Quarterly Report (10-q)
August 06 2020 - 10:53AM
Edgar (US Regulatory)
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2019-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2020
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
Commission File Number: 0-13468
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
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Washington
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91-1069248
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer
Identification Number)
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1015 Third Avenue, Seattle, Washington
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98104
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(Address of principal executive offices)
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(Zip Code)
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(Registrant’s telephone number, including area code): (206) 674-3400
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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EXPD
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NASDAQ Global Select Market
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Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and "emerging growth company" in
Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No ☒
At August 3, 2020, the number of shares outstanding of the issuer’s
common stock was 167,659,204.
PART I. FINANCIAL
INFORMATION
Item 1. Financial
Statements
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
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June 30,
2020
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December 31,
2019
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Assets:
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Current Assets:
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Cash and cash equivalents
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$
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1,180,455
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$
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1,230,491
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Accounts receivable, less allowance for credit loss of
$5,347 at June 30, 2020 and $11,143 at December 31,
2019
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1,460,324
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1,315,091
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Deferred contract costs
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147,932
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131,783
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Other
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69,560
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92,558
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Total current assets
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2,858,271
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2,769,923
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Property and equipment, less accumulated depreciation and
amortization of $494,773 at June 30, 2020 and $478,906
at
December 31, 2019
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497,762
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499,344
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Operating lease right-of-use assets
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424,516
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390,035
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Goodwill
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7,927
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7,927
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Deferred federal and state income taxes, net
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5,300
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8,034
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Other assets, net
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16,401
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|
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16,621
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|
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Total assets
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$
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3,810,177
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$
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3,691,884
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Liabilities:
|
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|
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Current Liabilities:
|
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Accounts payable
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$
|
755,971
|
|
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$
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735,695
|
|
|
Accrued expenses, primarily salaries and related costs
|
|
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257,923
|
|
|
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189,446
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Contract liabilities
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172,148
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|
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154,183
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Current portion of operating lease liabilities
|
|
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69,740
|
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|
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65,367
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Federal, state and foreign income taxes
|
|
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32,287
|
|
|
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23,627
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|
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Total current liabilities
|
|
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1,288,069
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|
|
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1,168,318
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|
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Noncurrent portion of operating lease liabilities
|
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360,510
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|
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326,347
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Commitments and contingencies
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Shareholders’ Equity:
|
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Preferred stock, none issued
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|
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—
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—
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Common stock, par value $0.01 per share. Issued and
outstanding: 166,816 shares at June 30, 2020 and
169,622
shares at December 31, 2019
|
|
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1,668
|
|
|
|
1,696
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|
|
Additional paid-in capital
|
|
|
12,221
|
|
|
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3,203
|
|
|
Retained earnings
|
|
|
2,298,387
|
|
|
|
2,321,316
|
|
|
Accumulated other comprehensive loss
|
|
|
(153,158
|
)
|
|
|
(131,187
|
)
|
|
Total shareholders’ equity
|
|
|
2,159,118
|
|
|
|
2,195,028
|
|
|
Noncontrolling interest
|
|
|
2,480
|
|
|
|
2,191
|
|
|
Total equity
|
|
|
2,161,598
|
|
|
|
2,197,219
|
|
|
Total liabilities and equity
|
|
$
|
3,810,177
|
|
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$
|
3,691,884
|
|
See accompanying notes to condensed consolidated financial
statements.
2
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
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|
Three months ended June 30,
|
|
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Six months ended June 30,
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|
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2020
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|
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2019
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2020
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|
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2019
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Revenues:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Airfreight services
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$
|
1,434,590
|
|
|
$
|
741,577
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|
|
$
|
2,143,629
|
|
|
$
|
1,456,478
|
|
|
Ocean freight and ocean services
|
|
|
491,712
|
|
|
|
543,809
|
|
|
|
985,139
|
|
|
|
1,112,450
|
|
|
Customs brokerage and other services
|
|
|
654,330
|
|
|
|
750,193
|
|
|
|
1,353,728
|
|
|
|
1,486,702
|
|
|
Total revenues
|
|
|
2,580,632
|
|
|
|
2,035,579
|
|
|
|
4,482,496
|
|
|
|
4,055,630
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services
|
|
|
1,097,073
|
|
|
|
542,639
|
|
|
|
1,617,242
|
|
|
|
1,051,849
|
|
|
Ocean freight and ocean services
|
|
|
363,599
|
|
|
|
390,299
|
|
|
|
730,082
|
|
|
|
810,630
|
|
|
Customs brokerage and other services
|
|
|
370,369
|
|
|
|
440,946
|
|
|
|
770,445
|
|
|
|
877,342
|
|
|
Salaries and related
|
|
|
395,107
|
|
|
|
356,351
|
|
|
|
737,147
|
|
|
|
713,261
|
|
|
Rent and occupancy
|
|
|
41,375
|
|
|
|
40,897
|
|
|
|
83,899
|
|
|
|
82,420
|
|
|
Depreciation and amortization
|
|
|
14,109
|
|
|
|
12,677
|
|
|
|
26,769
|
|
|
|
26,070
|
|
|
Selling and promotion
|
|
|
3,113
|
|
|
|
11,643
|
|
|
|
11,356
|
|
|
|
22,719
|
|
|
Other
|
|
|
48,261
|
|
|
|
47,926
|
|
|
|
98,875
|
|
|
|
91,537
|
|
|
Total operating expenses
|
|
|
2,333,006
|
|
|
|
1,843,378
|
|
|
|
4,075,815
|
|
|
|
3,675,828
|
|
|
Operating income
|
|
|
247,626
|
|
|
|
192,201
|
|
|
|
406,681
|
|
|
|
379,802
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
2,559
|
|
|
|
6,516
|
|
|
|
7,366
|
|
|
|
12,622
|
|
|
Other, net
|
|
|
797
|
|
|
|
2,262
|
|
|
|
4,181
|
|
|
|
3,927
|
|
|
Other income, net
|
|
|
3,356
|
|
|
|
8,778
|
|
|
|
11,547
|
|
|
|
16,549
|
|
|
Earnings before income taxes
|
|
|
250,982
|
|
|
|
200,979
|
|
|
|
418,228
|
|
|
|
396,351
|
|
|
Income tax expense
|
|
|
66,794
|
|
|
|
47,449
|
|
|
|
111,258
|
|
|
|
102,710
|
|
|
Net earnings
|
|
|
184,188
|
|
|
|
153,530
|
|
|
|
306,970
|
|
|
|
293,641
|
|
|
Less net earnings attributable to the noncontrolling
interest
|
|
|
319
|
|
|
|
381
|
|
|
|
757
|
|
|
|
793
|
|
|
Net earnings attributable to shareholders
|
|
$
|
183,869
|
|
|
$
|
153,149
|
|
|
$
|
306,213
|
|
|
$
|
292,848
|
|
|
Diluted earnings attributable to shareholders per share
|
|
$
|
1.09
|
|
|
$
|
0.88
|
|
|
$
|
1.80
|
|
|
$
|
1.67
|
|
|
Basic earnings attributable to shareholders per share
|
|
$
|
1.10
|
|
|
$
|
0.90
|
|
|
$
|
1.83
|
|
|
$
|
1.71
|
|
|
Weighted average diluted shares outstanding
|
|
|
169,290
|
|
|
|
174,466
|
|
|
|
170,382
|
|
|
|
174,953
|
|
|
Weighted average basic shares outstanding
|
|
|
166,767
|
|
|
|
171,003
|
|
|
|
167,751
|
|
|
|
171,425
|
|
See accompanying notes to condensed consolidated financial
statements.
3
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net earnings
|
|
$
|
184,188
|
|
|
$
|
153,530
|
|
|
$
|
306,970
|
|
|
$
|
293,641
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax
(benefit) expense of $(5,148) and $(82) for the
three
months ended June 30, 2020 and 2019 and $(3,974)
and $439 for the six months ended June 30, 2020
and 2019
|
|
|
16,410
|
|
|
|
(769
|
)
|
|
|
(22,439
|
)
|
|
|
596
|
|
|
Reclassification adjustments for foreign currency realized
losses, net of tax of $145 for the three and six
months
ended June 30, 2019
|
|
|
—
|
|
|
|
535
|
|
|
|
—
|
|
|
|
535
|
|
|
Other comprehensive income (loss)
|
|
|
16,410
|
|
|
|
(234
|
)
|
|
|
(22,439
|
)
|
|
|
1,131
|
|
|
Comprehensive income
|
|
|
200,598
|
|
|
|
153,296
|
|
|
|
284,531
|
|
|
|
294,772
|
|
|
Less comprehensive income attributable to the
noncontrolling interest
|
|
|
141
|
|
|
|
257
|
|
|
|
289
|
|
|
|
539
|
|
|
Comprehensive income attributable to shareholders
|
|
$
|
200,457
|
|
|
$
|
153,039
|
|
|
$
|
284,242
|
|
|
$
|
294,233
|
|
See accompanying notes to condensed consolidated financial
statements.
4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
184,188
|
|
|
$
|
153,530
|
|
|
$
|
306,970
|
|
|
$
|
293,641
|
|
|
Adjustments to reconcile net earnings to net cash from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for losses (recoveries) on accounts receivable
|
|
|
2,389
|
|
|
|
1,584
|
|
|
|
4,209
|
|
|
|
(304
|
)
|
|
Deferred income tax expense
|
|
|
9,287
|
|
|
|
3,697
|
|
|
|
4,148
|
|
|
|
5,805
|
|
|
Stock compensation expense
|
|
|
21,638
|
|
|
|
23,824
|
|
|
|
32,794
|
|
|
|
37,206
|
|
|
Depreciation and amortization
|
|
|
14,109
|
|
|
|
12,677
|
|
|
|
26,769
|
|
|
|
26,070
|
|
|
Other, net
|
|
|
118
|
|
|
|
(29
|
)
|
|
|
551
|
|
|
|
160
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable
|
|
|
(185,055
|
)
|
|
|
(28,187
|
)
|
|
|
(168,375
|
)
|
|
|
202,290
|
|
|
Increase (decrease) in accounts payable and accrued
expenses
|
|
|
106,760
|
|
|
|
39,900
|
|
|
|
107,677
|
|
|
|
(82,383
|
)
|
|
(Increase) decrease in deferred contract costs
|
|
|
(2,333
|
)
|
|
|
(13,010
|
)
|
|
|
(18,401
|
)
|
|
|
18,249
|
|
|
(Decrease) increase in contract liabilities
|
|
|
(595
|
)
|
|
|
13,003
|
|
|
|
20,606
|
|
|
|
(23,722
|
)
|
|
Increase (decrease) in income taxes payable, net
|
|
|
20,154
|
|
|
|
(49,606
|
)
|
|
|
30,642
|
|
|
|
(32,613
|
)
|
|
Decrease (increase) in other, net
|
|
|
16,061
|
|
|
|
(1,676
|
)
|
|
|
4,131
|
|
|
|
791
|
|
|
Net cash from operating activities
|
|
|
186,721
|
|
|
|
155,707
|
|
|
|
351,721
|
|
|
|
445,190
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(22,114
|
)
|
|
|
(12,987
|
)
|
|
|
(28,241
|
)
|
|
|
(22,422
|
)
|
|
Other, net
|
|
|
(68
|
)
|
|
|
1,038
|
|
|
|
(211
|
)
|
|
|
1,293
|
|
|
Net cash from investing activities
|
|
|
(22,182
|
)
|
|
|
(11,949
|
)
|
|
|
(28,452
|
)
|
|
|
(21,129
|
)
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
29,187
|
|
|
|
32,287
|
|
|
|
52,586
|
|
|
|
59,477
|
|
|
Repurchases of common stock
|
|
|
(30,985
|
)
|
|
|
(190,589
|
)
|
|
|
(314,225
|
)
|
|
|
(234,923
|
)
|
|
Dividends Paid
|
|
|
(86,815
|
)
|
|
|
(85,184
|
)
|
|
|
(86,815
|
)
|
|
|
(85,184
|
)
|
|
Payments for taxes related to net share settlement of equity
awards
|
|
|
(9,170
|
)
|
|
|
(6,674
|
)
|
|
|
(10,566
|
)
|
|
|
(6,674
|
)
|
|
Net cash from financing activities
|
|
|
(97,783
|
)
|
|
|
(250,160
|
)
|
|
|
(359,020
|
)
|
|
|
(267,304
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1,726
|
|
|
|
(377
|
)
|
|
|
(14,285
|
)
|
|
|
2,158
|
|
|
Change in cash and cash equivalents
|
|
|
68,482
|
|
|
|
(106,779
|
)
|
|
|
(50,036
|
)
|
|
|
158,915
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
1,111,973
|
|
|
|
1,189,429
|
|
|
|
1,230,491
|
|
|
|
923,735
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,180,455
|
|
|
$
|
1,082,650
|
|
|
$
|
1,180,455
|
|
|
$
|
1,082,650
|
|
|
Taxes Paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
$
|
38,504
|
|
|
$
|
97,715
|
|
|
$
|
73,808
|
|
|
$
|
134,968
|
|
See accompanying notes to condensed consolidated financial
statements.
5
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(In thousands)
(Unaudited)
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2020
and 2019
|
|
Shares
|
|
|
Par
value
|
|
|
Additional
paid-in
capital
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
shareholders’
equity
|
|
|
Noncontrolling
interest
|
|
|
Total
equity
|
|
|
Balance at March 31, 2020
|
|
|
166,193
|
|
|
$
|
1,662
|
|
|
$
|
682
|
|
|
$
|
2,202,208
|
|
|
$
|
(169,746
|
)
|
|
$
|
2,034,806
|
|
|
$
|
2,339
|
|
|
$
|
2,037,145
|
|
|
Shares issued under employee
stock plans
|
|
|
1,023
|
|
|
|
10
|
|
|
|
20,007
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20,017
|
|
|
|
—
|
|
|
|
20,017
|
|
|
Shares repurchased under provisions of
stock repurchase plan
|
|
|
(400
|
)
|
|
|
(4
|
)
|
|
|
(30,981
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(30,985
|
)
|
|
|
—
|
|
|
|
(30,985
|
)
|
|
Stock compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
21,638
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,638
|
|
|
|
—
|
|
|
|
21,638
|
|
|
Net earnings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
183,869
|
|
|
|
—
|
|
|
|
183,869
|
|
|
|
319
|
|
|
|
184,188
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,588
|
|
|
|
16,588
|
|
|
|
(178
|
)
|
|
|
16,410
|
|
|
Dividends paid ($0.52)
|
|
|
—
|
|
|
|
—
|
|
|
|
875
|
|
|
|
(87,690
|
)
|
|
|
—
|
|
|
|
(86,815
|
)
|
|
|
—
|
|
|
|
(86,815
|
)
|
|
Balance at June 30, 2020
|
|
|
166,816
|
|
|
$
|
1,668
|
|
|
$
|
12,221
|
|
|
$
|
2,298,387
|
|
|
$
|
(153,158
|
)
|
|
$
|
2,159,118
|
|
|
$
|
2,480
|
|
|
$
|
2,161,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
|
171,648
|
|
|
$
|
1,716
|
|
|
$
|
3,978
|
|
|
$
|
2,222,562
|
|
|
$
|
(103,986
|
)
|
|
$
|
2,124,270
|
|
|
$
|
1,164
|
|
|
$
|
2,125,434
|
|
|
Shares issued under employee
stock plans
|
|
|
1,002
|
|
|
|
11
|
|
|
|
25,602
|
|
|
|
—
|
|
|
|
—
|
|
|
|
25,613
|
|
|
|
—
|
|
|
|
25,613
|
|
|
Shares repurchased under provisions of
stock repurchase plans
|
|
|
(2,610
|
)
|
|
|
(26
|
)
|
|
|
(41,374
|
)
|
|
|
(149,189
|
)
|
|
|
—
|
|
|
|
(190,589
|
)
|
|
|
—
|
|
|
|
(190,589
|
)
|
|
Stock compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
23,824
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,824
|
|
|
|
—
|
|
|
|
23,824
|
|
|
Net earnings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
153,149
|
|
|
|
—
|
|
|
|
153,149
|
|
|
|
381
|
|
|
|
153,530
|
|
|
Other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(110
|
)
|
|
|
(110
|
)
|
|
|
(124
|
)
|
|
|
(234
|
)
|
|
Dividends paid ($0.50)
|
|
|
—
|
|
|
|
—
|
|
|
|
403
|
|
|
|
(85,587
|
)
|
|
|
—
|
|
|
|
(85,184
|
)
|
|
|
—
|
|
|
|
(85,184
|
)
|
|
Balance at June 30, 2019
|
|
|
170,040
|
|
|
$
|
1,701
|
|
|
$
|
12,433
|
|
|
$
|
2,140,935
|
|
|
$
|
(104,096
|
)
|
|
$
|
2,050,973
|
|
|
$
|
1,421
|
|
|
$
|
2,052,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2020
and 2019
|
|
Shares
|
|
|
Par
value
|
|
|
Additional
paid-in
capital
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
shareholders’
equity
|
|
|
Noncontrolling
interest
|
|
|
Total
equity
|
|
|
Balance at December 31, 2019
|
|
|
169,622
|
|
|
$
|
1,696
|
|
|
$
|
3,203
|
|
|
$
|
2,321,316
|
|
|
$
|
(131,187
|
)
|
|
$
|
2,195,028
|
|
|
$
|
2,191
|
|
|
$
|
2,197,219
|
|
|
Cumulative effect of accounting
change
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,074
|
|
|
|
—
|
|
|
|
6,074
|
|
|
|
—
|
|
|
|
6,074
|
|
|
Shares issued under employee
stock plans
|
|
|
1,594
|
|
|
|
16
|
|
|
|
42,004
|
|
|
|
—
|
|
|
|
—
|
|
|
|
42,020
|
|
|
|
—
|
|
|
|
42,020
|
|
|
Shares repurchased under provisions
of stock repurchase plans
|
|
|
(4,400
|
)
|
|
|
(44
|
)
|
|
|
(66,780
|
)
|
|
|
(247,401
|
)
|
|
|
—
|
|
|
|
(314,225
|
)
|
|
|
—
|
|
|
|
(314,225
|
)
|
|
Stock compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
32,794
|
|
|
|
—
|
|
|
|
—
|
|
|
|
32,794
|
|
|
|
—
|
|
|
|
32,794
|
|
|
Net earnings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|