We reported fourth-quarter revenue of $106.7 million, an operating margin of 39% and net income of $1.05 per share.
For the full year, we had revenue of $301 million, an operating margin of 15% and net income of $0.45 per share.
Our quarterly revenue was up 20%, and earnings per share was up 133% from the same period last year.
For the full year, our revenue was down 14%, and earnings per share was down 68%.
With respect to costs, our compensation ratio for the year was 59%, slightly above our target level as a result of lower revenue for the year.
For the quarter, the compensation ratio was an unusually low 42% in order to offset unusually high ratios in the first two quarters of the year.
Our non-compensation operating expenses for the quarter were $21 million, which was $3.7 million higher than the same period last year due to some foreign currency-related losses compared to gains the prior year along with a charge for an uncollectible account receivable from a client in financial difficulty.
Our effective tax rate was 33% for the quarter and 40% for the year.
We continue to expect a rate generally in the mid-20% range going forward.
During the quarter, we purchased 1.5 million shares and share equivalents at an average price of $15.98 per share.
For the full year, we purchased 3.8 million shares and share equivalents at an average price of $18.04 per share.
For 2020, our Board has authorized $60 million in purchases of shares and share equivalents, which compares to $69 million we spent for such purchases during 2019.
In the quarter to date, we have repurchased 345,723 shares of common stock at an average price of $16.47 per share for $5.7 million in total, meaning we have repurchase authority of $54.3 million left for the remainder of the year.
We also declared a quarterly dividend for the quarter of $0.05 per share.
We ended the year with cash of $114 million and debt of $365.6 million, meaning we had net debt of $251.6 million.
As of yesterday, our cash balance was up to $133.9 million despite the incremental share repurchases in January with the debt amount unchanged.
In the past year, we added a net five client-facing managing directors, such that we have 79 today, and we increased our total professional headcount by 11%.
Our brand for high-quality and independent advice has been built over decades of client service, and our team collectively owns 48% of the economic value of our firm through common stock and restricted stock and is, thereby, highly incentivized to generate strong results and create value for all shareholders.

Summary:
We reported fourth-quarter revenue of $106.7 million, an operating margin of 39% and net income of $1.05 per share.
For 2020, our Board has authorized $60 million in purchases of shares and share equivalents, which compares to $69 million we spent for such purchases during 2019.