8-K

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): January 10, 2006

CHITTENDEN CORPORATION

(Exact name of Registrant as specified in charter)

Vermont	001-13769	03-0228404
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Two Burlington Square, Burlington, Vermont	05401
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (802) 660-1410

Not Applicable

(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))

ITEM 7.01  Regulation FD Disclosure

On January 10, 2006, Chittenden Corporation issued an investor slide presentation, which reflects updates to third party information unavailable at the time the previous presentation was furnished.

ITEM 9.01  Financial Statements and Exhibits

( c ) Exhibits: The following exhibit is furnished with this report:

Exhibit Number	Description
99.1	An investor slide presentation of Chittenden Corporation as of December 31, 2005.

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 thereunto duly authorized.

CHITTENDEN CORPORATION
(Registrant)
BY:	/S/ F. Sheldon Prentice
	Senior Vice President, General Counsel and Secretary

DATE: January 10, 2006

EXHIBIT INDEX

Exhibit Number	Description
99.1	An Investor presentation of Chittenden Corporation as of December 31, 2005.

EX-99.1

As of December 31, 2005

Exhibit 99.1

2

•

Multi-bank holding company with significant operating autonomy at the

individual banks

•

Banking assets of $6.5 billion at December 31, 2005

•

Listed on the NYSE (CHZ), market capitalization as of December 31, 2005

was $1.3 billion

•

121 full service banking offices and 152 ATM locations in VT, NH, MA, ME

•

Commercial loans represent over 70% of the total loan portfolio and core

deposits comprise over 95% of total funding

•

Strong wealth management operation with assets under administration of

$9.1 billion and assets under management of $2.0 billion

•

Excellent credit quality with year-to-date net charge-offs at .05% and an

allowance for credit losses to loans of 1.38%

Who We Are

3

Recognized competency in an attractive business mix

Deep relationships with worthwhile customers

Conservative underwriting standards and disciplined lending

Efficient generator of low cost stable deposits

Proven leadership focus to achieve superior financial results

Well-established and tangible shareholder orientation

A Tradition of Success

4

Our Target Markets

12/31/05

Chittenden Bank

$3,229

50%

Ocean National Bank

$1,646

25%

Bank of Western Mass

$694

11%

Flagship Bank

$539

8%

Maine Bank & Trust

$357

6%

Total

$6,465

100%

%

Assets (in millions)

VT

43%

NH

22%

MA

26%

ME

9%

VT

53%

NH

19%

MA

19%

ME

9%

12/31/05

Loans by State

Deposits by State

12/31/05

5

CUSTOMERS

CUSTOMERS

Chittenden

Bank

Ocean

National Bank

Bank of Western

Massachusetts

Flagship Bank

& Trust

Maine Bank &

Trust

CHITTENDEN SERVICES

CHITTENDEN SERVICES

GROUP

GROUP

CORPORATE

CORPORATE

Corporate Structure

6

Vermont Market

•

Population over 620,000

•

Greater Burlington population 150,000

•

13% population growth in Chittenden County since 1990

•

Greater Burlington median household income of $48,000

•

Greater Burlington median age = 34

•

Homeownership rate of over 70% exceeds national average

•

Median housing value increased by 24% from 2000-2003

•

Nearly 9,000 new business startups in 2004

•

23% new job growth 1990-2000 (Greater Burlington area)

•

30,000 businesses and 70,000 households

•

Small Business Culture -

50% of jobs are from companies

with less than 100 employees

•

Over 20 colleges and universities in Vermont

•

Creative economy—”Burlington is #1 metro area under 250,000”

Our Target Markets

7

Greater Springfield Market

Greater Worcester Market

•

Population nearly 850,000 in Pioneer Valley and

North Central, CT

•

Median household income of $41,000

•

Median age = 36

•

Above national/regional employment averages in

education, insurance, health services,

manufacturing

•

1993 -

2000 Pioneer Valley job growth over 15%

•

23,000 businesses and 90,000 households

•

Telecommunications crossroads for New England

•

Hartford/Springfield “the knowledge corridor”—26

colleges and universities

•

3rd largest city in New England

•

Population of 777,000 in Worcester Co.

•

6 million people within a 50 mile radius

•

Median household income of $48,000

•

Median age = 36

•

32,000 new jobs created in Worcester area

between 1991 -

2003

•

Over 18% job growth in region (1993 -

2000)

•

Value of

Worcester’s

total assessed property value up

nearly 15% in FY2003

•

Over 25,000 businesses and 110,000 households

•

16 colleges in Worcester Co.

•

Known as “The Center of Excellence in Biotechnology”

•

Advanced manufacturing--$76 billion, Worcester Co.

Our Target Markets

8

Southern NH/Seacoast Market

•

Total regional population over 1 million

•

17% population growth 1990 -

2003

•

Median household income of $50,000

•

Median age = 37

•

Large pool of professionals, 42% of Portsmouth

residents hold a bachelor’s degree or >

•

75% of NH businesses employ <10 people

•

Over 50% of all employees are with firms <250

people

•

Over 5,000 new business startups in NH annually

(1998-2002)

•

New Hampshire gross domestic product up 5.6% in

2003, 16

th

fastest growth in the United States

•

Over 40,000 businesses and 150,000 households

•

NH business friendly—no sales tax, inventory tax, use

tax, income tax, or capital gains tax

Greater Portland Market

•

Combined population of Cumberland and York Co.

nearly 470,000

•

15% population growth 1990 -

2003

•

Median household income of $44,000

•

Median age = 35

•

Median housing value up 36% for 2000-2003

•

30% of population with bachelor’s degree or higher

•

25% increase in residential building permits from

2000-2003

•

20% of Maine workforce in businesses with

4 or < employees

•

Over 20,000 businesses and nearly 60,000

households

•

3.6 million tourist visits annually to Portland area

•

Named #1 market in small business vitality

(American City Business Journal, 2005)

Our Target Markets

9

Our Target Customers

Commercial Banking

Businesses with Revenues of 

$1 to $100 Million; Loan Needs up to $20

Million; Multiple Product and Service Needs

Community Banking

Individuals and Families who are Financially

Sophisticated with Multiple Product and Service

Needs and Household Incomes building 

to > $50,000

Wealth Management

Businesses and Individuals with Investment

Management, Brokerage, Trust and/or Private

and Professional Banking Needs

10

Commercial & Community Banking

*

*

*

*

* *

11

A Diversified Loan Portfolio

12/31/01

12/31/05

Consumer

12%

Municipal

3%

Multi Family

2%

Commercial RE

32%

Home Equity

6%

Residential

22%

Construction

3%

C&I

20%

Total loans as of December 31, 2001 and December 31, 2005 were $2.8 billion and $4.5 billion respectively

Consumer

6%

Municipal

4%

Multi Family

4%

Commercial RE

40%

Home Equity

7%

Residential

16%

Construction

4%

C&I

19%

Growth in C & I and Commercial Real Estate

14%

25%

14%

10%

18%

0%

10%

20%

30%

2001

2002

2003

2004

2005

60%

65%

67%

71%

70%

29%

30%

33%

35%

40%

0%

20%

40%

60%

80%

2001

2002

2003

2004

2005

Commercial

Consumer

12

Commercial Loan Diversification by Industry

1.

This chart encompasses the total commercial loan portfolio at December 31, 2005, which includes

C&I, municipal, commercial RE, construction, and multi family loans.

2.

Industry classifications are based on NAICS sector codes

Admin/Support & Waste Mgmt &

Remediation Svcs

0.99%

Arts, Entertainment

& Rec

2.51%

Construction

5.87%

Agriculture, Forestry,

Fishing & Hunting

1.03%

Other

0.67%

Wholesale Trade

4.93%

Accomodation &

Food Srvc

11.34%

Other Srvc

(except Public Admin)

3.15%

Transportation &

Warehousing

1.69%

Real Estate,

Rental & Leasing

31.95%

Utilities

0.03%

Health Care

& Soc Assist

4.95%

Finance & Insurance

1.63%

Manufacturing

9.67%

Educational

Srvc

4.35%

Professional, Scientific,

& Tech Srvc

2.54%

Mgmt of Companies

& Enterprises

0.34%

Retail Trade

8.17%

Information

1.40%

Mining

0.58%

Public Admin

2.23%

13

Cash Secured

0.41%

Warehouse

4.43%

Restaurant/Bar

0.98%

Other Business

Assets

2.30%

Development

0.78%

Elderly Housing

0.38%

Other

3.93%

Office

26.44%

Mobile Home Park

0.73%

Mixed

13.50%

Industrial

7.41%

Apartments

21.93%

Educational

0.08%

Recreational

0.46%

Land

1.51%

Mercantile

1.28%

Manufacturing

1.81%

Hotel/Motel

0.32%

Auto Sales/Svc Station

1.41%

Shopping Ctr/Stores

9.91%

Real Estate, Rental and Leasing

1.

This chart is a subset of the Commercial Loan Diversification by

Industry chart on page 12

2.

Industry classifications are based on NAICS sector codes

14

Continuing Core Deposit Growth

12/31/01

12/31/05

Total Deposits as of December 31, 2001 and December 31, 2005 were $3.7 billion and $5.5 billion respectively

CDs < $100,000

17%

CDs > $100,000

5%

CMA/MMA

37%

Demand Deposits

17%

NOW

13%

Savings

10%

Borrowings

1%

CDs < $100,000

14%

CDs > $100,000

11%

CMA/MMA

30%

Demand Deposits

17%

NOW

15%

Savings

9%

Borrowings

4%

57%

43%

53%

47%

56%

44%

57%

43%

53%

47%

0%

15%

30%

45%

60%

75%

2001

2002

2003

2004

2005

Consumer

Commercial

30%

29%

35%

34%

32%

0%

10%

20%

30%

40%

2001

2002

2003

2004

2005

Transaction Deposits % of Total Funding

15

Business Services

Cash Management (10%)

•

High level of service to business clients

•

Seasoned delivery team with national

level expertise

•

Full menu of products

Merchant Services

ACH

Lock box

Sweep accounts

Payroll Services (3%)

•

Over 1,300 customers

•

Full menu of products

•

Annualized three year growth rate of 18%

Business Credit Cards  (2%)

•

Only available to commercial customers

•

Credit review performed as part of  the

normal commercial lending process

•

Outstanding loans were $10.5 million and

interchange fee income was $1.3 million for

2005

Retirement Plan Services (1%)

•

Primary focus is on defined benefit and

contribution plans

•

Over 465 customers advised

•

Total retirement plan assets of $1.1 billion

•

Full array of services

Design

Administration/recordkeeping

Custodial/trustee

Investment management

Insurance (9%)

•

Specializes in commercial property and

casualty insurance

•

Gross premiums for 2005 were $67 million

* Numbers in ( ) are a percentage of total noninterest income

16

Captive Insurance

•

The captive insurance market has grown 15% annually over the last 3 years

•

Vermont is the U.S. domicile of choice for captive insurance companies

–

65% of the active captive insurers bank with Chittenden*

•

Vermont has more captive insurance companies than all other states

combined

•

Over $234 million in bank deposits and $885 million in Institutional Trust

Assets under administration

•

Over $63 million in stand-by letters of credit that are fully collateralized by

cash or government securities held in trust at Chittenden Bank

*Some Chittenden customers have more than one captive

527

597

674

717

754

0

200

400

600

800

2001

2002

2003

2004

2005

Captives in Vermont

17

Government Banking

•

Leader in government banking for Vermont

•

Expanding our presence within the Massachusetts and New Hampshire franchises

•

Customers use a wide array of transaction, loan and deposit products

•

Over $160 million in municipal loans and $543 million in deposits and repos

Deposits & Repurchase Agreements

VT

63%

MA

15%

NH

22%

Loans

VT

79%

MA

17%

NH

4%

18

Mortgage Banking

•

Originations for 2004 and 2005 were $693 million and $611 million, of which $491 million and $427

million, respectively, were sold in the secondary markets

•

Underlying coupons in the mortgage servicing portfolio continue to decline

•

Mortgage servicing portfolio of $2.1 billion at December 31, 2005 with a conservative valuation of $13.7

million or 66 basis points*

•

Continued expansion through our affiliate banks into other states:

2001

2003

2004

2005

Under 5%

0%

10%

11%

10%

5%<6%

2%

42%

52%

55%

6%<7%

38%

32%

30%

30%

7%<8%

50%

12%

6%

4%

Over 8%

10%

4%

1%

1%

*The mortgage servicing portfolio is carried at the lower of cost or market and the fair market value at December 31, 2005 was $21.5 million, or 105 basis points

Originations by Bank

FBT

4%

ONB

17%

Chittenden

64%

BWM

9%

MBT

6%

19

Wealth Management

*

*

*

*

*

*

*

****

****

20

•

Assets under administration

–

Assets under discretionary management

$2.0 billion

–

Personal Trust/Custody

2.2 billion

–

Retail Investments

.2 billion

–

Bond Administration Services

2.7 billion

–

Captive Insurance

.9 billion

–

Retirement Plan Services

1.1 billion

Total

$9.1 billion

Wealth Management

21

Asset Management Services

•

Services include asset management and

personal trust

•

Over $2.0 billion in assets under

management

•

Over $2.2 billion in assets under

administration

•

Average relationship size of $1.2 million

•

Average managed account fee of 65 bps

•

Operating margin of approximately 40%

As of 12/31/05

Assets Under Management

55%

35%

10%

0%

20%

40%

60%

Equity

Bonds

Cash

22

Wealth Management

Retail Investments –

Broker/Dealer

•

Over $190 million in assets under

administration

•

2005 Revenue:

–

5% Annuity

–

80% Brokerage

–

15% Other

•

Serving over 7,300 customers in four states

Bond Administration Services

•

Operates throughout New England

•

Over $2.7 billion in assets under

administration

•

Total revenue for 2005 was $2.9 million

Revenue by State

VT

70%

MA

20%

NH/ME

10%

Bond Administration Services

2%

53%

30%

15%

0%

20%

40%

60%

80%

VT

MA

NH

ME

23

Financial Performance

*

*

*

*

*

*

*

****

****

24

Consistent Superior Financial Performance

Strong net interest margin

Low cost stable sources of funding and excellent liquidity position

Strong fee based revenues in targeted businesses

Conservative reserves and excellent credit quality

Strong capital base

*SNL Securities $5-$10 Billion index

Net Interest Margin

4.53%

4.12%

4.21%

4.31%

4.08%

4.20%

3.82%

3.89%

3.89%

4.74%

3.00%

4.00%

5.00%

2001

2002

2003

2004

2005

CHZ

SNL*

25

Average Cost of Funds

Average Cost of Deposits

*SNL Securities $5-$10 Billion index

1.4%

2.1%

0.8%

1.0%

1.6%

2.8%

1.4%

1.7%

2.3%

3.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2001

2002

2003

2004

2005

CHZ

SNL*

Average Yield on Securities

Average Yield on Loans

7.7%

6.5%

5.5%

8.0%

6.9%

6.0%

5.7%

6.6%

6.1%

5.4%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2001

2002

2003

2004

2005

CHZ

SNL*

6.0%

5.2%

6.4%

5.6%

4.4%

4.3%

4.5%

4.2%

4.3%

4.1%

3.0%

5.0%

7.0%

9.0%

2001

2002

2003

2004

2005

CHZ

SNL*

1.8%

1.2%

0.7%

0.9%

1.5%

2.7%

1.1%

1.3%

2.0%

3.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2001

2002

2003

2004

2005

CHZ

SNL*

26

Noninterest Income

Business

Services

18%

Mortgage

Banking

23%

Deposit

Services

22%

Other

9%

Wealth

Management

28%

Business

Services

25%

Mortgage

Banking

16%

Deposit

Services

25%

Other

6%

Wealth

Management

28%

12/31/05

*SNL Securities $5-$10 Billion index

12/31/01

Noninterest Income/Operating Revenue

27.20%

25.25%

22.26%

24.56%

30.79%

26.66%

24.84%

29.98%

31.75%

26.66%

15.00%

25.00%

35.00%

2001

2002

2003

2004

2005

CHZ

SNL*

27

Noninterest Expense

12/31/01

12/31/05

*SNL Securities $5-$10 Billion index

Benefits

12%

Occupancy

14%

DP Exp

2%

Other

23%

Compensation

49%

Benefits

10%

Occupancy

13%

DP Exp

8%

Other

24%

Compensation

45%

Efficiency Ratio

56.13%

58.56%

54.59%

56.91%

56.00%

60.48%

57.38%

57.81%

58.96%

58.87%

52%

54%

56%

58%

60%

62%

2001

2002

2003

2004

2005

CHZ

SNL*

28

Financial Summary

2001

2002

2003

2004

2005

Per Common Share

Earnings

Diluted Earnings

$1.44

$1.57

$1.66

$1.61

$1.77

Cash Earnings*

$1.49

$1.59

$1.70

$1.65

$1.81

Dividends

$0.61

$0.63

$0.64

$0.70

$0.72

Book Value

$9.25

$10.49

$12.66

$13.38

$14.15

Tangible Book Value

$8.42

$8.87

$7.44

$8.28

$9.16

Ratios

Dividend Payout Ratio

42.15%

39.88%

37.84%

42.45%

40.12%

Return on Average Equity

16.55%

16.12%

13.90%

12.70%

13.11%

Return on Average Tangible Equity*

18.54%

19.27%

22.92%

21.43%

20.99%

Return on Average Assets

1.51%

1.40%

1.29%

1.27%

1.34%

Return on Average Tangible Assets*

1.57%

1.44%

1.37%

1.36%

1.42%

Net Interest Margin

4.74%

4.53%

4.12%

4.21%

4.31%

Efficiency Ratio

56.13%

58.56%

60.48%

57.38%

56.00%

Credit

NPAs to Loans & OREO

0.46%

0.49%

0.39%

0.49%

0.36%

Credit Loss Reserve to Loans

1.59%

1.62%

1.54%

1.45%

1.38%

Net Charge-Offs to Average Loans

0.24%

0.28%

0.16%

0.07%

0.05%

Capital

Tangible

8.19%

7.29%

6.02%

6.58%

6.88%

Leverage

7.99%

9.28%

7.79%

8.42%

9.09%

Tier 1

10.32%

12.25%

10.07%

10.44%

11.05%

Risk-Based

11.57%

13.50%

11.32%

11.64%

12.23%

* see Appendix

29

Risk Management

*

*

*

*

*

*

*

****

****

30

Credit

Quality

Net Charge-offs to Average Loans

NPAs to Loans & OREO

0.46%

0.49%

0.71%

0.75%

0.65%

0.38%

0.49%

0.39%

0.36%

0.60%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

2001

2002

2003

2004

2005

CHZ

SNL*

Credit Reserves/Loans

*SNL Securities $5-$10 Billion index

0.24%

0.28%

0.33%

0.27%

0.13%

0.07%

0.16%

0.05%

0.35%

0.20%

0.00%

0.15%

0.30%

0.45%

2001

2002

2003

2004

2005

CHZ

SNL*

1.59%

1.62%

1.35%

1.41%

1.44%

1.45%

1.54%

1.38%

1.20%

1.29%

1.00%

1.20%

1.40%

1.60%

1.80%

2001

2002

2003

2004

2005

CHZ

SNL*

31

Granularity of Non-Accrual Loans

As of 12/31/2005

Size of Total

Relationship

Book

Balance

%

>$1.0 MM

$5,701

36%

$500 M to $1 MM

1,560

10%

$100 M to $500 M

5,800

37%

<$100 M

2,758

17%

Total

$15,819

100%

32

Interest Rate Risk

•

Naturally Hedged

•

Static Gap

6 month  -7.68%

12 month -3.97%

•

Net Interest Income Sensitivity *

+50 bps

+0.38%

+25 bps

+0.20%

-25 bps

–0.23%

-50 bps

–0.57%

•

Net Income Sensitivity *

+50 bps

+0.64%

+25 bps

+0.36%

-25 bps

-0.39%

-50 bps

-1.05%

*12 month forward ramped estimates as of 12/31/05

Rate Ramp-Net Interest Income

0.36%

0.42%

0.28%

-0.55%

-0.72%

-0.39%

-0.80%

-0.60%

-0.40%

-0.20%

0.00%

0.20%

0.40%

0.60%

2003

2004

2005

UP 25 BP Qtr

DOWN 25 BP Qtr

33

In Summary

*

*

*

*

*

*

*

****

****

34

A Compelling Story

•

Strong market share and a proven acquisition acumen

•

Low risk balance sheet with a prudent growth strategy

•

Diversified banking services with a solid balance of revenues

•

Low exposure to volatile sectors with a fortress balance sheet

Annual Equivalent

Total Shareholder Return

Annual Equivalent

10.48%

0.54%

2.00%

0%

5%

10%

15%

CHZ

S&P 500

Dow Jones Ind

Avg

5-Year Period

11.09%

9.06%

9.79%

0%

10%

20%

30%

CHZ

S&P 500

Dow Jones Ind

Avg

10-Year Period

35

Visit

our

website

for

a

wide

range

of

products,

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other

interactive services: www.chittendencorp.com

This

presentation

contains

“forward-looking

statements”

which

may

describe

future

plans

and

strategic

initiatives.

These

forward-

looking

statements

are

based

on

current

plans

and

expectations,

which

are

subject

to

a

number

of

factors

and

uncertainties

that

could

cause

future

results

to

differ

from

historical

performance

or

future

expectations.

36

Appendix

*

*

*

*

*

*

*

****

****

37

Reconciliation of non-GAAP measurements to GAAP

Tangible Ratios

YTD

YTD

YTD

YTD

YTD

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Net Income (GAAP)

$58,501

$63,645

$74,799

$75,127

$83,391

Amortization of identified intangibles, net of tax

1,925

831

1,786

2,000

1,799

Tangible Net Income (A)

60,426

64,476

76,585

77,127

85,190

Average Equity (GAAP)

353,529

394,740

538,217

591,693

636,254

Average Identified Intangibles

0

9,108

22,493

21,741

19,056

Average Deferred Tax on Identified Intangibles

(594)

(2,280)

(5,763)

(6,392)

(4,785)

Average Goodwill

28,147

53,293

187,369

216,519

216,127

Average Tangible Equity (B)

325,976

334,619

334,118

359,825

405,856

Return on Average Tangible Equity (A) / (B)

18.54%

19.27%

22.92%

21.43%

20.99%

Average Assets (GAAP)

$3,871,017

$4,551,879

$5,777,538

$5,895,720

$6,216,492

Average Identified Intangibles

0

9,108

22,493

21,741

19,056

Average Deferred Tax on Identified Intangibles

(594)

(2,280)

(5,763)

(6,392)

(4,785)

Average Goodwill

28,147

53,293

187,369

216,519

216,127

Average Tangible Assets (C)

3,843,464

4,491,758

5,573,439

5,663,852

5,986,094

Return on Average Tangible Assets (A) / (C)

1.57%

1.44%

1.37%

1.36%

1.42%

Cash Earnings

YTD

YTD

YTD

YTD

YTD

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Net Income (GAAP)

$58,501

$63,645

$74,799

$75,127

$83,391

Amortization of identified intangibles, net of tax

1,925

831

1,786

2,000

1,799

Tangible Net Income (A)

60,426

64,476

76,585

77,127

85,190

Net Income (Operating) (A)

$60,426

$64,476

$76,585

$77,127

$85,190

Average Common and Common Equivalents (B)

40,684

40,619

45,150

46,731

47,051

Cash Earnings (A) / (B)

$1.49

$1.59

$1.70

$1.65

$1.81