Debt purchasing and collection firm Encore Capital Group, Inc. late Monday reported results for the fourth quarter and full year 2010 marked by record net income and portfolio purchasing activity levels not seen in five years. The company also disclosed a recent large lawsuit settlement and its impact on results. San Diego-based Encore (Nasdaq: ECPG ) reported net income for the full year 2010 of $49.1 million, or $1.95 per fully diluted share, compared to net income of $33 million, or $1.37 per fully diluted share, in 2009. Net income in the fourth quarter of 2010 was $14.2 million, or $0.56 per share, up 69 percent from the same period in 2009. Stock analysts polled by Thompson Reuters on average predicted per share earnings of $0.47 for the fourth quarter. Total revenue for 2010 was $381.3 million, a 21 percent increase over 2009. Revenue in the fourth quarter was $81.5 million, up 22 percent from the same quarter in 2009. Gross collections for the year increased 24 percent to $604.6 million.