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8-K - FORM 8-K - AUDACY, INC.d571563d8k.htm

Exhibit 99.1

 

For Immediate Release   

Contacts:

August 8, 2018   

Joseph Jaffoni, Jennifer

  

Neuman, Norberto Aja

  

JCIR

  

(212) 835-8500

  

etm@jcir.com

ENTERCOM COMMUNICATIONS CORP.

REPORTS SECOND QUARTER RESULTS

Philadelphia, PA—Entercom Communications (NYSE: ETM) today reported financial results for the quarter ended June 30, 2018.

Second Quarter Highlights

 

   

Net revenues for the quarter were $372.1 million, compared to $125.0 million in the second quarter of 2017. On a same-station basis, net revenues for the quarter were $372.1 million compared to $405.7 million in the second quarter of 2017

 

   

Operating income for the quarter was $27.6 million, after a non-cash impairment charge of $29 million that is primarily due to our pending divestitures, compared to $16.4 million in the second quarter of 2017

 

   

Net income per diluted share for the quarter was $0.01, compared to $0.15 in the second quarter of 2017

 

   

Pro Forma Adjusted EBITDA for the quarter was $82.1 million, compared to $101.7 million in the second quarter of 2017

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that we have made great progress across multiple fronts as we continue our work to capitalize on our transformational merger. We have signed a definitive agreement with Bonneville to complete our last required station divestitures, successfully launched the new Entercom Audio Network with strong early revenues, terminated our painful relationship with United States Traffic Network, achieved rapid growth on our burgeoning Radio.com platform, and delivered a 5% reduction in Q2 expenses as we realize our merger-related synergies. Second quarter revenues were soft, down 8% exacerbated by the loss of $12 million in revenues from USTN. But revenue performance is improving and we are currently pacing down 2% in the third quarter excluding the impact of USTN. For the fourth quarter, we are pacing up 3% on an unadjusted basis. I am proud of the outstanding team we have built and the terrific work they are doing to capitalize on our abundant scale-driven opportunities.”


Additional Information

On August 2, the Company reached a definitive agreement with Bonneville International Corporation (“Bonneville”) in which Bonneville will acquire four radio stations in San Francisco and four radio stations in Sacramento for $141 million. These stations are currently being held separate from the Company through an FCC divestiture trust and are operated by Bonneville under a time brokerage agreement (“TBA”). The Company expects the transaction to close either late in the third quarter or early in the fourth quarter, depending on the timing of regulatory approvals, and expects to realize approximately $122 million in after-tax proceeds. Based on this final sales price, we determined that the carrying value of these assets was greater than their fair value and recorded a non-cash impairment charge of $25.6 million.

The Company expects to close on the sale of a tower site adjacent to O’Hare Airport in Chicago today and to realize $46 million of gross proceeds. In addition, the Company expects to close on the sale of an office building on Venice Boulevard in Los Angeles in September and realize $26 million of gross proceeds. The Company has also entered into agreements to sell: land and buildings in Dallas, TX; land and buildings in San Diego, CA; land and buildings in Sacramento, CA; and land in Austin, TX. For the full year, the Company now expects that gross proceeds from such redundant assets sales will total about $95 million and expects to realize after-tax proceeds from such sales of close to $80 million versus the $50 million the Company anticipated earlier this year.

In July, the Company terminated its agreement with United States Traffic Network (“USTN”) which had provided traffic advertising sales services and limited traffic reporting services to the Company. As a result, the Company has taken back all of the inventory that USTN previously utilized and now will be able to sell that inventory using its local, national and network sales teams. The Company is also a secured creditor of USTN and hopes to recover additional amounts to the extent USTN is able to make further payments to us or we realize a recovery through the legal process.

In July, the Company announced a definitive agreement to acquire 101.1 MORE FM (WBEB-FM) from Jerry Lee Radio, LLC in Philadelphia, PA for $57.5 million in cash. The Company also announced that it had entered into an agreement to divest 92.5 XTU (WXTU-FM) in Philadelphia, PA to Beasley Broadcast Group, Inc. for $38.0 million in cash. The transactions are immediately accretive to Entercom and are leverage neutral.

In July, the Company launched the Entercom Audio Network. This new national network allows advertisers to leverage Entercom’s scale with targeted offerings across its portfolio of 235 top-rated radio stations reaching over 112 million listeners monthly.

On April 30, the Company completed its acquisition of two stations in St. Louis, MO from Emmis Communications. The Company began operating these stations under a TBA on March 1, 2018.

As of June 30, 2018, the Company had outstanding $1,528 million of senior debt under its credit facilities and $400 million in senior notes (both amounts exclude unamortized premium from purchase price accounting). In addition, the Company had $40 million in cash on hand.

Our senior secured net leverage as of June 30, 2018, computed in accordance with the terms of our Credit Agreement and in accordance with the terms of our Indenture for our Senior Notes, was 3.8x as compared to our covenant of 4x and our total net leverage was 4.8x. On a pro forma basis as if all of the Company’s pending asset sales had closed by June 30th, and subtracting the EBITDA being sold to Bonneville and the related time brokerage fees, our senior secured net leverage would have been 3.4x and our total net leverage would have been 4.5x.


Given the benefit of the expected asset sales and the Company’s improving revenue outlook, we expect to remain compliant with our senior secured net leverage covenant as of September 30, 2018 whether or not the Bonneville divestitures close in the third quarter or the fourth quarter. In addition, we expect to be able to reduce our leverage from our as reported leverage as of June 30, 2018 by about  12 turn by the end of this year.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Wednesday August 8, 2018 at 8:30 AM Eastern Time. The public may access the conference call by dialing Toll Free: 888-889-0278 and Toll: 312-470-7365, passcode: Entercom (domestic and international callers). Participants may also listen to a live webcast of the call by visiting the “Investor Relations” section of Entercom’s website at www.entercom.com. A replay of the conference call will be available for one week by dialing 866-463-2180. A webcast replay of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Additional information is available on the Company’s website at www.entercom.com.

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Same Station Net Revenues consist of net revenues adjusted for material station acquisitions and dispositions as if these acquisitions and dispositions had occurred as of the beginning of the comparable prior period.

Station Expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, other expenses related to the refinancing; non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and gain or loss on sale or disposition of assets.

Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); other expenses related to the refinancing; impairment loss, merger and acquisition costs, preferred stock dividends; non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, and gain or loss on sale or disposition of assets.


Pro Forma Adjusted EBITDA consists of Adjusted EBITDA to exclude those costs incurred by the prior owner that were not assumed by the Company or were unusual in nature and adjustments for material acquisitions and divestitures as if these acquisitions and divestitures had occurred as of the beginning of the period presented.

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization; net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; other expenses related to the refinancing; other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; income from discontinued operations (excluding income taxes or tax benefit); and (ii) less net interest expense (excluding amortization of deferred financing costs or debt premium), preferred stock dividends, taxes paid, capital expenditures and amortizable intangibles.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported, including income taxes otherwise included in income from discontinued operations; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) other income; (v) impairment loss; (vi) merger and acquisition costs, other expenses related to the refinancing, loss on extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 30% and 40% without discrete items of tax for the years 2018 and 2017, respectively.

Adjusted Net Income (Loss) Per Share—Diluted includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income (Loss) Per Share—Diluted.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, same station net revenues, Adjusted EBITDA, Pro Forma Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income (Loss) Per Share—Diluted and Adjusted Free Cash Flow are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for management to evaluate our radio stations’ performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share—Diluted). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. For purposes of comparability, income taxes for 2018 and 2017 are reflected at the expected federal and state income tax rate of 30% and 40%, respectively, without adjustment for discrete tax adjustments.


Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company’s actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 100 million people each week through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom).

For further information, or to receive future Entercom Communications news announcements via e-mail, please contact JCIR at 212/835-8500 or etm@jcir.com.


ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2018     2017     2018     2017  
STATEMENTS OF OPERATIONS         

Net Revenues

   $ 372,124     $ 124,970     $ 672,684     $ 223,971  
  

 

 

   

 

 

   

 

 

   

 

 

 

Station Expenses

     274,159       90,632       527,920       167,593  

Station Expense—Non-Cash Compensation

     1,680       372       3,643       577  

Corporate Expenses

     16,982       7,771       33,691       16,947  

Corporate Expenses—Non-Cash Compensation

     2,050       1,105       4,010       2,494  

Depreciation And Amortization

     10,666       2,517       19,137       5,164  

Time Brokerage Agreement Expense (Income)

     (666     —         (1,092     34  

Merger And Acquisition Costs

     687       5,829       2,071       16,100  

Impairment Loss

     28,988       441       28,988       441  

Restructuring Charges

     686       —         2,167       —    

Integration Costs

     9,494       —         19,223       —    

Net (Gain) Loss On Sale Or Disposition of Assets

     (154     (76     (315     13,258  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Operating Expenses

     344,572       108,591       639,443       222,608  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating Income

     27,552       16,379       33,241       1,363  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Interest Expense

     25,706       6,133       49,110       12,110  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) Before Income Taxes

     1,846       10,246       (15,869     (10,747

Income Taxes (Benefit)

     249       3,832       (3,260     (7,830
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) Available To The Company—Continuing Operations

     1,597       6,414       (12,609     (2,917

Preferred Stock Dividend

     —         550       —         1,100  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) Available To Common Shareholders—Continuing Operations

     1,597       5,864       (12,609     (4,017

Income From Discontinued Operations, Net Of Income Taxes

     844       —         1,172       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) Available To Common Shareholders

   $ 2,441     $ 5,864     $ (11,437   $ (4,017
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) From Continuing Operations Available To

        

Common Shareholders—Basic

   $ 0.01     $ 0.15     $ (0.09   $ (0.10
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) From Continuing Operations Available To

        

Common Shareholders—Diluted

   $ 0.01     $ 0.15     $ (0.09   $ (0.10
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividends Declared And Paid Per Common Share

   $ 0.09     $ 0.075     $ 0.18     $ 0.15  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Common Shares Outstanding—Basic

     138,639       38,945       138,962       38,935  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Common Shares Outstanding—Diluted

     139,263       39,656       138,962       38,935  
  

 

 

   

 

 

   

 

 

   

 

 

 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION         

Capital Expenditures, Including Amortizable Intangibles

   $ 11,995     $ 4,350     $ 18,986     $ 7,044  

Income Taxes Paid

   $ 18,791     $ 122     $ 18,836     $ 177  

Cash Dividends On Common Stock Declared And Paid

   $ 12,475     $ 2,921     $ 24,916     $ 5,837  

Cash Dividends On Preferred Stock Declared And Paid

   $ —       $ 550     $ —       $ 1,100  
SELECTED BALANCE SHEET DATA         
     June 30,     December 31,              
     2018     2017              

Cash and Cash Equivalents

   $ 39,926     $ 34,167      

Senior Debt—Term B-1 Loan (Includes Current Portion)

   $ 1,323,350     $ 1,330,000      

Senior Debt— Revolver (Includes Current Portion)

   $ 205,000     $ 143,000      

Senior Notes

   $ 400,000     $ 400,000      

Total Shareholders’ Equity

   $ 1,711,486     $ 1,764,360      


OTHER FINANCIAL DATA

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2018     2017     2018     2017  

Reconciliation Of GAAP Net Revenues To Same Station Net Revenues

        

Net Revenues

   $ 372,124     $ 124,970     $ 672,684     $ 223,971  

Net Acquisitions And Divestitures Of Radio Stations

     —         280,750       —         506,680  
  

 

 

   

 

 

   

 

 

   

 

 

 

Same Station Net Revenues

   $ 372,124     $ 405,720     $ 672,684     $ 730,651  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Station Operating Expenses To Station Expenses

        

Station Operating Expenses

   $ 275,839     $ 91,004     $ 531,563     $ 168,170  

Station Expenses—Non-Cash Compensation

     (1,680     (372     (3,643     (577
  

 

 

   

 

 

   

 

 

   

 

 

 

Station Expenses

   $ 274,159     $ 90,632     $ 527,920     $ 167,593  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Corporate General & Administrative Expenses To Corporate Expenses

        

Corporate General & Administrative Expenses

   $ 19,032     $ 8,876     $ 37,701     $ 19,441  

Corporate Expenses—Non-Cash Compensation

     (2,050     (1,105     (4,010     (2,494
  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Expenses

   $ 16,982     $ 7,771     $ 33,691     $ 16,947  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Operating Income To Station Operating Income

        

Operating Income

   $ 27,552     $ 16,379     $ 33,241     $ 1,363  

Corporate Expenses

     16,982       7,771       33,691       16,947  

Corporate Expenses—Non-Cash Compensation

     2,050       1,105       4,010       2,494  

Station Expenses—Non-Cash Compensation

     1,680       372       3,643       577  

Depreciation And Amortization

     10,666       2,517       19,137       5,164  

Merger And Acquisition Costs

     687       5,829       2,071       16,100  

Restructuring Charges

     686       —         2,167       —    

Impairment Loss

     28,988       441       28,988       441  

Integration Costs

     9,494       —         19,223       —    

Net Time Brokerage Agreement Expense (Income)

     (666     —         (1,092     34  

Net Gain (Loss) On Sale Or Disposition of Assets

     (154     (76     (315     13,258  
  

 

 

   

 

 

   

 

 

   

 

 

 

Station Operating Income

   $ 97,965     $ 34,338     $ 144,764     $ 56,378  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted EBITDA To Pro Forma Adjusted EBITDA

        

Net (Income) Loss Available To Common Shareholders

   $ 2,441     $ 5,864     $ (11,437   $ (4,017

Income Taxes (Benefit)

     249       3,832       (3,260     (7,830

Income From Discontinued Operations, Net Of Income Taxes

     (844     —         (1,172     —    

Net Interest Expense

     25,706       6,133       49,110       12,110  

Corporate Expenses—Non-Cash Compensation

     2,050       1,105       4,010       2,494  

Station Expenses—Non-Cash Compensation

     1,680       372       3,643       576  

Depreciation And Amortization

     10,666       2,517       19,137       5,164  

Time Brokerage Agreement Expense (Income)

     (666     —         (1,092     34  

Preferred Stock Dividend

     —         550       —         1,100  

Merger And Acquisition Costs

     687       5,829       2,071       16,100  

Restructuring Charges

     686       —         2,167       —    

Integration Costs

     9,494       —         19,223       —    

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

     1,100       166       1,100       1,419  

Impairment Loss

     28,988       441       28,988       441  

Net Gain (Loss) On Sale Or Disposition of Assets

     (154     (76     (315     13,258  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     82,083       26,733       112,173       40,849  

Net Of Acquisitions And Divestitures

     —         74,828         120,604  

CBS Radio Costs Incurred To Separate From Its Parent

     —         149         1,286  
  

 

 

   

 

 

   

 

 

   

 

 

 

Pro Forma Adjusted EBITDA

   $ 82,083     $ 101,710     $ 112,173     $ 162,739  
  

 

 

   

 

 

   

 

 

   

 

 

 


Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Free Cash Flow

        

Net Income (Loss) Available To Common Shareholders

   $ 2,441     $ 5,864     $ (11,437   $ (4,017

Depreciation And Amortization

     10,666       2,517       19,137       5,164  

Deferred Financing Costs Included In Interest Expense

     796       580       1,591       1,166  

Amortization Debt Premium Included In Interest Expense

     (716     —         (1,432     —    

Non-Cash Compensation Expense

     3,730       1,477       7,653       3,071  

Merger And Acquisition Costs

     688       5,829       2,071       16,100  

Integration Costs

     9,494       —         19,223       —    

Restructuring Charges

     686       —         2,167       —    

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

     1,100       166       1,100       1,419  

Impairment Loss

     28,988       441       28,988       441  

Net (Gain) Loss On Sale Or Disposition of Assets

     (154     (76     (315     13,258  

Income Taxes (Benefit)

     249       3,832       (3,260     (7,830

Income Taxes Otherwise Included In Income From Discontinued Operations

     337       —         423       —    

Capital Expenditures, Including Amortizable Intangibles

     (11,995     (4,350     (18,986     (7,044

Income Taxes Paid

     (18,791     (122     (18,836     (177
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Free Cash Flow

   $ 27,519     $ 16,158     $ 28,087     $ 21,551  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Net Income

        

Net Income (Loss) Available To Common Shareholders

   $ 2,441     $ 5,864     $ (11,437   $ (4,017

Preferred Stock Dividend

     —         550       —         1,100  

Income Taxes (Benefit)

     249       3,832       (3,260     (7,830

Income Taxes Included In Income From Discontinued Operations

     336       —         423       —    

Merger And Acquisition Costs

     687       5,829       2,071       16,100  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

     1,100       166       1,100       1,419  

Impairment Loss

     28,988       441       28,988       441  

Integration Costs

     9,494       —         19,223       —    

Restructuring Charges

     686       —         2,167       —    

Net (Gain) Loss On Sale Or Disposition of Assets

     (154     (76     (315     13,258  

Non-Cash Compensation Expense

     3,730       1,477       7,653       3,071  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Income Before Income Taxes

     47,557       18,083       46,613       23,542  

Income Taxes

     14,267       7,233       13,984       9,417  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income Available To The Company

     33,290       10,850       32,629       14,125  

Preferred Stock Dividend

     —         550       —         1,100  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income

   $ 33,290     $ 10,300     $ 32,629     $ 13,025  
  

 

 

   

 

 

   

 

 

   

 

 

 

Numerator For Purposes Of Computing Adjusted Net Income (Loss) Per Share—Diluted

        

Adjusted Net Income (Loss)

   $ 33,290     $ 10,300     $ 32,629     $ 13,025  

Preferred Stock Dividend, Treated As If Preferred Never Converted

     —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 33,290     $ 10,300     $ 32,629     $ 13,025  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Diluted Shares Outstanding For Purposes Of Computing Adjusted Net Income Per Share—Diluted

        

Weighted Common Shares Outstanding—Diluted As Reported

     139,263       39,656       138,962       38,935  

Preferred Stock Dividend, Treated As If Preferred Never Converted

     —         —         —         —    

Diluted Shares Excluded When Reporting A Net Loss

     —         —         1,059       1,026  
  

 

 

   

 

 

   

 

 

   

 

 

 
     139,263       39,656       140,021       39,961  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income (Loss) Per Share—Diluted

   $ 0.24     $ 0.26     $ 0.23     $ 0.33