Date of Report (Date of Earliest Event Reported):
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July 27, 2012
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Commission File No.
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Exact Name of Registrant as Specified in its Charter and Principal Office Address and Telephone Number
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State of Incorporation
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I.R.S. Employer Identification Number
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1-16681
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The Laclede Group, Inc.
720 Olive Street
St. Louis, MO 63101
314-342-0500
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Missouri
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74-2976504
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1-1822
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Laclede Gas Company
720 Olive Street
St. Louis, MO 63101
314-342-0500
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Missouri
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43-0368139
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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:
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 13e-4(c))
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THE LACLEDE GROUP, INC.
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Date: July 27, 2012
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By:
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/s/ Steven P. Rasche
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Steven P. Rasche
Senior Vice President, Finance
and Accounting
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LACLEDE GAS COMPANY
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Date: July 27, 2012
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By:
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/s/ Steven P. Rasche
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Steven P. Rasche
Chief Financial Officer
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Exhibit
Number
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Description
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99.1
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Press release dated July 27, 2012 regarding earnings through June 30, 2012 and dividend.
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·
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Consolidated earnings per share were $0.38 for the current quarter compared to $0.69 for the same period last year, with the difference largely due to a propane sale in the prior year that did not recur.
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·
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Net economic earnings were $0.40 per share compared to $0.65 per share last year. Excluding prior year earnings of $0.27 per share from the propane sale, net economic earnings grew by 5% from the prior year.
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·
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Diluted earnings per share were $2.82 fiscal year-to-date, compared to $2.98 for the same period last year.
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·
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Net economic earnings were $2.77 per share, compared to $2.93 per share last year. Excluding the impact of last year’s propane sale, net economic earnings increased by 4%.
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·
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The Company’s Board of Directors declared a quarterly dividend of 41 1/2 cents per share on its common stock payable October 2, 2012 to shareholders of record on September 11, 2012.
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Three Months Ended
June 30,
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Nine Months Ended
June 30,
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|||||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||||
OPERATING REVENUES
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||||||||||||||||||
Regulated Gas Distribution
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$
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116,459
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$
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151,423
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$
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665,981
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$
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817,241
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||||||||||
Non-Regulated Gas Marketing
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70,014
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174,309
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288,036
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495,828
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||||||||||||||
Other
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376
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18,549
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1,920
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19,192
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||||||||||||||
Total Operating Revenues
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186,849
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344,281
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955,937
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1,332,261
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||||||||||||||
OPERATING EXPENSES
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||||||||||||||||||
Regulated Gas Distribution
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||||||||||||||||||
Natural and propane gas
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46,641
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76,632
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364,556
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510,703
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||||||||||||||
Other operation expenses
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32,639
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36,930
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108,247
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111,292
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||||||||||||||
Maintenance
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5,712
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5,932
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16,781
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18,513
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||||||||||||||
Depreciation and amortization
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10,186
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9,856
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30,450
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29,233
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||||||||||||||
Taxes, other than income taxes
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10,842
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12,332
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45,602
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52,766
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||||||||||||||
Total Regulated Gas Distribution Operating Expenses
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106,020
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141,682
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565,636
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722,507
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||||||||||||||
Non-Regulated Gas Marketing
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65,420
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168,580
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279,784
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484,235
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||||||||||||||
Other
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364
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8,265
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1,784
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9,071
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||||||||||||||
Total Operating Expenses
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171,804
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318,527
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847,204
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1,215,813
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||||||||||||||
Operating Income
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15,045
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25,754
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108,733
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116,448
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||||||||||||||
Other Income and (Income Deductions) - Net
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451
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157
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3,771
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2,469
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||||||||||||||
Interest Charges:
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||||||||||||||||||
Interest on long-term debt
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5,739
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5,739
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17,218
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17,421
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||||||||||||||
Other interest charges
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427
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408
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1,541
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1,701
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||||||||||||||
Total Interest Charges
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6,166
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6,147
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18,759
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19,122
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||||||||||||||
Income Before Income Taxes
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9,330
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19,764
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93,745
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99,795
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||||||||||||||
Income Tax Expense
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897
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4,374
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30,454
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33,143
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||||||||||||||
Net Income
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$
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8,433
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$
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15,390
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$
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63,291
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$
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66,652
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||||||||||
Weighted Average Number of Common Shares Outstanding:
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||||||||||||||||||
Basic
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22,282
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22,120
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22,243
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22,087
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||||||||||||||
Diluted
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22,357
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22,188
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22,318
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22,160
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||||||||||||||
Basic Earnings Per Share of Common Stock
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$
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0.38
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$
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0.69
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$
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2.83
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$
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2.99
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||||||||||
Diluted Earnings Per Share of Common Stock
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$
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0.38
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$
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0.69
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$
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2.82
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$
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2.98
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NET ECONOMIC EARNINGS AND RECONCILIATION TO GAAP
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|||||||||||||||||||||
(Millions, except per share amounts)
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Regulated Gas Distribution
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Non-Regulated Gas Marketing
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Other
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Total
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Per Share Amounts (2)
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||||||||||||||||
Quarter Ended June 30, 2012
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Net Economic Earnings (Non-GAAP)
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$
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4.7
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$
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3.6
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$
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0.6
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$
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8.9
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$
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0.40
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|||||||||||
Add: Unrealized gain (loss) on energy-related
derivatives (1)
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(0.1
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)
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(0.9
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)
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—
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(1.0
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)
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(0.04
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)
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||||||||||||
Add: Lower of cost or market inventory adjustments (1)
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—
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0.5
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—
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0.5
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0.02
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||||||||||||||||
Net Income (GAAP)
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$
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4.6
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$
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3.2
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$
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0.6
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$
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8.4
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$
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0.38
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|||||||||||
Net Economic EPS (Non-GAAP) (2)
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$
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0.20
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$
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0.16
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$
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0.04
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$
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0.40
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|||||||||||||
Diluted EPS (GAAP)
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$
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0.20
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$
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0.14
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$
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0.04
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$
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0.38
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Quarter Ended June 30, 2011
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Net Economic Earnings (Non-GAAP)
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$
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5.4
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$
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2.7
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$
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6.5
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$
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14.6
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$
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0.65
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|||||||||||
Add: Unrealized gain (loss) on energy-related
derivatives (1)
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—
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0.8
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—
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0.8
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0.04
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||||||||||||||||
Net Income (GAAP)
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$
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5.4
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$
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3.5
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$
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6.5
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$
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15.4
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$
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0.69
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|||||||||||
Net Economic EPS (Non-GAAP) (2)
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$
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0.24
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$
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0.12
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$
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0.29
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$
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0.65
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|||||||||||||
Diluted EPS (GAAP)
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$
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0.24
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$
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0.16
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$
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0.29
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$
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0.69
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|||||||||||||
Nine Months Ended June 30, 2012
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Net Economic Earnings (Non-GAAP)
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$
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51.4
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$
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9.6
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$
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1.2
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$
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62.2
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$
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2.77
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|||||||||||
Add: Unrealized gain (loss) on energy-related
derivatives (1)
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—
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1.3
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—
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1.3
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0.06
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||||||||||||||||
Add: Lower of cost or market inventory adjustments (1)
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—
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(0.1
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)
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—
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(0.1
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)
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—
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||||||||||||||
Add: Realized gain (loss) on economic hedges prior to the sale of the physical commodity (1)
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—
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(0.1
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)
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—
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(0.1
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)
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(0.01
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)
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|||||||||||||
Net Income (GAAP)
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$
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51.4
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$
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10.7
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$
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1.2
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$
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63.3
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$
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2.82
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|||||||||||
Net Economic EPS (Non-GAAP) (2)
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$
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2.29
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$
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0.43
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$
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0.05
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$
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2.77
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|||||||||||||
Diluted EPS (GAAP)
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$
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2.29
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$
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0.48
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$
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0.05
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$
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2.82
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|||||||||||||
Nine Months Ended June 30, 2011
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Net Economic Earnings (Non-GAAP)
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$
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53.0
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$
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6.0
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$
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6.5
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$
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65.5
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$
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2.93
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|||||||||||
Add: Unrealized gain (loss) on energy-related
derivatives (1)
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—
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1.2
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—
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1.2
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0.05
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||||||||||||||||
Net Income (GAAP)
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$
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53.0
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$
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7.2
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$
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6.5
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$
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66.7
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$
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2.98
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|||||||||||
Net Economic EPS (Non-GAAP) (2)
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$
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2.37
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$
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0.27
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$
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0.29
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$
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2.93
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|||||||||||||
Diluted EPS (GAAP)
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$
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2.37
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$
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0.32
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$
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0.29
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$
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2.98
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