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8-K - 8-K - Ruths Hospitality Group, Inc. | ruth-8k_20210305.htm |
Exhibit 99.1
RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations – Preliminary and Unaudited
(Amounts in thousands, except share and per share data)
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13 Weeks Ended |
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52 Weeks Ended |
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December 27, |
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December 29, |
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December 27, |
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December 29, |
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2020 |
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2019 |
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2020 |
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2019 |
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Revenues: |
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Restaurant sales |
$ |
72,151 |
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$ |
127,132 |
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$ |
260,763 |
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$ |
441,361 |
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Franchise income |
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3,644 |
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4,972 |
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11,737 |
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17,879 |
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Other operating income |
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1,577 |
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2,929 |
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5,248 |
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8,786 |
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Total revenues |
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77,372 |
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135,033 |
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277,748 |
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468,026 |
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Costs and expenses: |
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Food and beverage costs |
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21,268 |
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37,909 |
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75,831 |
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127,597 |
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Restaurant operating expenses |
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33,195 |
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58,740 |
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150,420 |
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214,715 |
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Marketing and advertising |
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1,574 |
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4,508 |
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6,859 |
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15,432 |
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General and administrative costs |
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10,581 |
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8,627 |
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33,248 |
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34,643 |
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Depreciation and amortization expenses |
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5,304 |
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5,901 |
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21,964 |
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21,354 |
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Pre-opening costs |
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448 |
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|
948 |
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1,633 |
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1,824 |
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Gain on lease modifications |
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(28 |
) |
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— |
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(206 |
) |
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— |
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Loss on impairment |
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295 |
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— |
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16,548 |
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— |
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Total costs and expenses |
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72,637 |
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116,633 |
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306,297 |
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415,565 |
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Operating income (loss) |
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4,735 |
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18,400 |
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(28,549 |
) |
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52,461 |
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Other income (expense): |
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Interest expense, net |
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(1,340 |
) |
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(737 |
) |
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(4,681 |
) |
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(2,197 |
) |
Other |
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38 |
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82 |
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26 |
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115 |
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Income (loss) before income taxes |
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3,433 |
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17,745 |
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(33,204 |
) |
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50,379 |
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Income tax expense (benefit) |
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2,010 |
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3,287 |
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(7,910 |
) |
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8,173 |
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Net income (loss) |
$ |
1,423 |
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$ |
14,458 |
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$ |
(25,294 |
) |
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$ |
42,206 |
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Basic earnings (loss) per share |
$ |
0.04 |
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$ |
0.51 |
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$ |
(0.80 |
) |
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$ |
1.46 |
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Diluted earnings (loss) per share |
$ |
0.04 |
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$ |
0.50 |
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$ |
(0.80 |
) |
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$ |
1.44 |
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Shares used in computing net income per common share: |
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Basic |
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34,256,769 |
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28,513,764 |
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31,683,920 |
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28,998,382 |
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Diluted |
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34,396,700 |
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28,835,275 |
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31,683,920 |
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29,376,980 |
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Dividends declared per common share |
$ |
- |
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$ |
0.13 |
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$ |
0.15 |
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$ |
0.52 |
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURE |
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We prepare our financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Within our press release, we make reference to non-GAAP diluted earnings per common share. This non-GAAP measurement was calculated by excluding acquisition costs, employee retention payroll tax credit, accelerated stock compensation and severance payments, gain on lease modifications, loss on impairment and restaurant closure costs and certain discrete income tax items. We exclude the impact of the acquisition costs, employee retention payroll tax credit, accelerated stock compensation and severance payments, gain on lease modifications, loss on impairment and restaurant closure costs and certain discrete income tax items to improve comparability of diluted earnings per common share between periods. This non-GAAP measurement has been included as supplemental information. We believe that this measure represents a useful internal measure of performance. Accordingly, where this non-GAAP measure is provided, it is done so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in assessing our underlying performance on a quarter-over-quarter basis. However, because this measure is not determined in accordance with GAAP, such a measure is susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, the aforementioned measure as presented may not be directly comparable to a similarly titled measure presented by other companies. This non-GAAP financial measure is presented as supplemental information and not as an alternative to diluted earnings per share as calculated in accordance with GAAP.
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Reconciliation of Non-GAAP Financial Measure – Unaudited
(Amounts in thousands, except share data)
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13 Weeks Ended |
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52 Weeks Ended |
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||||||||||
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December 27, |
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|
December 29, |
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|
December 27, |
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December 29, |
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||||
|
2020 |
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2019 |
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2020 |
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2019 |
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GAAP Net income (loss) |
$ |
1,423 |
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$ |
14,458 |
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$ |
(25,294 |
) |
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$ |
42,206 |
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GAAP Income tax expense (benefit) |
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2,010 |
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3,287 |
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(7,910 |
) |
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8,173 |
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GAAP Income (loss) from continuing operations before income taxes |
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3,433 |
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17,745 |
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(33,204 |
) |
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50,379 |
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Adjustments: |
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Franchisee acquisition costs |
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— |
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124 |
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— |
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536 |
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Employee retention payroll tax credit |
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(2,525 |
) |
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— |
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(2,525 |
) |
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— |
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Accelerated stock compensation and severance payments |
|
322 |
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— |
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1,824 |
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— |
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Gain on lease modifications |
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(28 |
) |
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— |
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(206 |
) |
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— |
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Loss on impairment and restaurant closure costs |
|
295 |
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|
374 |
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16,548 |
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|
374 |
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Adjusted net income before income taxes |
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1,497 |
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18,243 |
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(17,563 |
) |
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51,289 |
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Adjusted income tax benefit (expense) (1) |
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(1,526 |
) |
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(3,411 |
) |
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4,000 |
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(8,400 |
) |
Impact of excluding certain discrete income tax items |
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1,142 |
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36 |
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1,455 |
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(849 |
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Non-GAAP Net income (loss) |
$ |
1,113 |
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$ |
14,868 |
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$ |
(12,108 |
) |
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$ |
42,040 |
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GAAP Diluted earnings (loss) per common share |
$ |
0.04 |
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$ |
0.50 |
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$ |
(0.80 |
) |
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$ |
1.44 |
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Non-GAAP Diluted earnings (loss) per common share |
$ |
0.03 |
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$ |
0.52 |
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$ |
(0.38 |
) |
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$ |
1.43 |
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Weighted-average number of common shares outstanding - diluted |
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34,396,700 |
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28,835,275 |
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31,683,920 |
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29,376,980 |
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(1) Adjusted income tax is calculated by multiplying the Non-GAAP adjustments by our marginal federal and state income tax rates and adding or subtracting the result to/from our GAAP income tax expense.