10-Q 1 pb-10q_20180930.htm 10-Q pb-10q_20180930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM              TO             

COMMISSION FILE NUMBER: 001-35388

 

PROSPERITY BANCSHARES, INC.®  

(Exact name of registrant as specified in its charter)

 

 

TEXAS

74-2331986

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

 

Prosperity Bank Plaza

 

4295 San Felipe, Houston, Texas

77027

(Address of principal executive offices)

(Zip Code)

 

(281) 269-7199

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

 

 

Non-accelerated Filer

 

Smaller Reporting Company

 

 

 

 

 

 

 

 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 2, 2018, there were 69,839,486 outstanding shares of the registrant’s Common Stock, par value $1.00 per share.  

 

 


PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

INDEX TO FORM 10-Q

 

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

 

Consolidated Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017

3

 

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2018 and 2017 (unaudited)

4

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and 2017 (unaudited)

5

 

Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2018 and 2017 (unaudited)

6

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017 (unaudited)

7

 

Notes to Consolidated Financial Statements (unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

54

Item 4.

Controls and Procedures

54

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

55

Item 1A.

Risk Factors

55

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

55

Item 3.

Defaults Upon Senior Securities

55

Item 4.

Mine Safety Disclosures

55

Item 5.

Other Information

55

Item 6.

Exhibits

56

Signatures

57

 

 

 

2


PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

(unaudited)

 

 

 

 

 

 

 

(Dollars in thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

293,831

 

 

$

391,616

 

Federal funds sold

 

 

639

 

 

 

697

 

Total cash and cash equivalents

 

 

294,470

 

 

 

392,313

 

Available for sale securities, at fair value

 

 

93,739

 

 

 

217,870

 

Held to maturity securities, at cost (fair value of $9,080,601 and $9,323,482, respectively)

 

 

9,410,994

 

 

 

9,454,246

 

Total securities

 

 

9,504,733

 

 

 

9,672,116

 

Loans held for sale

 

 

28,025

 

 

 

31,389

 

Loans held for investment

 

 

10,264,821

 

 

 

9,989,384

 

Total loans

 

 

10,292,846

 

 

 

10,020,773

 

Less: allowance for credit losses

 

 

(85,996

)

 

 

(84,041

)

Loans, net

 

 

10,206,850

 

 

 

9,936,732

 

Accrued interest receivable

 

 

56,902

 

 

 

56,368

 

Goodwill

 

 

1,900,845

 

 

 

1,900,845

 

Core deposit intangibles, net

 

 

34,295

 

 

 

38,842

 

Bank premises and equipment, net

 

 

256,426

 

 

 

257,065

 

Other real estate owned

 

 

889

 

 

 

11,152

 

Bank owned life insurance (BOLI)

 

 

258,978

 

 

 

255,132

 

Federal Home Loan Bank of Dallas stock

 

 

78,801

 

 

 

49,764

 

Other assets

 

 

19,394

 

 

 

16,963

 

TOTAL ASSETS

 

$

22,612,583

 

 

$

22,587,292

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

5,700,242

 

 

$

5,623,322

 

Interest-bearing

 

 

11,033,522

 

 

 

12,198,138

 

Total deposits

 

 

16,733,764

 

 

 

17,821,460

 

Other borrowings

 

 

1,501,207

 

 

 

505,223

 

Securities sold under repurchase agreements

 

 

297,126

 

 

 

324,154

 

Accrued interest payable

 

 

3,754

 

 

 

2,945

 

Other liabilities

 

 

81,035

 

 

 

109,356

 

Total liabilities

 

 

18,616,886

 

 

 

18,763,138

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding

 

 

 

 

 

 

Common stock, $1 par value; 200,000,000 shares authorized; 69,837,986 shares issued and outstanding at September 30, 2018; 69,490,910 shares issued and  outstanding at December 31, 2017

 

 

69,838

 

 

 

69,491

 

Capital surplus

 

 

2,042,778

 

 

 

2,035,219

 

Retained earnings

 

 

1,882,618

 

 

 

1,719,557

 

Accumulated other comprehensive income (loss)—net unrealized gain (loss) on available for sale securities, net of tax expense (benefit) of $123 and ($30), respectively

 

 

463

 

 

 

(113

)

Total shareholders’ equity

 

 

3,995,697

 

 

 

3,824,154

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

22,612,583

 

 

$

22,587,292

 

 

 

See notes to consolidated financial statements.

 

3


PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(Dollars in thousands, except per share data)

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

128,645

 

 

$

121,567

 

 

$

373,336

 

 

$

348,252

 

Securities

 

 

55,705

 

 

 

50,610

 

 

 

165,739

 

 

 

156,679

 

Federal funds sold and other earning assets

 

 

326

 

 

 

242

 

 

 

940

 

 

 

585

 

Total interest income

 

 

184,676

 

 

 

172,419

 

 

 

540,015

 

 

 

505,516

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

19,208

 

 

 

12,376

 

 

 

49,741

 

 

 

33,725

 

Other borrowings

 

 

7,583

 

 

 

3,540

 

 

 

16,602

 

 

 

10,056

 

Securities sold under repurchase agreements

 

 

566

 

 

 

356

 

 

 

1,327

 

 

 

922

 

Total interest expense

 

 

27,357

 

 

 

16,272

 

 

 

67,670

 

 

 

44,703

 

NET INTEREST INCOME

 

 

157,319

 

 

 

156,147

 

 

 

472,345

 

 

 

460,813

 

PROVISION FOR CREDIT LOSSES

 

 

2,350

 

 

 

6,900

 

 

 

15,350

 

 

 

12,325

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

154,969

 

 

 

149,247

 

 

 

456,995

 

 

 

448,488

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonsufficient funds (NSF) fees

 

 

8,606

 

 

 

8,350

 

 

 

24,261

 

 

 

24,244

 

Credit card, debit card and ATM card income

 

 

6,242

 

 

 

6,075

 

 

 

18,538

 

 

 

18,214

 

Service charges on deposit accounts

 

 

5,137

 

 

 

5,251

 

 

 

15,562

 

 

 

16,077

 

Trust income

 

 

2,692

 

 

 

2,040

 

 

 

7,671

 

 

 

6,466

 

Mortgage income

 

 

856

 

 

 

854

 

 

 

2,728

 

 

 

3,227

 

Brokerage income

 

 

784

 

 

 

461

 

 

 

2,096

 

 

 

1,376

 

Net gain (loss) on sale of assets

 

 

4

 

 

 

62

 

 

 

(40

)

 

 

(1,962

)

Net (loss) gain on sale of securities

 

 

 

 

 

 

 

 

(13

)

 

 

3,270

 

Other

 

 

6,303

 

 

 

5,716

 

 

 

16,130

 

 

 

16,501

 

Total noninterest income

 

 

30,624

 

 

 

28,809

 

 

 

86,933

 

 

 

87,413

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

51,906

 

 

 

47,866

 

 

 

155,665

 

 

 

143,653

 

Net occupancy and equipment

 

 

5,808

 

 

 

5,691

 

 

 

17,109

 

 

 

16,654

 

Credit and debit card, data processing and software amortization

 

 

4,512

 

 

 

4,506

 

 

 

13,316

 

 

 

12,807

 

Regulatory assessments and FDIC insurance

 

 

3,347

 

 

 

3,455

 

 

 

10,497

 

 

 

10,552

 

Core deposit intangibles amortization

 

 

1,478

 

 

 

1,686

 

 

 

4,547

 

 

 

5,320

 

Depreciation

 

 

3,139

 

 

 

3,050

 

 

 

9,226

 

 

 

9,204

 

Communications

 

 

2,442

 

 

 

2,618

 

 

 

7,628

 

 

 

7,984

 

Other real estate expense

 

 

217

 

 

 

(30

)

 

 

521

 

 

 

112

 

Other

 

 

8,911

 

 

 

8,667

 

 

 

26,907

 

 

 

25,727

 

Total noninterest expense

 

 

81,760

 

 

 

77,509

 

 

 

245,416

 

 

 

232,013

 

INCOME BEFORE INCOME TAXES

 

 

103,833

 

 

 

100,547

 

 

 

298,512

 

 

 

303,888

 

PROVISION FOR INCOME TAXES

 

 

21,310

 

 

 

32,639

 

 

 

60,031

 

 

 

98,861

 

NET INCOME

 

$

82,523

 

 

$

67,908

 

 

$

238,481

 

 

$

205,027

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.18

 

 

$

0.98

 

 

$

3.42

 

 

$

2.95

 

Diluted

 

$

1.18

 

 

$

0.98

 

 

$

3.42

 

 

$

2.95

 

 

See notes to consolidated financial statements.

 

4


PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(Dollars in thousands)

 

Net income

 

$

82,523

 

 

$

67,908

 

 

$

238,481

 

 

$

205,027

 

Other comprehensive income, before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain during period

 

 

149

 

 

 

(1,236

)

 

 

729

 

 

 

(536

)

Total other comprehensive income (loss)

 

 

149

 

 

 

(1,236

)

 

 

729

 

 

 

(536

)

Deferred taxes related to other comprehensive income (loss)

 

 

(31

)

 

 

433

 

 

 

(153

)

 

 

188

 

Other comprehensive income (loss), net of tax

 

 

118

 

 

 

(803

)

 

 

576

 

 

 

(348

)

Comprehensive income

 

$

82,641

 

 

$

67,105

 

 

$

239,057

 

 

$

204,679

 

 

See notes to consolidated financial statements.

 

 

5


PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Stock

 

 

Capital

 

 

Retained

 

 

Comprehensive

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Income

 

 

Equity

 

 

 

(In thousands, except share and per share data)

 

BALANCE AT DECEMBER 31, 2016

 

 

69,491,012

 

 

$

69,491

 

 

$

2,028,129

 

 

$

1,543,280

 

 

$

1,411

 

 

$

3,642,311

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

205,027

 

 

 

 

 

 

 

205,027

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(348

)

 

 

(348

)

Common stock issued in connection with the exercise of stock options and restricted stock awards, net

 

 

(7,000

)

 

 

(7

)

 

 

155

 

 

 

 

 

 

 

 

 

 

 

148

 

Stock based compensation expense

 

 

 

 

 

 

 

 

 

 

5,095

 

 

 

 

 

 

 

 

 

 

 

5,095

 

Cash dividends declared, $1.02 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70,875

)

 

 

 

 

 

 

(70,875

)

BALANCE AT SEPTEMBER 30, 2017

 

 

69,484,012

 

 

$

69,484

 

 

$

2,033,379

 

 

$

1,677,432

 

 

$

1,063

 

 

$

3,781,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2017

 

 

69,490,910

 

 

$

69,491

 

 

$

2,035,219

 

 

$

1,719,557

 

 

$

(113

)

 

$

3,824,154

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

238,481

 

 

 

 

 

 

 

238,481

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

576

 

 

 

576

 

Common stock issued in connection with the exercise of restricted stock awards, net

 

 

347,076

 

 

 

347

 

 

 

(347

)

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation expense

 

 

 

 

 

 

 

 

 

 

7,906

 

 

 

 

 

 

 

 

 

 

 

7,906

 

Cash dividends declared, $1.08 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75,420

)

 

 

 

 

 

 

(75,420

)

BALANCE AT SEPTEMBER 30, 2018

 

 

69,837,986

 

 

$

69,838

 

 

$

2,042,778

 

 

$

1,882,618

 

 

$

463

 

 

$

3,995,697

 

 

See notes to consolidated financial statements.

 

 

6


PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

 

(Dollars in thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

238,481

 

 

$

205,027

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and core deposit intangibles amortization

 

 

13,773

 

 

 

14,524

 

Provision for credit losses

 

 

15,350

 

 

 

12,325

 

Net amortization of premium on investments

 

 

24,276

 

 

 

29,401

 

Net loss (gain) on sale of other real estate

 

 

130

 

 

 

(221

)

Net loss (gain) on sale of investment securities

 

 

13

 

 

 

(3,270

)

Net loss on sale of assets

 

 

40

 

 

 

1,962

 

Net accretion of discount on loans

 

 

(11,006

)

 

 

(17,110

)

Net amortization of premium on deposits

 

 

(106

)

 

 

(178

)

Gain on sale of loans

 

 

(2,590

)

 

 

(3,007

)

Proceeds from sale of loans held for sale

 

 

145,961

 

 

 

151,645

 

Originations of loans held for sale

 

 

(140,007

)

 

 

(148,297

)

Stock based compensation expense

 

 

7,906

 

 

 

5,095

 

(Increase) decrease in accrued interest receivable and other assets

 

 

(36,038

)

 

 

9,307

 

(Decrease) increase in accrued interest payable and other liabilities

 

 

(29,975

)

 

 

89,195

 

Net cash provided by operating activities

 

 

226,208

 

 

 

346,398

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from maturities and principal paydowns of held to maturity securities

 

 

1,341,650

 

 

 

1,367,648

 

Purchase of held to maturity securities

 

 

(1,322,082

)

 

 

(1,065,091

)

Proceeds from maturities and principal paydowns of available for sale securities

 

 

8,123,942

 

 

 

7,239,733

 

Purchase of available for sale securities

 

 

(7,999,686

)

 

 

(7,253,393

)

Net increase in loans held for investment

 

 

(278,155

)

 

 

(284,836

)

Purchase of bank premises and equipment

 

 

(10,491

)

 

 

(6,643

)

Proceeds from sale of bank premises, equipment and other real estate

 

 

12,362

 

 

 

8,879

 

Proceeds from insurance claims

 

 

2,463

 

 

 

 

Net cash (used in) provided by investing activities

 

 

(129,997

)

 

 

6,297

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Net increase in noninterest-bearing deposits

 

 

76,920

 

 

 

274,501

 

Net decrease in interest-bearing deposits

 

 

(1,164,510

)

 

 

(674,149

)

Net proceeds from (repayments of) other short-term borrowings

 

 

1,000,000

 

 

 

(30,000

)

Repayments of other long-term borrowings

 

 

(4,016

)

 

 

(416

)

Net (decrease) increase in securities sold under repurchase agreements

 

 

(27,028

)

 

 

14,191

 

Proceeds from stock option exercises

 

 

 

 

 

148

 

Payments of cash dividends

 

 

(75,420

)

 

 

(70,875

)

Net cash used in financing activities

 

 

(194,054

)

 

 

(486,600

)

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

 

(97,843

)

 

 

(133,905

)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

392,313

 

 

 

437,381

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

294,470

 

 

$

303,476

 

 

 

 

 

 

 

 

 

 

NONCASH ACTIVITIES:

 

 

 

 

 

 

 

 

Acquisition of real estate through foreclosure of collateral

 

$

153

 

 

$

1,483

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

 

 

 

 

 

Income taxes paid

 

$

114,960

 

 

$

64,150

 

Interest paid

 

 

66,861

 

 

 

43,901

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

7


PROSPERITY BANCSHARES, INC.® AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2018

(UNAUDITED)

 

1. BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Prosperity Bancshares, Inc.® (“Bancshares”) and its wholly-owned subsidiary, Prosperity Bank® (the “Bank,” and together with Bancshares, the “Company”). All intercompany transactions and balances have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis; and all such adjustments are of a normal recurring nature. These financial statements and the notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the nine-month period ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or any other period.

 

 

2. INCOME PER COMMON SHARE

Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. As of September 30, 2018, all stock options have been exercised and there are no remaining options outstanding.  

The following table illustrates the computation of basic and diluted earnings per share:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

Amount

 

 

Per Share Amount

 

 

Amount

 

 

Per Share Amount

 

 

Amount

 

 

Per Share Amount

 

 

Amount

 

 

Per Share Amount

 

 

 

(Amounts in thousands, except per share data)

 

Net income

 

$

82,523

 

 

 

 

 

 

$

67,908

 

 

 

 

 

 

$

238,481

 

 

 

 

 

 

$

205,027

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

69,838

 

 

$

1.18

 

 

 

69,485

 

 

$

0.98

 

 

 

69,815

 

 

$

3.42

 

 

 

69,484

 

 

$

2.95

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add incremental shares for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities - options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

Total

 

 

69,838

 

 

$

1.18

 

 

 

69,485

 

 

$

0.98

 

 

 

69,815

 

 

$

3.42

 

 

 

69,485