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)
February 7, 2005
____________________________
RENT-A-CENTER, INC.
(Exact name of registrant as specified in charter)
|
Delaware
(State or other jurisdiction of incorporation or organization)
|
0-25370
(Commission File Number)
|
45-0491516
(IRS Employer Identification No.)
|
|
5700 Tennyson Parkway
Plano, Texas 75024
(Address of principal executive offices and zip code)
|
(972) 801-1100
(Registrant's telephone
number, including area code)
N/A
(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 (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
¨ 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.
Attached hereto as Exhibit 99.1 is the Registrant’s press release reflecting earnings information for the quarter and year ended December 31, 2004.
The press release contains information regarding EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure as defined in Item 10(e) of Regulation S-K. The press release also contains a reconciliation of EBITDA to the Registrant’s reported earnings before income taxes. Management of the Registrant believes that presentation of EBITDA is useful to investors, as among other things, this information impacts certain financial covenants under the Registrant’s senior credit facilities and the indenture governing its 7 1/2 % Senior Subordinated Notes due 2010. While management believes this non-GAAP financial measure is useful in evaluating the Registrant, this information should be considered as supplemental in nature and not as a substitute for or
superior to the related financial information prepared in accordance with GAAP. Further, the non-GAAP financial measure may differ from similar measures presented by other companies.
Pursuant to General Instruction B.2. of Form 8-K, all of the information contained in this Form 8-K and the accompanying exhibit shall be deemed to be "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and, therefore, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
| (c) | Exhibits |
| Exhibit 99.1 Press Release, dated February 7, 2005. |
| 2 | ||
|
| ||
SIGNATURES
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.
| RENT-A-CENTER, INC. | ||
| |
|
|
| Date: February 7, 2005 | By: | /s/ Robert D. Davis |
|
Robert D. Davis | ||
| Senior Vice President - Finance, Chief Financial Officer and Treasurer | ||
| 3 | ||
|
| ||
|
Exhibit No. |
Description |
|
99.1 |
Press release, dated February 7, 2005 |
| 4 | ||
|
| ||
For Immediate Release:
RENT-A-CENTER, INC. REPORTS
FOURTH QUARTER AND YEAR END 2004 RESULTS
Diluted Earnings per Share of $0.55, Excluding One-Time Other Income
Operating Cash Flow Exceeds $331 Million for the Year
_________________________
Plano, Texas, February 7, 2005 — Rent-A-Center, Inc. (the “Company”) (NASDAQ/NNM:RCII), the nation’s largest rent-to-own operator, today announced revenues and net earnings for the quarter and year ended December 31, 2004.
The Company reported total revenues for the quarter ended December 31, 2004 of $585.3 million, when excluding the one-time other income item discussed below, a $26.6 million increase from $558.7 million for the same period in the prior year. This increase of 4.8% in revenues was primarily driven by incremental revenues generated in new and acquired stores, offset by a decrease in same store sales of 3.7%. Net earnings for the quarter ended December 31, 2004 were $41.7 million, when excluding the one-time other income item discussed below, or $0.55 per diluted share, representing a decrease of 11.3% from the $0.62 per diluted share, or net earnings of $51.5 million for the same period in the prior year. The decrease in earnings per diluted share is attributable to a decrease in same store sales and an increase
in operating expenses related to new store openings and acquisitions offset by a reduction in the number of the Company’s outstanding shares.
Total revenues for the twelve months ended December 31, 2004 increased to $2.313 billion, when excluding the one-time other income item discussed below, a 3.8% increase from $2.228 billion for the same period in the prior year. Same store revenues for the twelve month period ending December 31, 2004 decreased 3.6%. Net earnings for the twelve months ended December 31, 2004 were $182.7 million, or $2.28 per diluted share, when excluding the one-time other income item and litigation and finance charges discussed below, a decrease of 2.1% over the diluted earnings per share of $2.33, or net earnings of $203.2 million for the prior year, when excluding the finance charges discussed below.
“We are pleased with the results for the fourth quarter, where we saw increases in revenues, customers and agreements on rent, and met our expectations for diluted earnings per share,” commented Mark E. Speese, the Company’s Chairman and Chief Executive Officer. “In addition, we continue to generate significant cash flow from operations which we are utilizing to enhance stockholder value by, among other things, adding 5% to 10% annually to our store base and repurchasing our outstanding common shares,” Speese added.
Through the twelve month period ended December 31, 2004, the Company generated cash flow from operations of approximately $331.0 million, while ending the quarter with $58.8 million of cash on hand. On September 28, 2004, the Company announced that its Board of Directors increased the authorization for stock repurchases under the Company’s common stock repurchase program to $300 million. Through the twelve month period ended December 31, 2004, the Company repurchased 7,689,700 shares for $210.5 million in cash under the program and has utilized a total of $237.6 million of the total amount authorized by its Board of Directors since the inception of the plan.
During the fourth quarter of 2004, the Company opened 25 new store locations, acquired 4 stores as well as accounts from 17 additional locations while consolidating 12 stores into existing locations and selling 2 stores. Through the twelve month period ending December 31, 2004, the Company opened 94 new stores, acquired a total of 191 others as well as accounts from 111 additional locations while consolidating 49 stores into existing locations and selling 9 stores. This net addition of 227 new locations equated to an increase of approximately 8.6% to the store base. To date through the first quarter of 2005, the Company has opened 5 new store locations, acquired 2 stores and accounts from 6 additional locations, while consolidating 8 stores into existing locations and selling 3 stores.
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“Our 2004 earnings were negatively affected by the weakness in our same store sales, which we believe reflects, among other things, higher fuel and energy costs that ultimately suppressed customer demand,” stated Mr. Speese. Mr. Speese added, “However, we are focused on improving our results with the recently implemented marketing and advertising initiatives, which should drive more customer traffic, and the implementation of new initiatives to improve our store operations. We believe these initiatives will ultimately make a positive impact on our customer’s experience, resulting in the improvement of same store sales and growth in profitability.”
During the fourth quarter of 2004, the Company recorded $7.9 million in one-time other income associated with the sale of charged-off accounts. This other income increased diluted earnings per share in the fourth quarter of 2004 by $0.06, from $0.55 per diluted earnings per share to the reported diluted earnings per share of $0.61. Additionally, this other income increased diluted earnings per share for the twelve month period ended December 31, 2004 by $0.06.
In addition, during 2004, the Company recorded $47.0 million in pre-tax charges in the third quarter associated with the settlement of the Griego/Carrillo litigation and $4.2 million in pre-tax charges associated with the refinancing of its senior credit facility. These charges reduced diluted earnings per share for the twelve month period ended December 31, 2004 by $0.40. These charges, combined with the $7.9 million in one-time other income in the fourth quarter, reduced diluted earnings per share for the twelve month period ended December 31, 2004 by $0.34 to the reported diluted earnings per share of $1.94.
Furthermore, during 2003, the Company recorded $35.3 million in pre-tax charges associated with its recapitalization, $27.8 million in pre-tax charges in the second quarter of 2003 and $7.5 million in pre-tax charges in the third quarter of 2003. These charges reduced diluted earnings per share for the twelve month period ended December 31, 2003 by $0.25 to the reported diluted earnings per share of $2.08.
Rent-A-Center will host a conference call to discuss the fourth quarter and year end financial results on Tuesday morning, February 8, 2005, at 10:45 a.m. EST. For a live webcast of the call, visit http://investor.rentacenter.com. Certain financial and other statistical information that will be discussed during the conference call will also be provided on the same website.
Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates 2,871 company-owned stores nationwide and in Canada and Puerto Rico. The stores generally offer high-quality, durable goods such as home electronics, appliances, computers and furniture and accessories to consumers under flexible rental purchase agreements that generally allow the customer to obtain ownership of the merchandise at the conclusion of an agreed-upon rental period. ColorTyme, Inc., a wholly owned subsidiary of the Company, is a national franchiser of 307 rent-to-own stores, 295 of which operate under the trade name of "ColorTyme," and the remaining 12 of which operate under the "Rent-A-Center" name.
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The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of any repurchases of common stock the Company may make or the potential impact of acquisitions that may be completed after February 7, 2005.
FIRST QUARTER 2005 GUIDANCE:
Revenues
| · | The Company expects total revenues to be in the range of $598 million to $606 million. |
| · | Store rental and fee revenues are expected to be between $516 million and $521 million. |
| · | Total store revenues are expected to be in the range of $586 million to $594 million. |
| · | Same store sales are expected to be in the (3.5%) to (4.5%) range. |
| · | The Company expects to open 10-15 new store locations. |
Expenses
| · | The Company expects cost of rental and fees to be between 21.6% and 22.0% of store rental and fee revenue and cost of goods merchandise sales to be between 60% and 70% of store merchandise sales. |
| · | Store salaries and other expenses are expected to be in the range of 56.5% to 58.0% of total store revenue. |
| · | General and administrative expenses are expected to be between 3.3% and 3.5% of total revenue. |
| · | Net interest expense is expected to be approximately $10.5 million and amortization of intangibles is expected to be approximately $2.3 million. |
| · | The effective tax rate is expected to be in the range of 37.5% to 38.0% of pre-tax income. |
| · | Diluted earnings per share are estimated to be in the range of $0.55 to $0.59. |
| · | Diluted shares outstanding are estimated to be between 76.0 million and 77.0 million. |
FISCAL 2005 GUIDANCE:
Revenues
| · | The Company expects total revenues to be in the range of $2.39 billion and $2.42 billion. |
| · | Store rental and fee revenues are expected to be between $2.145 billion and $2.170 billion. |
| · | Total store revenues are expected to be in the range of $2.345 billion and $2.370 billion. |
| · | Same store sales increases are expected to be in the flat to (2.0%) range. |
| · | The Company expects to open 70 - 80 new store locations. |
Expenses
| · | The Company expects cost of rental and fees to be between 21.6% and 22.0% of store rental and fee revenue and cost of goods merchandise sales to be between 65% and 75% of store merchandise sales. |
| · | Store salaries and other expenses are expected to be in the range of 56.5% to 58.0% of total store revenue. |
| · | General and administrative expenses are expected to be between 3.3% and 3.5% of total revenue. |
| · | Net interest expense is expected to be between $39.0 million and $44.0 million and amortization of intangibles is expected to be approximately $7.5 million. |
| · | The effective tax rate is expected to be in the range of 37.5% to 38.0% of pre-tax income. |
| · | Diluted earnings per share are estimated to be in the range of $2.30 to $2.40. |
| · | Diluted shares outstanding are estimated to be between 76.5 million and 77.5 million. |
This press release and the guidance above contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “could,” “estimate,” “should,” “anticipate,” or “believe,” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements will prove to be correct, the Company can give no assurance that such expectations will prove to have been correct. The actual future performance of the Company could differ materially from such statements. Factors that could cause or
contribute to such differences include, but are not limited to: uncertainties regarding the ability to open new stores; the Company’s ability to acquire additional rent-to-own stores on favorable terms; the Company’s ability to enhance the performance of these acquired stores; the Company’s ability to control store level costs; the results of the Company’s litigation; the passage
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of legislation adversely affecting the rent-to-own industry; interest rates; the Company’s ability to collect on its rental purchase agreements; changes in the Company’s effective tax rate; changes in the Company’s stock price and the number of shares of common stock that the Company may or may not repurchase; changes in fuel prices; and the other risks detailed from time to time in the Company’s SEC filings, including but not limited to, its annual report on Form 10-K/A for the year ended December 31, 2003, and its quarterly reports on Form 10-Q/A for the three month period ended March 31, 2004, Form 10-Q for the six month period ending June 30, 2004, and Form 10-Q for the nine month period ending September 30, 2004. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Contacts for Rent-A-Center, Inc.:
|
David E. Carpenter
Vice President of Investor Relations
(972) 801-1214
dcarpenter@racenter.com |
|
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Rent-A-Center, Inc. and Subsidiaries
STATEMENT OF EARNINGS HIGHLIGHTS
|
(In Thousands of Dollars, except per share data) |
|||||||||||||
|
Three Months Ended December 31, |
|||||||||||||
|
2004 |
2004 |
2003 |
|||||||||||
|
Before Sale of Charged-off Accounts |
After Sale of Charged-off Accounts |
||||||||||||
|
Total Revenue |
$ |
585,283 |
$ |
585,283 |
$ |
558,659 |
|||||||
|
Operating Profit |
75,725 |
75,725 |
88,991 |
||||||||||
|
Net Earnings |
41,714 |
46,879(1 |
) |
51,499 |
|||||||||
|
Diluted Earnings per Common Share |
$ |
0.55 |
$ |
0.61(1 |
) |
$ |
0.62 |
||||||
|
EBITDA |
$ |
91,078 |
$ |
91,078 |
$ |
103,467 |
|||||||
|
Reconciliation to EBITDA: |
|||||||||||||
|
Reported earnings before income taxes |
66,545 |
74,469 |
79,933 |
||||||||||
|
Add back: |
|||||||||||||
|
Litigation Settlement |
-- |
-- |
-- |
||||||||||
|
Other Income - Sale of Charged-Off Accounts |
-- |
(7,924 |
) |
-- |
|||||||||
|
Interest expense, net |
9,180 |
9,180 |
9,058 |
||||||||||
|
Depreciation of property assets |
12,975 |
12,975 |
11,316 |
||||||||||
|
Amortization of intangibles |
2,378 |
2,378 |
3,160 |
||||||||||
|
EBITDA |
$ |
91,078 |
$ |
91,078 |
$ |
103,467 |
|||||||
|
Twelve Months Ended December 31, |
|||||||||||||
|
2004 |
2004 |
2003 |
2003 |
||||||||||
|
Before Sale of Charged-off Accounts, Litigation & Finance Charges |
After Sale of Charged-off Accounts, Litigation & Finance Charges |
Before Finance Charges |
After Finance Charges |
||||||||||
|
Total Revenue |
$ |
2,313,255 |
$ |
2,313,255 |
$ |
2,228,150 |
$ |
2,228,150 |
|||||
|
Operating Profit |
329,951 |
282,951 |
370,022 |
370,022 |
|||||||||
|
Net Earnings |
182,669 |
155,855(1,2 |
) |
203,220 |
181,496(3 |
) | |||||||
|
Diluted Earnings per Common Share |
$ |
2.28 |
$ |
1.94(1,2 |
) |
$ |
2.33 |
$ |
2.08(3 |
) | |||
|
EBITDA |
$ |
389,297 |
$ |
389,297 |
$ |
425,918 |
$ |
425,918 |
|||||
|
Reconciliation to EBITDA: |
|||||||||||||
|
Reported earnings before income taxes |
294,628 |
251,379 |
326,090 |
290,830 |
|||||||||
|
Add back: |
|||||||||||||
|
Litigation Settlement |
-- |
47,000 |
-- |
-- |
|||||||||
|
Other Income - Sale of Charged-off Accounts |
-- |
(7,924 |
) |
-- |
-- |
||||||||
|
Finance charge from recapitalization |
-- |
4,173 |
-- |
35,260 |
|||||||||
|
Interest expense, net |
35,323 |
35,323 |
43,932 |
43,932 |
|||||||||
|
Depreciation of property assets |
48,566 |
48,566 |
43,384 |
43,384 |
|||||||||
|
Amortization of intangibles |
10,780 |
10,780 |
12,512 |
12,512 |
|||||||||
|
EBITDA |
$ |
389,297 |
$ |
389,297 |
$ |
425,918 |
$ |
425,918 |
|||||
| (1) | Including the effects of $7.9 million in one-time other income associated with the sale of charged-off accounts. This other income increased diluted earnings per share by $0.06. |
| (2) | Including the effects of $47.0 million in pre-tax charges associated with the Griego/Carrillo litigation and $4.2 million in pre-tax charges associated with refinancing of the Company’s senior credit facility. These charges reduced diluted earnings per share in the third quarter of 2004 by $0.40, to the reported diluted earnings per share of $0.07. Additionally, these charges, combined with the $7.9 million in one-time other income, reduced diluted earnings per share for the twelve month period ended December 31, 2004 by $0.34 to the reported diluted earnings per share of $1.94. |
| (3) | Including the effects of $35.3 million in pre-tax charges associated with its recapitalization, $27.8 million in pre-tax charges in the second quarter of 2003 and $7.5 million in pre-tax charges in the third quarter of 2003. These charges reduced diluted earnings per share for the twelve month period ended December 31, 2003 by $0.25 to the reported diluted earnings per share of $2.08. |
|
Selected Balance Sheet Data: (in Thousands of Dollars) |
December 31, 2004 |
December 31, 2003 |
|||||
|
Cash and cash equivalents |
$ |
58,825 |
$ |
143,941 |
|||
|
Prepaid expenses and other assets |
63,064 |
70,701 |
|||||
|
Rental merchandise, net |
|||||||
|
On rent |
596,447 |
542,909 |
|||||
|
Held for rent |
162,664 |
137,792 |
|||||
|
Total Assets |
1,965,802 |
1,831,302 |
|||||
|
Senior debt |
408,250 |
398,000 |
|||||
|
Subordinated notes payable |
300,000 |
300,000 |
|||||
|
Total Liabilities |
1,171,531 |
1,036,472 |
|||||
|
Stockholders’ Equity |
794,271 |
794,830 |
|||||
|
| ||
Rent-A-Center, Inc. and Subsidiaries
|
CONSOLIDATED STATEMENTS OF EARNINGS |
|
(In Thousands of Dollars, except per share data) |
Three Months Ended December 31, |
||||||
|
2004 |
2003 |
||||||
|
Unaudited |
|||||||
|
Store Revenue |
|||||||
|
Rentals and Fees |
$ |
530,407 |
$ |
503,300 |
|||
|
Merchandise Sales |
36,307 |
33,339 |
|||||
|
Installment Sales |
6,336 |
6,780 |
|||||
|
Other |
602 |
859 |
|||||
|
573,652 |
544,278 |
||||||
|
Franchise Revenue |
|||||||
|
Franchise Merchandise Sales |
10,299 |
12,970 |
|||||
|
Royalty Income and Fees |
1,332 |
1,411 |
|||||
|
Total Revenue |
585,283 |
558,659 |
|||||
|
Operating Expenses |
|||||||
|
Direct Store Expenses |
|||||||
|
Cost of Rental and Fees |
116,167 |
108,918 |
|||||
|
Cost of Merchandise Sold |
28,017 |
25,599 |
|||||
|
Cost of Installment Sales |
2,710 |
3,198 |
|||||
|
Salaries and Other Expenses |
331,374 |
299,466 |
|||||
|
Franchise Operation Expenses |
|||||||
|
Cost of Franchise Merchandise Sales |
9,781 |
12,453 |
|||||
|
488,049 |
449,634 |
||||||
|
General and Administrative Expenses |
19,131 |
16,874 |
|||||
|
Amortization of Intangibles |
2,378 |
3,160 |
|||||
|
Class Action Litigation Settlement |
-- |
-- |
|||||
|
Total Operating Expenses |
509,558 |
469,668 |
|||||
|
Operating Profit |
75,725 |
88,991 |
|||||
|
Other Income - Sale of Charged-off Accounts |
(7,924 |
) |
-- |
||||
|
Interest Income |
(1,255 |
) |
(1,361 |
) | |||
|
Interest Expense |
10,435 |
10,419 |
|||||
|
Earnings before Income Taxes |
74,469 |
79,933 |
|||||
|
Income Tax Expense |
27,590 |
28,434 |
|||||
|
NET EARNINGS |
46,879 |
51,499 |
|||||
|
Preferred Dividends |
-- |
-- |
|||||
|
Net earnings allocable to common stockholders |
$ |
46,879 |
$ |
51,499 |
|||
|
BASIC WEIGHTED AVERAGE SHARES |
74,863 |
80,562 |
|||||
|
BASIC EARNINGS PER COMMON SHARE |
$ |
0.63 |
$ |
0.64 |
|||
|
DILUTED WEIGHTED AVERAGE SHARES |
76,427 |
83,488 |
|||||
|
DILUTED EARNINGS PER COMMON SHARE |
$ |
0.61 |
$ |
0.62 |
|||
|
| ||
Rent-A-Center, Inc. and Subsidiaries
|
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||
|
(In Thousands of Dollars, except per share data) |
Twelve Months Ended December 31, |
||||||
|
2004 |
2003 |
||||||
|
Unaudited |
|||||||
|
Store Revenue |
|||||||
|
Rentals and Fees |
$ |
2,071,866 |
$ |
1,998,952 |
|||
|
Merchandise Sales |
166,594 |
152,984 |
|||||
|
Installment Sales |
24,304 |
22,203 |
|||||
|
Other |
3,568 |
3,083 |
|||||
|
2,266,332 |
2,177,222 |
||||||
|
Franchise Revenue |
|||||||
|
Franchise Merchandise Sales |
41,398 |
45,057 |
|||||
|
Royalty Income and Fees |
5,525 |
5,871 |
|||||
|
Total Revenue |
2,313,255 |
2,228,150 |
|||||
|
Operating Expenses |
|||||||
|
Direct Store Expenses |
|||||||
|
Cost of Rental and Fees |
450,035 |
432,696 |
|||||
|
Cost of Merchandise Sold |
119,098 |
112,283 |
|||||
|
Cost of Installment Sales |
10,512 |
10,639 |
|||||
|
Salaries and Other Expenses |
1,277,926 |
1,180,115 |
|||||
|
Franchise Operation Expenses |
|||||||
|
Cost of Franchise Merchandise Sales |
39,472 |
43,248 |
|||||
|
1,897,043 |
1,778,981 |
||||||
|
General and Administrative Expenses |
75,481 |
66,635 |
|||||
|
Amortization of Intangibles |
10,780 |
12,512 |
|||||
|
Class Action Litigation Settlement |
47,000 |
-- |
|||||
|
Total Operating Expenses |
2,030,304 |
1,858,128 |
|||||
|
Operating Profit |
282,951 |
370,022 |
|||||
|
Finance Charge from Recapitalization |
4,173 |
35,260 |
|||||
|
Other Income - Sale of Charged-off Accounts |
(7,924 |
) |
-- |
||||
|
Interest Income |
(5,637 |
) |
(4,645 |
) | |||
|
Interest Expense |
40,960 |
48,577 |
|||||
|
Earnings before Income Taxes |
251,379 |
290,830 |
|||||
|
Income Tax Expense |
95,524 |
109,334 |
|||||
|
NET EARNINGS |
155,855 |
181,496 |
|||||
|
Preferred Dividends |
-- |
-- |
|||||
|
Net earnings allocable to common stockholders |
$ |
155,855 |
$ |
181,496 |
|||
|
BASIC WEIGHTED AVERAGE SHARES |
78,150 |
84,139 |
|||||
|
BASIC EARNINGS PER COMMON SHARE |
$ |
1.99 |
$ |
2.16 |
|||
|
DILUTED WEIGHTED AVERAGE SHARES |
80,247 |
87,208 |
|||||
|
DILUTED EARNINGS PER COMMON SHARE |
$ |
1.94 |
$ |
2.08 |
|||