Mason Capital

BALTIMORE, Jan. 27, 2012 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) today reported its operating results for the third fiscal quarter ended December 31, 2011.  The Company reported net income(1) of $28.1 million, or $0.20 per diluted share, as compared with $56.7 million, or $0.39 per diluted share, in the previous quarter and $61.6 million, or $0.41 per diluted share, in the third quarter of fiscal 2011. Included in this quarter’s results were $42.3 million, or $0.21 per diluted share, in transition-related costs as compared to $15.1 million, or $0.07 per diluted share, of such costs in the previous quarter, and $24.0 million, or $0.10 per diluted share, in the third quarter of fiscal 2011.  Adjusted income(2) for the third quarter was $76.8 million, or $0.55 per diluted share, as compared to $87.6 million, or $0.61 per diluted share, in the previous quarter and $110.3 million, or $0.73 per diluted ...