tax credit carryforwards, foreign tax loss and U. S.  capital loss carryforwards, which may not be realized in the future.
During 2006 and 2005, valuation allowances of $63.6 and $69.9, respectively, were recorded in continuing operations on existing deferred tax assets, each year’s loss and temporary differences.
The total valuation allowance as of December 31, 2006 and 2005 was $504.0 and $501.0, respectively.
Information about stock options outstanding at September 25, 2005 with exercise prices less than or above $44.76 per share, the closing price at September 25, 2005, follows (number of shares in thousands):

<table><tr><td> </td><td colspan="6">Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td colspan="3">2011 </td><td colspan="3">2010 </td><td></td><td></td></tr><tr><td> </td><td>GAAP </td><td>Less: Adjustments -1</td><td>Operating </td><td>GAAP </td><td>Less: Adjustments -1</td><td>Operating </td><td colspan="2">Operating Change</td></tr><tr><td> </td><td colspan="8">(in millions)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$2,434</td><td>$—</td><td>$2,434</td><td>$1,979</td><td>$—</td><td>$1,979</td><td>$455</td><td>23%</td></tr><tr><td>Distribution fees</td><td>450</td><td>—</td><td>450</td><td>358</td><td>—</td><td>358</td><td>92</td><td>26</td></tr><tr><td>Net investment income</td><td>14</td><td>3</td><td>11</td><td>17</td><td>3</td><td>14</td><td>-3</td><td>-21</td></tr><tr><td>Other revenues</td><td>5</td><td>—</td><td>5</td><td>15</td><td>—</td><td>15</td><td>-10</td><td>-67</td></tr><tr><td>Total revenues</td><td>2,903</td><td>3</td><td>2,900</td><td>2,369</td><td>3</td><td>2,366</td><td>534</td><td>23</td></tr><tr><td>Banking and deposit interest expense</td><td>3</td><td>—</td><td>3</td><td>1</td><td>—</td><td>1</td><td>2</td><td>NM</td></tr><tr><td>Total net revenues</td><td>2,900</td><td>3</td><td>2,897</td><td>2,368</td><td>3</td><td>2,365</td><td>532</td><td>22</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>1,026</td><td>—</td><td>1,026</td><td>734</td><td>—</td><td>734</td><td>292</td><td>40</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>19</td><td>—</td><td>19</td><td>20</td><td>—</td><td>20</td><td>-1</td><td>-5</td></tr><tr><td>General and administrative expense</td><td>1,419</td><td>95</td><td>1,324</td><td>1,296</td><td>95</td><td>1,201</td><td>123</td><td>10</td></tr><tr><td>Total expenses</td><td>2,464</td><td>95</td><td>2,369</td><td>2,050</td><td>95</td><td>1,955</td><td>414</td><td>21</td></tr><tr><td>Pretax income</td><td>$436</td><td>$-92</td><td>$528</td><td>$318</td><td>$-92</td><td>$410</td><td>$118</td><td>29%</td></tr></table>
<table><tr><td>General and administrative expenses - 2011</td><td>$43.1</td></tr><tr><td>Reduction to overall pool of overhead costs -1</td><td>-11.0</td></tr><tr><td>Increased absorption of costs by wholly-owned development and leasing activities -2</td><td>-14.7</td></tr><tr><td>Reduced allocation of costs to Service Operations and Rental Operations -3</td><td>29.0</td></tr><tr><td>General and administrative expenses - 2012</td><td>$46.4</td></tr></table>
<table><tr><td></td><td colspan="3"> Years ended December 31,</td><td colspan="2"> Change</td></tr><tr><td></td><td> 2006</td><td> 2005</td><td> 2004</td><td> ’06 vs. ’05</td><td> ’05 vs. ’04</td></tr><tr><td>Loss from continuing operations before provision for income taxes</td><td>$-5.0</td><td>$-186.6</td><td>$-267.0</td><td>-97.3%</td><td>-30.1%</td></tr><tr><td>Provision for income taxes — continuing operations</td><td>$18.7</td><td>$81.9</td><td>$262.2</td><td>-77.2%</td><td>-68.8%</td></tr><tr><td>(Benefit) provision for income taxes — discontinued operations</td><td>-5.0</td><td>-9.0</td><td>3.5</td><td>-44.4%</td><td>—</td></tr><tr><td>Total provision for income taxes</td><td>$13.7</td><td>$72.9</td><td>$265.7</td><td>-81.2%</td><td>-72.6%</td></tr></table>

Question: What's the growth rate of GAAP's Management and financial advice fees in 2011?
Answer: 0.22991