-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, smTCib65d2Z/zqczvZ/nDBekIqNKK3Fz8zhXh+hssB6U+dwhn+TrfL1tADMIOJHa +lVR/jBSkvu4n0sPY36c6Q== 0000035527-94-000016.txt : 19940810 0000035527-94-000016.hdr.sgml : 19940810 ACCESSION NUMBER: 0000035527-94-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19940802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIFTH THIRD BANCORP CENTRAL INDEX KEY: 0000035527 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 310854434 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08076 FILM NUMBER: 94541166 BUSINESS ADDRESS: STREET 1: 38 FOUNTAIN SQ PLZ CITY: CINCINNATI STATE: OH ZIP: 45263 BUSINESS PHONE: 5135795300 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended June 30, 1994 Commission File Number 0-8076 FIFTH THIRD BANCORP (Exact name of Registrant as specified in its charter) Ohio 31-0854434 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) Fifth Third Center Cincinnati, Ohio 45263 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (513)579-5300 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES /X/ NO / / The number of shares outstanding of the Registrant's Common Stock, without par value, as of June 30, 1994 was 61,802,948 shares. FIFTH THIRD BANCORP INDEX Part I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets - June 30, 1994 and 1993 and December 31, 1993 3 Consolidated Statements of Income - Three Months Ended June 30, 1994 and 1993 5 Consolidated Statements of Income - Six Months Ended June 30, 1994 and 1993 6 Consolidated Statements of Cash Flows - Six Months Ended June 30, 1994 and 1993 7 Consolidated Statements of Changes in Stockholders' Equity - Six Months Ended June 30, 1994 and 1993 9 Notes to Consolidated Financial Statements 10-11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11-13 Part II. Other Information Item 6. Exhibits 13 2 Fifth Third Bancorp and Subsidiaries June 30, Dec. 31, June 30, Consolidated Balance Sheets 1994 1993 1993 ($000's) (unaudited) (unaudited) ASSETS ----------- ----------- ----------- Cash and Due from Banks $ 557,581 580,936 511,664 Securities Available for Sale (a) 1,040,322 815,986 534,463 Securities Held to Maturity (b) 1,548,023 1,487,322 1,313,672 Other Short-Term Investments 23,503 2,773 2,771 Loans and Leases Commercial Loans 2,858,601 2,679,611 2,705,108 Construction Loans 303,397 322,910 303,682 Commercial Mortgage Loans 668,790 634,495 544,346 Residential Mortgage Loans 2,100,656 2,157,969 2,087,041 Consumer Loans 2,186,956 2,000,459 1,825,478 Commercial Lease Financing 423,922 350,306 312,842 Consumer Lease Financing 922,382 819,925 652,733 Unearned Income (173,688) (154,636) (138,064) Reserve for Credit Losses (143,574) (135,097) (127,651) ----------- ----------- ----------- Total Loans and Leases 9,147,442 8,675,942 8,165,515 Bank Premises and Equipment 164,668 156,051 124,997 Accrued Income Receivable 90,107 92,825 77,281 Other Assets 178,596 154,165 188,436 ----------- ----------- ----------- Total Assets $ 12,750,242 11,966,000 10,918,799 =========== =========== =========== LIABILITIES Deposits Demand $ 1,463,071 1,462,712 1,404,913 Interest Checking 1,322,564 1,365,462 1,207,534 Savings 611,414 609,533 559,410 Money Market 1,583,520 1,460,271 1,400,312 Other Time 3,525,459 3,255,347 2,910,975 Certificates - $100,000 and Over 245,758 305,530 344,203 Foreign Office 342,355 169,643 327,796 ----------- ----------- ----------- Total Deposits 9,094,141 8,628,498 8,155,143 Federal Funds Borrowed 500,769 1,031,564 494,109 Short-Term Bank Notes 745,000 -- -- Other Short-Term Borrowings 606,040 570,653 687,906 Accrued Taxes, Interest and Expenses 185,618 172,884 188,432 Other Liabilities 95,803 81,891 107,438 Long-Term Debt 140,355 140,119 111,862 Convertible Subordinated Notes 143,028 142,745 142,456 ----------- ----------- ----------- Total Liabilities 11,510,754 10,768,354 9,887,346 ----------- ----------- ----------- STOCKHOLDERS' EQUITY Common Stock (c) 137,203 136,313 133,127 Capital Surplus 249,892 243,377 203,860 Retained Earnings 882,134 805,726 734,600 Unrealized Gains/(Losses) (29,741) 12,230 -- ----------- ----------- ----------- Total Stockholders' Equity 1,239,488 1,197,646 1,071,587 Total Liabilities and ----------- ----------- ----------- Stockholders' Equity $ 12,750,242 11,966,000 10,958,933 =========== =========== =========== See Notes to Consolidated Financial Statements 3 Fifth Third Bancorp and Subsidiaries Consolidated Balance Sheets (Continued) (a) Amortized cost: June 30, 1994 - $1,086,077,000 and Dec. 31, 1993 - $797,170,000. Market value at June 30, 1993 - $560,151,000. (b) Securities Held to Maturity market values: June 30, 1994 - $1,517,442,000, Dec. 31, 1993 - $1,515,255,000 and June 30, 1993 - $1,341,976,000. (c) Stated value $2.22 per share; authorized 100,000,000; outstanding June 30, 1994 - 61,802,948, Dec. 31, 1993 - 61,402,257 and June 30, 1993 - 59,967,028. See Notes to Consolidated Financial Statements. 4 Fifth Third Bancorp and Subsidiaries Three Months Ended Consolidated Statements of Income (unaudited) June 30, ($000's) ----------- ----------- 1994 1993 INTEREST INCOME ----------- ----------- Interest and Fees on Loans and Leases $166,963 151,420 Interest on Securities Taxable 34,315 28,381 Exempt from Income Taxes 3,777 2,780 ----------- ----------- Total Interest on Securities 38,092 31,161 Interest on Other Short-Term Investments 113 76 ----------- ----------- Total Interest Income 205,168 182,657 INTEREST EXPENSE ----------- ----------- Interest on Deposits Interest Checking 5,771 7,053 Savings 3,088 3,663 Money Market 8,747 9,164 Other Time 39,837 35,104 Certificates - $100,000 and Over 3,303 3,881 Foreign Office 3,039 1,456 ----------- ----------- Total Interest on Deposits 63,785 60,321 Interest on Federal Funds Borrowed 9,396 4,525 Interest on Short-Term Bank Notes 4,327 -- Interest on Other Short-Term Borrowings 6,082 5,331 Interest on Long-Term Debt and Notes 3,243 3,197 ----------- ----------- Total Interest Expense 86,833 73,374 ----------- ----------- NET INTEREST INCOME 118,335 109,283 Provision for Credit Losses 6,067 14,730 NET INTEREST INCOME AFTER ----------- ----------- PROVISION FOR CREDIT LOSSES 112,268 94,553 OTHER OPERATING INCOME Trust Income 13,886 13,461 Service Charges on Deposits 13,756 13,740 Data Processing Income 15,926 12,641 Other Service Charges and Fees 13,596 14,551 Securities Gains 4 590 ----------- ----------- Total Other Operating Income 57,168 54,983 OPERATING EXPENSES Salaries and Wages 32,547 28,963 Employee Benefits 7,905 7,797 Equipment Expenses 3,795 3,662 Net Occupancy Expenses 5,885 5,509 Other Operating Expenses 33,138 31,949 ----------- ----------- Total Operating Expenses 83,270 77,880 ----------- ----------- INCOME BEFORE INCOME TAXES 86,166 71,656 Applicable Income Taxes 28,787 23,749 ----------- ----------- NET INCOME $57,379 47,907 =========== =========== NET INCOME PER SHARE $ .93 .80 AVERAGE SHARES OUTSTANDING (000's) 61,525 59,916 CASH DIVIDENDS DECLARED PER SHARE $ .31 .24 See Notes to Consolidated Financial Statements. 5 Fifth Third Bancorp and Subsidiaries Six Months Ended Consolidated Statements of Income June 30, ($000's) ----------- ----------- 1994 1993 INTEREST INCOME ----------- ----------- Interest and Fees on Loans and Leases $325,108 297,307 Interest on Securities Taxable 65,830 56,350 Exempt from Income Taxes 7,242 5,557 ----------- ----------- Total Interest on Securities 73,072 61,907 Interest on Other Short-Term Investments 214 146 ----------- ----------- Total Interest Income 398,394 359,360 INTEREST EXPENSE ----------- ----------- Interest on Deposits Interest Checking 11,368 13,814 Savings 6,095 7,081 Money Market 16,538 18,531 Other Time 77,270 69,813 Certificates - $100,000 and Over 6,670 7,938 Foreign Office 5,687 3,023 ----------- ----------- Total Interest on Deposits 123,628 120,200 Interest on Federal Funds Borrowed 18,222 6,915 Interest on Short-Term Bank Notes 4,327 -- Interest on Other Short-Term Borrowings 9,550 10,797 Interest on Long-Term Debt and Notes 6,481 6,406 ----------- ----------- Total Interest Expense 162,208 144,318 ----------- ----------- NET INTEREST INCOME 236,186 215,042 Provision for Credit Losses 14,863 27,325 NET INTEREST INCOME AFTER ----------- ----------- PROVISION FOR CREDIT LOSSES 221,323 187,717 OTHER OPERATING INCOME Trust Income 27,929 26,821 Service Charges on Deposits 27,567 26,787 Data Processing Income 29,781 24,270 Other Service Charges and Fees 31,350 29,815 Securities Gains 303 1,944 ----------- ----------- Total Other Operating Income 116,930 109,637 OPERATING EXPENSES Salaries and Wages 64,753 57,424 Employee Benefits 17,195 17,298 Equipment Expenses 7,574 7,092 Net Occupancy Expenses 11,763 10,914 Other Operating Expenses 68,432 65,672 ----------- ----------- Total Operating Expenses 169,717 158,400 ----------- ----------- INCOME BEFORE INCOME TAXES 168,536 138,954 Applicable Income Taxes 56,361 46,410 ----------- ----------- NET INCOME $112,175 92,544 =========== =========== NET INCOME PER SHARE $ 1.82 1.55 AVERAGE SHARES OUTSTANDING (000's) 61,505 59,887 CASH DIVIDENDS DECLARED PER SHARE .58 .48 See Notes to Consolidated Financial Statements. 6 Fifth Third Bancorp and Subsidiaries Consolidated Statements of Cash Flows (unaudited) For the Six Months Ended June 30, ($000's) 1994 1993 - - ------------------------------------------------------------------------- Operating Activities - - ------------------------------------------------------------------------- Net Income $112,175 92,544 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Provision for Credit Losses 14,863 27,325 Depreciation, Amortization and Accretion 15,738 19,486 Provision for Deferred Income Taxes 14,868 4,385 Realized Securities Gains (555) (2,016) Realized Securities Losses 252 72 Proceeds from Sales of Residential Mortgage Loans Held for Sale 362,139 341,986 Net Gains from Sales of Residential Mortgage Loans Held for Sale (3,336) (7,518) Net Increase in Residential Mortgage Loans Held for Sale (231,482) (444,591) Net Decrease (Increase) in Accrued Income Receivable 3,536 (2,055) Net Increase in Other Assets (16,491) (73,459) Net Increase in Accrued Taxes, Interest and Expenses 19,818 76,976 Net Increase in Other Liabilities 9,014 21,744 - - ------------------------------------------------------------------------- Net Cash Provided by Operating Activities 300,539 54,879 - - ------------------------------------------------------------------------- Investing Activities Proceeds from Sales of Securities Available for Sale 122,563 97,583 Proceeds from Calls, Paydowns and Maturities of Securities Available for Sale 202,323 57,345 Purchases of Securities Available for Sale (547,038) (2,437) Proceeds from Sales of Securities Held to Maturity 62,487 -- Proceeds from Calls, Paydowns and Maturities of Securities Held to Maturity 242,954 376,214 Purchases of Securities Held to Maturity (372,700) (403,145) Net Increase in Other Short-Term Investments (14,196) (1,981) Net Increase in Loans and Leases (598,612) (767,827) Purchases of Bank Premises and Equipment (13,524) (9,294) Proceeds from Disposal of Bank Premises and Equipment 551 912 Net Cash Paid in Purchase of Subsidiaries (10,012) (5,768) - - ------------------------------------------------------------------------- Net Cash Used in Investing Activities (925,204) (658,398) - - ------------------------------------------------------------------------- 7 Fifth Third Bancorp and Subsidiaries Consolidated Statements of Cash Flows (unaudited) For the Six Months Ended June 30, ($000's) (Continued) 1994 1993 - - ------------------------------------------------------------------------- Financing Activities Net Increase in Deposits 91,175 463,284 Purchases of Deposits 294,126 159,913 Net Increase (Decrease) in Federal Funds Borrowed (530,795) 27,220 Net Increase in Short-Term Bank Notes 745,000 -- Net Increase (Decrease) in Other Short-Term Borrowings 34,093 (74,996) Retirement of Long-Term Debt Assumed in Acquisition (2,402) -- Repayment of Long-Term Debt (30) (96) Payment of Cash Dividends (33,187) (28,735) Exercise of Stock Options 3,330 2,645 - - ------------------------------------------------------------------------- Net Cash Provided by Financing Activities 601,310 549,235 - - ------------------------------------------------------------------------- Decrease in Cash and Due from Banks (23,355) (54,284) Cash and Due from Banks at Beginning of Period 580,936 565,948 - - ------------------------------------------------------------------------- Cash and Due from Banks at End of Period $557,581 511,664 ========================================================================= See Notes to Consolidated Financial Statements 8 Fifth Third Bancorp and Subsidiaries Consolidated Statements of Changes In Stockholders' Equity (unaudited) For the Six Months Ended June 30 ($000's) 1994 1993 ----------- ----------- Balance at January 1 $ 1,197,646 1,005,165 Net Income 112,175 92,544 Cash Dividends Declared (1994 - $.58 Per Share and 1993 - $.48 Per Share) (35,767) (28,767) Stock Options Exercised, Including Treasury Shares Issued 3,330 2,645 Stock Issued in Acquisition 4,075 -- Change in Unrealized Gains/Losses on Securities Available for Sale (41,971) -- ----------- ----------- Balance at June 30 $ 1,239,488 1,071,587 =========== =========== See Notes to Consolidated Financial Statements 9 FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Financial information as of December 31, 1993 has been derived from the audited consolidated financial statements of the Registrant. 2. In the opinion of management, the unaudited consolidated financial statements include all adjustments (which consist of only normal, recurring accruals) necessary to present fairly the consolidated financial position as of June 30, 1994 and 1993, and the results of operations for the three and six months ended June 30, 1994 and 1993 and cash flows for the six months ended June 30, 1994 and 1993. 3. The results of operations and cash flows for the six months ended June 30, 1994 and 1993 are not necessarily indicative of the results to be expected for the full year. 4. SFAS No. 114, "Accounting by Creditors for Impairment of a Loan" requires that impaired loans be measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral. SFAS No. 114 is effective for fiscal years beginning after December 15, 1994 and, although not yet quantified, the effect on the Consolidated Financial Statements of the Registrant is not expected to be material. 5. To manage interest rate risk during the first quarter of 1994, the Registrant sold $62,280,000 of GNMA Adjustable Rate Mortgage-backed (ARM) securities, which were classified as held to maturity at December 31, 1993, at an immaterial gain. As a result of this sale, the Registrant no longer holds any amount of this sector of securities, nor are future purchases expected. 6. Residential mortgage loans held for sale, which are valued at the lower of aggregate cost or market value, were $19,816,000, $174,314,000 and $122,546,000 at June 30, 1994, December 31, 1993 and June 30, 1993, respectively. 7. In the first six months of 1994, the Registrant paid $149,567,000 in interest and $43,400,000 in Federal income taxes. In the first six months of 1993, the Registrant paid $134,703,000 in interest and $38,900,000 in Federal income taxes. In the first six months of 1994 and 1993, the Registrant had noncash investing activities consisting of the securitization of $27,177,000 and $45,625,000 of residential mortgage loans, respectively. 10 ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 8. In January 1994, the Registrant entered into a merger agreement with The Cumberland Federal Bancorporation, Inc., a savings and loan holding company with approximately $1 billion in assets. This transaction is expected to be completed during the third quarter of 1994. In May 1994, the Registrant reached a definitive agreement to acquire Mutual Federal Savings Bank of Miamisburg, a Stock Savings Bank, with approximately $85 million in assets. This merger is expected to be completed in the first quarter of 1995, pending regulatory and shareholder approvals. 9. Certain prior year's data has been reclassified to conform to current presentation. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain significant factors which have affected the Registrant's financial condition and results of operations during the periods included in the consolidated financial statements which are a part of this filing. RESULTS OF OPERATIONS The Registrant's net income was $57,379,000 for the second quarter of 1994, compared to $47,907,000 for the same period in 1993. Second quarter earnings per share were $.93, a 16.3% increase over last year's $.80. Total assets were $12.8 billion at quarter end, compared to 1993's second quarter-end assets of $11.0 billion. For the second quarter of 1994, return on average equity was 18.4% and return on average assets was 1.81%. The Registrant's net interest income on a fully taxable equivalent basis for the second quarter of 1994 was $124.0 million, an 8.6% increase over the $114.2 million realized in the same period of 1993. This increase resulted from an 18.8% increase in average interest earning assets and a decrease of 39 basis points in the net interest margin. The provision for credit losses was $6.1 million in the second quarter of 1994 and $14.7 million in the second quarter of 1993. The reserve for credit losses as a percentage of loans and leases outstanding was 1.55% at June 30, 1994 and 1.54% at June 30, 1993. Under-performing assets (including loans and leases ninety days past due) as a percent of total loans, leases and other real estate owned were .35% at June 30, 1994 and .47% at June 30, 1993. 11 RESULTS OF OPERATIONS (CONTINUED) Total other operating income, excluding securities gains, increased to $57.2 million during the second quarter of 1994, a 5.1% increase over the second quarter of 1993. This growth was led by a 26.0% increase in data processing income compared to the same period in 1993. Mortgage banking income, included in other service charges and fees, was $2.1 million for the second quarter of 1994, down from $5.1 million in second quarter 1993, when we benefitted from gains of $2.7 million on sales of $136 million in fixed-rate mortgages. Total operating expenses increased 6.9% during the second quarter over the similar period of 1993. Salaries, wages and employee benefits increased 10% over 1993. The number of full-time equivalent employees increased 10.6% (or 494) to 5,155 at June 30, 1994. Equipment and net occupancy expenses increased 5.6% over 1993, and other operating expenses increased 3.7% over 1993. The overhead ratio (operating expenses divided by the sum of taxable equivalent net interest income and other operating income) was 46.0% for the second quarter 1994 and 1993. MATERIAL CHANGES IN FINANCIAL CONDITION The material changes that have occurred in the Registrant's financial condition during 1994 are as follows ($000's): Jun. 30, Dec. 31, 1994 1993 $ +/- % +/- ---------------------------------------- Securities Available for Sale $ 1,040,322 815,986 224,336 27.5 Loans and Leases 9,291,016 8,811,039 479,977 5.4 Deposits 9,094,141 8,628,498 465,643 5.4 Federal Funds Borrowed 500,769 1,031,564 (530,795) 51.5 Short-Term Bank Notes 745,000 -- 745,000 nm The growth in securities available for sale and loans and leases has been funded primarily through growth in total deposits, of which approximately $374.6 million resulted from acquisitions. During the second quarter, a $1 billion short-term bank note facility was established. The notes are offered with maturity dates of less than one year and are uninsured obligations of two of the Registrant's subsidiary banks. Proceeds from bank notes were used primarily to repay federal funds borrowed. On May 20, 1994, the Bancorp purchased $294.1 million in deposits as well as the facilities of seven Equitable Savings Bank branches in southern and central Ohio. On June 3, 1994, the Bancorp acquired The National Bancorp of Kentucky, Inc., a $90 million, two-bank holding company headquartered in Louisville, Kentucky, in a transaction accounted for as a pooling of interests. The Consolidated Financial Statements have not been restated for this acquisition due to immateriality. 12 LIQUIDITY AND CAPITAL RESOURCES The maintenance of an adequate level of liquidity is necessary to ensure that sufficient funds are available to meet customers' loan demand and deposit withdrawals. The banking subsidiaries' liquidity sources consist of short-term marketable securities, maturing loans and federal funds loaned and selected securitizable loan assets. Liquidity has also been obtained through liabilities such as customer-related core deposits, funds borrowed, certificates of deposit and public funds deposits. At June 30, 1994, stockholders' equity was $1.2 billion, compared to $1.1 billion at June 30, 1993, an increase of $167.9 million, or 15.7%. Stockholders' equity as a percentage of total assets as of June 30, 1994 was 9.7%. At June 30, 1994, the Registrant had a Tier 1 risk-based capital ratio of 11.4%, a total risk-based capital ratio of 13.5% and a leverage ratio of 9.5%. At June 30, 1993, the Registrant had a Tier 1 risk-based capital ratio of 10.9%, total risk-based capital ratio of 13.4% and a leverage ratio of 9.5%. PART II. OTHER INFORMATION ITEM 6. EXHIBITS 1. Exhibit No. 11 - Computation of Consolidated Net Income Per Share for the Three and Six Months Ended June 30, 1994 and 1993. 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. FIFTH THIRD BANCORP Registrant /s/P. Michael Brumm Date: August 2, 1994 P. Michael Brumm, Senior Vice President and CFO 13 EX-11 2 EXHIBIT 11 FIFTH THIRD BANCORP COMPUTATION OF CONSOLIDATED NET INCOME PER SHARE ($000's except per share data)
For the Three Months For the Six Months Ended June 30, Ended June 30, 1994 1993 1994 1993 ------ ------ ------ ------ Net Income $ 57,379 47,907 $ 112,175 92,544 ======== ======== ======== ======== Net income per common share - assuming no dilution: Weighted average number of shares outstanding 61,525 59,916 61,505 59,887 ======== ======== ======== ======== Per share (net income divided by the weighted average number of shares outstanding) $ 0.93 0.80 $ 1.82 1.55 ======== ======== ======== ======== Net income per common and common equivalent share: Net income $ 57,379 47,907 $ 112,175 92,544 Add - Interest on 4 1/4% convertible subordinated notes due 1998, net of applicable income taxes 1,084 1,107 2,167 2,216 -------- -------- -------- -------- Adjusted net income $ 58,463 49,014 $ 114,342 94,760 ======== ======== ======== ======== Adjusted weighted average number of shares outstanding - after giving effect to the conversion of stock options and convertible subordinated notes 64,005 62,550 63,982 62,509 ======== ======== ======== ======== Per share (adjusted net income divided by the adjusted weighted average number of shares outstanding) $ 0.92 0.79 $ 1.79 1.52 ======== ======== ======== ======== Net income per common share - assuming full dilution: Adjusted net income $ 58,463 49,014 $ 114,342 94,760 ======== ======== ======== ======== Adjusted weighted average number of shares outstanding - after giving effect to the conversion of stock options and convertible subordinated notes 64,005 62,550 63,982 62,509 ======== ======== ======== ======== Per share (adjusted net income divided by the adjusted weighted average number of shares outstanding) $ 0.92 0.79 $ 1.79 1.52 ======== ======== ======== ========
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