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EX-3.1 - EX-3.1 - OWENS & MINOR INC/VA/d765329dex31.htm
EX-99.2 - EX-99.2 - OWENS & MINOR INC/VA/d765329dex992.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 28, 2014

Owens & Minor Releases 2nd Quarter 2014 Financial Results

Richmond, Va. — BUSINESS WIRE — July 28, 2014 — Owens & Minor, Inc. (NYSE:OMI) today reported financial results for the second quarter ended June 30, 2014, including the following items:

 

    Consolidated quarterly revenue was $2.31 billion, an increase of 3.1%

 

    Adjusted net income per diluted share was $0.40 for the quarter

 

    Owens & Minor announced plans to acquire Medical Action Industries Inc. during 2Q 2014

For the quarter ended June 30, 2014, the company reported consolidated quarterly revenues of $2.31 billion, an increase of 3.1% over the second quarter of 2013. Quarterly net income was $19.9 million, or $0.32 per diluted share. Adjusted net income (non-GAAP), excluding after-tax charges of $2.5 million for acquisition-related and $2.6 million for exit and realignment activities, was $25.0 million, or $0.40 per diluted share.

Consolidated operating earnings for the second quarter of 2014 were $37.1 million, a decline of $12.9 million, when compared to the second quarter last year. Adjusted consolidated operating earnings (non-GAAP) for the second quarter of 2014 were $44.7 million, or 1.94% of revenues, a decline of $6.0 million when compared to the year before.

“While second quarter results were impacted by many of the same trends that we saw earlier in the year, we are confident that the deliberate actions we are taking to on-board new customers and realign our platforms and teams in the U.S. and Europe will drive performance in the second half of 2014,” said Craig R. Smith, chairman & chief executive officer of Owens & Minor. “In the U.S., we continued to see growth among our larger healthcare provider customer accounts. In Europe, we continue to work on optimizing the network and improving operations, especially in the U.K. On the Domestic side, we are looking forward to completing the Medical Action Industries acquisition, which will enable us to expand service offerings to our healthcare provider and manufacturer customers. We believe Owens & Minor remains well positioned to create sustainable value for our shareholders.”

Acquisition Update

During the second quarter, Owens & Minor announced plans to acquire Medical Action Industries Inc. (Medical Action) (Nasdaq:MDCI), a leading producer of surgical kits and procedure trays. The acquisition will enable an expansion of Owens & Minor’s capabilities in the global sourcing and production of kits, packs and trays for the healthcare market. Under terms of the definitive agreement, Owens & Minor will acquire all outstanding shares of Medical Action Industries Inc. for $13.80 per share in cash, representing a total transaction value of approximately $208 million, including assumed debt, net of cash. Medical Action reported $288 million in net sales from continuing operations for the fiscal year ended March 31, 2014, of which approximately 45% represented sales to Owens & Minor. The transaction, which is expected to close in the fourth quarter of 2014, is subject to customary closing conditions, including Medical Action shareholder approval. Owens & Minor has been notified that the Federal Trade Commission has granted early termination of the waiting period under the

 

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Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) in connection with the proposed acquisition. Owens & Minor intends to finance the transaction with existing cash and available borrowings under its revolving credit facility.

The acquisition of Medical Action is expected to be accretive to Owens & Minor’s adjusted net income (non-GAAP) in 2015, including anticipated partial synergies in the first full year of ownership. Owens & Minor estimates annual pre-tax cost synergies of $10 to $12 million by the end of calendar year 2016, excluding potential revenue synergies. Aside from transaction-related costs, which will be reported as acquisition-related and exit and realignment charges, the impact to Owens & Minor ’s 2014 adjusted net income per diluted share will be limited primarily to the fourth quarter of 2014, and is not expected to be significant.

“This strategic acquisition, a highly complementary business, opens up a new growth area for our company by allowing us to produce custom procedure trays and minor procedure kits for our provider and manufacturer customers,” said James L. Bierman, president & chief operating officer of Owens & Minor. “It is a natural expansion of our strategy to provide customers more complete and cost-effective solutions globally. Combined with the steps we are taking to reduce costs and increase efficiencies, the continued focus on core capabilities with customer-driven solutions that will allow us to remain at the forefront of connecting the world of medical products to the point-of-care.”

2014 Year-to-Date Results

For the six months ended June 30, 2014, consolidated revenues were $4.56 billion, increased approximately $79.8 million, or 1.8%, when compared to the first six months of 2013. Net income for the first half of 2014 was $45.4 million, or $0.72 per diluted share. For the year-to-date period, adjusted net income (non-GAAP), which excludes after-tax charges of $3.0 million for acquisition-related and $4.3 million for exit and realignment activities, was $52.7 million, or $0.84 per diluted share. Year-to-date results include the first-quarter recovery of $5.3 million, resulting from the settlement of a direct purchaser anti-trust class action lawsuit, which was included in other operating income.

Consolidated operating earnings for the year-to-date period of 2014 were $83.4 million, or 1.83% of revenues, compared to operating earnings of $97.9 million for the same period of 2013. Adjusted consolidated operating earnings for the year-to-date period were $94.2 million, or 2.07% of revenues, a decline of 17 basis points versus the first six months of 2013.

Asset Management

The balance of cash and cash equivalents was $92 million at June 30, 2014. For the year-to-date period of 2014, the company reported cash provided by operating activities of approximately $73 million. Asset management metrics for the quarter were strong with consolidated days sales outstanding (DSO) of 20.6 days as of June 30, 2014, compared to DSO of 20.8 days as of June 30, 2013. Consolidated inventory turns were 10.2 for the second quarter of 2014, comparable to inventory turns for the same period last year.

Segment Results

Domestic segment revenues for the second quarter of 2014 were $2.19 billion, an increase of 2% when compared to the prior year’s second quarter revenue of $2.14 billion. The increase in second quarter Domestic segment revenues resulted primarily from growth among larger healthcare provider customer accounts, partially offset by declines in revenue from smaller provider customers. For the year-to-date period, Domestic segment revenues were $4.34 billion, an increase of approximately 1% when compared to the same period last year.

 

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For the second quarter of 2014, Domestic segment operating earnings were $48.3 million, or 2.21% of segment revenues, a decline of approximately $2.9 million, when compared to the same period of 2013. For the year-to-date period, Domestic segment operating earnings were $101.1 million, or 2.33% of segment revenues, a decline of $3.1 million, when compared to operating earnings for the same period in the prior year. For both the quarter and the year-to-date periods, the decline in Domestic segment operating earnings reflected lower benefits from supplier price changes, as well as lower margin on new and renewed customer contracts. Offsetting these negative factors were cost benefits realized from ongoing strategic initiatives designed to improve productivity and efficiency.

The International segment contributed revenue of $118 million for the second quarter of 2014 and had an operating loss of $3.6 million. For the year-to-date period, the International segment reported $226 million in revenues, and an operating loss of $6.8 million. For both the quarter and the year-to-date periods, the company attributed the International segment operating losses to operations in the United Kingdom, including increased costs associated with integrating a significant new customer and reduced customer activity.

2014 Outlook

Based on operating and financial results for the first half of 2014 and expectations for the remainder of the year, the company revised its financial guidance for the year as follows:

For 2014, the company now expects revenue growth to exceed 2% and adjusted net income per diluted share to be within a range of $1.80 to $1.90 for the year, excluding acquisition-related and exit and realignment activities.

The 2014 outlook is based on certain assumptions that are subject to the risk factors discussed in the company’s filings with the Securities & Exchange Commission.

Investor Events

Owens & Minor is scheduled to participate in investor conferences in second half of 2014; webcasts of the company’s formal presentations will be posted on the company’s corporate website:

 

    R.W. Baird 2014 Healthcare Conference, New York – September 3, 2014

 

    2014 Morgan Stanley Global Healthcare Conference, New York – September 8-10, 2014

 

    2014 Credit Suisse Healthcare Conference, Phoenix – November 11-13, 2014

Investors Conference Call & Supplemental Material

Conference Call: Owens & Minor will conduct a conference call for investors on Tuesday, July 29, 2014, at 8:00 a.m. EDT. The access code for the conference call, international dial-in and replay is #70234446. Participants may access the call at 866-393-1604. The international dial-in number is 224-357-2191. Replay: A replay of the call will be available for one week by dialing 855-859-2056. Webcast: A listen-only webcast of the call, along with supplemental information, will be available on www.owens-minor.com under “Investor Relations.”

Owens & Minor uses its website as a channel of distribution for material company information, including news releases, investor presentations and financial information. This information is routinely posted and accessible under Investor Relations at

www.owens-minor.com.

Included with the press release financial tables are reconciliations of the differences between the non-GAAP financial measures presented in this news release, which exclude acquisition-related and exit and realignment charges, and their most directly comparable GAAP financial measures.

 

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Safe Harbor Statement

Except for historical information, the matters discussed in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risk factors are discussed in reports filed by the company with the Securities & Exchange Commission. All of this information is available at

www.owens-minor.com.

The company assumes no obligation, and expressly disclaims any such obligation, to update or alter information, whether as a result of new information, future events, or otherwise.

Owens & Minor, Inc. (NYSE: OMI) is a leading healthcare logistics company dedicated to Connecting the World of Medical Products to the Point of CareTM by providing vital supply chain services to healthcare providers and manufacturers of healthcare products. Owens & Minor provides logistics services across the spectrum of medical products from disposable medical supplies to devices and implants. With logistics platforms strategically located in the United States and Europe, Owens & Minor serves markets where three quarters of global healthcare spending occurs. Owens & Minor’s customers span the healthcare market from independent hospitals to large integrated healthcare networks, as well as group purchasing organizations, healthcare products manufacturers, and the federal government. A FORTUNE 500 company, Owens & Minor is headquartered in Richmond, Virginia, and has annualized revenues exceeding $9 billion. For more information about Owens & Minor, visit the company website at www.owens-minor.com.

 

Contacts:    Trudi Allcott, Director, Investor & Media Relations, 804-723-7555, truitt.allcott@owens-minor.com
   Chuck Graves, Director, Finance & Investor Relations, 804-723-7556, chuck.graves@owens-minor.com

Source: Owens & Minor, Inc.

 

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Owens & Minor, Inc.

Consolidated Statements of Income (unaudited)

(in thousands, except per share data)

 

     Three Months Ended June 30,  
     2014     2013  

Net revenue

   $ 2,305,858      $ 2,236,077   

Cost of goods sold

     2,023,586        1,962,646   
  

 

 

   

 

 

 

Gross margin

     282,272        273,431   

Selling, general and administrative expenses

     225,838        212,548   

Acquisition-related and exit and realignment charges

     7,593        638   

Depreciation and amortization

     13,892        12,276   

Other operating income, net

     (2,152     (2,081
  

 

 

   

 

 

 

Operating earnings

     37,101        50,050   

Interest expense, net

     3,342        3,248   
  

 

 

   

 

 

 

Income before income taxes

     33,759        46,802   

Income tax provision

     13,883        17,930   
  

 

 

   

 

 

 

Net income

   $ 19,876      $ 28,872   
  

 

 

   

 

 

 

Net income per common share:

    

Basic

   $ 0.32      $ 0.46   

Diluted

   $ 0.32      $ 0.46   

 

     Six Months Ended June 30,  
     2014     2013  

Net revenue

   $ 4,562,239      $ 4,482,461   

Cost of goods sold

     3,998,771        3,929,979   
  

 

 

   

 

 

 

Gross margin

     563,468        552,482   

Selling, general and administrative expenses

     451,448        430,269   

Acquisition-related and exit and realignment charges

     10,855        2,648   

Depreciation and amortization

     27,756        24,905   

Other operating income, net

     (9,978     (3,274
  

 

 

   

 

 

 

Operating earnings

     83,387        97,934   

Interest expense, net

     6,589        6,446   
  

 

 

   

 

 

 

Income before income taxes

     76,798        91,488   

Income tax provision

     31,436        36,518   
  

 

 

   

 

 

 

Net income

   $ 45,362      $ 54,970   
  

 

 

   

 

 

 

Net income per common share:

    

Basic

   $ 0.72      $ 0.87   

Diluted

   $ 0.72      $ 0.87   

 

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Owens & Minor, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in thousands)

 

     June 30, 2014      December 31, 2013  

Assets

     

Current assets

     

Cash and cash equivalents

   $ 92,027       $ 101,905   

Accounts and notes receivable, net

     545,179         572,854   

Merchandise inventories

     820,882         771,663   

Other current assets

     287,844         279,510   
  

 

 

    

 

 

 

Total current assets

     1,745,932         1,725,932   

Property and equipment, net

     207,140         191,961   

Goodwill, net

     275,975         275,439   

Intangible assets, net

     38,679         40,406   

Other assets, net

     96,085         90,304   
  

 

 

    

 

 

 

Total assets

   $ 2,363,811       $ 2,324,042   
  

 

 

    

 

 

 

Liabilities and equity

     

Current liabilities

     

Accounts payable

   $ 698,648       $ 643,872   

Accrued payroll and related liabilities

     29,691         23,296   

Deferred income taxes

     38,951         41,613   

Other current liabilities

     251,015         280,398   
  

 

 

    

 

 

 

Total current liabilities

     1,018,305         989,179   

Long-term debt, excluding current portion

     219,098         213,815   

Deferred income taxes

     42,080         43,727   

Other liabilities

     52,943         52,278   
  

 

 

    

 

 

 

Total liabilities

     1,332,426         1,298,999   

Total equity

     1,031,385         1,025,043   
  

 

 

    

 

 

 

Total liabilities and equity

   $ 2,363,811       $ 2,324,042   
  

 

 

    

 

 

 

 

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Owens & Minor, Inc.

Consolidated Statements of Cash Flows (unaudited)

(in thousands)

 

     Six Months Ended June 30,  
     2014     2013  

Operating activities:

    

Net income

   $ 45,362      $ 54,970   

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

    

Depreciation and amortization

     27,756        24,905   

Share-based compensation expense

     4,190        3,449   

Provision for losses on accounts and notes receivable

     334        315   

Deferred income tax (benefit) expense

     (5,151     5,777   

Changes in operating assets and liabilities:

    

Accounts and notes receivable

     28,477        1,789   

Merchandise inventories

     (48,575     (31,176

Accounts payable

     54,922        191,406   

Net change in other assets and liabilities

     (32,765     (69,462

Other, net

     (1,078     (2,794
  

 

 

   

 

 

 

Cash provided by operating activities

     73,472        179,179   
  

 

 

   

 

 

 

Investing activities:

    

Additions to property and equipment

     (25,657     (16,221

Additions to computer software and intangible assets

     (13,166     (14,826

Proceeds from sale of investment

     1,937        —     

Proceeds from sale of property and equipment

     45        68   
  

 

 

   

 

 

 

Cash used for investing activities

     (36,841     (30,979
  

 

 

   

 

 

 

Financing activities:

    

Cash dividends paid

     (31,564     (30,411

Repurchases of common stock

     (9,448     (8,297

Excess tax benefits related to share-based compensation

     444        550   

Proceeds from exercise of stock options

     1,180        4,195   

Purchase of noncontrolling interest

     (1,500     —     

Other, net

     (4,441     (5,167
  

 

 

   

 

 

 

Cash used for financing activities

     (45,329     (39,130
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (1,180     868   
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     (9,878     109,938   

Cash and cash equivalents at beginning of period

     101,905        97,888   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 92,027      $ 207,826   
  

 

 

   

 

 

 

 

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Owens & Minor, Inc.

Financial Statistics and GAAP/Non-GAAP Reconciliations (unaudited)

(in thousands, except per share data)

 

     Quarter Ended  

(in thousands, except ratios and per share data)

   6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013  

Consolidated operating results:

          

Domestic

   $ 2,187,535      $ 2,148,915      $ 2,213,949      $ 2,175,663      $ 2,143,691   

International

     118,323        107,465        104,575        94,884        92,386   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenue

   $ 2,305,858      $ 2,256,380      $ 2,318,524      $ 2,270,547      $ 2,236,077   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross margin

   $ 282,272      $ 281,195      $ 291,263      $ 273,329      $ 273,431   

Gross margin as a percent of revenue

     12.24     12.46     12.56     12.04     12.23
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

SG&A expenses

   $ 225,838      $ 225,610      $ 222,043      $ 211,344      $ 212,548   

SG&A expenses as a percent of revenue

     9.79     10.00     9.58     9.31     9.51
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings, as reported (GAAP)

   $ 37,101      $ 46,284      $ 50,934      $ 49,215      $ 50,050   

Acquisition-related and exit and realignment charges

     7,593        3,262        7,049        2,747        638   

Operating earnings, adjusted (Non-GAAP)

   $ 44,694      $ 49,546      $ 57,983      $ 51,962      $ 50,688   

Operating earnings as a percent of revenue, adjusted (Non-GAAP)

     1.94     2.20     2.50     2.29     2.27
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income, as reported (GAAP)

   $ 19,876      $ 25,485      $ 27,942      $ 27,970      $ 28,872   

Acquisition-related and exit and realignment charges, after-tax

     5,095        2,222        5,024        1,899        412   

Net income, adjusted (Non-GAAP)

   $ 24,971      $ 27,707      $ 32,966      $ 29,869      $ 29,284   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income per diluted common share, as reported (GAAP)

   $ 0.32      $ 0.41      $ 0.44      $ 0.44      $ 0.46   

Acquisition-related and exit and realignment charges

     0.08        0.03        0.08        0.03             

Net income per diluted common share, adjusted (Non-GAAP)

   $ 0.40      $ 0.44      $ 0.52      $ 0.47      $ 0.46   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financing:

          

Cash and cash equivalents

   $ 92,027      $ 182,373      $ 101,905      $ 153,789      $ 207,826   

Total interest-bearing debt

   $ 221,496      $ 217,261      $ 216,243      $ 216,850      $ 216,994   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Stock information:

          

Cash dividends per common share

   $ 0.25      $ 0.25      $ 0.24      $ 0.24      $ 0.24   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Stock price at quarter-end

   $ 33.98      $ 35.03      $ 36.56      $ 34.59      $ 33.83   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the measures exclude items and charges that (i) management does not believe reflect Owens & Minor, Inc.‘s (the “Company”) core business and relate more to strategic, multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, evaluate the balance sheet, engage in financial and operational planning and determine incentive compensation.

Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on its financial and operating results and in comparing the Company’s performance to that of its competitors. However, the non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.

 

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Owens & Minor, Inc.

Summary Segment Information (unaudited)

(in thousands)

 

     Three Months Ended June 30,  
     2014     2013  
           % of           % of  
           consolidated           consolidated  
     Amount     net revenue     Amount     net revenue  

Net revenue:

        

Domestic

   $ 2,187,535        94.87   $ 2,143,691        95.87

International

     118,323        5.13     92,386        4.13
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net revenue

   $ 2,305,858        100.00   $ 2,236,077        100.00
  

 

 

   

 

 

   

 

 

   

 

 

 
           % of segment
net revenue
          % of segment
net revenue
 

Operating earnings (loss):

        

Domestic

   $ 48,317        2.21   $ 51,245        2.39

International

     (3,623     (3.06 )%      (557     (0.60 )% 

Acquisition-related and exit and realignment charges

     (7,593     N/A        (638     N/A   
  

 

 

     

 

 

   

Consolidated operating earnings

   $ 37,101        1.61   $ 50,050        2.24
  

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

        

Domestic

   $ 8,812        $ 8,887     

International

     5,080          3,389     
  

 

 

     

 

 

   

Consolidated depreciation and amortization

   $ 13,892        $ 12,276     
  

 

 

     

 

 

   

Capital expenditures: (1)

        

Domestic

   $ 18,858        $ 12,872     

International

     5,737          3,398     
  

 

 

     

 

 

   

Consolidated capital expenditures

   $ 24,595        $ 16,270     
  

 

 

     

 

 

   

 

(1) Represents additions to property and equipment and additions to computer software and separately acquired intangible assets.

 

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Owens & Minor, Inc.

Summary Segment Information (unaudited)

(in thousands)

 

     Six Months Ended June 30,  
     2014     2013  
           % of           % of  
           consolidated           consolidated  
     Amount     net revenue     Amount     net revenue  

Net revenue:

        

Domestic

   $ 4,336,451        95.05   $ 4,298,406        95.89

International

     225,788        4.95     184,055        4.11
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net revenue

   $ 4,562,239        100.00   $ 4,482,461        100.00
  

 

 

   

 

 

   

 

 

   

 

 

 
           % of segment
net revenue
          % of segment
net revenue
 

Operating earnings (loss):

        

Domestic

   $ 101,053        2.33   $ 104,151        2.42

International

     (6,811     (3.02 )%      (3,569     (1.94 )% 

Acquisition-related and exit and realignment charges

     (10,855     N/A        (2,648     N/A   
  

 

 

     

 

 

   

Consolidated operating earnings

   $ 83,387        1.83   $ 97,934        2.18
  

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

        

Domestic

   $ 17,787        $ 17,969     

International

     9,969          6,936     
  

 

 

     

 

 

   

Consolidated depreciation and amortization

   $ 27,756        $ 24,905     
  

 

 

     

 

 

   

Capital expenditures: (1)

        

Domestic

   $ 29,033        $ 24,474     

International

     9,790          6,573     
  

 

 

     

 

 

   

Consolidated capital expenditures

   $ 38,823        $ 31,047     
  

 

 

     

 

 

   
     June 30, 2014           December 31, 2013        

Total assets:

        

Domestic

   $ 1,787,026        $ 1,747,572     

International

     484,758          474,565     
  

 

 

     

 

 

   

Segment assets

     2,271,784          2,222,137     

Cash and cash equivalents

     92,027          101,905     
  

 

 

     

 

 

   

Consolidated total assets

   $ 2,363,811        $ 2,324,042     
  

 

 

     

 

 

   

 

Page 10


Owens & Minor, Inc.

Net Income Per Common Share (unaudited)

(in thousands, except per share data)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Numerator:

        

Net income

   $ 19,876      $ 28,872      $ 45,362      $ 54,970   

Less: income allocated to unvested restricted shares

     (159     (156     (345     (351
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common shareholders - basic

     19,717        28,716        45,017        54,619   

Add: undistributed income attributable to unvested restricted shares - basic

     19        64        68        122   

Less: undistributed income attributable to unvested restricted shares - diluted

     (19     (64     (68     (122
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common shareholders - diluted

   $ 19,717      $ 28,716      $ 45,017      $ 54,619   
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

        

Weighted average shares outstanding - basic

     62,311        62,707        62,271        62,695   

Dilutive shares - stock options

     5        45        9        51   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding - diluted

     62,316        62,752        62,280        62,746   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share attributable to common shareholders:

        

Basic

   $ 0.32      $ 0.46      $ 0.72      $ 0.87   

Diluted

   $ 0.32      $ 0.46      $ 0.72      $ 0.87   

 

Page 11