Delaware | 001-13393 | 52-1209792 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
10750 Columbia Pike, Silver Spring, Maryland | 20901 | |
(Address of principal executive offices) | (Zip Code) |
¬ | 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)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Date: April 26, 2012 | /s/ David L. White | |
David L. White Senior Vice President, Chief Financial Officer & Treasurer |
• | Diluted earnings per share (“EPS”) for first quarter 2012 were $0.34 compared to adjusted diluted EPS of $0.28 for the first quarter of 2011. Adjusted diluted EPS for the first quarter of 2011 excludes certain special items, as described below, totaling $0.02. Diluted EPS were $0.26 for the three months ended March 31, 2011. |
• | Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 19% to $33.1 million for the three months ended March 31, 2012, compared to $27.7 million for the three months ended March 31, 2011. Operating income increased 21% from $25.7 million for the three months ended March 31, 2011 to $31.1 million for the same period of 2012. |
• | Franchising revenues increased 11% to $57.3 million for the three months ended March 31, 2012 from $51.5 million for the same period of 2011. Total revenues increased 12% to $129.2 million for the three months ended March 31, 2012 compared to the same period of 2011. |
• | Worldwide unit growth increased 0.8 percent from March 31, 2011 comprised of domestic and international unit growth of 0.7 percent and 0.9 percent, respectively. |
• | Domestic system-wide revenue per available room (“RevPAR”) increased 8.6% for the three months ended March 31, 2012 compared to the same period of 2011 as occupancy and average daily rates increased 250 basis points and 2.5 percent, respectively. |
• | The company executed 64 new domestic hotel franchise contracts for the quarter ended March 31, 2012 compared to 56 new domestic hotel franchise contracts in the same period of the prior year, a 14% increase. |
• | The number of worldwide hotels under construction, awaiting conversion or approved for development as of March 31, 2012 was 471 hotels representing 38,210 rooms; |
• | The company expects net domestic unit growth to be relatively flat in 2012; |
• | RevPAR is expected to increase approximately 7% for second quarter of 2012 and increase between approximately 5% and 7% for full-year 2012; |
• | The effective royalty rate is expected to increase 1 basis point for full-year 2012; |
• | All figures assume the existing share count and an effective tax rate of 34.5% for the second quarter and full-year 2012. |
Choice Hotels International, Inc. | Exhibit 1 | |||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Variance | ||||||||||||||||
2012 | 2011 | $ | % | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Royalty fees | $ | 47,853 | $ | 43,794 | $ | 4,059 | 9 | % | ||||||||
Initial franchise and relicensing fees | 2,528 | 2,721 | (193 | ) | (7 | %) | ||||||||||
Procurement services | 3,315 | 3,261 | 54 | 2 | % | |||||||||||
Marketing and reservation | 70,929 | 62,967 | 7,962 | 13 | % | |||||||||||
Hotel operations | 978 | 864 | 114 | 13 | % | |||||||||||
Other | 3,566 | 1,674 | 1,892 | 113 | % | |||||||||||
Total revenues | 129,169 | 115,281 | 13,888 | 12 | % | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Selling, general and administrative | 24,349 | 23,847 | 502 | 2 | % | |||||||||||
Depreciation and amortization | 2,017 | 1,955 | 62 | 3 | % | |||||||||||
Marketing and reservation | 70,929 | 62,967 | 7,962 | 13 | % | |||||||||||
Hotel operations | 809 | 833 | (24 | ) | (3 | %) | ||||||||||
Total operating expenses | 98,104 | 89,602 | 8,502 | 9 | % | |||||||||||
Operating income | 31,065 | 25,679 | 5,386 | 21 | % | |||||||||||
OTHER INCOME AND EXPENSES: | ||||||||||||||||
Interest expense | 3,117 | 3,224 | (107 | ) | (3 | %) | ||||||||||
Interest income | (337 | ) | (210 | ) | (127 | ) | 60 | % | ||||||||
Other (gains) and losses | (2,003 | ) | 1,043 | (3,046 | ) | (292 | %) | |||||||||
Equity in net (income) loss of affiliates | 55 | (301 | ) | 356 | (118 | %) | ||||||||||
Total other income and expenses, net | 832 | 3,756 | (2,924 | ) | (78 | %) | ||||||||||
Income before income taxes | 30,233 | 21,923 | 8,310 | 38 | % | |||||||||||
Income taxes | 10,236 | 6,193 | 4,043 | 65 | % | |||||||||||
Net income | $ | 19,997 | $ | 15,730 | $ | 4,267 | 27 | % | ||||||||
Basic earnings per share | $ | 0.34 | $ | 0.26 | $ | 0.08 | 31 | % | ||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.26 | $ | 0.08 | 31 | % |
Choice Hotels International, Inc. | Exhibit 2 | ||||||||||
Consolidated Balance Sheets | |||||||||||
(In thousands, except per share amounts) | March 31, | December 31, | |||||||||
2012 | 2011 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 91,312 | $ | 107,057 | |||||||
Accounts receivable, net | 53,290 | 53,012 | |||||||||
Investments, employee benefit plans, at fair value | 5,241 | 12,094 | |||||||||
Other current assets | 28,635 | 22,633 | |||||||||
Total current assets | 178,478 | 194,796 | |||||||||
Fixed assets and intangibles, net | 133,717 | 135,252 | |||||||||
Receivable -- marketing and reservation fees | 63,690 | 54,014 | |||||||||
Investments, employee benefit plans, at fair value | 12,625 | 11,678 | |||||||||
Other assets | 54,722 | 51,949 | |||||||||
Total assets | $ | 443,232 | $ | 447,689 | |||||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | |||||||||||
Accounts payable and accrued expenses | $ | 73,658 | $ | 92,240 | |||||||
Deferred revenue | 70,830 | 68,825 | |||||||||
Deferred compensation & retirement plan obligations | 19,184 | 18,935 | |||||||||
Current portion of long-term debt | 679 | 673 | |||||||||
Other current liabilities | 12,004 | 3,892 | |||||||||
Total current liabilities | 176,355 | 184,565 | |||||||||
Long-term debt | 257,780 | 252,032 | |||||||||
Deferred compensation & retirement plan obligations | 19,640 | 20,593 | |||||||||
Other liabilities | 15,633 | 16,060 | |||||||||
Total liabilities | 469,408 | 473,250 | |||||||||
Common stock, $0.01 par value | 581 | 583 | |||||||||
Additional paid-in-capital | 100,900 | 102,665 | |||||||||
Accumulated other comprehensive loss | (6,154 | ) | (6,801 | ) | |||||||
Treasury stock, at cost | (925,763 | ) | (916,955 | ) | |||||||
Retained earnings | 804,260 | 794,947 | |||||||||
Total shareholders' deficit | (26,176 | ) | (25,561 | ) | |||||||
Total liabilities and shareholders' deficit | $ | 443,232 | $ | 447,689 |
Choice Hotels International, Inc. | Exhibit 3 | |||||||
Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
(In thousands) | Three Months Ended March 31, | |||||||
2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 19,997 | $ | 15,730 | ||||
Adjustments to reconcile net income to net cash provided (used) | ||||||||
by operating activities: | ||||||||
Depreciation and amortization | 2,017 | 1,955 | ||||||
Provision for bad debts | 679 | 778 | ||||||
Non-cash stock compensation and other charges | 2,543 | 4,513 | ||||||
Non-cash interest and other income | (1,593 | ) | (350 | ) | ||||
Equity in net (income) loss of affiliates | 55 | (301 | ) | |||||
Changes in assets and liabilities: | ||||||||
Receivables | (870 | ) | (1,250 | ) | ||||
Receivable - marketing and reservation fees, net | (6,187 | ) | (8,979 | ) | ||||
Accounts payable | 6,712 | (1,775 | ) | |||||
Accrued expenses | (25,342 | ) | (18,931 | ) | ||||
Income taxes payable/receivable | 8,180 | 1,182 | ||||||
Deferred income taxes | (30 | ) | (12 | ) | ||||
Deferred revenue | 1,997 | 4,709 | ||||||
Other assets | (2,611 | ) | (1,147 | ) | ||||
Other liabilities | (1,135 | ) | (1,339 | ) | ||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | 4,412 | (5,217 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Investment in property and equipment | (3,129 | ) | (1,835 | ) | ||||
Equity method investments | (2,600 | ) | (1,600 | ) | ||||
Purchases of investments, employee benefit plans | (743 | ) | (897 | ) | ||||
Proceeds from sales of investments, employee benefit plans | 8,652 | 310 | ||||||
Issuance of notes receivable | (3,719 | ) | (1,477 | ) | ||||
Collections of notes receivable | 151 | 7 | ||||||
Other items, net | (108 | ) | (95 | ) | ||||
NET CASH USED IN INVESTING ACTIVITIES | (1,496 | ) | (5,587 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net borrowings pursuant to revolving credit facilities | 5,900 | 7,900 | ||||||
Repayments of long-term debt | (166 | ) | (5 | ) | ||||
Purchase of treasury stock | (14,854 | ) | (2,207 | ) | ||||
Dividends paid | (10,713 | ) | (10,950 | ) | ||||
Excess tax benefits from stock-based compensation | 422 | 834 | ||||||
Debt issuance costs | — | (2,207 | ) | |||||
Proceeds from exercise of stock options | 389 | 2,238 | ||||||
NET CASH USED IN FINANCING ACTIVITIES | (19,022 | ) | (4,397 | ) | ||||
Net change in cash and cash equivalents | (16,106 | ) | (15,201 | ) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | 361 | 347 | ||||||
Cash and cash equivalents at beginning of period | 107,057 | 91,259 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 91,312 | $ | 76,405 |
CHOICE HOTELS INTERNATIONAL, INC. | Exhibit 4 | |||||||||||||||||||||||||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||||||||||||||||||||||||||
DOMESTIC HOTEL SYSTEM | ||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2012* | For the Three Months Ended March 31, 2011* | Change | ||||||||||||||||||||||||||||||
Average Daily | Average Daily | Average Daily | ||||||||||||||||||||||||||||||
Rate | Occupancy | RevPAR | Rate | Occupancy | RevPAR | Rate | Occupancy | RevPAR | ||||||||||||||||||||||||
Comfort Inn | $ | 74.29 | 46.8 | % | $ | 34.76 | $ | 72.21 | 44.3 | % | $ | 32.00 | 2.9 | % | 250 | bps | 8.6 | % | ||||||||||||||
Comfort Suites | 79.88 | 51.0 | % | 40.72 | 79.08 | 47.0 | % | 37.18 | 1.0 | % | 400 | bps | 9.5 | % | ||||||||||||||||||
Sleep | 66.39 | 45.0 | % | 29.90 | 64.94 | 42.2 | % | 27.43 | 2.2 | % | 280 | bps | 9.0 | % | ||||||||||||||||||
Quality | 63.39 | 40.8 | % | 25.87 | 61.58 | 38.6 | % | 23.80 | 2.9 | % | 220 | bps | 8.7 | % | ||||||||||||||||||
Clarion | 67.90 | 38.7 | % | 26.26 | 67.72 | 36.6 | % | 24.75 | 0.3 | % | 210 | bps | 6.1 | % | ||||||||||||||||||
Econo Lodge | 50.31 | 38.7 | % | 19.45 | 49.61 | 37.3 | % | 18.49 | 1.4 | % | 140 | bps | 5.2 | % | ||||||||||||||||||
Rodeway | 47.08 | 41.7 | % | 19.61 | 45.77 | 38.6 | % | 17.65 | 2.9 | % | 310 | bps | 11.1 | % | ||||||||||||||||||
MainStay | 64.60 | 61.8 | % | 39.94 | 60.97 | 53.9 | % | 32.85 | 6.0 | % | 790 | bps | 21.6 | % | ||||||||||||||||||
Suburban | 39.15 | 62.5 | % | 24.47 | 38.29 | 60.7 | % | 23.24 | 2.2 | % | 180 | bps | 5.3 | % | ||||||||||||||||||
Ascend Collection | 104.02 | 52.0 | % | 54.11 | 98.46 | 49.9 | % | 49.09 | 5.6 | % | 210 | bps | 10.2 | % | ||||||||||||||||||
Total | $ | 67.32 | 44.5 | % | $ | 29.95 | $ | 65.69 | 42.0 | % | $ | 27.58 | 2.5 | % | 250 | bps | 8.6 | % | ||||||||||||||
For the Quarter Ended* | ||||||||||||||||||||||||||||||||
3/31/2012 | 3/31/2011 | |||||||||||||||||||||||||||||||
System-wide effective royalty rate | 4.34 | % | 4.35 | % | ||||||||||||||||||||||||||||
* Operating statistics represent hotel operations from December through February |
CHOICE HOTELS INTERNATIONAL, INC. | Exhibit 5 | ||||||||||||||||||||||||
SUPPLEMENTAL HOTEL AND ROOM SUPPLY DATA | |||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||
March 31, 2012 | March 31, 2011 | Variance | |||||||||||||||||||||||
Hotels | Rooms | Hotels | Rooms | Hotels | Rooms | % | % | ||||||||||||||||||
Comfort Inn | 1,392 | 108,777 | 1,422 | 110,932 | (30 | ) | (2,155 | ) | (2.1 | %) | (1.9 | %) | |||||||||||||
Comfort Suites | 613 | 47,506 | 621 | 48,096 | (8 | ) | (590 | ) | (1.3 | %) | (1.2 | %) | |||||||||||||
Sleep | 394 | 28,564 | 397 | 28,895 | (3 | ) | (331 | ) | (0.8 | %) | (1.1 | %) | |||||||||||||
Quality | 1,054 | 91,942 | 1,015 | 88,967 | 39 | 2,975 | 3.8 | % | 3.3 | % | |||||||||||||||
Clarion | 188 | 27,550 | 192 | 28,259 | (4 | ) | (709 | ) | (2.1 | %) | (2.5 | %) | |||||||||||||
Econo Lodge | 797 | 49,254 | 779 | 48,245 | 18 | 1,009 | 2.3 | % | 2.1 | % | |||||||||||||||
Rodeway | 396 | 22,183 | 381 | 20,940 | 15 | 1,243 | 3.9 | % | 5.9 | % | |||||||||||||||
MainStay | 39 | 3,024 | 38 | 2,943 | 1 | 81 | 2.6 | % | 2.8 | % | |||||||||||||||
Suburban | 61 | 7,191 | 63 | 7,543 | (2 | ) | (352 | ) | (3.2 | %) | (4.7 | %) | |||||||||||||
Ascend Collection | 53 | 4,671 | 42 | 3,259 | 11 | 1,412 | 26.2 | % | 43.3 | % | |||||||||||||||
Cambria Suites | 19 | 2,215 | 20 | 2,328 | (1 | ) | (113 | ) | (5.0 | %) | (4.9 | %) | |||||||||||||
Domestic Franchises | 5,006 | 392,877 | 4,970 | 390,407 | 36 | 2,470 | 0.7 | % | 0.6 | % | |||||||||||||||
International Franchises | 1,168 | 103,491 | 1,158 | 102,326 | 10 | 1,165 | 0.9 | % | 1.1 | % | |||||||||||||||
Total Franchises | 6,174 | 496,368 | 6,128 | 492,733 | 46 | 3,635 | 0.8 | % | 0.7 | % |
CHOICE HOTELS INTERNATIONAL, INC. | Exhibit 6 | ||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION BY BRAND | |||||||||||||||||||||||||||
DEVELOPMENT RESULTS -- DOMESTIC NEW HOTEL CONTRACTS | |||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||
For the Three Months Ended March 31, 2012 | For the Three Months Ended March 31, 2011 | % Change | |||||||||||||||||||||||||
New | New | ||||||||||||||||||||||||||
Construction | Conversion | Total | Construction | Conversion | Total | Construction | Conversion | Total | |||||||||||||||||||
Comfort Inn | 1 | 8 | 9 | 2 | 7 | 9 | (50 | )% | 14 | % | 0 | % | |||||||||||||||
Comfort Suites | 1 | 2 | 3 | — | 2 | 2 | NM | 0 | % | 50 | % | ||||||||||||||||
Sleep | 3 | — | 3 | 2 | — | 2 | 50 | % | NM | 50 | % | ||||||||||||||||
Quality | — | 27 | 27 | — | 24 | 24 | NM | 13 | % | 13 | % | ||||||||||||||||
Clarion | — | 2 | 2 | — | 5 | 5 | NM | (60 | %) | (60 | %) | ||||||||||||||||
Econo Lodge | — | 4 | 4 | — | 6 | 6 | NM | (33 | %) | (33 | %) | ||||||||||||||||
Rodeway | — | 12 | 12 | — | 5 | 5 | NM | 140 | % | 140 | % | ||||||||||||||||
MainStay | — | — | — | 1 | — | 1 | (100 | )% | NM | (100 | %) | ||||||||||||||||
Suburban | — | — | — | — | — | — | NM | NM | NM | ||||||||||||||||||
Ascend Collection | 1 | 2 | 3 | — | 1 | 1 | NM | 100 | % | 200 | % | ||||||||||||||||
Cambria Suites | 1 | — | 1 | 1 | — | 1 | 0 | % | NM | 0 | % | ||||||||||||||||
Total Domestic System | 7 | 57 | 64 | 6 | 50 | 56 | 17 | % | 14 | % | 14 | % |
CHOICE HOTELS INTERNATIONAL, INC. | Exhibit 7 | |||||||||||||||||||||||||||||||||||
DOMESTIC HOTEL PIPELINE OF HOTELS UNDER CONSTRUCTION, AWAITING CONVERSION OR APPROVED FOR DEVELOPMENT | ||||||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||||||
A hotel in the domestic pipeline does not always result in an open and operating hotel due to various factors. | ||||||||||||||||||||||||||||||||||||
Variance | ||||||||||||||||||||||||||||||||||||
March 31, 2012 | March 31, 2011 | |||||||||||||||||||||||||||||||||||
Units | Units | Conversion | New Construction | Total | ||||||||||||||||||||||||||||||||
Conversion | New Construction | Total | Conversion | New Construction | Total | Units | % | Units | % | Units | % | |||||||||||||||||||||||||
Comfort Inn | 28 | 44 | 72 | 31 | 58 | 89 | (3 | ) | (10 | %) | (14 | ) | (24 | %) | (17 | ) | (19 | %) | ||||||||||||||||||
Comfort Suites | 3 | 83 | 86 | 3 | 117 | 120 | 0 | 0 | % | (34 | ) | (29 | %) | (34 | ) | (28 | %) | |||||||||||||||||||
Sleep Inn | 1 | 44 | 45 | 0 | 70 | 70 | 1 | NM | (26 | ) | (37 | %) | (25 | ) | (36 | %) | ||||||||||||||||||||
Quality | 40 | 4 | 44 | 47 | 6 | 53 | (7 | ) | (15 | %) | (2 | ) | (33 | %) | (9 | ) | (17 | %) | ||||||||||||||||||
Clarion | 12 | 1 | 13 | 20 | 2 | 22 | (8 | ) | (40 | %) | (1 | ) | (50 | %) | (9 | ) | (41 | %) | ||||||||||||||||||
Econo Lodge | 18 | 2 | 20 | 35 | 2 | 37 | (17 | ) | (49 | %) | 0 | 0 | % | (17 | ) | (46 | %) | |||||||||||||||||||
Rodeway | 25 | 1 | 26 | 14 | 2 | 16 | 11 | 79 | % | (1 | ) | (50 | %) | 10 | 63 | % | ||||||||||||||||||||
MainStay | 2 | 22 | 24 | 2 | 39 | 41 | 0 | 0 | % | (17 | ) | (44 | %) | (17 | ) | (41 | %) | |||||||||||||||||||
Suburban | 2 | 16 | 18 | 0 | 20 | 20 | 2 | NM | (4 | ) | (20 | %) | (2 | ) | (10 | %) | ||||||||||||||||||||
Ascend Collection | 7 | 4 | 11 | 4 | 4 | 8 | 3 | 75 | % | 0 | 0 | % | 3 | 38 | % | |||||||||||||||||||||
Cambria Suites | 0 | 29 | 29 | 0 | 32 | 32 | 0 | NM | (3 | ) | (9 | %) | (3 | ) | (9 | %) | ||||||||||||||||||||
Total Domestic Pipeline | 138 | 250 | 388 | 156 | 352 | 508 | (18 | ) | (12%) | (102 | ) | (29 | %) | (120 | ) | (24 | %) |
CHOICE HOTELS INTERNATIONAL, INC. | Exhibit 8 | |||||||||||
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION | ||||||||||||
(UNAUDITED) | ||||||||||||
CALCULATION OF FRANCHISING REVENUES AND FRANCHISING MARGINS | ||||||||||||
(dollar amounts in thousands) | Three Months Ended March 31, | |||||||||||
2012 | 2011 | |||||||||||
Franchising Revenues: | ||||||||||||
Total Revenues | $ | 129,169 | $ | 115,281 | ||||||||
Adjustments: | ||||||||||||
Marketing and reservation revenues | (70,929 | ) | (62,967 | ) | ||||||||
Hotel operations | (978 | ) | (864 | ) | ||||||||
Franchising Revenues | $ | 57,262 | $ | 51,450 | ||||||||
Franchising Margins: | ||||||||||||
Operating Margin: | ||||||||||||
Total Revenues | $ | 129,169 | $ | 115,281 | ||||||||
Operating Income | $ | 31,065 | $ | 25,679 | ||||||||
Operating Margin | 24.0 | % | 22.3 | % | ||||||||
Franchising Margin: | ||||||||||||
Franchising Revenues | $ | 57,262 | $ | 51,450 | ||||||||
Operating Income | 31,065 | 25,679 | ||||||||||
Hotel operations | (169 | ) | (31 | ) | ||||||||
$ | 30,896 | $ | 25,648 | |||||||||
Franchising Margins | 54.0 | % | 49.9 | % | ||||||||
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE (EPS) | ||||||||||||
(In thousands, except per share amounts) | Three Months Ended March 31, | |||||||||||
2012 | 2011 | |||||||||||
Net Income | $ | 19,997 | $ | 15,730 | ||||||||
Adjustments: | ||||||||||||
Loss on land held for sale | — | 1,111 | ||||||||||
Adjusted Net Income | $ | 19,997 | $ | 16,841 | ||||||||
Weighted average shares outstanding-diluted | 58,317 | 59,825 | ||||||||||
Diluted Earnings Per Share | $ | 0.34 | $ | 0.26 | ||||||||
Adjustments: | ||||||||||||
Loss on land held for sale | — | 0.02 | ||||||||||
Adjusted Diluted Earnings Per Share (EPS) | $ | 0.34 | $ | 0.28 | ||||||||
EBITDA Reconciliation | ||||||||||||
(in millions) | Full-Year 2012 | |||||||||||
Q1 2012 Actuals | Q1 2011 Actuals | Outlook | ||||||||||
Operating Income (per GAAP) | $ | 31.1 | $ | 25.7 | $191.5 - $194.5 | |||||||
Depreciation and amortization | 2.0 | 2.0 | 8.5 | |||||||||
Earnings before interest, taxes, depreciation & amortization (non-GAAP) | $ | 33.1 | $ | 27.7 | $200 - $300 |