UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 21, 2015
INTERACTIVE BROKERS GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware
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001-33440
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30-0390693
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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One Pickwick Plaza, Greenwich, CT 06830
(Address of Principal Executive Offices) (Zip Code)
(203) 618-5800
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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| o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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| o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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| o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition.
On July 21, 2015, the Registrant issued a press release reporting its financial results for the second quarter ended June 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
All of the information furnished in this report (including Exhibit 99.1 hereto) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and unless expressly set forth by specific reference in such filings, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.
Item 8.02. Other Events.
On July 21, 2015, Interactive Brokers Group, Inc. (the “Company”) declared a quarterly cash dividend of $0.10 per share on the Company’s common stock. The Company’s Board of Directors has declared that the dividend will be paid on September 14, 2015 to shareholders of record as of September 1, 2015.
Item 9.01. Financial Statements and Exhibits.
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(d)
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Exhibits.
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99.1
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Press Release dated July 21, 2015.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 21, 2015
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INTERACTIVE BROKERS GROUP, INC.
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By:
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/s/ Paul J. Brody |
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Name:
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Paul J. Brody
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| |
Title:
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Chief Financial Officer, Treasurer
and Secretary
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EXHIBIT INDEX
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99.1
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Press Release dated July 21, 2015.
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EXHIBIT 99.1
INTERACTIVE BROKERS GROUP ANNOUNCES 2Q2015 RESULTS
— — —
REPORTS COMPREHENSIVE EARNINGS PER SHARE OF $0.44,
INCOME BEFORE TAXES OF $240 MILLION ON $387 MILLION IN NET REVENUES,
AND EARNINGS PER SHARE ON NET INCOME OF $0.37.
DECLARES QUARTERLY DIVIDEND OF $0.10 PER SHARE.
GREENWICH, CONN, July 21, 2015 — Interactive Brokers Group, Inc. (NASDAQ GS: IBKR) an automated global electronic broker and market maker, today reported diluted earnings per share on a comprehensive basis of $0.44 for the quarter ended June 30, 2015, compared to diluted earnings per share on a comprehensive basis of $0.29 for the same period in 2014.
Excluding other comprehensive income, the Company reported diluted earnings per share of $0.37 for the quarter ended June 30, 2015, compared to diluted earnings per share of $0.26 for the same period in 2014.
Net revenues were $387 million and income before income taxes was $240 million this quarter, compared to net revenues of $309 million and income before income taxes of $174 million for the same period in 2014.
The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on September 14, 2015 to shareholders of record as of September 1, 2015.
Business Highlights
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·
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65% Electronic Brokerage pretax profit margin for this quarter, up from 59% in the year-ago quarter.
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·
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42% Market Making pretax profit margin for this quarter, up from 37% in the year-ago quarter.
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·
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Customer equity grew 22% from the year-ago quarter to $66.0 billion and customer debits increased by 23% to $19.0 billion.
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·
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Customer accounts increased 18% from the year-ago quarter to 310 thousand.
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·
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Total DARTs increased 16% from year-ago quarter to 616 thousand.
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·
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Brokerage segment equity was $3.3 billion. Total equity was $5.2 billion.
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Segment Overview
Electronic Brokerage
Electronic Brokerage segment income before income taxes increased 42%, to $188 million, in the quarter ended June 30, 2015 compared to the same period last year, due to higher commissions revenue and net interest income. Customer accounts grew 18% to 310 thousand and customer equity increased 22% to $66.0 billion from the year-ago quarter.
Commissions and execution fees increased 27% from the year-ago quarter, to $157 million. Net interest income grew 34% from the year-ago quarter, to $106 million. Pretax profit margin was 65% in quarter ended June 30, 2015, up from 59% in same period last year.
Total DARTs(1), for cleared and execution-only customers, increased 16% to 616 thousand from the year-ago quarter. Cleared DARTs were 565 thousand, 17% higher than the same period last year.
Market Making
Market Making segment income before income taxes increased 15%, to $30 million, in the quarter ended June 30, 2015 compared to the same period last year, driven mainly by slightly higher volatility. Pretax profit margin increased to 42% in the current quarter from 37% in same period last year.
Effects of Foreign Currency Diversification
In connection with our currency strategy, we have determined to base our net worth in GLOBALs, a basket of 16 major currencies in which we hold our equity. In this quarter, our currency diversification strategy increased our comprehensive earnings by $53 million, as the U.S. dollar value of the GLOBAL increased by approximately 1.0%. The effects of the currency diversification strategy are reported as components of (1) Other Income in the Corporate segment and (2) Other Comprehensive Income (“OCI”). As previously disclosed, certain reclassifications have been made to previously reported amounts to conform to the current presentation of currency translation gains and losses related to our currency diversification strategy.
(1) Daily average revenue trades (DARTs) are based on customer orders.
_____________________
Conference Call Information:
Interactive Brokers Group will hold a conference call with investors today, July 21, 2015, at 4:30 p.m. ET to discuss its quarterly results. Investors who would like to listen to the conference call live should dial 877-324-1965 (U.S. domestic) and 631-291-4512 (international). The number should be dialed approximately ten minutes prior to the start of the conference call. Ask for the “Interactive Brokers Conference Call.”
The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group, Inc., together with its subsidiaries, is an automated global electronic broker that specializes in catering to financial professionals by offering state-of-the-art trading technology, superior execution capabilities, worldwide electronic access, and sophisticated risk management tools at exceptionally low costs. The brokerage trading platform utilizes the same innovative technology as the Company’s market making business, which specializes in routing orders and executing and processing trades in securities, futures, foreign exchange instruments, bonds and funds on more than 100 electronic exchanges and trading venues around the world. As a market maker, we provide liquidity at these marketplaces and, as a broker, we provide professional traders and investors with electronic access to stocks, options, futures, forex, bonds and mutual funds from a single IB Universal AccountSM. Employing proprietary software on a global communications network, Interactive Brokers is continuously integrating its software with a growing number of exchanges and trading venues into one automatically functioning, computerized platform that requires minimal human intervention.
Cautionary Note Regarding Forward-Looking Statements:
The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the company on the date of this release. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.
For Interactive Brokers Group, Inc. Media: Caitlin Duffy, 203-913-1369 or Investors: Patrick Brennan, 203-618-4070.
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA
TRADE VOLUMES:
(in 000's, except %)
| |
|
|
|
|
|
|
|
|
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Brokerage
|
|
|
|
|
|
|
|
|
| |
|
Market
|
|
|
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Brokerage
|
|
|
|
Non
|
|
|
|
|
|
|
|
Avg. Trades
|
| |
|
Making
|
|
%
|
|
Cleared
|
|
%
|
|
Cleared
|
|
%
|
|
Total
|
|
%
|
|
per U.S.
|
|
Period
|
|
Trades
|
|
Change
|
|
Trades
|
|
Change
|
|
Trades
|
|
Change
|
|
Trades
|
|
Change
|
|
Trading Day
|
|
2012
|
|
60,421
|
|
|
|
150,000
|
|
|
|
16,118
|
|
|
|
226,540
|
|
|
|
904
|
|
2013
|
|
65,320
|
|
8%
|
|
173,849
|
|
16%
|
|
18,489
|
|
15%
|
|
257,658
|
|
14%
|
|
1,029
|
|
2014
|
|
64,530
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|
-1%
|
|
206,759
|
|
19%
|
|
18,055
|
|
-2%
|
|
289,344
|
|
12%
|
|
1,155
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q2014
|
|
14,897
|
|
|
|
48,622
|
|
|
|
4,290
|
|
|
|
67,809
|
|
|
|
1,076
|
|
2Q2015
|
|
14,852
|
|
0%
|
|
58,458
|
|
20%
|
|
4,060
|
|
-5%
|
|
77,370
|
|
14%
|
|
1,228
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q2015
|
|
15,404
|
|
|
|
58,208
|
|
|
|
4,581
|
|
|
|
78,193
|
|
|
|
1,282
|
|
2Q2015
|
|
14,852
|
|
-4%
|
|
58,458
|
|
0%
|
|
4,060
|
|
-11%
|
|
77,370
|
|
-1%
|
|
1,228
|
CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
| |
|
Options
|
|
%
|
|
Futures*
|
|
%
|
|
Stocks
|
|
%
|
|
Period
|
|
(contracts)
|
|
Change
|
|
(contracts)
|
|
Change
|
|
(shares)
|
|
Change
|
|
2012
|
|
698,140
|
|
|
|
98,801
|
|
|
|
65,872,960
|
|
|
|
2013
|
|
659,673
|
|
-6%
|
|
121,776
|
|
23%
|
|
95,479,739
|
|
45%
|
|
2014
|
|
631,265
|
|
-4%
|
|
123,048
|
|
1%
|
|
153,613,174
|
|
61%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q2014
|
|
144,635
|
|
|
|
28,774
|
|
|
|
35,891,325
|
|
|
|
2Q2015
|
|
144,188
|
|
0%
|
|
34,661
|
|
20%
|
|
60,255,458
|
|
68%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q2015
|
|
154,289
|
|
|
|
33,612
|
|
|
|
35,336,325
|
|
|
|
2Q2015
|
|
144,188
|
|
-7%
|
|
34,661
|
|
3%
|
|
60,255,458
|
|
71%
|
MARKET MAKING
| |
|
Options
|
|
%
|
|
Futures*
|
|
%
|
|
Stocks
|
|
%
|
|
Period
|
|
(contracts)
|
|
Change
|
|
(contracts)
|
|
Change
|
|
(shares)
|
|
Change
|
|
2012
|
|
457,384
|
|
|
|
12,660
|
|
|
|
9,339,465
|
|
|
|
2013
|
|
404,490
|
|
-12%
|
|
18,184
|
|
44%
|
|
12,849,729
|
|
38%
|
|
2014
|
|
344,741
|
|
-15%
|
|
15,668
|
|
-14%
|
|
12,025,822
|
|
-6%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q2014
|
|
78,641
|
|
|
|
4,088
|
|
|
|
2,836,471
|
|
|
|
2Q2015
|
|
74,533
|
|
-5%
|
|
3,652
|
|
-11%
|
|
4,270,738
|
|
51%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q2015
|
|
83,013
|
|
|
|
3,408
|
|
|
|
2,969,719
|
|
|
|
2Q2015
|
|
74,533
|
|
-10%
|
|
3,652
|
|
7%
|
|
4,270,738
|
|
44%
|
BROKERAGE TOTAL
| |
|
Options
|
|
%
|
|
Futures*
|
|
%
|
|
Stocks
|
|
%
|
|
Period
|
|
(contracts)
|
|
Change
|
|
(contracts)
|
|
Change
|
|
(shares)
|
|
Change
|
|
2012
|
|
240,756
|
|
|
|
86,141
|
|
|
|
56,533,495
|
|
|
|
2013
|
|
255,183
|
|
6%
|
|
103,592
|
|
20%
|
|
82,630,010
|
|
46%
|
|
2014
|
|
286,524
|
|
12%
|
|
107,380
|
|
4%
|
|
141,587,352
|
|
71%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q2014
|
|
65,994
|
|
|
|
24,686
|
|
|
|
33,054,854
|
|
|
|
2Q2015
|
|
69,655
|
|
6%
|
|
31,009
|
|
26%
|
|
55,984,720
|
|
69%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q2015
|
|
71,276
|
|
|
|
30,204
|
|
|
|
32,366,606
|
|
|
|
2Q2015
|
|
69,655
|
|
-2%
|
|
31,009
|
|
3%
|
|
55,984,720
|
|
73%
|
* Includes options on futures
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED
BROKERAGE CLEARED
| |
|
Options
|
|
%
|
|
Futures*
|
|
%
|
|
Stocks
|
|
%
|
|
Period
|
|
(contracts)
|
|
Change
|
|
(contracts)
|
|
Change
|
|
(shares)
|
|
Change
|
|
2012
|
|
144,539
|
|
|
|
84,794
|
|
|
|
54,371,351
|
|
|
|
2013
|
|
180,660
|
|
25%
|
|
101,732
|
|
20%
|
|
78,829,785
|
|
45%
|
|
2014
|
|
225,662
|
|
25%
|
|
106,074
|
|
4%
|
|
137,153,132
|
|
74%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q2014
|
|
50,732
|
|
|
|
24,262
|
|
|
|
32,041,810
|
|
|
|
2Q2015
|
|
57,867
|
|
14%
|
|
30,717
|
|
27%
|
|
55,144,248
|
|
72%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q2015
|
|
58,537
|
|
|
|
29,824
|
|
|
|
31,418,644
|
|
|
|
2Q2015
|
|
57,867
|
|
-1%
|
|
30,717
|
|
3%
|
|
55,144,248
|
|
76%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
* Includes options on futures
BROKERAGE STATISTICS
(in 000's, except % and where noted)
| |
|
|
|
|
|
|
|
|
Year over Year
|
|
2Q2015
|
|
|
2Q2014
|
|
% Change
|
|
Total Accounts
|
|
310
|
|
|
262
|
|
18%
|
|
Customer Equity (in billions)*
|
$
|
66.0
|
|
$
|
53.9
|
|
22%
|
| |
|
|
|
|
|
|
|
|
Cleared DARTs
|
|
565
|
|
|
484
|
|
17%
|
|
Total Customer DARTs
|
|
616
|
|
|
529
|
|
16%
|
| |
|
|
|
|
|
|
|
|
Cleared Customers (in $'s, except DART per account)
|
|
|
|
|
|
|
Commission per DART
|
$
|
4.31
|
|
$
|
4.00
|
|
8%
|
|
DART per Avg. Account (Annualized)
|
|
469
|
|
|
473
|
|
-1%
|
|
Net Revenue per Avg. Account (Annualized)
|
$
|
3,749
|
|
$
|
3,360
|
|
12%
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Consecutive Quarters
|
|
2Q2015
|
|
|
1Q2015
|
|
% Change
|
|
Total Accounts
|
|
310
|
|
|
296
|
|
5%
|
|
Customer Equity (in billions)*
|
$
|
66.0
|
|
$
|
61.2
|
|
8%
|
| |
|
|
|
|
|
|
|
|
Cleared DARTs
|
|
565
|
|
|
590
|
|
-4%
|
|
Total Customer DARTs
|
|
616
|
|
|
648
|
|
-5%
|
| |
|
|
|
|
|
|
|
|
Cleared Customers (in $'s, except DART per account)
|
|
|
|
|
|
|
Commission per DART
|
$
|
4.31
|
|
$
|
4.05
|
|
6%
|
|
DART per Avg. Account (Annualized)
|
|
469
|
|
|
513
|
|
-9%
|
|
Net Revenue per Avg. Account (Annualized)
|
$ |
3,749
|
|
$ |
4,079
|
|
-8%
|
* Excludes non-customers.
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
SEGMENT FINANCIAL INFORMATION
(UNAUDITED)
| |
|
|
|
Three Months
|
|
|
Six Months
|
| |
|
|
|
Ended June 30,
|
|
|
Ended June 30,
|
| |
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
| |
|
|
|
(in millions)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Brokerage
|
Net revenues (1)
|
|
$
|
288
|
|
$
|
222
|
|
$
|
578
|
|
$
|
446
|
| |
Non-interest expenses
|
|
|
100
|
|
|
90
|
|
|
339
|
|
|
179
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes
|
|
$
|
188
|
|
$
|
132
|
|
$
|
239
|
|
$
|
267
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax profit margin
|
|
|
65%
|
|
|
59%
|
|
|
41%
|
|
|
60%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Making
|
Net revenues (1)
|
|
$
|
72
|
|
$
|
71
|
|
$
|
139
|
|
$
|
182
|
| |
Non-interest expenses
|
|
|
42
|
|
|
45
|
|
|
82
|
|
|
90
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes
|
|
$
|
30
|
|
$
|
26
|
|
$
|
57
|
|
$
|
92
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax profit margin
|
|
|
42%
|
|
|
37%
|
|
|
41%
|
|
|
51%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate (2)
|
Net revenues (1)
|
|
$
|
27
|
|
$
|
16
|
|
$
|
(158)
|
|
$
|
36
|
| |
Non-interest expenses
|
|
|
5
|
|
|
-
|
|
|
9
|
|
|
3
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes
|
|
$
|
22
|
|
$
|
16
|
|
$
|
(167)
|
|
$
|
33
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
Net revenues (1)
|
|
$
|
387
|
|
$
|
309
|
|
$
|
559
|
|
$
|
664
|
| |
Non-interest expenses
|
|
|
147
|
|
|
135
|
|
|
430
|
|
|
272
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes
|
|
$
|
240
|
|
$
|
174
|
|
$
|
129
|
|
$
|
392
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax profit margin
|
|
|
62%
|
|
|
56%
|
|
|
23%
|
|
|
59%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) To provide meaningful comparisons, prior period amounts have been revised for changes in the presentation of currency translation classifications.
|
|
(2) Corporate includes corporate related activities as well as inter-segment eliminations.
|
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
| |
|
|
|
|
Three Months
|
|
|
Six Months
|
| |
|
|
|
|
Ended June 30,
|
|
|
Ended June 30,
|
| |
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
| |
|
|
|
|
(in millions, except share and per share data)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Trading gains (1)
|
|
$
|
67
|
|
$
|
64
|
|
$
|
129
|
|
$
|
169
|
| |
Commissions and execution fees
|
|
|
157
|
|
|
124
|
|
|
306
|
|
|
261
|
| |
Interest income (1)
|
|
|
126
|
|
|
96
|
|
|
234
|
|
|
183
|
| |
Other income (loss) (1)
|
|
|
55
|
|
|
37
|
|
|
(77)
|
|
|
77
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total revenues
|
|
|
405
|
|
|
321
|
|
|
592
|
|
|
690
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense
|
|
|
18
|
|
|
12
|
|
|
33
|
|
|
26
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total net revenues
|
|
|
387
|
|
|
309
|
|
|
559
|
|
|
664
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Execution and clearing
|
|
|
59
|
|
|
52
|
|
|
114
|
|
|
106
|
| |
Employee compensation and benefits
|
|
|
58
|
|
|
53
|
|
|
115
|
|
|
107
|
| |
Occupancy, depreciation and amortization
|
|
|
11
|
|
|
10
|
|
|
21
|
|
|
20
|
| |
Communications
|
|
|
7
|
|
|
6
|
|
|
13
|
|
|
12
|
| |
General and administrative
|
|
|
13
|
|
|
14
|
|
|
29
|
|
|
26
|
| |
Customer bad debt
|
|
|
(1)
|
|
|
-
|
|
|
138
|
|
|
1
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total non-interest expenses
|
|
|
147
|
|
|
135
|
|
|
430
|
|
|
272
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
240
|
|
|
174
|
|
|
129
|
|
|
392
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
19
|
|
|
13
|
|
|
17
|
|
|
30
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
221
|
|
|
161
|
|
|
112
|
|
|
362
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
198
|
|
|
146
|
|
|
102
|
|
|
328
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available for common stockholders
|
|
$
|
23
|
|
$
|
15
|
|
$
|
10
|
|
$
|
34
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share :
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic
|
|
$
|
0.38
|
|
$
|
0.27
|
|
$
|
0.17
|
|
$
|
0.62
|
| |
Diluted
|
|
$
|
0.37
|
|
$
|
0.26
|
|
$
|
0.17
|
|
$
|
0.60
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic
|
|
|
59,481,778
|
|
|
56,079,813
|
|
|
58,980,348
|
|
|
55,375,929
|
| |
Diluted
|
|
|
61,038,926
|
|
|
57,300,230
|
|
|
60,436,915
|
|
|
56,674,666
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income available for common stockholders
|
|
$
|
23
|
|
$
|
15
|
|
$
|
10
|
|
$
|
34
|
| |
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Cumulative translation adjustment, before income taxes
|
|
|
4
|
|
|
2
|
|
|
3
|
|
|
2
|
| |
|
Income taxes related to items of other comprehensive income
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
| |
Other comprehensive income (loss), net of tax
|
|
|
4
|
|
|
2
|
|
|
3
|
|
|
2
|
|
Comprehensive income available for common stockholders
|
|
$
|
27
|
|
$
|
17
|
|
$
|
13
|
|
$
|
36
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to noncontrolling interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
$
|
198
|
|
$
|
146
|
|
$
|
102
|
|
$
|
328
|
|
Other comprehensive income - cumulative translation adjustment
|
|
|
24
|
|
|
9
|
|
|
15
|
|
|
12
|
|
Comprehensive income attributable to noncontrolling interests
|
|
$
|
222
|
|
$
|
155
|
|
$
|
117
|
|
$
|
340
|