8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 26, 2008

QUICKSILVER RESOURCES INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-14837	75-2756163
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

777 West Rosedale Street

Fort Worth, Texas 76104

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (817) 665-5000

_______________

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))

Item 2.02.  Results of Operations and Financial Condition.

On February 26, 2008, we issued a press release reporting our operating and financial results for the quarter and year ended December 31, 2007.  A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.  The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

The press release contains a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission.  As part of the press release, we provided a reconciliation of adjusted net income to net income, which is the most comparable financial measure determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  We presented adjusted net income for the three months and year ended December 31, 2007 to exclude the effect on net income of the nonrecurring items of revenue, expense, gain and loss associated with the divestment of our Northeast Operations, which included all of our properties and assets in Michigan, Indiana and Kentucky, in order to enhance the user’s overall understanding of our current financial performance.  Specifically, management believes the non-GAAP measure provides useful information to both management and investors by excluding certain nonrecurring revenues and expenses that may not be indicative of our core operating results, and will enhance the ability of management and investors to compare our results of operations from period to period.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number	Description
99.1	Press release dated February 26, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

QUICKSILVER RESOURCES INC.
By:	/s/ Philip Cook
	Philip Cook
	Senior Vice President -
	Chief Financial Officer

Date: February 26, 2008

Index to Exhibits

Exhibit Number	Description
99.1	Press release dated February 26, 2008.

EX-99.1

Exhibit 99.1    

N e w s   R e l e a s e  

      

        QUICKSILVER RESOURCES INC.    

        777 West Rosedale Street    

Fort Worth, TX  76104    

www.qrinc.com    

      

Quicksilver Resources Reports Record Results for 2007

FORT WORTH, TEXAS (February 26, 2008) – Quicksilver Resources Inc. (NYSE: KWK) today reported record net income for the fourth quarter of 2007 of $396.1 million ($2.35 per diluted share), including $366.8 million ($2.17 per diluted share) associated with the divestiture of the company’s Northeast Operations.  The company’s comparative fourth-quarter 2006 net income was $19.7 million ($.12 per diluted share).  Full year 2007 net income was a record $479.4 million ($2.86 per diluted share), as compared to full-year 2006 net income of $93.7 million ($.58 per diluted share).  Per share data reflects the two-for-one stock split effected in the form of a stock dividend on January 31, 2008.

Adjusted net income, a non-GAAP measure that excludes items associated with the divestment of the company’s Northeast Operations, was $29.3 million ($.18 per diluted share) for the fourth quarter of 2007, up approximately 49% as compared to $19.7 million ($.12 per diluted share) in the prior-year quarter.  The Northeast Operations included all of the company’s properties and assets in Michigan, Indiana and Kentucky.  Net cash from operating activities for the year ended December 31, 2007 was a record $319.1 million, an increase of nearly 32% from $242.2 million generated in the same period of 2006, as presented in the attached Condensed Consolidated Statements of Cash Flows.

Full-Year 2007 Highlights

·   Reported record net income of $479 million

·   Generated a record $319 million of net cash from operating activities

·   Produced record volumes of more than 213 MMcfe per day; up 27% year-over-year

·   Drilled 244 horizontal wells in the Fort Worth Basin; connected 187 wells to sales

·   Replaced 780% of production with drill bit; Finding & Development cost of $1.37 per Mcfe

·   Divested mature assets

·   Completed initial public offering of midstream assets

·   Reduced debt as a percent of total capital to 43%

“Even while completing two major transactions, we stayed focused on efficiently executing our development program.  This has positioned Quicksilver as an even higher growth company with one of the lowest cost structures in the industry,” said Glenn Darden, Quicksilver president and chief executive officer.  “The divestment of our Northeast Operations and the initial public offering of our Fort Worth Basin midstream business have highlighted the value of these previously under-appreciated assets.  Net proceeds from these transactions have significantly strengthened our capital structure and provided added flexibility for the company to continue to invest in the development of our high-return Fort Worth Basin Barnett Shale properties.  We are off to a great start in 2008 and remain on track to achieve new records in 2008 for both production and reserves.”

      

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Production

For the fourth quarter of 2007, average daily production was 220 million cubic feet of natural gas equivalent (MMcfe) per day compared to 178 MMcfe per day for the same period in 2006, an increase of approximately 24%.  Total production for the fourth quarter of 2007 was 20.3 billion cubic feet of natural gas equivalent (Bcfe), compared to 16.4 Bcfe for the fourth quarter of 2006.  Natural gas and natural gas liquids (NGL), comprised 96% of the company’s total production in both the fourth quarter and full year of 2007.

Production, on a thousand cubic feet of natural gas equivalent (Mcfe) per day basis, by operating area, for the three months and years ended December 31, was as follows:

	Quarter Ended Dec. 31,							Year Ended Ended Dec. 31,
	2007		2006		Change			2007		2006		Change
Texas		131,857		44,152		199	%		90,577		34,681		161	%
Other U.S.		3,064		3,120		-2	%		3,194		3,291		-3	%
		134,921		47,272		185	%		93,771		37,972		147	%
Canada		60,492		53,141		14	%		56,880		50,057		14	%
		195,413		100,413		95	%		150,651		88,029		71	%
Northeast Operations*		25,074		77,673		-68	%		62,901		79,811		-21	%
Total		220,487		178,086		24	%		213,552		167,840		27	%
* The company's Northeast Operations were divested as of November 1, 2007.

Revenues and Costs

Total revenues for the fourth quarter of 2007 were $149.1 million compared to $102.0 million in the prior-year quarter.  Sales of natural gas, NGLs and crude oil totaled $146.8 million in the fourth quarter of 2007, up approximately 45% from the 2006 quarter.  The increase reflects a 24% increase in equivalent daily production volumes and a 17% increase in the average realized price per Mcfe.

Production costs of $35.1 million for the 2007 fourth quarter represent a $5.2 million increase from the prior-year quarter.  This increase was primarily due to increased production volumes from Texas coupled with $0.9 million of severance expense associated with the divestment of the company’s Northeast Operations.  Unit production costs, excluding divestment-related expenses, were $1.53 per Mcfe during the fourth quarter of 2007 as compared to $1.52 per Mcfe in the prior-year quarter and down $.25 per Mcfe sequentially from the third-quarter 2007 level of $1.78 per Mcfe.

Capital Structure

At December 31, 2007, the company’s total debt outstanding was $813.9 million and the company had $28.2 million of cash on the balance sheet.  Total debt as a percent of total capitalization was approximately 43% at December 31, 2007 versus approximately 61% at December 31, 2006.

      

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Ownership of BreitBurn Energy Partners’ Units

On November 1, 2007, the company completed the divestiture of its Northeast Operations to BreitBurn Energy Partners L.P. (BBEP) for $750 million in cash and approximately 21.348 million limited partner units of BBEP, representing approximately 32% ownership of limited partner interests in BBEP.  The investment in BBEP is being accounted for using the equity method and the company will record its earnings from BBEP during the quarter in which BBEP’s financial statements become publicly available.  For the fourth quarter of 2007, the company recorded no earnings associated with this investment but expects to report the equity earnings from BBEP on a one-quarter lagged basis.

Operational Update

In the Fort Worth Basin, the company drilled 57 (52 net) wells and connected 58 (50 net) wells to sales during the fourth quarter.  For the full year of 2007, the company drilled 244 (219 net) wells and connected 187 (163 net) wells to sales and expects to drill 200 to 220 wells in the area during 2008.  As a result, the company expects to achieve annual production growth of more than 100% from the basin in 2008.

In Canada, the company drilled 221 (161 net) wells in the Horseshoe Canyon area during 2007 and expects to drill approximately 265 (165 net) wells in this area during 2008.  As a result, the company expects to achieve annual production growth in the range of 7% to 9% from its Canadian operations in 2008.

Total company capital expenditures for the fourth quarter of 2007 were approximately $330 million, of which approximately 70% was associated with drilling and completion activities, approximately 13% for midstream activities, approximately 13% for acreage purchases and approximately 4% for corporate.  For the year, capital expenditures totaled approximately $1.0 billion.

Finding and Development Costs

The company’s estimated all-in finding and development cost (F&D) for 2007 has been finalized based upon the total 2007 capital expenditures.  All-in F&D costs for 2007 were $1.37 per Mcfe.  A reconciliation of the “2007 Finding & Development Costs” is available on the company’s website – www.qrinc.com.  For a description of the calculation of, and certain other information regarding, F&D costs, please see the discussion below under the heading “F&D Costs.”

First-Quarter 2008 Outlook

First-quarter 2008 production volumes are expected to average in the range of 210 MMcfe to 220 MMcfe per day.  Average unit expenses, on an Mcfe basis are expected as follows:

·Production costs	$	1.05 -	$	1.10
·Gathering & processing		.20 -		.25
·Transportation		.29 -		.32
·Production taxes		.10 -		.15
·General and administrative		.55 -		.60
·Depletion, depreciation & accretion		1.80 -		1.85

      

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Conference Call and Investor Meeting

The company will host a conference call to discuss fourth-quarter 2007 operating and financial results and its outlook for the future at 11:00 a.m. eastern time today.

Quicksilver invites interested parties to participate in the call via the company’s website at http://www.qrinc.com or by calling 1-877-313-7932, using the conference ID number 27092653, prior to 10:55 a.m. eastern time.  A digital replay of the conference call will be available at 3:00 p.m. eastern time today, and will remain available for 30 days.  The replay can be accessed at 1-800-642-1687 and enter the conference ID number 27092653.  The replay will also be archived for 30 days on the company’s website.

The company will hold its 2008 analyst conference on Wednesday, March 5, 2008.  To access the live webcast, visit our website at www.qrinc.com on Wednesday, March 5, 2008 at 2:00 p.m. eastern time.  If you are unable to listen to the live webcast, a replay will be available beginning March 6, 2008 for 30 days and can be accessed from www.qrinc.com.

Use of Non-GAAP Financial Measure

This press release and the accompanying schedule include the non-generally accepted accounting principles ("non-GAAP") financial measure of adjusted net income.  The accompanying schedule provides a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Our non-GAAP financial measure should not be considered as an alternative to the GAAP measures of such as net income, operating income or any other GAAP measure of liquidity or financial performance.

About Quicksilver Resources

Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude oil exploration and production company engaged in the development and acquisition of long-lived, unconventional natural gas reserves, including coal bed methane, shale gas, and tight sands gas in North America.  The company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas and Cut Bank, Montana.  Quicksilver’s Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta.  For more information about Quicksilver Resources, visit www.qrinc.com.

Forward-Looking Statements

The statements in this press release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Although these statements reflect the current views, assumptions and expectations of Quicksilver Resources’ management, the matters addressed herein are subject to numerous risks and uncertainties, which could cause actual activities, performance, outcomes and results to differ materially from those indicated.  Factors that could result in such differences or otherwise materially affect Quicksilver Resources’ financial condition, results of operations and cash flows include:  changes in general economic conditions; fluctuations in natural gas, natural gas liquids and crude oil prices; failure or delays in achieving expected production from natural gas, natural gas liquids and crude oil exploration and development projects; effects of hedging natural gas, natural gas liquids and crude oil prices; uncertainties inherent in estimates of natural gas, natural gas liquids and crude oil reserves and predicting natural gas, natural gas liquids and crude oil reservoir performance; effects of hedging natural gas, natural gas liquids and crude oil; competitive conditions in our industry; actions taken by third parties, including operators, processors and transporters;

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changes in the availability and cost of capital; delays in obtaining oilfield equipment and increases in drilling and other service costs; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the effects of existing and future laws and governmental regulations; and the effects of existing or future litigation; as well as, other factors disclosed in Quicksilver Resources’ filings with the Securities and Exchange Commission.  Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

F&D Costs

Finding and development cost, or F&D cost, is calculated by dividing (x) development, exploitation, exploration and acquisition capital expenditures for the period, plus unevaluated capital expenditures as of the beginning of the period, less unevaluated capital expenditures as of the end of the period, by (y) reserve additions for the period.  Our calculation of “all-in F&D cost” includes costs and reserve additions related to the purchase of proved reserves.  The methods we use to calculate our F&D cost may differ significantly from methods used by other companies to compute similar measures.  As a result, our F&D cost may not be comparable to similar measures provided by other companies.  We believe that providing a measure of F&D cost is useful in evaluating the cost, on a per thousand cubic feet of natural gas equivalent basis, to add proved reserves.

However, this measure is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with generally accepted accounting principles.  Due to various factors, including timing differences in the addition of proved reserves and the related costs to develop those reserves, F&D costs do not necessarily reflect precisely the costs associated with particular reserves.  As a result of various factors that could materially affect the timing and amounts of future increases in reserves and the timing and amounts of future costs, we cannot assure you that our future F&D costs will not differ material from those presented.

A reconciliation of F&D costs is available on the company’s website at www.qrinc.com.

# # #

Investor & Media Contact:

Rick Buterbaugh

(817) 665-4835

KWK 08-05

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QUICKSILVER RESOURCES INC.
Unaudited Selected Operating Results
	Three Months Ended				Year Ended
	December 31,				December 31,
	2007		2006		2007		2006
Production:
Natural gas (MMcf)		14,360		13,836		59,619		53,265
NGL (MBbls)		865		282		2,471		746
Oil (MBbls)		122		143		584		587
Total (MMcfe)		20,285		16,384		77,946		61,262
United States (MMcfe)		14,720		11,495		57,185		42,991
Canada (MMcfe)		5,565		4,889		20,761		18,271
Total (MMcfe)		20,285		16,384		77,946		61,262
Average Daily Production:
Natural gas (Mcfd)		156,089		150,389		163,340		145,933
NGL (Bbld)		9,403		3,067		6,768		2,043
Oil (Bbld)		1,330		1,549		1,600		1,608
Total (MMcfed)		220,487		178,086		213,552		167,840
Average Sales Price Per Unit (excluding effects of hedging):
Natural gas (per Mcf)	$	5.62	$	5.40	$	5.77	$	5.75
NGL (per Bbl)	$	54.23	$	34.49	$	45.32	$	38.85
Oil (per Bbl)	$	82.93	$	54.22	$	65.06	$	60.75
Total (MMcfe)	$	6.79	$	5.62	$	6.34	$	6.06
Average Sales Price Per Unit (including effects of hedging):
Natural gas (per Mcf)	$	6.58	$	6.05	$	6.73	$	6.05
NGL (per Bbl)	$	49.44	$	34.49	$	43.23	$	38.85
Oil (per Bbl)	$	78.26	$	54.22	$	63.87	$	59.99
Total (MMcfe)	$	7.24	$	6.17	$	6.99	$	6.31
Expense per Mcfe: (1)
United States production cost	$	1.68	$	1.79	$	1.86	$	1.70
Canada production cost	$	1.31	$	0.89	$	1.46	$	1.20
Total production cost	$	1.58	$	1.52	$	1.76	$	1.55
Production and ad valorem taxes	$	0.15	$	0.30	$	0.21	$	0.25
General and administrative expenses	$	0.63	$	0.47	$	0.60	$	0.42
Depletion, depreciation and accretion	$	1.78	$	1.42	$	1.55	$	1.29

(1) As reported

      

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QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

In thousands, except for share data – Unaudited

	December 31,			December 31,
	2007 (1)			2006 (1)
ASSETS
Current assets
Cash and cash equivalents	$	28,226		$	5,281
Accounts receivable - net of allowance for doubtful accounts		90,244			76,521
Derivative assets at fair value		10,797			64,086
Current deferred income tax asset		18,946			-
Other current assets		42,188			25,076
Total current assets		190,401			170,964
Investments in and advances to equity affiliates		420,171			7,434
Properties, plant and equipment – net (“full cost”)		2,142,346			1,679,280
Derivative assets at fair value		354			3,753
Other assets		22,574			21,481
	$	2,775,846		$	1,882,912
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt	$	34		$	400
Accounts payable		192,855			109,914
Income taxes payable		46,601			589
Accrued liabilities		54,981			67,108
Derivative liabilities at fair value		64,104			-
Current deferred tax liability		-			21,378
Total current liabilities		358,575			199,389
Long-term debt		813,817			919,117
Asset retirement obligations		23,864			25,058
Derivative liabilities at fair value		16,327			-
Other liabilities		10,609			-
Deferred income taxes		374,645			156,251
Deferred gain on sale of partnership interests		79,316			-
Minority interest in consolidated subsidiaries		30,338			7,431
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares outstanding		-			-
Common stock, $0.01 par value, 200,000,000 shares authorized and 160,633,270 and 157,783,515 shares issued, respectively		1,606			1,578
Paid in capital in excess of par value		272,515			237,287
Treasury stock of 2,616,726 and 2,579,671 shares, respectively		(12,304	)		(10,737	)
Accumulated other comprehensive income		40,066			60,099
Retained earnings		766,472			287,439
Total stockholders’ equity		1,068,355			575,666
	$	2,775,846		$	1,882,912

(1) Share amounts have been adjusted to reflect a two-for-one stock split effected in the form of a stock dividend in January 2008.  The split did not affect treasury shares.

      

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QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

In thousands, except for per share data – Unaudited

	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2007 (1)			2006 (1)			2007 (1)			2006 (1)
Revenues
Natural gas , NGL and crude oil sales	$	146,792		$	101,165		$	545,089		$	386,540
Other		2,289			869			16,169			3,822
Total revenues		149,081			102,034			561,258			390,362
Expenses
Oil and gas production expense		32,027			24,944			136,831			95,176
Production and ad valorem taxes		3,074			4,958			16,142			15,619
Other operating costs		852			212			2,792			1,461
Depletion, depreciation and accretion		36,083			23,240			120,697			78,800
General and administrative		12,736			7,700			47,060			25,636
Total expenses		84,772			61,054			323,522			216,692
Income from equity affiliates		(21	)		208			661			526
Gain on sale of oil and gas properties		628,709			-			628,709			-
Loss on natural gas sales contract		(63,525	)		-			(63,525	)		-
Operating income		629,472			41,188			803,581			174,196
Other income-net		(2,031	)		(810	)		(3,887	)		(1,825	)
Interest expense		16,669			13,253			70,527			44,061
Income from continuing operations before income
taxes and minority interest		614,834			28,745			736,941			131,960
Income tax expense		218,350			9,011			256,508			38,150
Minority interest expense		407			19			1,055			91
Net income	$	396,077		$	19,715		$	479,378		$	93,719
Net income per common share – basic	$	2.53		$	0.13		$	3.08		$	0.61
Net income per common share – diluted	$	2.35		$	0.12		$	2.86		$	0.58
Weighted average common shares outstanding
Basic		156,547			154,078			155,475			153,416
Diluted		168,818			166,776			168,029			166,266

(1)   Share amounts have been adjusted to reflect a two-for-one stock split effected in the form of a stock dividend in January 2008.  The split did not affect treasury shares.

      

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QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In thousands-Unaudited

	For the Year Ended
	December 31,
	2007			2006
Operating activities:
Net income	$	479,378		$	93,719
Adjustments to reconcile net cash provided by operating activities
Depletion, depreciation and accretion		120,697			78,800
Deferred income taxes		209,943			37,877
(Gain) loss from sale of properties		(627,348	)		188
Non-cash loss from hedging activities and derivative activities		62,515			-
Stock-based compensation		11,243			6,546
Amortization of deferred loan costs		2,050			2,070
Minority interest expense		1,055			91
Income from equity affiliates		(661	)		(526	)
Other non-cash items		1,840			927
Divestiture expenses		2,015			-
Changes in assets and liabilities
Accounts receivable		(14,423	)		(1,100	)
Inventory, prepaid expenses and other assets		(4,144	)		(4,495	)
Accounts payable		18,939			15,193
Accrued and other liabilities		56,005			12,896
Net cash provided by operating activities		319,104			242,186
Investing activities:
Purchases of property, plant and equipment		(1,020,684	)		(619,061	)
Return of investment from equity affiliates		9,635			1,923
Proceeds from sales of properties and equipment		741,297			5,113
Net cash used for investing activities		(269,752	)		(612,025	)
Financing activities:
Issuance of debt		817,821			694,682
Repayments of debt		(968,557	)		(350,754	)
Debt issuance costs		(5,130	)		(9,213	)
Minority interest contributions		109,809			7,291
Minority interest distributions		(8,794	)		-
Proceeds from exercise of stock options		21,387			19,689
Excess tax benefits on exercise of stock options		2,755			-
Purchase of treasury stock		(1,567	)		(384	)
Net cash (used for) provided by financing activities		(32,276	)		361,311
Effect of exchange rate changes in cash		5,869			(509	)
Net decrease in cash and cash equivalents		22,945			(9,037	)
Cash and cash equivalents at beginning of period		5,281			14,318
Cash and cash equivalents at end of period	$	28,226		$	5,281

      

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QUICKSILVER RESOURCES INC.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME

In thousands, except per share data – Unaudited

	For the Three Months					For the Year
	Ended Dec. 31,					Ended Dec. 31,
	2007			2006		2007			2006
Net income	$	396,077		$	19,715	$	479,378		$	93,719
Adjustments for divestment of Northeastern Operations
Related hedges (other revenue)		-			-		(2,000	)		-
Termination-related expense (production costs)		910			-		6,306			-
Divestiture-related expense (G&A)		-			-		2,000			-
Gain on sale of oil and gas properties		(628,709	)		-		(628,709	)		-
Loss on natural gas sales contract		63,525			-		63,525			-
Total adjustments before income tax expense		(564,274	)		-		(558,878	)		-
Income tax expense		197,496			-		195,607			-
Adjustments for divestment, after income taxes		(366,778	)		-		(363,271	)		-
Adjusted net income	$	29,299		$	19,715	$	116,107		$	93,719
Adjusted net income per common share - Diluted	$	0.18		$	0.12	$	0.70		$	0.58
Diluted weighted average common shares outstanding		168,818			166,776		168,029			166,266

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