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EX-23.1 - EX-23.1 - SpartanNash Cod668321dex231.htm
8-K/A - FORM 8-K AMENDMENT NO. 1 - SpartanNash Cod668321d8ka.htm

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The Unaudited Pro Forma Condensed Combined Balance Sheet combines the historical consolidated balance sheets of Spartan Stores and Nash Finch, giving effect to the merger as if it had been consummated on September 14, 2013. The Unaudited Pro Forma Condensed Combined Statements of Earnings for the twenty-four weeks ended September 14, 2013 and the year ended March 30, 2013 combine the historical consolidated statements of earnings of Spartan Stores and Nash Finch, giving effect to the merger as if it had been consummated on April 1, 2012, the beginning of the earliest period presented. The fiscal period end dates are those of Spartan Stores. The historical consolidated financial statements of Nash Finch have been adjusted to reflect certain reclassifications in order to conform to Spartan Stores’ financial statement presentation.

The Unaudited Pro Forma Condensed Combined Statement of Earnings for the twenty-four weeks ended September 14, 2013, combines information from the unaudited historical condensed consolidated statement of earnings of Spartan Stores for the twenty-four weeks ended September 14, 2013, with the unaudited historical consolidated statement of operations of Nash Finch for the twenty-four weeks ended June 15, 2013. The Unaudited Pro Forma Condensed Combined Statement of Earnings for the year ended March 30, 2013, combines information from the audited historical consolidated statement of earnings of Spartan Stores for the fiscal year ended March 30, 2013, with the audited historical consolidated statement of operations of Nash Finch for the year ended December 29, 2012. The Unaudited Pro Forma Condensed Combined Balance Sheet combines information from the unaudited historical condensed consolidated balance sheet of Spartan Stores as of September 14, 2013, with the unaudited historical consolidated balance sheet of Nash Finch as of October 5, 2013. For purposes of the pro forma condensed combined financial information, Nash Finch’s twenty-four-week fiscal year-to-date period ended June 15, 2013 was used because it corresponds to Spartan Stores’ twenty-four-week fiscal year-to-date period ended September 14, 2013.

The Unaudited Pro Forma Condensed Combined Financial Statements were prepared using the acquisition method of accounting with Spartan Stores considered the acquirer of Nash Finch. Accordingly, consideration given by Spartan Stores to complete the merger with Nash Finch will be allocated to assets and liabilities of Nash Finch based upon their estimated fair values as of the date of completion of the merger. As of the date of this filing, Spartan Stores has not completed the detailed valuation studies necessary to arrive at the required estimates of the fair value of the Nash Finch assets acquired and the liabilities assumed and the related allocations of purchase price, nor has it identified all adjustments necessary to conform Nash Finch’s accounting policies to Spartan Stores’ accounting policies. Accordingly, the pro forma purchase price adjustments are preliminary and are subject to further adjustments as additional information becomes available and as additional analyses are performed. The preliminary pro forma purchase price adjustments have been made solely for the purpose of providing the Unaudited Pro Forma Condensed Combined Financial Statements presented below. Spartan Stores estimated the fair value of Nash Finch’s assets and liabilities based on discussions with Nash Finch’s management, preliminary valuation studies, due diligence and information presented in public filings. The final valuation and purchase price allocation is expected to be completed as soon as possible but no later than 12 months after the completion of the merger. Increases or decreases in the fair value of relevant balance sheet amounts will result in adjustments to the balance sheet and/or statement of earnings. There can be no assurance that such finalization will not result in material changes.

These Unaudited Pro Forma Condensed Combined Financial Statements have been developed from and should be read in conjunction with the respective audited and unaudited consolidated financial statements of Spartan Stores and Nash Finch contained in their Annual Reports on Form 10-K for the fiscal year ended March 30, 2013 and December 29, 2012, respectively, and their Quarterly Reports on Form 10-Q for the twenty-four weeks ended September 14, 2013 and October 5, 2013, respectively, which are incorporated by reference into this joint proxy statement/prospectus. The Unaudited Pro Forma Condensed Combined Financial Statements are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or the consolidated financial position of Spartan Stores would have been had the merger occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position.

Spartan Stores expects to incur significant costs associated with integrating the operations of Spartan Stores and Nash Finch. The Unaudited Pro Forma Condensed Combined Financial Statements do not reflect the costs of any integration activities or benefits that may result from realization of future cost savings from operating efficiencies or revenue synergies expected to result from the merger.


UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

September 14, 2013

(In thousands)

 

                      

Pro Forma

Condensed

Combined

 
     Historical     Pro Forma
Adjustments
   
     Spartan Stores     Nash Finch(1)      

ASSETS

        

Current assets

        

Cash and cash equivalents

   $ 5,545      $ 1,203      $ —        $ 6,748   

Accounts receivable, net

     59,207        227,379        (124 )(b)     286,462   

Inventories, net

     141,358        436,140        84,970 (c)      662,468   

Prepaid expenses and other

     10,913        14,198        —          25,111   

Deferred taxes on income

     1,900        4,378        (6,278 )(a)      —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     218,923        683,298        78,568        980,789   

Goodwill

     246,437        28,590        (6,069 )(f)      268,958   

Deferred tax asset, net

     —          31,246        (31,246 )(a)      —     

Other, net

     63,992        54,440        (190 )(g)      122,243   
         4,152 (k)   
         (151 )(b)   

Property and equipment, net

     268,337        296,110        45,218 (e)     609,665   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 797,689      $ 1,093,684      $ 90,282      $ 1,981,655   
  

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

        

Current liabilities

        

Accounts payable

   $ 137,899      $ 274,255      $ 11,626 (h)    $ 423,780   

Accrued income taxes

     4,059        7,661        —          11,720   

Other accrued expenses

     52,935        63,606        19,664 (i)      136,205   

Deferred taxes on income

     —          —          (6,278 )(a)      19,291   
         25,569 (d)   

Current maturities of long-term debt and capital lease obligations

     3,983        4,550        7,296 (k)      15,829   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     198,876        350,072        57,877        606,825   

Long-term liabilities

        

Deferred taxes on income

     80,833        —          (31,246 )(a)      61,291   
         11,704 (d)   

Other long-term liabilities

     32,451        38,956        (7,175 )(j)      64,742   
         510 (g)   

Long-term debt and capital lease obligations

     137,981        396,343        4,785 (k)      539,109   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     251,265        435,299        (21,422     665,142   

Commitments and contingencies

        

Shareholders’ equity

        

Common stock

     147,251        23,026        (23,026 )(l)      526,865   
         379,614 (m)   

Additional paid-in capital

     —          114,762        (114,762 )(l)      —     

Common stock held in trust

     —          (1,317     1,317 (l)      —     

Preferred stock

     —          —          —          —     

Deferred compensation obligations

     —          1,317        (1,317 )(l)      —     

Accumulated other comprehensive loss

     (13,275     (15,705     15,705 (l)      (13,275

Retained earnings

     213,572        237,091        (237,091 )(l)      196,098   
         (11,626 )(h)   
         (5,848 )(k)   

Treasury stock at cost

     —          (50,861     50,861 (l)      —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     347,548        308,313        53,827        709,688   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 797,689      $ 1,093,684      $ 90,282      $ 1,981,655   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Nash Finch information is as of October 5, 2013.

The accompanying notes are an integral part of the Unaudited Pro Forma Condensed Combined Financial Statements.


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF EARNINGS

For the Twenty-Four Weeks Ended September 14, 2013

(In thousands, except share data)

 

                       

Pro Forma

Condensed

Combined

 
     Historical      Pro Forma
Adjustments
   
     Spartan Stores     Nash Finch(1)       

Net sales

   $ 1,261,876      $ 2,298,993       $ —        $ 3,560,869   

Cost of sales

     1,000,304        2,106,575         3,016 (a)      3,109,895   
  

 

 

   

 

 

    

 

 

   

 

 

 

Gross profit

     261,572        192,418         (3,016     450,974   

Operating expenses

         

Selling, general and administrative

     208,047        146,779         (1,770 )(a)      353,032   
          (24 )(g)   

Depreciation and amortization

     19,064        17,570         5,737 (e)      40,988   
          (1,383 )(g)   

Restructuring and asset impairment charges

     987        —           —          987   

Merger transaction costs

     5,474        555         (6,029 )(n)      —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total operating expenses

     233,572        164,904         (3,469     395,007   

Operating earnings

     28,000        27,514         453        55,967   

Non-operating expense (income)

         

Interest expense

     4,462        9,957         (1,246 )(a)      15,242   
          2,069 (k)   

Other, net

     (12     —           —          (12
  

 

 

   

 

 

    

 

 

   

 

 

 

Total non-operating expense, net

     4,450        9,957         823        15,230   
  

 

 

   

 

 

    

 

 

   

 

 

 

Earnings before income taxes and discontinued operations

     23,550        17,557         (370     40,737   

Income tax expense

     8,651        6,568         (143 )(d)      15,076   
  

 

 

   

 

 

    

 

 

   

 

 

 

Earnings from continuing operations

   $ 14,899      $ 10,989       $ (227   $ 25,661   
  

 

 

   

 

 

    

 

 

   

 

 

 

Earnings from continuing operations per share:

         

Basic

   $ 0.68      $ 0.85           (o)    $ 0.69   

Diluted

   $ 0.68      $ 0.84           (o)    $ 0.69   

Weighted average shares outstanding:

         

Basic

     21,847        12,995           (o)      37,312   

Diluted

     21,935        13,070           (o)      37,400   

 

(1) Nash Finch information is for the twenty-four weeks ended June 15, 2013.

The accompanying notes are an integral part of the Unaudited Pro Forma Condensed Combined Financial Statements.


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF EARNINGS

For the Year Ended March 30, 2013

(In thousands, except share data)

 

                      

Pro Forma

Condensed

Combined

 
     Historical     Pro Forma
Adjustments
   
     Spartan Stores     Nash Finch(1)      

Net sales

   $ 2,608,160      $ 4,820,797      $ —        $ 7,428,957   

Cost of sales

     2,062,616        4,429,329        (3,805 )(a)      6,488,140   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     545,544        391,468        3,805        940,817   

Operating expenses

        

Selling, general and administrative

     443,906        290,393        8,117 (a)      742,365   
         (51 )(g)   

Depreciation and amortization

     39,081        37,834        12,430 (e)      86,348   
         (2,997 )(g)   

Restructuring and asset impairment charges

     1,589        166,630        —          168,219   

Gain on acquisition of a business

     —          (6,639     —          (6,639
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     484,576        488,218        17,499        990,293   

Operating earnings (loss)

     60,968        (96,750     (13,694     (49,476

Non-operating expense (income)

        

Interest expense

     13,410        24,944        (4,312 )(a)      37,882   
         3,840 (k)   

Debt extinguishment

     5,047        —          —          5,047   

Other, net

     (756     —          —          (756
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expense, net

     17,701        24,944        (472     42,173   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) before income taxes and discontinued operations

     43,267        (121,694 )     (13,222     (91,649

Income tax expense (benefit)

     15,425        (27,822 )     (4,964 )(d)      (17,361
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) from continuing operations

   $ 27,842      $ (93,872 )   $ 8,258      $ (74,288
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) from continuing operations per share:

        

Basic

   $ 1.28      $ (7.24 )     ( o)    $ (1.99

Diluted

   $ 1.27      $ (7.24 )     ( o)    $ (1.99

Weighted average shares outstanding:

        

Basic

     21,773        12,970        ( o)      37,238   

Diluted

     21,848        12,970        ( o)      37,313   

 

(1) Nash Finch information is for the year ended December 29, 2012.

The accompanying notes are an integral part of the Unaudited Pro Forma Condensed Combined Financial Statements.


NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Note 1. Basis of Presentation

On November 19, 2013, Spartan Stores and Nash Finch completed the merger whereby Nash Finch has become a wholly-owned subsidiary of Spartan Stores. Under the terms of the merger agreement, each outstanding share of Nash Finch common stock was exchanged for 1.20 shares of Spartan Stores common stock.

Although Spartan Stores and Nash Finch have structured the transaction as a merger of equals, the transaction will be treated as a business combination for accounting purposes, and Spartan Stores is the deemed accounting acquirer and Nash Finch is the deemed accounting acquiree. The accompanying Unaudited Pro Forma Condensed Combined Financial Statements were prepared using the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations.

The accompanying Unaudited Pro Forma Condensed Combined Financial Statements present the pro forma consolidated financial position and results of operations of the combined company based upon the historical consolidated financial statements of Spartan Stores and Nash Finch, after giving effect to the merger and adjustments described in these notes, and are intended to reflect the impact of the merger on Spartan Stores’ consolidated financial statements. The accompanying Unaudited Pro Forma Condensed Combined Financial Statements are presented for illustrative purposes only and do not reflect the costs of any integration activities or benefits that may result from realization of future cost savings due to operating efficiencies or revenue synergies expected to result from the merger.

The Unaudited Pro Forma Condensed Combined Balance Sheet gives effect to the merger as if it had been consummated on September 14, 2013 and includes estimated pro forma adjustments for the preliminary valuations of assets acquired and liabilities assumed. These adjustments are subject to further revision as additional information becomes available and additional analyses are performed. The Unaudited Pro Forma Condensed Combined Statements of Earnings for the twenty-four weeks ended September 14, 2013 and the year ended March 30, 2013 give effect to the merger as if it had been consummated on April 1, 2012, the beginning of the earliest period presented.

The Unaudited Pro Forma Condensed Combined Balance Sheet has been adjusted to reflect the preliminary allocation of the purchase price to identifiable net assets acquired. The purchase price allocation in these Unaudited Pro Forma Condensed Combined Financial Statements is based upon a purchase price of approximately $380 million. This amount was derived as described below in accordance with the merger agreement, based on the outstanding shares of Nash Finch common stock at November 19, 2013, the exchange ratio of 1.20 shares of Spartan Stores common stock for each Nash Finch share and a price per Spartan Stores common share of $23.55, which represents the closing price of Spartan Stores shares of common stock on November 18, 2013. This is inclusive of common stock issuable upon the immediate vesting of outstanding Nash Finch equity awards. All of the Nash Finch restricted stock and stock unit awards that were issued prior to July 21, 2013 (date of merger agreement) and outstanding at November 19, 2013 vested as of the date of merger and were converted into Spartan Stores common stock based upon the share exchange ratio.

The preliminary purchase price is calculated as follows:

 

     (In thousands, except per share data)  

Outstanding shares of Nash Finch common stock exchanged(1)

     13,433   

Exchange ratio

     1.20   
  

 

 

 

Shares of Spartan Stores common stock issuable(2)

     16,120   

Price per share

   $ 23.55   
  

 

 

 

Fair value of Spartan Stores shares issuable

   $ 379,614   
  

 

 

 

 

(1) Inclusive of Nash Finch common stock issued upon the vesting of outstanding Nash Finch restricted stock and stock unit awards immediately prior to the consummation of the merger.
(2) Shares of Spartan Stores common stock issuable has been rounded to the nearest whole number.


The table below represents a preliminary allocation of the total consideration to Nash Finch’s tangible and intangible assets and liabilities based on Spartan Stores’ management’s preliminary estimate of their respective fair values as of February 3, 2014:

 

     (In thousands)  

Cash

   $ 1,197   

Accounts and notes receivable, net

     265,901   

Inventories

     497,330   

Other current assets

     26,515   

Deferred income taxes, including current

     (10,913

Intangibles and other non-current assets

     50,953   

Goodwill

     29,307   

Properties and equipment

     349,835   

Long-term debt and capital leases, including current portion

     (442,664

Other liabilities assumed

     (387,847
  

 

 

 

Total estimated purchase price

   $ 379,614   
  

 

 

 

Upon completion of the fair value assessment, it is anticipated that the ultimate purchase price allocation will differ from the preliminary assessment outlined above. Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts, if any, will be allocated to goodwill.

Note 2. Pro Forma Adjustments

The Unaudited Pro Forma Condensed Combined Statements of Earnings do not include any material non-recurring charges that will arise in subsequent periods as a result of the merger. The Unaudited Pro Forma Condensed Combined Financial Statements reflect the following adjustments:

(a) Conforming Reclassifications. Reclassifications consist of (i) the reclassification of current deferred income tax assets against current deferred income tax liabilities and non-current deferred income tax assets against non-current deferred income tax liabilities to net all deferred tax amounts, (ii) an adjustment to conform Nash Finch’s presentation of certain credit card fees and credit card processing income included in interest expense to operating expenses in accordance with Spartan Stores’ policy and (iii) an adjustment to conform Nash Finch’s presentation of advertising costs included in cost of goods sold to operating expenses in accordance with Spartan Stores’ policy.

(b) Accounts and Notes Receivable. Reflects the preliminary estimated fair value of Nash Finch’s customer loans and receivables.

(c) Inventories. Reflects the preliminary estimated fair value of Nash Finch’s inventories.

(d) Income TaxesReflects the impact on deferred taxes of the purchase accounting adjustments described within the notes to the unaudited pro forma condensed combined financial statements and the estimated income tax effect of the pro forma adjustments described herein.

(e) Properties and Equipment. Reflects the preliminary purchase price allocation for the estimated fair value of Nash Finch’s owned properties and equipment including property and equipment recorded under capital leases. This estimated value is preliminary and is subject to further adjustments based on the final fair value determinations.

The Unaudited Pro Forma Condensed Consolidated Statements of Earnings reflect a net increase in depreciation and amortization of $12.4 million for the year ended March 30, 2013 and $5.7 million for the twenty-four weeks ended September 14, 2013. This reflects an increase in depreciation expense resulting from preliminary fair value estimates and adjustments to useful lives that primarily relate to equipment and building facilities having an estimated fair value of $289 million and estimated weighted average remaining useful lives of 10.6 years.

(f) Goodwill. To record the goodwill attributable to the merger.

(g) Other Assets. Adjustment for the effects of the preliminary purchase price allocation to reflect the estimated fair value of Nash Finch’s intangible assets.


The final purchase price allocation will be based on a complete appraisal and may result in a materially different allocation for intangible assets, and related useful life or purpose. Any change in the amount of the final purchase price allocated to amortizable, definite-lived intangible assets, or any change in the current designation of non-amortizable indefinite-lived intangible assets, could materially affect the amount of amortization expense recorded by the combined company subsequent to the completion of the merger.

The Unaudited Pro Forma Condensed Consolidated Statements of Earnings reflect a $3.0 million decrease for the year ended March 30, 2013 and a $1.4 million decrease for the twenty-four weeks ended September 14, 2013 in amortization expense resulting from fair value adjustments to Nash Finch’s intangible assets having an estimated fair value of $4.9 million and estimated weighted average remaining lives of 21.7 years.

(h) Accounts Payable. A $11.6 million increase to accounts payable and decrease to retained earnings to reflect estimated remaining merger transaction costs. These represent estimated one-time investment banking, legal and professional fees, and are not included in the Unaudited Pro Forma Condensed Combined Statements of Earnings as they are non-recurring expenses.

(i) Other Accrued Expenses. Reflects (i) estimated liabilities to be incurred for change in control payments, including accelerated bonuses, related to the merger and (ii) conforming accounting adjustments and the preliminary purchase price allocation for the estimated fair value of other liabilities.

(j) Other Long-Term Liabilities. Reflects conforming accounting adjustments and the preliminary purchase price allocation for the estimated fair value of long-term liabilities.

(k) Long-Term Debt. Adjustments were made to (i) record deferred debt issuance costs associated with refinanced debt incurred at the effective time of the merger of $10.0 million, (ii) eliminate the outstanding debt obligations (excluding capital leases) of Spartan Stores and Nash Finch and record the new debt obligations associated with the refinancing and (iii) eliminate other noncurrent assets associated with the deferred debt issuance costs on the existing obligations of Spartan Stores and Nash Finch of $5.8 million.

In connection with the Merger Agreement, Spartan Stores entered into a $1 billion Amended and Restated Loan and Security Agreement (the “Credit Agreement”) with Wells Fargo Capital Finance, LLC, as administrative agent (“Wells Fargo”), and certain lenders from time to time party thereto. The Credit Agreement amends and restates in the entirety each of the previous credit agreements between Wells Fargo (or an affiliate thereof) and Spartan Stores and certain of its subsidiaries and Nash-Finch and certain of its subsidiaries, respectively. Borrowings under the Credit Agreement are available for general operating expenses, working capital, merger costs, repayment of certain existing Nash-Finch indebtedness and other general corporate purposes.

As a result of these adjustments, the Unaudited Pro Forma Condensed Combined Statements of Earnings reflect higher interest expense of $3.8 million for the year ended March 30, 2013 and $2.1 million for the twenty-four weeks ended September 14, 2013, which reflects the following adjustments: (i) record incremental interest expense as a result of the refinancing and (ii) a reduction to interest expense as a result of the incremental amortization of deferred financing fees associated with debt incurred offset by the impact of eliminating deferred debt issuance costs amortization associated with the eliminated debt obligations. A 1/8 percentage change in the assumed interest rate of 2.93 percent on variable rate debt would result in an adjustment to pro forma interest expense of $0.3 million for the year ended March 30, 2013 and $0.2 million for the twenty-four weeks ended September 14, 2013.

(l) Nash Finch Stockholders Equity. The elimination of all of Nash Finch’s stockholders’ equity including $23.0 million of common stock, $114.8 million of additional paid-in capital, $1.3 million of common stock held in trust, $1.3 million of deferred compensation obligations, $237.1 million of retained earnings, $50.9 million of treasury stock and $15.7 million of accumulated other comprehensive loss as a result of the acquisition method of accounting.

(m) Spartan Stores Common Stock Issuance. The number of shares of Spartan Stores common stock issuable to Nash Finch stockholders was 16.1 million shares, having an agreed per share price of $23.55 totaling $380 million.

(n) Merger Transaction Cost. To eliminate $6.0 million in one-time direct merger related costs incurred during the twenty-four weeks ended September 14, 2013.


(o) Earnings (Loss) Per Share. The pro forma combined basic and diluted earnings per share for the twenty-four weeks ended September 14, 2013 and the year ended March 30, 2013 are calculated as follows:

 

     Pro Forma
24 Weeks Ended
September 14, 2013
     Pro Forma
Year Ended
March 30, 2013
 
     (In thousands, except per share data)  

Pro forma net earnings (loss) from continuing operations

   $ 25,661       $ (74,288 )

Spartan Stores weighted average shares outstanding — basic

     21,847         21,773   

Issuance of Spartan Stores common stock:

     

Nash Finch shares issued and outstanding(1)

     15,465         15,465   
  

 

 

    

 

 

 

Total weighted shares outstanding — basic

     37,312         37,238   

Dilutive effect of equity awards – Spartan Stores

     88         75   
  

 

 

    

 

 

 

Weighted average shares outstanding — diluted

     37,400         37,313   
  

 

 

    

 

 

 

Pro forma earnings (loss) per share — basic

   $ 0.69       $ (1.99 )
  

 

 

    

 

 

 

Pro forma earnings (loss) per share — diluted

   $ 0.69       $ (1.99 )
  

 

 

    

 

 

 

 

(1) Represents shares of Spartan Stores common stock issuable after giving effect to the 1.20 exchange ratio as set forth in the merger agreement, net of shares withheld for income taxes related to the settlement of Nash Finch restricted stock and stock unit awards that vested immediately prior to the consummation of the merger.