Carter’s, Inc. (NYSE:CRI), the largest branded marketer in the
United States of apparel exclusively for babies and young children,
today reported its fourth quarter and fiscal 2011 results.
“In the fourth quarter, we achieved sales growth in every
segment of our business, which reflects the strength of our brands
and compelling value they provide to consumers,” said Michael D.
Casey, Chairman and Chief Executive Officer. “For the year, we
achieved a record level of sales by extending the reach of our
brands in the United States and international markets. Earnings
continue to be impacted by abnormally high cotton prices. We expect
to see the benefit of lower cotton prices in the second half of
2012, and we are forecasting good growth in sales and profitability
this year.”
Fourth Quarter of Fiscal 2011 compared to Fourth Quarter of
Fiscal 2010
Consolidated net sales increased $111.4 million, or 22.5%, to
$606.6 million. Net domestic sales of the Company’s Carter’s brands
increased $54.5 million, or 14.1%, to $442.4 million. Net domestic
sales of the Company’s OshKosh B’gosh brand increased $10.6
million, or 10.6%, to $110.0 million. Net international sales,
which are comprised of sales of Carter’s and OshKosh B’gosh branded
products to wholesale customers outside the United States and
Canadian retail store sales, increased $46.3 million to $54.3
million.
The Company’s pre-tax income in the fourth quarter of fiscal
2011 includes expenses related to the acquisition of Bonnie Togs, a
Canadian children’s apparel retailer, of approximately $3.0
million.
Operating income in the fourth quarter of fiscal 2011 was $55.0
million, a decrease of $3.7 million, or 6.4%, from $58.8 million in
the fourth quarter of fiscal 2010. Excluding the effect of the
acquisition-related expenses noted above and detailed at the end of
this release, adjusted operating income in the fourth quarter of
fiscal 2011 was $58.0 million, a decrease of $0.8 million, or 1.3%,
from the fourth quarter of fiscal 2010. The decrease primarily
reflects the net effect of higher product costs.
Net income decreased $0.1 million, or 0.3%, to $34.8 million, or
$0.59 per diluted share, compared to $34.9 million, or $0.60 per
diluted share, in the fourth quarter of fiscal 2010. Excluding the
effect of the acquisition-related expenses noted above and detailed
at the end of this release, adjusted net income in the fourth
quarter of fiscal 2011 increased $2.5 million, or 6.8%, to $37.3
million, or $0.63 per diluted share from the fourth quarter of
fiscal 2010.
A reconciliation of income as reported under accounting
principles generally accepted in the United States of America
(“GAAP”) to adjusted income is provided at the end of this
release.
Business Segment Results
In light of the acquisition of Bonnie Togs in June 2011, the
Company realigned certain of its reportable segments. Effective
October 1, 2011, the Carter’s and OshKosh wholesale segments
reflect domestic business activities formerly reported in these
brands’ wholesale and mass channel segments. In addition, the
Company added a new international segment, which includes its
Canadian retail business, international wholesale sales, and
international royalty income. Prior-year amounts have been recast
to conform to the current year presentation.
Carter’s Segments
Carter’s retail segment sales increased $42.6 million, or 26.1%,
to $206.3 million, driven by incremental sales of $19.3 million
generated by new store openings and $13.0 million generated by
eCommerce sales, and a comparable store sales increase of $11.0
million, or 7.2%, which were partially offset by the effect of
store closings of $0.7 million. In the fourth quarter of fiscal
2011, the Company opened nine Carter’s retail stores and closed
one. As of the end of the fourth quarter, the Company operated 359
Carter’s retail stores.
Carter’s wholesale segment sales increased $11.9 million, or
5.3%, to $236.1 million reflecting strong demand for the Company’s
Carter’s, Just One You, and Child of Mine brands.
OshKosh B’gosh Segments
OshKosh retail segment sales increased $9.5 million, or 11.9%,
to $89.3 million, driven by a comparable store sales increase of
$5.0 million, or 6.9%, incremental sales of $4.6 million generated
by eCommerce sales and $1.6 million generated by new store
openings, which were partially offset by the effect of store
closings of $1.9 million. In the fourth quarter of fiscal 2011, the
Company closed six OshKosh retail stores. As of the end of the
fourth quarter, the Company operated 170 OshKosh retail stores.
OshKosh wholesale segment sales increased $1.1 million, or 5.6%,
to $20.6 million.
International Segment
International segment sales increased $46.3 million to $54.3
million, reflecting the acquisition of the Canadian retailer Bonnie
Togs in fiscal 2011 and higher wholesale sales. In the fourth
quarter of fiscal 2011, the Company opened one store in Canada. As
of the end of the fourth quarter, the Company operated 65 retail
stores in Canada.
Fiscal 2011 compared to Fiscal 2010
Consolidated net sales increased $360.5 million, or 20.6%, to
$2.1 billion. Net domestic sales of the Company’s Carter’s brands
increased $236.7 million, or 17.2%, to $1.6 billion. Net domestic
sales of the Company’s OshKosh B’gosh brand increased $22.4
million, or 6.6%, to $362.8 million. Net international sales
increased $101.4 million to $136.2 million.
The Company’s pre-tax income in fiscal 2011 includes Bonnie Togs
acquisition-related charges of approximately $12.2 million.
Operating income in fiscal 2011 was $187.5 million, a decrease
of $55.8 million, or 22.9%, from $243.3 million in fiscal 2010.
Excluding the effect of the acquisition-related expenses noted
above and detailed at the end of this release, adjusted operating
income in fiscal 2011 was $199.7 million, a decrease of $43.6
million, or 17.9%, from fiscal 2010. The decrease primarily
reflects the net effect of higher product costs.
Net income decreased $32.5 million, or 22.2%, to $114.0 million,
or $1.94 per diluted share, compared to $146.5 million, or $2.46
per diluted share, in fiscal 2010. Excluding the effect of the
acquisition-related expenses noted above and detailed at the end of
this release, adjusted net income in fiscal 2011 decreased $23.2
million, or 15.9%, to $123.2 million, or $2.09 per diluted share
from fiscal 2010.
A reconciliation of income as reported under GAAP to income
adjusted for expenses related to the Company’s acquisition of the
Bonnie Togs business is provided at the end of this release.
Cash flow from operations in fiscal 2011 was $81.1 million
compared to $85.8 million in fiscal 2010, reflecting decreased
earnings in fiscal 2011, partially offset by lower net working
capital requirements.
Carter’s Segments
Carter’s retail segment sales increased $125.4 million, or
22.9%, to $671.6 million, driven by incremental sales of $57.0
million generated by new store openings and $40.8 million generated
by eCommerce sales, and a comparable store sales increase of $29.1
million, or 5.6%, which were partially offset by the effect of
store closings of $1.5 million. In fiscal 2011, the Company opened
56 Carter’s retail stores and closed three stores.
Carter’s wholesale segment sales increased $111.3 million, or
13.4%, to $939.1 million, driven by growth in the Company’s
Carter’s, Child of Mine, and Just One You brands.
OshKosh B’gosh Segments
OshKosh retail segment sales increased $16.0 million, or 6.0%,
to $280.9 million, driven by incremental sales of $12.9 million
generated by eCommerce sales and $8.9 million generated by new
store openings, which were partially offset by a comparable store
sales decrease of $0.7 million, or 0.3%, and the effect of store
closings of $5.0 million. In fiscal 2011, the Company opened three
OshKosh retail stores and closed thirteen stores.
OshKosh wholesale segment sales increased $6.4 million, or 8.5%,
to $81.9 million driven by higher off-price channel sales.
International Segment
International segment sales increased $101.4 million to $136.2
million, reflecting the acquisition of Bonnie Togs in fiscal 2011
and higher wholesale sales.
2012 Business Outlook
The Company anticipates that product costs for its Spring 2012
merchandise assortments will increase approximately 15% compared to
its Spring 2011 assortments, due to continued elevated cotton,
labor, and other product-related costs. Product costs for the
Company’s Fall 2012 merchandise assortment are expected to decline
approximately 10% compared to its Fall 2011 assortments,
principally due to lower cotton costs.
For fiscal 2012, the Company projects net sales will increase
approximately 8% to 10% over fiscal 2011. The Company expects
adjusted diluted earnings per share, excluding approximately $5
million to $7 million in charges related to the Bonnie Togs
acquisition or other unusual items, to be approximately $2.40 to
$2.50 compared to $2.09 in fiscal 2011.
For the first quarter of fiscal 2012, the Company expects net
sales to increase approximately 11% to 13% over the first quarter
of fiscal 2011. The Company expects adjusted diluted earnings per
share, excluding approximately $1 million to $2 million in charges
related to the Bonnie Togs acquisition or other unusual items, to
be approximately $0.38 to $0.43, compared to $0.56 in the first
quarter of fiscal 2011.
Conference Call
The Company will hold a conference call with investors to
discuss fiscal 2011 results and its business outlook on February
29, 2012 at 8:30 a.m. Eastern Time. To participate in the call,
please dial 913-981-5519. To listen to a live broadcast of the call
on the internet, please log on to www.carters.com and select the
“Q4 2011 Earnings Conference Call” link under the “Investor
Relations” tab. Presentation materials for the call can be accessed
at www.carters.com by selecting the “Conference Calls &
Webcasts” link under the “Investor Relations” tab. A replay of the
call will be available shortly after the broadcast through March 9,
2012, at 719-457-0820, passcode 8641534. The replay will also be
archived on the Company’s website.
For more information on Carter’s, Inc., please visit
www.carters.com.
Cautionary Language
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to the Company’s future
performance, including, without limitation, statements with respect
to the Company’s anticipated financial results for the first
quarter of fiscal 2012 and fiscal 2012, or any other future period,
assessment of the Company’s performance and financial position, and
drivers of the Company’s sales and earnings growth. Such statements
are based on current expectations only, and are subject to certain
risks, uncertainties, and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those anticipated, estimated, or projected. Factors that could
cause actual results to materially differ include: the acceptance
of the Company's products in the marketplace; changes in consumer
preference and fashion trends; seasonal fluctuations in the
children's apparel business; negative publicity; the breach of the
Company's consumer databases; increased production costs;
deflationary pricing pressures and customer acceptance of higher
selling prices; a continued decrease in the overall level of
consumer spending; the Company's dependence on its foreign supply
sources; failure of its foreign supply sources to meet the
Company's quality standards or regulatory requirements; the impact
of governmental regulations and environmental risks applicable to
the Company's business; disruption to our eCommerce business; the
loss of a product sourcing agent; increased competition in the baby
and young children's apparel market; the ability of the Company to
identify new retail store locations, and negotiate appropriate
lease terms for the retail stores; the ability of the Company to
adequately forecast demand, which could create significant levels
of excess inventory; failure to successfully integrate Bonnie Togs
into our existing business and realize growth opportunities and
other benefits from the acquisition; failure to achieve sales
growth plans, cost savings, and other assumptions that support the
carrying value of the Company's intangible assets; and the ability
to attract and retain key individuals within the organization. Many
of these risks are further described in the most recently filed
Quarterly Report on Form 10-Q and other reports filed with the
Securities and Exchange Commission under the headings "Risk
Factors" and "Forward-Looking Statements." The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
CARTER’S, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(dollars in thousands, except for share
data)
(unaudited)
For the three-month periods ended For the
twelve-month periods ended December 31,
2011
January 1,
2011
December 31,
2011
January 1,
2011
Net sales $ 606,629 $ 495,270 $ 2,109,734 $ 1,749,256 Cost
of goods sold
399,894
311,262 1,418,582
1,075,384 Gross profit 206,735 184,008
691,152 673,872 Selling, general, and administrative expenses
160,872 135,108 540,960 468,192 Royalty income
(9,182 ) (9,886 )
(37,274 )
(37,576 ) Operating income 55,045 58,786 187,466
243,256 Interest expense, net 1,843 3,196 7,148 9,870 Foreign
currency gain
(251 )
-- (570 )
-- Income before income taxes 53,453
55,590 180,888 233,386 Provision for income taxes
18,668 20,696
66,872 86,914 Net
income
$ 34,785 $
34,894 $ 114,016
$ 146,472 Basic net
income per common share $ 0.59 $ 0.61 $ 1.96 $ 2.50 Diluted
net income per common share $ 0.59 $ 0.60 $ 1.94 $ 2.46
CARTER’S, INC.
BUSINESS SEGMENT RESULTS
(unaudited)
For the three-month periods ended For the
twelve-month periods ended (dollars in thousands)
December
31,
2011
% of
Total
January 1,
2011
% of
Total
December 31,
2011
% of
Total
January 1,
2011
% of
Total
Net sales: Carter’s Wholesale $
236,087 38.9 % $ 224,216 45.3 % $ 939,115 44.5 % $ 827,815 47.3 %
Carter’s Retail (a)
206,309
34.0 % 163,663
33.0 % 671,590
31.8 % 546,233
31.2 % Total Carter’s
442,396 72.9 %
387,879 78.3 %
1,610,705 76.3 %
1,374,048 78.5
% OshKosh Retail (a) 89,322 14.7 % 79,837 16.2
% 280,900 13.3 % 264,887 15.2 % OshKosh Wholesale
20,640 3.4 %
19,549 3.9 %
81,888 3.9 %
75,484 4.3 % Total
OshKosh
109,962 18.1
% 99,386 20.1
% 362,788 17.2
% 340,371 19.5
% International (b)
54,271
9.0 % 8,005
1.6 % 136,241
6.5 % 34,837
2.0 % Total net sales
$ 606,629 100.0
% $ 495,270
100.0 % $
2,109,734 100.0 %
$ 1,749,256 100.0
% Operating income
(loss): % of
segment
net sales
% of
segment
net sales
% of
segment
net sales
% of
segment
net sales
Carter’s Wholesale $ 29,080 12.3 % $ 29,875 13.3 % $ 119,682
12.7 % $ 152,281 18.4 % Carter’s Retail (a)
33,672 16.3 %
38,132
23.3 %
105,818 15.8 %
113,277 20.7 % Total Carter’s
62,752 14.2 %
68,007
17.5 %
225,500 14.0 %
265,558 19.3 % OshKosh Retail (a) (140 )
(0.2 %) 7,622 9.5 % (9,469 ) (3.4 %) 19,356 7.3 % OshKosh Wholesale
(1,232 ) (6.0 %)
(613 ) (3.1 %)
(1,490
) (1.8 %)
3,863 5.1 %
Total OshKosh
(1,372 ) (1.2
%)
7,009 7.1 %
(10,959 ) (3.0 %)
23,219 6.8 % International (b)
10,743 (c) 19.8 %
4,131
51.6 %
27,251 (c) 20.0 %
16,925 48.6 % Segment operating income
72,123 11.9 % 79,147 16.0 % 241,792 11.5 % 305,702 17.5 %
Corporate expenses (d)
(17,078 )
(e) (2.8 %)
(20,361 ) (4.1 %)
(54,326 ) (e) (2.6 %)
(62,446 ) (3.6 %) Total operating income
$ 55,045 9.1 %
$
58,786 11.9 %
$
187,466 8.9 %
$
243,256 13.9 %
(a) Includes eCommerce results.
(b) Net sales include international retail and wholesale sales.
Operating income includes international licensing income.
(c) Includes $0.7 million and $6.7 million of expense related to
the amortization of the fair value step-up for Bonnie Togs
inventory acquired for the three and twelve-month periods ended
December 31, 2011, respectively, and a $1.5 million and $2.5
million charge associated with the revaluation of the Company’s
contingent consideration for the three and twelve-month periods
ended December 31, 2011, respectively.
(d) Corporate expenses generally include expenses related to
incentive compensation, stock-based compensation, executive
management, severance and relocation, finance, building occupancy,
information technology, certain legal fees, consulting, and audit
fees.
(e) Includes $0.8 million and $3.0 million of professional
service fees associated with the acquisition of Bonnie Togs for the
three and twelve-month periods ended December 31, 2011,
respectively.
CARTER’S, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except for share
data)
(unaudited)
December 31,
2011
January 1, 2011 ASSETS Current assets: Cash and cash
equivalents $ 233,494 $ 247,382 Accounts receivable, net 157,754
121,453 Finished goods inventories, net 347,215 298,509 Prepaid
expenses and other current assets 18,519 17,372 Deferred income
taxes
25,165 31,547
Total current assets 782,147 716,263 Property, plant,
and equipment, net 122,346 94,968 Tradenames 306,176 305,733
Goodwill 188,679 136,570 Deferred debt issuance costs, net 2,624
3,332 Other intangible assets, net 258 -- Other assets
479 316 Total assets
$ 1,402,709 $
1,257,182 LIABILITIES AND STOCKHOLDERS’
EQUITY Current liabilities: Current maturities of long-term
debt $ -- $ -- Accounts payable 102,804 116,481 Other current
liabilities
49,949
66,891 Total current liabilities 152,753
183,372 Long-term debt 236,000 236,000 Deferred income taxes
114,421 113,817 Other long-term liabilities
93,826 44,057 Total
liabilities
597,000
577,246 Commitments and contingencies
Stockholders’ equity: Preferred stock; par value $.01 per share;
100,000 shares authorized; none issued or outstanding at December
31, 2011 and January 1, 2011 -- -- Common stock, voting; par value
$.01 per share; 150,000,000 shares authorized, 58,595,421 and
57,493,567 shares issued and outstanding at December 31, 2011 and
January 1, 2011, respectively 586 575 Additional paid-in capital
231,738 210,600 Accumulated other comprehensive loss (11,282 )
(1,890 ) Retained earnings
584,667
470,651 Total stockholders’
equity
805,709
679,936 Total liabilities and
stockholders’ equity
$ 1,402,709
$ 1,257,182
CARTER’S, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOW
(dollars in thousands)
(unaudited)
For the fiscal years ended December 31,
2011
January 1,
2011
Cash flows from operating activities: Net income $ 114,016 $
146,472 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 32,548 31,727
Amortization of Bonnie Togs inventory step-up 6,672 -- Non-cash
revaluation of contingent consideration 2,484 -- Amortization of
Bonnie Togs tradename and non-compete agreements 187 --
Amortization of debt issuance costs 708 2,616 Non-cash stock-based
compensation expense 9,644 7,303 Income tax benefit from
stock-based compensation (6,900 ) (9,249 ) Loss (gain) on disposal
/ sale of property, plant, and equipment 139 (118 ) Deferred income
taxes 9,128 4,370 Effect of changes in operating assets and
liabilities: Accounts receivable (33,222 ) (39,359 ) Inventories
(20,571 ) (84,509 ) Prepaid expenses and other assets (948 ) (6,269
) Accounts payable and other liabilities
(32,811 ) 32,837
Net cash provided by operating activities
81,074 85,821
Cash flows from investing activities: Capital expenditures (45,495
) (39,782 ) Acquisition of Bonnie Togs, net of cash acquired
(61,207 ) -- Proceeds from sale of property, plant, and equipment
10 286 Net
cash used in investing activities
(106,692
) (39,496 ) Cash flows from
financing activities: Payments on term loan -- (334,523 ) Proceeds
from revolving credit facility -- 236,000 Payments of debt issuance
costs -- (3,479 ) Repurchases of common stock -- (50,000 ) Income
tax benefit from stock-based compensation 6,900 9,249 Withholdings
from vesting of restricted stock (2,181 ) (927 ) Proceeds from
exercise of stock options
6,786
9,696 Net cash provided by (used in) financing
activities
11,505
(133,984 ) Effect of exchange rate changes on
cash 225 -- Net decrease in cash and cash equivalents (13,888 )
(87,659 ) Cash and cash equivalents, beginning of period
247,382 335,041
Cash and cash equivalents, end of period
$
233,494 $ 247,382
CARTER’S, INC.
RECONCILIATION OF GAAP TO ADJUSTED
RESULTS
Three-month
period ended December 31, 2011
Gross Margin SG&A
Operating
Income
Net
Income
Diluted
EPS
(dollars in millions, except earnings per share)
As
reported (GAAP) $ 206.7 $ 160.9 $55.0 $ 34.8 $ 0.59
Acquisition-related expenses:
Amortization of fair value step-up of
inventory (a)
0.7 -- 0.7 0.5 0.01 Revaluation of contingent consideration -- (1.5
) 1.5 1.5 0.02 Professional fees / other expenses (b)
-- (0.8 )
0.8 0.5 0.01
Total acquisition-related expenses
0.7
(2.2 ) 3.0
2.5 0.04 As adjusted
(c)
$ 207.5 $
158.6 $58.0 $
37.3 $ 0.63
Twelve-month
period ended December 31, 2011
Gross Margin SG&A Operating
Income
Net
Income
Diluted
EPS
(dollars in millions, except earnings per share)
As
reported (GAAP) $ 691.2 $ 541.0 $187.5 $ 114.0 $ 1.94
Acquisition-related expenses:
Amortization of fair value step-up of
inventory (a)
6.7 -- 6.7 4.8 0.08 Revaluation of contingent consideration -- (2.5
) 2.5 2.5 0.04 Professional fees / other expenses (b)
-- (3.0 )
3.0 1.9 0.03
Total acquisition-related expenses
6.7
(5.5 ) 12.2
9.2 0.15 As adjusted
(c)
$ 697.8 $
535.4 $199.7 $
123.2 $ 2.09
(a) Expense related to the amortization of the fair value
step-up for Bonnie Togs inventory acquired.
(b) Professional service fees associated with the acquisition of
Bonnie Togs.
(c) In addition to the results provided in this earnings release
in accordance with GAAP, the Company has provided adjusted,
non-GAAP financial measurements that present gross margin,
SG&A, operating income, net income, and net income on a diluted
share basis excluding the adjustments discussed above. The Company
has excluded $3.0 million and $12.2 million in acquisition-related
expenses from these results for the three and twelve-month periods
ended December 31, 2011, respectively. The Company believes these
adjustments provide a meaningful comparison of the Company’s
results. The adjusted, non-GAAP financial measurements included in
this earnings release should not be considered as an alternative to
net income or as any other measurement of performance derived in
accordance with GAAP. The adjusted, non-GAAP financial measurements
are presented for informational purposes only and are not
necessarily indicative of the Company’s future condition or results
of operations.
CARTER’S INC.
RECONCILIATION OF GAAP TO ADJUSTED
RESULTS
Three-month
period ended April 2, 2011
(dollars in millions, except earnings per share)
SG&A
Operating
Income
Net
Income
Diluted
EPS
As reported (GAAP) $ 113.5 $ 53.6 $ 32.1 $ 0.55
Professional fees / other expenses (a)
(1.0 ) 1.0
0.7 0.01 As adjusted
(b)
$ 112.5 $
54.7 $ 32.8 $
0.56
(a) Professional service fees associated with the acquisition of
Bonnie Togs.
(b) In addition to the results provided in this earnings release
in accordance with GAAP, the Company has provided adjusted,
non-GAAP financial measurements that present SG&A, operating
income, net income, and net income on a diluted share basis
excluding the adjustments discussed above. The Company has excluded
$1.0 million in acquisition-related expenses from these results for
the three month period ended April 2, 2011. The Company believes
these adjustments provide a meaningful comparison of the Company’s
results. The adjusted, non-GAAP financial measurements included in
this earnings release should not be considered as an alternative to
net income or as any other measurement of performance derived in
accordance with GAAP. The adjusted, non-GAAP financial measurements
are presented for informational purposes only and are not
necessarily indicative of the Company’s future condition or results
of operations.
CARTER’S, INC.
RECONCILIATION OF NET INCOME ALLOCABLE
TO COMMON SHAREHOLDERS
For the fourth quarter ended For fiscal
years ended December 31,
2011
January 1,
2011
December 31,
2011
January 1,
2011
Weighted-average number of common and common equivalent shares
outstanding: Basic number of common shares outstanding 57,955,394
57,003,785 57,513,748 58,135,868 Dilutive effect of unvested
restricted stock 180,569 134,533 129,262 117,708 Dilutive effect of
stock options
486,570
696,635 571,907
762,473 Diluted number of common and
common equivalent shares outstanding
58,622,533
57,834,953
58,214,917 59,016,049
As reported on a GAAP Basis:
Basic net income per common share: Net income $ 34,785,000 $
34,894,000 $ 114,016,000 $ 146,472,000 Income allocated to
participating securities
(366,660 )
(292,222 )
(1,210,944 )
(1,202,948 ) Net income available to common
shareholders
$ 34,418,340
$ 34,601,778 $
112,805,056 $
145,269,052 Basic net income per common
share $ 0.59 $ 0.61 $ 1.96 $ 2.50 Diluted net income per
common share: Net income $ 34,785,000 $ 34,894,000 $ 114,016,000 $
146,472,000 Income allocated to participating securities
(363,639 )
(288,723 )
(1,199,147 )
(1,187,501 ) Net
income available to common shareholders
$
34,421,361 $
34,605,277 $
112,816,853 $
145,284,499 Diluted net income per
common share $ 0.59 $ 0.60 $ 1.94 $ 2.46
As
adjusted (a): Basic net income per common share: Net
income $ 37,257,000 $ 34,894,000 $ 123,229,000 $ 146,472,000 Income
allocated to participating securities
(392,717
)
(292,222 )
(1,308,794 )
(1,202,948 ) Net income available to common
shareholders
$ 36,864,283
$ 34,601,778 $
121,920,206 $
145,269,052 Basic net income per common
share $ 0.64 $ 0.61 $ 2.12 $ 2.50 Diluted net income per
common share: Net income $ 37,257,000 $ 34,894,000 $ 123,229,000 $
146,472,000 Income allocated to participating securities
(389,481 )
(288,723 )
(1,296,043 )
(1,187,501 ) Net
income available to common shareholders
$
36,867,519 $
34,605,277 $
121,932,957 $
145,284,499 Diluted net income per
common share $ 0.63 $ 0.60 $ 2.09 $ 2.46
(a) In addition to the results provided in this earnings release
in accordance with GAAP, the Company has provided adjusted,
non-GAAP financial measurements that present per share data
excluding the adjustments discussed above. The Company has excluded
$3.0 million and $12.2 million in acquisition-related expenses from
these results for the three and twelve-month periods ended December
31, 2011, respectively.
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