Wisconsin | 1-1370 | 39-0182330 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Not applicable |
(b) | Not applicable |
(c) | Not applicable |
(d) | Exhibits. The following exhibit is being furnished herewith: |
Exhibit No. | Description | |
99.1 |
BRIGGS & STRATTON CORPORATION | ||||
(Registrant) | ||||
Date: | August 15, 2018 | /s/ Mark A. Schwertfeger | ||
Mark A. Schwertfeger | ||||
Senior Vice President and Chief Financial Officer Duly Authorized Officer |
• | Fiscal fourth quarter net sales were $502 million, an increase of $28 million or 5.8% from $474 million for the prior year. Continued high growth in commercial turf and lawn care, commercial job site, commercial engines and generators was offset by year-over-year softness in residential lawn and garden sales. |
• | Quarterly GAAP gross profit margin of 21.6% and adjusted gross profit margin of 22.0% increased from gross profit margin of 21.3% last year driven by favorable sales mix due to higher sales of commercial offerings. Manufacturing efficiency improvements and higher pricing offset material and freight cost increases. |
• | Fourth quarter GAAP net loss of $11.8 million included business optimization charges, pension settlement charges, senior note repurchase premiums, and the impact of implementing tax reform. Excluding these items, adjusted net income was $20.1 million, or $0.47 per diluted share, which was slightly higher than $0.46 per diluted share for the fourth quarter of fiscal 2017. |
• | Fiscal 2018 net sales were $1.88 billion, up $95.2 million or 5.3% from $1.79 billion for fiscal 2017. The company set a new record for sales of commercial products, amounting to $505 million, an increase of 16% compared to last year. |
• | Full year GAAP gross profit margin of 21.2% was down from 21.5% for fiscal 2017. Adjusted gross profit margin of 21.5% was comparable with last year. Products adjusted segment operating margins of 3.3% improved by 170 basis points from last year. |
• | Full year GAAP net loss of $11.3 million, or $0.28 per diluted share, included business optimization charges, pension settlement charges, senior note repurchase premiums, and the impact of implementing tax reform. Excluding these items, adjusted net income was $55.8 million, or $1.29 per diluted share. |
• | Capital expenditures of $103 million were elevated from prior years to fund the business optimization program. |
• | The company paid $24.0 million in cash dividends to shareholders during fiscal 2018. |
• | The company repurchased $10.3 million of common stock under the company’s share repurchase program during fiscal 2018. |
• | The capital structure was strengthened by making a $30 million voluntary pension plan contribution and repurchasing approximately $22.3 million of the company’s high yield senior notes. |
• | Net sales are expected to be in a range of $1.93 billion to $1.99 billion for growth of approximately 2.5% to 5.8% (5.5% to 9.0% growth excluding storm-related sales of approximately $55 million for fiscal 2018) |
◦ | Markets for commercial products are expected to grow mid-single digits and we anticipate continued market share gains in the categories of commercial job site, commercial engines and commercial turf and lawn care, in addition to the benefit of the recent asset acquisitions. |
◦ | Residential sales, excluding fiscal 2018 storm volume, are expected to grow approximately 3% to 5%, which includes market improvement on more normal spring weather and some normalization of channel inventory levels in the U.S. and Europe. |
◦ | We expect to hold our market-leading residential engine placement for the upcoming lawn and garden season. |
• | Net income is expected to be in a range of $58 million to $66 million, or $1.35 to $1.55 per diluted share, prior to the impact of costs related to our business optimization program, acquisition costs or the benefit of any share repurchases. This contemplates year-over-year midpoint growth of approximately 11%. |
• | Operating margins before business optimization costs and acquisition costs are expected to be approximately 5.3% to 5.5%. Compared to fiscal 2018, operating margins are expected to improve due to favorable sales mix from growth of commercial products and business optimization program savings of $6 million to $8 million. Higher material and freight costs are expected to be offset by pricing, efficiency improvements and product cost improvements. |
• | Interest expense is expected to be approximately $24.5 million and other income to be approximately $1 million, which includes approximately $2 million of pension expense that would have previously been reported in operating income. |
• | Tax rate before business optimization costs and acquisition costs are expected to be in a range of 24% to 26%, which includes the benefit of a full fiscal year under tax reform. |
• | The company anticipates capital expenditures to be approximately $65 million. |
• | Pre-tax charges associated with the business optimization program are expected to be approximately $27 million to $32 million in fiscal 2019. Total program cost estimate remains unchanged at $50 million to $55 million. |
Three Months Ended June | Twelve Months Ended June | |||||||||||||||
FY2018 | FY2017 | FY2018 | FY2017 | |||||||||||||
NET SALES | $ | 501,694 | $ | 474,105 | $ | 1,881,294 | $ | 1,786,103 | ||||||||
COST OF GOODS SOLD | 393,017 | 372,975 | 1,483,212 | 1,402,274 | ||||||||||||
Gross Profit | 108,677 | 101,130 | 398,082 | 383,829 | ||||||||||||
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 129,655 | 74,164 | 374,145 | 297,538 | ||||||||||||
EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES | 2,819 | 3,737 | 9,257 | 11,056 | ||||||||||||
Income (Loss) from Operations | (18,159 | ) | 30,703 | 33,194 | 97,347 | |||||||||||
INTEREST EXPENSE | (6,153 | ) | (5,135 | ) | (25,320 | ) | (20,293 | ) | ||||||||
OTHER INCOME | 745 | 927 | 3,227 | 2,607 | ||||||||||||
Income (Loss) before Income Taxes | (23,567 | ) | 26,495 | 11,101 | 79,661 | |||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | (11,742 | ) | 6,768 | 22,421 | 23,011 | |||||||||||
Net Income (Loss) | $ | (11,825 | ) | $ | 19,727 | $ | (11,320 | ) | $ | 56,650 | ||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||||||
Basic | $ | (0.29 | ) | $ | 0.46 | $ | (0.28 | ) | $ | 1.31 | ||||||
Diluted | $ | (0.29 | ) | $ | 0.46 | $ | (0.28 | ) | $ | 1.31 | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Basic | 41,947 | 42,063 | 42,068 | 42,178 | ||||||||||||
Diluted | 41,947 | 42,302 | 42,068 | 42,263 |
Three Months Ended June | Twelve Months Ended June | |||||||||||||||
FY2018 | FY2017 | FY2018 | FY2017 | |||||||||||||
International sales based on product shipment destination | $ | 102,069 | $ | 99,910 | $ | 534,607 | $ | 540,088 |
CURRENT ASSETS: | FY2018 | FY2017 | ||||||
Cash and Cash Equivalents | $ | 44,923 | $ | 61,707 | ||||
Accounts Receivable, Net | 182,801 | 230,011 | ||||||
Inventories | 411,831 | 374,879 | ||||||
Prepaid Expenses and Other Current Assets | 39,651 | 22,844 | ||||||
Total Current Assets | 679,206 | 689,441 | ||||||
OTHER ASSETS: | ||||||||
Goodwill | 163,200 | 161,649 | ||||||
Investments | 50,960 | 51,677 | ||||||
Other Intangible Assets, Net | 95,864 | 100,595 | ||||||
Deferred Income Tax Asset | 12,149 | 64,412 | ||||||
Other Long-Term Assets, Net | 20,507 | 18,325 | ||||||
Total Other Assets | 342,680 | 396,658 | ||||||
PLANT AND EQUIPMENT: | ||||||||
At Cost | 1,175,165 | 1,104,583 | ||||||
Less - Accumulated Depreciation | 753,085 | 739,703 | ||||||
Plant and Equipment, Net | 422,080 | 364,880 | ||||||
$ | 1,443,966 | $ | 1,450,979 | |||||
CURRENT LIABILITIES: | ||||||||
Accounts Payable | $ | 204,173 | $ | 193,677 | ||||
Short-Term Debt | 48,036 | — | ||||||
Accrued Liabilities | 131,897 | 136,701 | ||||||
Total Current Liabilities | 384,106 | 330,378 | ||||||
OTHER LIABILITIES: | ||||||||
Accrued Pension Cost | 189,872 | 242,908 | ||||||
Accrued Employee Benefits | 20,196 | 21,897 | ||||||
Accrued Postretirement Health Care Obligation | 30,186 | 35,132 | ||||||
Other Long-Term Liabilities | 49,228 | 39,537 | ||||||
Long-Term Debt | 199,954 | 221,793 | ||||||
Total Other Liabilities | 489,436 | 561,267 | ||||||
SHAREHOLDERS' INVESTMENT: | ||||||||
Common Stock | 579 | 579 | ||||||
Additional Paid-In Capital | 76,408 | 73,562 | ||||||
Retained Earnings | 1,071,480 | 1,107,033 | ||||||
Accumulated Other Comprehensive Loss | (252,272 | ) | (300,026 | ) | ||||
Treasury Stock, at Cost | (325,771 | ) | (321,814 | ) | ||||
Total Shareholders' Investment | 570,424 | 559,334 | ||||||
$ | 1,443,966 | $ | 1,450,979 | |||||
Twelve Months Ended June | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | FY2018 | FY2017 | |||||||
Net Income (Loss) | $ | (11,320 | ) | $ | 56,650 | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | |||||||||
Depreciation and Amortization | 58,258 | 56,183 | |||||||
Stock Compensation Expense | 6,675 | 4,923 | |||||||
Loss on Disposition of Plant and Equipment | 1,915 | 857 | |||||||
Provision for Deferred Income Taxes | 35,351 | 10,316 | |||||||
Equity in Earnings of Unconsolidated Affiliates | (12,230 | ) | (11,056 | ) | |||||
Dividends Received from Unconsolidated Affiliates | 10,911 | 9,067 | |||||||
Pension Settlement | 41,157 | — | |||||||
Pension Cash Contribution | (30,000 | ) | — | ||||||
Changes in Operating Assets and Liabilities: | |||||||||
Accounts Receivable | 47,180 | (41,655 | ) | ||||||
Inventories | (37,446 | ) | 11,204 | ||||||
Other Current Assets | (4,759 | ) | (1,759 | ) | |||||
Accounts Payable, Accrued Liabilities and Income Taxes | (10,345 | ) | 8,152 | ||||||
Other, Net | (2,624 | ) | (12,538 | ) | |||||
Net Cash Provided by Operating Activities | 92,723 | 90,344 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Capital Expenditures | (103,203 | ) | (83,141 | ) | |||||
Proceeds Received on Disposition of Plant and Equipment | 339 | 1,027 | |||||||
Cash Paid for Acquisitions, Net of Cash Acquired | (1,800 | ) | — | ||||||
Proceeds on Sale of Investment in Marketable Securities | — | 3,343 | |||||||
Increase to Restricted Cash | (4,295 | ) | — | ||||||
Net Cash Used in Investing Activities | (108,959 | ) | (78,771 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net Borrowings on Revolver | 48,036 | — | |||||||
Long Term Note Payable | 7,685 | — | |||||||
Debt Issuance Costs | (1,154 | ) | — | ||||||
Treasury Stock Purchases | (10,312 | ) | (19,680 | ) | |||||
Repayment of Long Term Debt | (22,261 | ) | — | ||||||
Payment of Acquisition Contingent Liability | — | (1,625 | ) | ||||||
Stock Option Exercise Proceeds and Tax Benefits | 3,772 | 7,770 | |||||||
Payments Related to Shares Withheld for Taxes for Stock Compensation | (1,396 | ) | (1,750 | ) | |||||
Cash Dividends Paid | (23,951 | ) | (24,054 | ) | |||||
Net Cash Provided by (Used in) Financing Activities | 419 | (39,339 | ) | ||||||
EFFECT OF EXCHANGE RATE CHANGES | (967 | ) | (366 | ) | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (16,784 | ) | (28,132 | ) | |||||
CASH AND CASH EQUIVALENTS, Beginning | 61,707 | 89,839 | |||||||
CASH AND CASH EQUIVALENTS, Ending | $ | 44,923 | $ | 61,707 | |||||
Three Months Ended June | Twelve Months Ended June | |||||||||||||||
(In Thousands) | FY2018 | FY2017 | FY2018 | FY2017 | ||||||||||||
Net Sales | $ | 275,775 | $ | 292,511 | $ | 1,066,318 | $ | 1,098,809 | ||||||||
Gross Profit as Reported | $ | 69,217 | $ | 70,663 | $ | 252,645 | $ | 262,036 | ||||||||
Business Optimization | 822 | — | 2,854 | — | ||||||||||||
Adjusted Gross Profit | $ | 70,039 | $ | 70,663 | $ | 255,499 | $ | 262,036 | ||||||||
Gross Profit % as Reported | 25.1 | % | 24.2 | % | 23.7 | % | 23.8 | % | ||||||||
Adjusted Gross Profit % | 25.4 | % | 24.2 | % | 24.0 | % | 23.8 | % | ||||||||
Segment Income (Loss) as Reported | $ | (25,912 | ) | $ | 26,949 | $ | 10,678 | $ | 84,165 | |||||||
Business Optimization | 46,671 | — | 53,913 | — | ||||||||||||
Adjusted Segment Income | $ | 20,759 | $ | 26,949 | $ | 64,591 | $ | 84,165 | ||||||||
Segment Income (Loss) % as Reported | (9.4 | )% | 9.2 | % | 1.0 | % | 7.7 | % | ||||||||
Adjusted Segment Income % | 7.5 | % | 9.2 | % | 6.1 | % | 7.7 | % |
• | Engine sales unit volumes decreased by 17%, or approximately 325,000 engines, in the fourth quarter of fiscal 2018 compared to the same period last year. Sales were lower due to certain channel partners decreasing their orders due to a delayed start of spring weather and to further reduce channel inventory in advance of anticipated brand transitions next season. Sales into Europe were also lower due to a delayed start of spring weather and certain channel partners reducing orders to lower channel inventory levels in advance of new emissions requirements applicable to engines beginning in calendar 2019. Partially offsetting the decrease were higher sales of Vanguard commercial engines and service parts as well as higher pricing year-over-year. |
• | GAAP gross profit percentage compared to last year increased 90 basis points and adjusted gross profit margins were higher by 120 basis points due to favorable sales mix, including a higher proportion of commercial engine sales and service parts. Manufacturing efficiencies and higher pricing offset a 16% decrease in manufacturing volume and higher material and freight costs. |
• | GAAP engineering, selling, general and administrative (ESG&A) compared to last year increased by $51.0 million primarily due to the $41.2 million non-cash fourth quarter pension settlement charge. Adjusted ESG&A increased $5.5 million compared to last year primarily due to the timing of incentive compensation expense, higher marketing costs and the investment in our ERP system upgrade. |
Three Months Ended June | Twelve Months Ended June | |||||||||||||||
(In Thousands) | FY2018 | FY2017 | FY2018 | FY2017 | ||||||||||||
Net Sales | $ | 250,162 | $ | 203,371 | $ | 904,007 | $ | 778,378 | ||||||||
Gross Profit as Reported | $ | 39,363 | $ | 30,066 | $ | 144,933 | $ | 121,141 | ||||||||
Business Optimization | 1,281 | — | 3,775 | — | ||||||||||||
Adjusted Gross Profit | $ | 40,644 | $ | 30,066 | $ | 148,708 | $ | 121,141 | ||||||||
Gross Profit % as Reported | 15.7 | % | 14.8 | % | 16.0 | % | 15.6 | % | ||||||||
Adjusted Gross Profit % | 16.2 | % | 14.8 | % | 16.4 | % | 15.6 | % | ||||||||
Segment Income as Reported | $ | 7,656 | $ | 3,353 | $ | 22,012 | $ | 12,530 | ||||||||
Business Optimization | 2,855 | — | 8,113 | — | ||||||||||||
Adjusted Segment Income | $ | 10,511 | $ | 3,353 | $ | 30,125 | $ | 12,530 | ||||||||
Segment Income % as Reported | 3.1 | % | 1.6 | % | 2.4 | % | 1.6 | % | ||||||||
Adjusted Segment Income % | 4.2 | % | 1.6 | % | 3.3 | % | 1.6 | % |
• | Net sales increased by $46.8 million, primarily due to higher sales of commercial mowers and job site products as well as higher sales of generators and pressure washers. |
• | The gross profit percentage increased by 90 basis points compared to last year. The adjusted gross profit percentage increased 140 basis points compared to last year primarily due to favorable sales mix on proportionately higher sales of commercial products and the benefit of a 5.5% increase in production throughput. Higher pricing offset higher material costs. Higher freight costs offset a portion of the margin improvement. |
• | GAAP ESG&A increased by $4.5 million compared to last year and adjusted ESGA increased by $2.9 million due to higher commissions expense on increased sales volume and higher costs associated with investments to upgrade our ERP system and growing commercial offerings. |
• | Net sales increased by $125.6 million or 16%, primarily due to higher sales of commercial lawn and garden and job site equipment and generators. The active storm season this past year resulted in approximately $55 million of storm generator sales, or an increase of $40 million from storm sales in fiscal 2017. Gross profit percentage increased by 40 basis points compared to last year. Adjusted gross profit percentage improved by 80 basis points year over year due to the contribution margin from hurricane-related sales, favorable sales mix from proportionately higher sales of commercial products and higher pricing. The margin improvement was partially offset by a reduction in manufacturing throughput of approximately 3.5% and higher freight costs. |
Three Months Ended June | ||||||||||||||||||||||||
FY2018 Reported | Adjustments (1) | FY2018 Adjusted | FY2017 Reported | Adjustments | FY2017 Adjusted | |||||||||||||||||||
Gross Profit | ||||||||||||||||||||||||
Engines | $ | 69,217 | $ | 822 | $ | 70,039 | $ | 70,663 | $ | — | $ | 70,663 | ||||||||||||
Products | 39,363 | 1,281 | 40,644 | 30,066 | — | 30,066 | ||||||||||||||||||
Inter-Segment Eliminations | 97 | — | 97 | 401 | — | 401 | ||||||||||||||||||
Total | $ | 108,677 | $ | 2,103 | $ | 110,780 | $ | 101,130 | $ | — | $ | 101,130 | ||||||||||||
Engineering, Selling, General and Administrative Expenses | ||||||||||||||||||||||||
Engines | $ | 96,861 | $ | 45,515 | $ | 51,346 | $ | 45,885 | $ | — | $ | 45,885 | ||||||||||||
Products | 32,794 | 1,573 | 31,221 | 28,279 | — | 28,279 | ||||||||||||||||||
Total | $ | 129,655 | $ | 47,088 | $ | 82,567 | $ | 74,164 | $ | — | $ | 74,164 | ||||||||||||
Equity in Earnings of Unconsolidated Affiliates | ||||||||||||||||||||||||
Engines | $ | 1,732 | $ | 334 | $ | 2,066 | $ | 2,171 | $ | — | $ | 2,171 | ||||||||||||
Products | 1,087 | — | 1,087 | 1,566 | — | 1,566 | ||||||||||||||||||
Total | $ | 2,819 | $ | 334 | $ | 3,153 | $ | 3,737 | $ | — | $ | 3,737 | ||||||||||||
Segment Income (Loss) | ||||||||||||||||||||||||
Engines | $ | (25,912 | ) | $ | 46,671 | $ | 20,759 | $ | 26,949 | $ | — | $ | 26,949 | |||||||||||
Products | 7,656 | 2,855 | 10,511 | 3,353 | — | 3,353 | ||||||||||||||||||
Inter-Segment Eliminations | 97 | — | 97 | 401 | — | 401 | ||||||||||||||||||
Total | $ | (18,159 | ) | $ | 49,526 | $ | 31,367 | $ | 30,703 | $ | — | $ | 30,703 | |||||||||||
Interest Expense | $ | (6,153 | ) | $ | 211 | $ | (5,942 | ) | $ | (5,135 | ) | $ | (5,135 | ) | ||||||||||
Income (Loss) before Income Taxes | (23,567 | ) | 49,737 | 26,170 | 26,495 | — | 26,495 | |||||||||||||||||
Provision (Benefit) for Income Taxes | (11,742 | ) | 17,779 | 6,037 | 6,768 | — | 6,768 | |||||||||||||||||
Net Income (Loss) | $ | (11,825 | ) | $ | 31,957 | $ | 20,132 | $ | 19,727 | $ | — | $ | 19,727 | |||||||||||
Earnings (Loss) Per Share | ||||||||||||||||||||||||
Basic | $ | (0.29 | ) | $ | 0.76 | $ | 0.47 | $ | 0.46 | $ | — | $ | 0.46 | |||||||||||
Diluted | (0.29 | ) | 0.76 | 0.47 | 0.46 | — | 0.46 |
Twelve Months Ended June | ||||||||||||||||||||||||
FY2018 Reported | Adjustments(1) | FY2018 Adjusted | FY2017 Reported | Adjustments | FY2017 Adjusted | |||||||||||||||||||
Gross Profit | ||||||||||||||||||||||||
Engines | $ | 252,645 | $ | 2,854 | $ | 255,499 | $ | 262,036 | $ | — | $ | 262,036 | ||||||||||||
Products | 144,933 | 3,775 | 148,708 | 121,141 | — | 121,141 | ||||||||||||||||||
Inter-Segment Eliminations | 504 | — | 504 | 652 | — | 652 | ||||||||||||||||||
Total | $ | 398,082 | $ | 6,628 | $ | 404,710 | $ | 383,829 | $ | — | $ | 383,829 | ||||||||||||
Engineering, Selling, General and Administrative Expenses | ||||||||||||||||||||||||
Engines | $ | 247,201 | $ | 48,096 | $ | 199,105 | $ | 184,496 | $ | — | $ | 184,496 | ||||||||||||
Products | 126,944 | 4,339 | 122,605 | 113,042 | — | 113,042 | ||||||||||||||||||
Total | $ | 374,145 | $ | 52,435 | $ | 321,711 | $ | 297,538 | $ | — | $ | 297,538 | ||||||||||||
Equity in Earnings of Unconsolidated Affiliates | ||||||||||||||||||||||||
Engines | $ | 5,234 | $ | 2,964 | $ | 8,198 | $ | 6,625 | $ | — | $ | 6,625 | ||||||||||||
Products | 4,023 | — | 4,023 | 4,431 | — | 4,431 | ||||||||||||||||||
Total | $ | 9,257 | $ | 2,964 | $ | 12,221 | $ | 11,056 | $ | — | $ | 11,056 | ||||||||||||
Segment Income | ||||||||||||||||||||||||
Engines | $ | 10,678 | $ | 53,913 | $ | 64,591 | $ | 84,165 | $ | — | $ | 84,165 | ||||||||||||
Products | 22,012 | 8,113 | 30,125 | 12,530 | — | 12,530 | ||||||||||||||||||
Inter-Segment Eliminations | 504 | — | 504 | 652 | — | 652 | ||||||||||||||||||
Total | $ | 33,194 | $ | 62,026 | $ | 95,220 | $ | 97,347 | $ | — | $ | 97,347 | ||||||||||||
Interest Expense | $ | (25,320 | ) | $ | 2,228 | $ | (23,092 | ) | $ | (20,293 | ) | $ | (20,293 | ) | ||||||||||
Income before Income Taxes | 11,101 | 64,254 | 75,355 | 79,661 | — | 79,661 | ||||||||||||||||||
Provision for Income Taxes | 22,421 | (2,836 | ) | 19,585 | 23,011 | — | 23,011 | |||||||||||||||||
Net Income (Loss) | $ | (11,320 | ) | $ | 67,090 | $ | 55,770 | $ | 56,650 | $ | — | $ | 56,650 | |||||||||||
Earnings (Loss) Per Share | ||||||||||||||||||||||||
Basic | $ | (0.28 | ) | $ | 1.57 | $ | 1.29 | $ | 1.31 | $ | — | $ | 1.31 | |||||||||||
Diluted | (0.28 | ) | 1.57 | 1.29 | 1.31 | — | 1.31 |