| Underwriter (Number Of Offerings As Lead Or Co-lead Underwriter) |
After-Market Performance (Average) |
| Jefferies & Co. (1) | +130% |
| ThinkEquity Partners (1) | +117% |
| Pacific Growth Equities (4) | +54% |
| JP Morgan Securities (7) | +36% |
| CIBC World Markets (5) | +35% |
| Banc of America Securities (8) | +27% |
| UBS Investment Bank (10) | +26% |
| Morgan Stanley & Co. (10) | +15% |
| Merrill Lynch & Co. (11) | +13% |
| Goldman, Sachs & Co. (5) | +12% |
| Piper Jaffray & Co. (5) | +7% |
| Thomas Weisel Partners (1) | +7% |
| Cowen & Co. (7) | +0% |
| Deutsche Bank Securities (5) | -4% |
| Citigroup (1) | -5% |
| Ferris, Baker Watts (1) | -5% |
| Credit Suisse Securities (2) | -6% |
| Bear, Stearns & Co. (1) | -13% |
| Roth Capital Partners (1) | -16% |
| Sunrise Securities (1) | -16% |
| Lehman Brothers (4) | -18% |
| First Albany Capital (1) | -20% |
| Stifel Nicolaus (1) | -20% |
| RBC Capital Markets (2) | -26% |
| JMP Securities (1) | -33% |
| Robert W. Baird & Co. (1) | -33% |
| Dawson James Securities (2/2) | -38% |
| Lazard Capital Markets (1) | -56% |
| C.E. Unterberg, Towbin (1) | -56% |
| WR Hambrecht + Co. (1) | -59% |
| # After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/06. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentage summed, and then averaged. | |
