-----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, AAm5LH7JoJngvK2eC1/4gCrjp4CPesH0MHNqONRhZ8Zs4KkNPgadD9HXCk6H5jIk l5tGfl7Qz3xcDvZgIDYICA== 0000950168-94-000195.txt : 19940520 0000950168-94-000195.hdr.sgml : 19940520 ACCESSION NUMBER: 0000950168-94-000195 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940331 FILED AS OF DATE: 19940516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OAKWOOD HOMES CORP CENTRAL INDEX KEY: 0000073609 STANDARD INDUSTRIAL CLASSIFICATION: 2451 IRS NUMBER: 560985879 STATE OF INCORPORATION: NC FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07444 FILM NUMBER: 94528702 BUSINESS ADDRESS: STREET 1: 2225 S HOLDEN RD STREET 2: P O BOX 7386 CITY: GREENSBORO STATE: NC ZIP: 27417-0386 BUSINESS PHONE: 9198552400 MAIL ADDRESS: STREET 1: 2225 S HOLDEN ROAD STREET 2: P O BOX 7386 CITY: GREENSBORO STATE: NC ZIP: 27417-0386 10-Q 1 OAKWOOD HOMES CORPORATION FORM 10-Q 55174 5/11/94 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ( X ) Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 1994 or ( ) Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File Number 1-7444 OAKWOOD HOMES CORPORATION (Exact name of registrant as specified in its charter) NORTH CAROLINA 56-0985879 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2225 S. Holden Road (P.O. Box 7386), Greensboro, North Carolina (Address of principal executive offices) 27417-0386 (Zip Code) (910) 855-2400 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) 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, and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ Indicate the number of shares outstanding of each of the issuer's classes of Common Stock, as of April 30, 1994. Common Stock, Par Value $.50 Per Share ........ 20,453,585 (1) PART I. FINANCIAL INFORMATION QUARTERLY REPORT ON FORM 10-Q CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the Quarter Ended March 31, 1994 OAKWOOD HOMES CORPORATION AND SUBSIDIARIES Greensboro, North Carolina The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. (2) OAKWOOD HOMES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (in thousands except per share data) Three Months Ended March 31, 1994 1993 Revenues Net sales $ 86,449 $ 54,032 Financial services income 15,103 11,578 Other income 2,864 2,370 --------- --------- Total revenues 104,416 67,980 Costs and expenses Cost of sales 60,457 37,526 Selling, general and administrative expenses Non-financial services 22,277 12,994 Financial services 1,868 1,569 Provision for losses on credit sales 2,100 1,404 Interest expense Non-financial services 84 130 Financial services 6,157 6,464 --------- ---------- Total costs and expenses 92,943 60,087 --------- ---------- Income before income taxes 11,473 7,893 Provision for income taxes 4,195 2,820 ---------- ---------- $ 7,278 $ 5,073 Net income ========== ========== Earnings per share Primary $ .34 $ .25 Fully diluted $ .34 $ .25 Dividends paid per share $ .02 $ .02 Average shares outstanding Primary 21,401 20,339 Fully diluted 21,401 20,417 (3) OAKWOOD HOMES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (in thousands except per share data) Six Months Ended March 31, 1994 1993 Revenues Net sales $ 157,479 $ 96,889 Financial services income 29,344 23,102 Other income 5,267 4,417 ---------- --------- Total revenues 192,090 124,408 ---------- --------- Costs and expenses Cost of sales 109,613 67,311 Selling, general and administrative expenses Non-financial services 41,174 24,486 Financial services 3,719 3,185 Provision for losses on credit sales 4,031 2,671 Interest expense Non-financial services 202 710 Financial services 12,195 12,459 ---------- --------- Total costs and expenses 170,934 110,822 ---------- --------- Income before income taxes 21,156 13,586 Provision for income taxes 7,564 4,820 ---------- --------- $ 13,592 $ 8,766 Net income ========== ========== Earnings per share Primary $ .64 $ .50 Fully diluted $ .64 $ .46 Dividends paid per share $ .04 $ .04 Average shares outstanding Primary 21,393 17,641 Fully diluted 21,402 19,367 (4) OAKWOOD HOMES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands except per share data) March 31, September 30, ASSETS 1994 1993 Cash and cash equivalents $ 8,731 $ 23,904 Receivables, principally installment contracts 456,379 424,710 Inventories: Manufactured homes 78,374 52,105 Work-in-process, materials and supplies 5,455 4,288 Land/homes under development 1,214 697 --------- --------- 85,043 57,090 --------- --------- Manufactured housing communities 7,810 4,088 Property, plant and equipment 32,882 27,702 Deferred income taxes 3,333 1,564 Other assets 19,293 17,970 --------- --------- $ 613,471 $ 557,028 LIABILITIES AND STOCKHOLDERS' INVESTMENT Short-term borrowings $ 92,000 $ 26,800 Notes and bonds payable 231,053 255,765 Accounts payable and accrued liabilities 38,737 39,079 Reserve for contingent liabilities 2,953 3,009 Other long-term obligations 5,771 3,499 Stockholders' investment: Common stock, $ .50 par value 10,225 10,172 Additional paid in capital 144,051 143,578 Retained earnings 88,681 75,905 --------- --------- 242,957 229,655 Less : Loan to ESOP 0 (779) --------- --------- Total stockholders' investment 242,957 228,876 --------- --------- $ 613,471 $ 557,028 ========= ========= (5) OAKWOOD HOMES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (000's omitted) For the Six Months Ended March 31, 1994 1993 Operating activities: Net income $ 13,592 $ 8,766 Items not requiring (providing) cash: Depreciation and amortization 2,100 1,761 Deferred income taxes (1,769) (530) Provision for losses on credit sales, net of actual losses 1,776 995 (Increase) in other receivables (2,497) 244 (Increase) in inventories (27,953) (10,719) (Decrease) in accounts payable and accrued liabilities (342) 1,638 Increase (decrease) in other long-term obligations 2,272 89 ---------- ---------- Cash used by operations (12,821) 2,244 Installment receivables issued (137,062) (75,849) Purchase of installment loan portfolio (604) 0 Sale of installment loans 80,765 26,410 Receipts on installment receivables 26,143 21,098 ---------- ---------- Cash used by operating activities (43,579) (26,097) ---------- ---------- Investing activities: Additions to property, plant and equipment (6,811) (2,540) Additions to manufactured housing communities (3,727) (18) Other (2,033) (703) ---------- ---------- Cash used by investing activities (12,571) (3,261) ---------- ---------- Financing activities: Net borrowings (repayments) on short-term credit facilities 65,200 (3,000) Issuance of notes and bonds payable 0 43,036 Payments on notes and bonds (23,933) (24,552) Cash dividends (816) (670) Proceeds from exercise of stock options 526 3,203 Proceeds from public offering of common stock 0 53,602 Other 0 4 ---------- ---------- Cash provided by financing activities 40,977 71,623 ---------- ---------- Net increase (decrease) in cash and cash equivalents (15,173) 42,265 Cash and cash equivalents: Beginning of period 23,904 17,200 ---------- ---------- End of period $ 8,731 $ 59,465 ========== ========== (6) OAKWOOD HOMES CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) 1. The condensed consolidated financial statements reflect all adjustments, which included only normal recurring adjustments, which are, in the opinion of management, necessary to present fairly the results of operations for the periods presented. Results of operations for any interim period are not necessarily indicative of results to be expected for a full year. 2. Effective October 1, 1993, the Company adopted prospectively Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" ("FAS 109"), which requires use of an asset and liability method to account for deferred income taxes. Prior to fiscal 1994, the Company accounted for income taxes using the deferred method. Adoption of FAS 109 had the effect of increasing the Company's net deferred income tax asset by approximately $214,000 ($.01 per share) at October 1, 1993 which has been reflected as a reduction in the provision for income taxes for the quarter ended December 31, 1993. 3. The Company is contingently liable as guarantor on installment sale contracts sold to unrelated financial institutions on a full or limited recourse basis. The amount of this contingent liability was approximately $121 million at March 31, 1994. (7) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Three months ended March 31, 1994 compared to three months ended - - ---------------------------------------------------------------- March 31, 1993 - - --------------- The following table summarizes certain key sales statistics for the quarters ended March 31, 1994 and 1993 : 1994 1993 ------- ------- Sales dollar volume (in millions) $ 86.4 $ 54.0 New units sold 3,045 2,121 Used units sold 410 255 Average new single-section sales price $23,200 $20,700 Average new multi-section sales price $41,700 $37,500 Weighted average sales centers 134 109 New unit sales per sales center 23 20 Total sales dollar volume increased 60%, reflecting a 44% increase in new unit volume and increases of 12% and 11% in the average new unit sales prices of single-section and multi-section homes, respectively. New unit volume increased due to a 23% increase in the weighted average number of sales centers open during the period and a 15% increase in average new unit sales per sales center. Total sales for sales centers open at least one year rose 32%. The increase in the average new unit sales price reflects price increases required to offset rising lumber prices, the effect of the Company's entry into the Texas market where the average size home sold is larger than in the Southeast market, and higher selling prices in the Southeast due to a change in product mix toward higher-end homes. Sales in the Southwest comprised 25% of total new manufactured housing sales dollars in the second quarter of 1994 compared to 9% last year. The Company has been successful in recovering increased lumber costs from its customers through higher selling prices and does not expect fluctuating lumber prices to have a material adverse effect on its results of operations. Gross profit as a percentage of sales was 30.1% in the current period compared to 30.5% in the prior year. Margins rose in the Southeast, principally due to manufacturing efficiencies resulting from higher production levels, partially offset by the effects of the Company's expansion into the Southwest, where substantially all product was sourced from third party manufacturers. Of the total new unit volume in the second quarter, 78% was manufactured by the Company compared to 84% in the second quarter last year. During the current period the Company operated at or near its production capacity on a single shift basis at four of its operating plants. At March 31, 1994, a fifth plant acquired in January 1993 was operating at approximately 75% of capacity. Production at the Company's new Texas facility commenced in October, 1993 and at (8) March 31, 1994, this plant was operating at approximately 50% capacity. During the first quarter of fiscal 1994 the Company began construction of an additional plant in Texas and plans to begin construction of a plant in Tennessee to further support the Company's expansion into the Southwest and Midwest markets. Production at these facilities is expected to commence during 1994. In April 1994, the Company purchased a third plant in Texas; production in this existing facility should commence in 1994 following completion of certain renovations. Management does not expect a significant improvement in gross margins to be realized from the additional manufacturing plants until fiscal 1995 because of the start-up costs associated with bringing new production capacity on line. Financial services income increased 30% as a result of the increase in the outstanding balance of installment sale contracts from $345 million at March 31, 1993 to $441 million at March 31, 1994, offset slightly by a decrease in the weighted average interest rate. Credit sales represented approximately 88% and 85% of the Company's sales dollar volume in fiscal 1994 and 1993, respectively, of which approximately 96% and 93%, respectively, was originated by the Company's credit subsidiary. Financial services income for the fiscal 1994 quarter also reflects earnings on the Company's retained interests in REMIC securitizations consummated in July and October 1993 which were structured as sales of receivables. The Company's earnings on its retained interests in these REMICs are reflected as a single amount within financial services income, as compared to presenting interest income on the installment sale contracts conveyed to the REMICs as interest income, and interest expense on REMIC interests purchased by investors as interest expense, for REMIC securitizations structured as collateralized borrowings. Structuring REMIC securitizations as sales of receivables will cause slower rates of growth in interest income and interest expense compared to that which would occur if such securitizations were structured as collateralized borrowings. Other income increased 21%, principally due to increased insurance commissions resulting from an improvement in the percentage of total sales for which physical damage coverage was written by the Company's agency and the overall increase in sales, offset by decreases in insurance commissions from favorable loss experience and the continuing decline in endorsement fee income resulting from the Company's emphasis on internal financing of credit sales. Total selling, general and administrative expenses increased 66%, primarily as a result of higher sales volumes and increased servicing costs associated with the increased size of the Company's servicing portfolio. The provision for losses on credit sales rose 50% over the prior period. The Company provides for estimated future losses on current period retail credit sales financed by the Company or sold to financial institutions on a recourse basis. The amounts provided are based on the Company's historical loss (9) experience, current repossession trends and costs, and management's assessment of the current credit quality of the installment sale contract portfolio. Accordingly, the provision for losses on credit sales is not necessarily directly related to current period sales. Financial services interest expense decreased because the Company has begun structuring its REMIC securitizations as sales of receivables instead of as collateralized borrowings, as more fully described above. The Company's effective income tax rate was 36.6% in fiscal 1994 compared to 35.7% in fiscal 1993. The increase over fiscal 1993 was the result of higher state income taxes and an increase in the federal income tax rate. Six months ended March 31, 1994 compared to six months ended - - ------------------------------------------------------------ March 31, 1993 - - --------------- The following table summarizes certain key sales statistics for the six months ended March 31, 1994 and 1993 : 1994 1993 --------- -------- Sales dollar volume (in millions) $ 157.5 $ 96.9 New units sold 5,440 3,772 Used units sold 736 445 Average new single-section sales price $23,200 $20,500 Average new multi-section sales price $41,400 $37,200 Weighted average sales centers 129 108 New unit sales per sales center 42 35 Total sales dollar volume increased 63%, reflecting a 44% increase in new unit volume and increases of 13% and 11% in the average new unit sales prices of single-section and multi-section homes, respectively. New unit volume increased due to a 19% increase in the weighted average number of sales centers open during the period and a 20% increase in average new unit sales per sales center. Total sales for sales centers open at least one year rose 34%. The increase in the average new unit sales price reflects price increases required to offset rising lumber prices, the effect of the Company's entry into the Texas market where the average size home sold is larger than in the Southeast market, and higher selling prices in the Southeast due to a change in product mix toward higher-end homes. Sales in the Southwest comprised 23% of total new manufactured housing sales dollars in the first six months of 1994 compared to 7% last year. Gross profit as a percentage of sales was 30.4% in the current period compared to 30.5% in the prior year. Margins rose in the Southeast, principally due to manufacturing efficiencies resulting from higher production levels, partially offset by the effects of the Company's expansion into the Southwest, where substantially all product was sourced from third party manufacturers. Of the total year-to-date new unit volume, 77% was manufactured by the Company compared to 84% last year. (10) Financial services income increased 27% as a result of the increase in the outstanding balance of installment sale contracts from $345 million at March 31, 1993 to $441 million at March 31, 1994, offset slightly by a decrease in the weighted average interest rate. Credit sales represented approximately 86% and 83% of the Company's sales dollar volume in fiscal 1994 and 1993, respectively, of which approximately 94% and 87%, respectively, was originated by the Company's credit subsidiary. Other income increased 19%, principally due to increased insurance commissions resulting from an improvement in the percentage of total sales for which physical damage coverage was written by the Company's agency and the overall increase in sales, offset by decreases in insurance commissions from favorable loss experience and the continuing decline in endorsement fee income resulting from the Company's emphasis on internal financing of credit sales. Total selling, general and administrative expenses increased 62%, primarily as a result of higher sales volumes and increased servicing costs associated with the increased size of the Company's servicing portfolio. The provision for losses on credit sales rose 51% over the prior period. The Company provides for estimated future losses on current period retail credit sales financed by the Company or sold to financial institutions on a recourse basis. The amounts provided are based on the Company's historical loss experience, current repossession trends and costs, and management's assessment of the current credit quality of the installment sale contract portfolio. Accordingly, the provision for losses on credit sales is not necessarily directly related to current period sales. Non-financial services interest expense decreased primarily due to the redemption or conversion of the Company's 6-1/2% and 7-1/2% convertible subordinated debentures in November and December 1992. Financial services interest expense decreased because the Company has begun structuring its REMIC securitizations as sales of receivables instead of as collateralized borrowings, as more fully described above. The Company's effective income tax rate (excluding the $214,000 reduction in income tax expense arising from the adoption of FAS 109) was 36.8% in fiscal 1994 compared to 35.5% in fiscal 1993. The increase over fiscal 1993 was the result of higher state income taxes and an increase in the federal income tax rate. Liquidity and Capital Resources The Company's financial position at March 31, 1994 reflects the normal seasonal increase in inventories in preparation for the typically strong spring and summer selling season. In addition, the Company's retail expansion has (11) resulted in increased investment in inventories. Of the $28 million increase in inventories since September 30, 1993, approximately $11 million relates to the 16 new sales centers opened during the six months ended March 31, 1994. Short-term borrowings principally reflect outstanding advances on the Company's warehouse lines of credit used to finance installment sale contracts prior to securitization or other permanent financing. Borrowings outstanding at March 31, 1994 were liquidated using a portion of the proceeds of the Company's April 1994 REMIC securitization described below. Receivables, which consist principally of installment sale contracts, decreased principally as a result of the Company's structuring of installment sale contract securitizations as sales of receivables rather than as collateralized borrowings. During the six months ended March 31, 1994, the Company originated approximately $137 million of installment sale contracts and sold approximately $90 million of installment sale contracts, including approximately $88.5 million of contracts via a REMIC securitization. Investors purchased 90% of the interests in the REMIC trust for approximately $79.6 million cash; the Company retained a 10% interest in the trust. No gain or loss resulted from the sale of REMIC certificates to investors. In April 1994, approximately $175 million of contracts were sold via a publicly-offered REMIC securitization; investors purchased 92% of the interests in the REMIC trust for approximately $161 million cash, and the Company retained an 8% interest in the trust. No gain or loss resulted from the sale of REMIC certificates to investors. Management believes that financing for installment sale contracts remains readily available and anticipates completing two additional securitizations in calendar 1994. During the second quarter, the Company increased the amount available under its warehouse line of credit facility from $80 million to $110 million. In addition, the interest rate was adjusted from the prime rate or LIBOR plus 1.875% to the prime rate or LIBOR plus 1.625%. The Company also has entered into a new $50 million revolving credit facility secured by new manufactured housing inventory, borrowings under which bear interest at prime or LIBOR plus 1.75%. The new revolving credit facility replaces a $25 million facility which bore interest at prime plus .50%. Management believes that the availability of permanent financing for installment sale contracts, the Company's short-term credit facilities and cash generated by operations are sufficient to provide for the Company's short-term liquidity needs. The Company continues to monitor the credit and equity markets and evaluate the sources and cost of the long-term capital required to finance the demands of both planned expansion and higher operating levels within existing operations. The Company will seek to raise additional equity or long-term debt based upon anticipated business demands, management's assessment of existing and future conditions in the capital markets, and management's assessment of the appropriate components of the Company's capital structure. (12) PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K a) Exhibits ( 4) Agreement to Furnish Copies of Instruments with Respect to Long-term Debt (11) Statement Re Computation of Earnings Per Share b) Reports on Form 8-K No reports on Form 8-K were filed for the quarter ended March 31, 1994. Items 1, 2, 3, 4 and 5 are inapplicable and are omitted. (13) OAKWOOD HOMES CORPORATION AND SUBSIDIARIES SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 13, 1994 OAKWOOD HOMES CORPORATION BY: s/C. Michael Kilbourne C. Michael Kilbourne Vice President (Principal Financial Officer) (Duly Authorized Officer) (14) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 EXHIBITS ITEM 6(a) FORM 10-Q QUARTERLY REPORT For the quarter ended Commission File Number March 31, 1994 1-7444 OAKWOOD HOMES CORPORATION EXHIBIT INDEX Exhibit No. Exhibit Description 4 Agreement to Furnish Copies of Instruments with respect to Long-Term Debt (page 16 of the sequentially numbered pages) 11 Calculation of Fully Diluted Earnings Per Share (page 23 of the sequentially numbered pages) (15) EX-4 2 EXHIBIT 4 AGREEMENT TO FURNISH COPIES OF INSTRUMENTS WITH RESPECT TO LONG-TERM DEBT The Registrant has entered into certain agreements with respect to long-term indebtedness which do not exceed ten percent of the total assets of the Registrant and its subsidiaries on a consolidated basis. The Registrant hereby agrees to furnish a copy of such agreements to the Commission upon request of the Commission. OAKWOOD HOMES CORPORATION By: s/C. Michael Kilbourne C. Michael Kilbourne Vice President (16) EX-11 3 EXHIBIT 11 OAKWOOD HOMES CORPORATION STATEMENT RE COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended Six Months Ended March 31, March 31, 1994 1993 1994 1993 Weighted average number of common shares outstanding 20,436 19,353 20,401 16,632 Add: Dilutive effect of stock options, computed using the treasury stock method 965 986 992 1,009 ------- -------- ------- ------- Weighted average number of common and common equivalent shares outstanding 21,401 20,339 21,393 17,641 ======= ======== ======= ======= Net income $ 7,278 $ 5,073 $13,592 $ 8,766 ======= ======== ======= ======= Earnings per common share-primary $ 0.34 $ 0.25 $ 0.64 $ 0.50 ======= ======== ======= ======= Weighted average number of common shares outstanding 20,436 19,353 20,401 16,632 Add: Dilutive effect of stock options, computed using the treasury stock method 965 986 1,001 1,091 Add: Additional shares assumed to be outstanding from conversion of convertible securities 0 78 0 1,644 ------- -------- ------- ------- Weighted average number of common shares outstanding assuming full dilution 21,401 20,417 21,402 19,367 ======= ======== ======= ======= Net income $ 7,278 $ 5,073 $13,592 $ 8,766 Add: Interest on convertible securities, net of income taxes 0 0 0 237 ------- -------- ------- ------- Net income, as adjusted $ 7,278 $ 5,073 $13,592 $ 9,003 ======= ======== ======= ======= Earnings per common share-fully diluted $ 0.34 $ 0.25 $ 0.64 $ 0.46 ======= ======== ======= ======= (17) -----END PRIVACY-ENHANCED MESSAGE-----