Table of Contents Index to Financial Statements Income before taxes increased by $27.8 million or 54.7% to $78.7 million for the year ended December 31, 2011 from $50.9 million for the year ended December 31, 2010.
Net income increased by $16.3 million or 51.8% to $47.7 million for the year ended December 31, 2011 from $31.4 million for the year ended December 31, 2010.
Revenues Our revenues for the years ended December 31, 2011 and 2010, and the resulting dollar and percentage changes, were as follows:
## Table 0 ##
Commissions.
Our commission revenues for the years ended December 31, 2011 and 2010, and the resulting dollar and percentage changes, were as follows:
## Table 1 ##
The $13.6 million increase in distribution fees for the year ended December 31, 2011 compared to the year ended December 31, 2010 was due principally to the migration of seven U. S.  broker-dealer market makers in the prior 15 months from an all-variable fee plan to a plan that incorporates a combination of a monthly distribution fee and variable transaction fees and the addition of several new U. S.  and European brokerdealer market makers to the platform.
Due in part to the continuing sovereign debt concerns and competitive environment in Europe, trading volume in our Eurobond product has significantly decreased in 2010 and 2011.
We intend to reduce the monthly distribution fees paid by our European broker-dealer market makers effective March 1, 2012, but leave dealer variable transaction fees unchanged.
We expect that Eurobond distribution fees will decline by approximately $0.5 million per month.
Despite our efforts, there is no assurance that Eurobond trading volumes and revenues will increase as a result of this change.
It is possible that our broker-dealer clients could respond to this new fee plan by either reducing the amount of their business conducted on our platform or terminating their contractual relationship with us, which could have an adverse impact on our fees.
Table of Contents Index to Financial Statements For volume reporting purposes, transactions in foreign currencies are converted to U. S.  dollars at average monthly rates.
The 37.4% increase in U. S.  high-grade volume was principally due to an increase in the Company’s estimated market share of total U. S.  high-grade corporate bond volume as reported by FINRA TRACE from 6.2% for the year ended December 31, 2009 to 8.4% for the year ended December 31, 2010.
Estimated FINRA TRACE U. S.  high-grade volume increased by less than 1% to $2.9 trillion for the year ended December 31, 2010.
Our Eurobond volumes decreased by 11.5% for the year ended December 31, 2010 compared to the year ended December 31, 2009.
We believe that the decline in Eurobond volumes was due, in part, to continuing sovereign debt concerns which negatively impacted market conditions.
Other volume increased by 66.2% for the year ended December 31, 2010 compared to the year ended December 31, 2009, primarily due to higher agencies and emerging markets volume.
Our average variable transaction fee per million for the years ended December 31, 2010 and 2009 was as follows:
## Table 2 ##
The U. S.  high-grade average variable transaction fee per million improved from $179 per million for the year ended December 31, 2009 to $190 per million for the year ended December 31, 2010, primarily due to an increase in the percentage of volume derived from broker-dealer clients on an all-variable plan.
Eurobond average variable transaction fee per million decreased from $138 per million for the year ended December 31, 2009 to $119 per million for the year ended December 31, 2010.
In June 2010, we launched a click-to-trade protocol in the European market.
In connection with the launch, the Eurobond fee plan was revised generally downward.
Other average variable transaction fee per million decreased from $203 per million for the year ended December 31, 2009 to $182 per million for the year ended December 31, 2010, primarily due to a higher percentage of volume in products that carry lower fees per million, principally agency bonds.
Technology Products and Services.
Technology products and services revenues increased by $3.9 million or 39.6% to $13.6 million for the year ended December 31, 2010 from $9.8 million for the year ended December 31, 2009.
The increase was primarily a result of higher technology integration consulting services and license fees.
Information and User Access Fees.
Information and user access fees increased by $0.4 million or 6.9% to $6.7 million for the year ended December 31, 2010 from $6.3 million for the year ended December 31, 2009.
Investment Income.
Investment income was $1.2 million for the each of the years ended December 31, 2010 and December 31, 2009.
Other.
Other revenues increased by $1.5 million or 139.5% to $2.5 million for the year ended December 31, 2010 from $1.1 million for the year ended December 31, 2009.
The increase was primarily a result of higher initial set-up fees from broker-dealer clients and a gain on the sale of a U. S.  Treasury bill investment.
Notes to Consolidated Financial Statements 12 ?RELATED PARTY TRANSACTIONS CLEANING/SECURITY/MESSENGER AND RESTORATION SERVICES Through Alliance Building Services, or Alliance, First Quality Maintenance,?L.
P. , or First Quality, provides cleaning, extermination and related services, Classic Security?LLC provides security services, Bright Star Couriers?LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us.
Alliance is partially owned by Gary Green, a son of Stephen?L.
Green, the chairman of our board of directors.
In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services.
The Service Corp.  has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements.
Alliance paid the Service Corporation approximately $2.2?million, $1.8?million and $1.4?million for the years ended December?31, 2010, 2009 and 2008, respectively.
We paid Alliance approximately $14.2?million, $14.9?million and $15.1?million for three years ended December?31, 2010, respectively, for these services (excluding services provided directly to tenants).
LEASES Nancy Peck and Company leases 1,003 square feet of space at 420 Lexington Avenue under a lease that ends in August 2015.
Nancy Peck and Company is owned by Nancy Peck, the wife of Stephen?L.
Green.
The rent due pursuant to the lease is $35,516 per annum for year one increasing to $40,000 in year seven.
From February 2007 through December 2008, Nancy Peck and Company leased 507 square feet of space at 420?
Lexington Avenue pursuant to a lease which provided for annual rental payments of approximately $15,210.
BROKERAGE SERVICES Cushman?
& Wakefield Sonnenblick-Goldman,?
LLC, or Sonnenblick, a nationally recognized real estate investment banking firm, provided mortgage brokerage services to us.
Mr. ?
Morton Holliday, the father of Mr. ?
Marc Holliday, was a Managing Director of Sonnenblick at the time of the financings.
In 2009, we paid approximately $428,000 to Sonnenblick in connection with the purchase of a sub-leasehold interest and the refinancing of 420 Lexington Avenue.
MANAGEMENT FEES S. L.  Green Management Corp. , a consolidated entity, receives property management fees from an entity in which Stephen?L.
Green owns an interest.
The aggregate amount of fees paid to S. L.  Green Management Corp.  from such entity was approximately $390,700 in 2010, $351,700 in 2009 and $353,500 in 2008.
OTHER Amounts due from related parties at December?31, 2010 and 2009 consisted of the following (in thousands):

<table><tr><td></td><td colspan="6"> Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2011</td><td colspan="2">2010</td><td></td><td></td></tr><tr><td></td><td> $</td><td>% of Revenues</td><td> $</td><td>% of Revenues</td><td> $ Change</td><td> % Change</td></tr><tr><td></td><td></td><td></td><td colspan="2">($ in thousands)</td><td></td><td></td></tr><tr><td>Commissions</td><td>$155,444</td><td>85.8%</td><td>$122,180</td><td>83.6%</td><td>$33,264</td><td>27.2%</td></tr><tr><td>Technology products and services</td><td>14,310</td><td>7.9</td><td>13,648</td><td>9.3</td><td>662</td><td>4.9</td></tr><tr><td>Information and user access fees</td><td>7,199</td><td>4.0</td><td>6,681</td><td>4.6</td><td>518</td><td>7.8</td></tr><tr><td>Investment income</td><td>1,229</td><td>0.7</td><td>1,192</td><td>0.8</td><td>37</td><td>3.1</td></tr><tr><td>Other</td><td>2,917</td><td>1.6</td><td>2,527</td><td>1.7</td><td>390</td><td>15.4</td></tr><tr><td>Total revenues</td><td>$181,099</td><td>100.0%</td><td>$146,228</td><td>100.0%</td><td>$34,871</td><td>23.8%</td></tr></table>
<table><tr><td></td><td colspan="4">Year Ended December 31,</td></tr><tr><td></td><td> 2011</td><td> 2010</td><td>$ Change</td><td>% Change</td></tr><tr><td></td><td></td><td colspan="2">($ in thousands)</td><td></td></tr><tr><td>Distribution fees</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade</td><td>$49,580</td><td>$37,467</td><td>$12,113</td><td>32.3%</td></tr><tr><td>Eurobond</td><td>14,149</td><td>12,693</td><td>1,456</td><td>11.5</td></tr><tr><td>Total distribution fees</td><td>63,729</td><td>50,160</td><td>13,569</td><td>27.1</td></tr><tr><td>Variable transaction fees</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade</td><td>59,351</td><td>46,329</td><td>13,022</td><td>28.1</td></tr><tr><td>Eurobond</td><td>3,650</td><td>5,963</td><td>-2,313</td><td>-38.8</td></tr><tr><td>Other</td><td>28,714</td><td>19,728</td><td>8,986</td><td>45.5</td></tr><tr><td>Total transaction fees</td><td>91,715</td><td>72,020</td><td>19,695</td><td>27.3</td></tr><tr><td>Total commissions</td><td>$155,444</td><td>$122,180</td><td>$33,264</td><td>27.2%</td></tr></table>
<table><tr><td></td><td colspan="2"> Year Ended December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td></tr><tr><td> Average Variable Transaction Fee Per Million</td><td></td><td></td></tr><tr><td>U.S. high-grade — fixed rate</td><td>$196</td><td>$185</td></tr><tr><td>U.S. high-grade — floating rate</td><td>28</td><td>24</td></tr><tr><td>Total U.S. high-grade</td><td>190</td><td>179</td></tr><tr><td>Eurobond</td><td>119</td><td>138</td></tr><tr><td>Other</td><td>182</td><td>203</td></tr><tr><td>Total</td><td>179</td><td>176</td></tr></table>

Question: Which element has the second largest number in 2011?
Answer: U.S. high-grade