EX-99.2 3 a5902673ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Table 1

Summary of Land-Use Entitlements (1)

Active JOE Residential and Mixed-Use Projects

December 31, 2008

               

Project

 

 

 

 

Class.(2)

 

 

 

County

 

 

Project Acres

 

 

Project Units(3)

Residential

Units

Closed

Since Inception

Residential

Units Under Contract as

of 12/31/08

Total Residential Units

Remaining

Remaining

Commercial

Entitlements

(Sq. Ft.)(4)

 

In Development: (5)

Artisan Park (6) PR Osceola 175 616 577 -- 39 --
Hawks Landing PR Bay 88 168 131 -- 37 --
Landings at Wetappo RR Gulf 113 24 7 -- 17 --
RiverCamps on Crooked Creek RS Bay 1,491 408 188 -- 220 --
RiverSide at Chipola RR Calhoun 120 10 2 -- 8 --
RiverTown PR St. Johns 4,170 4,500 30 -- 4,470 500,000
SouthWood PR Leon 3,370 4,770 2,535 -- 2,235 4,577,360
St. Johns Golf & Country Club PR St. Johns 880 799 798 -- 1 --
SummerCamp Beach RS Franklin 762 499 81 -- 418 25,000
Victoria Park PR Volusia 1,859 4,200 1,451 40 2,709 43,643
WaterColor RS Walton 499 1,140 886 -- 254 47,600
WaterSound RS Walton 2,425 1,432 24 -- 1,408 457,380
WaterSound Beach RS Walton 256 511 445 -- 66 29,000
WaterSound West Beach RS Walton 62 199 37 -- 162 --
Wild Heron (7) RS Bay 17 28 2 -- 26 --
WindMark Beach RS Gulf

2,020

1,662

139

--

1,523

75,000

Subtotal

18,307

20,966

7,333

40

13,593

5,754,983

 

In Pre-Development: (5)

Avenue A PR Gulf 6 96 -- -- 96 --
Bayview Estates PR Gulf 31 45 -- -- 45 --
Bayview Multifamily PR Gulf 20 300 -- -- 300 --
Beacon Hill RR Gulf 3 12 -- -- 12 --
Beckrich NE PR Bay 15 70 -- -- 70 --
Boggy Creek PR Bay 630 526 -- -- 526 --
Bonfire Beach RS Bay 550 750 -- -- 750 70,000
Breakfast Point, Phase 1 PR/RS Bay 115 320 -- -- 320 --
Carrabelle East PR Franklin 200 600 -- -- 600 --
College Station PR Bay 567 800 -- -- 800 --
Cutter Ridge PR Franklin 10 25 -- -- 25 --
DeerPoint Cedar Grove PR Bay 668 950 -- -- 950 --
East Lake Creek PR Bay 81 313 -- -- 313 --
East Lake Powell RS Bay 181 360 -- -- 360 30,000
Howards Creek RR Gulf 8 33 -- -- 33 --
Laguna Beach West PR Bay 59 382 -- --- 382 --
Long Avenue PR Gulf 10 30 -- -- 30 --
Palmetto Bayou PR Bay 58 217 -- -- 217 90,000
ParkSide PR Bay 48 480 -- -- 480 --
Pier Park NE PR Bay 57 460 -- -- 460 190,000
Pier Park Timeshare RS Bay 13 125 -- -- 125 --
PineWood PR Bay 104 264 -- -- 264 --
Port St. Joe Draper, Phase 1 PR Gulf 639 1,200 -- -- 1,200 --
Port St. Joe Draper, Phase 2 PR Gulf 981 2,125 -- -- 2,125 150,000
Port St. Joe Town Center RS Gulf 180 624 -- -- 624 500,000
Powell Adams RS Bay 56 2,520 -- -- 2,520 --
Sabal Island RS Gulf 45 18 -- -- 18 --
SevenShores RS Manatee 192 278 -- -- 278 20,400
South Walton Multifamily PR Walton 40 212 -- -- 212 --
St. James Island Granite Point RS Franklin 1,000 2,000 -- -- 2,000 --
Star Avenue North PR Bay 271 1,248 -- -- 1,248 380,000
The Cove RR Gulf 64 107 -- -- 107 --
Timber Island (8) RS Franklin 49 407 -- -- 407 14,500
Topsail PR Walton 115 627 -- -- 627 300,000
Wavecrest RS Bay 7 95 -- -- 95 --
WestBay Corners SE PR Bay 100 524 -- -- 524 50,000
WestBay Corners SW PR Bay 64 160 -- -- 160 --
WestBay DSAP PR/RS Bay 15,089 5,628 -- -- 5,628 4,430,000
WestBay Landing (9) RS Bay

950

214

--

--

214

--

Subtotal

23,276

25,145

--

--

25,145

6,224,900

Total

41,583

46,111 7,333 40

38,738

11,979,883

(1) A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge.

(2) Current JOE land classifications for its residential developments or the residential portion of its mixed-use projects:

  • PR – Primary residential
  • RS – Resort and seasonal residential
  • RR – Rural residential

(3) Project units represent the maximum number of units entitled or currently expected at full build-out. The actual number of units or square feet to be constructed at full build-out may be lower than the number entitled or currently expected.

(4) Represents the remaining square feet with land-use entitlements as designated in a development order or expected given the existing property land use or zoning and present plans. The actual number of square feet to be constructed at full build-out may be lower than the number entitled. Commercial entitlements include retail, office and industrial uses. Industrial uses total 6,128,381 square feet including SouthWood, RiverTown and the West Bay DSAP.

(5) A project is “in development” when construction on the project has commenced and sales and/or marketing have commenced or will commence in the foreseeable future. A project in “pre-development” has land-use entitlements but is still under internal evaluation or requires one or more additional permits prior to the commencement of construction. For certain projects in pre-development, some horizontal construction may have occurred, but no sales and/or marketing activities are expected in the foreseeable future.

(6) Artisan Park is 74 percent owned by JOE.

(7) Homesites acquired by JOE within the Wild Heron community.

(8) Timber Island entitlements include seven residential units and 400 units for hotel or other transient uses (including units held with fractional ownership such as private residence clubs).

(9) West Bay Landing is a sub-project within WestBay DSAP.

Table 2

Proposed JOE Residential and Mixed-Use Projects

In the Land-Use Entitlement Process (1)

December 31, 2008

       

 

 

Project

 

 

Class (2)

 

 

County

 

 

Project Acres

 

Estimated

Project Units (3)

Estimated

Commercial

Entitlements

(Sq. Ft.) (4)

Breakfast Point, Phase 2 PR/RS Bay 1,299 2,780 635,000
SouthSide PR Leon 1,625 2,800 1,150,000
St. James Island McIntyre RR Franklin 1,704 340 --
St. James Island RiverCamps RS Franklin

2,500

500

--

Total 7,128 6,420 1,785,000

(1) A project is deemed to be in the land-use entitlement process when customary steps necessary for the preparation and submittal of an application, such as conducting pre-application meetings or similar discussions with governmental officials, have commenced and/or an application has been filed. All projects listed have significant entitlement steps remaining that could affect their timing, scale and viability. There can be no assurance that these entitlements will ultimately be received.

(2) Current JOE land classifications for its residential developments or the residential portion of its mixed-use projects:

  • PR – Primary residential
  • RS – Resort and seasonal residential
  • RR – Rural residential

(3) The actual number of units to be constructed at full build-out may be lower than the number ultimately entitled.

(4) Represents the estimated number of entitlements that are being sought. The actual number of entitlements approved may be less. Once entitled, the actual number of square feet to be constructed at full build-out may be lower than the actual number eventually entitled. Commercial entitlements include retail, office and industrial uses.

Table 3

Summary of Additional Commercial Land-Use Entitlements (1)

(Commercial Projects Not Included in Tables 1 and 2 Above)

Active JOE Commercial Projects

December 31, 2008

         

 

Project

 

County

Project

Acres

Acres Sold

Since

Inception

Acres Under

Contract

As of 12/31/08

Total Acres

Remaining

Airport Commerce Leon 45 10 -- 35
Alf Coleman Retail Bay 25 23 -- 2
Beach Commerce Bay 157 151 -- 6
Beach Commerce II Bay 112 13 -- 99
Beckrich Office Park Bay 17 12 -- 5
Beckrich Retail Bay 44 41 -- 3
Cedar Grove Commerce Bay 51 5 -- 46
Franklin Industrial Franklin 7 -- -- 7
Glades Retail Bay 14 -- -- 14
Gulf Boulevard Bay 78 27 -- 51
Hammock Creek Commerce Gadsden 165 27 -- 138
Mill Creek Commerce Bay 37 -- -- 37
Nautilus Court Bay 11 7 -- 4
Port St. Joe Commerce II Gulf 39 9 -- 30
Port St. Joe Commerce III Gulf 50 -- -- 50
Powell Hills Retail Bay 44 -- -- 44
South Walton Commerce Walton

38

17

--

21

Total

934

342 -- 592

(1) A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge. Includes significant JOE projects that are either operating, under development or in the pre-development stage.

Table 4

Residential Real Estate

Sales Activity

Three Months Ended December 31,

($ in millions)

 
2008 2007

Number

of Units

Closed

 

 

 

Revenue

 

 

Cost of

Sales (1)

 

 

Gross

Profit

Number

of Units

Closed

 

 

 

Revenue

 

 

Cost of

Sales (1)

 

 

Gross

Profit

 
Homesites (2) 4 $ 1.4 $ 0.6 $ 0.8 134 $ 20.3 $ 12.6 $ 7.7
Homes (3)

5

 

1.3

 

1.3

 

--

31

 

16.7

 

14.8

 

1.9

Total 9 $ 2.7 $ 1.9 $ 0.8 165 $ 37.0 $ 27.4 $ 9.6

(1) Cost of sales for homesites in the fourth quarter of 2008 consisted of $0.4 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. Cost of sales for homesites in the fourth quarter of 2007 consisted of $10.8 million in direct costs, $0.5 million in selling costs and $1.3 million in indirect costs. Cost of sales for homes in the fourth quarter of 2008 consisted of $1.0 million in direct costs, $0.1 million in selling costs and $0.2 million in indirect costs. Cost of sales for homes in the fourth quarter of 2007 consisted of $11.1 million in direct costs, $0.9 million in selling costs and $2.8 million in indirect costs.

(2) Profit has been deferred as a result of continuing development obligations at SummerCamp Beach in 2008 and 2007 and WaterSound West Beach in 2007. As a consequence, revenue recognition and closings may occur in different periods.

(3) Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included; residential sales are complete at both of these communities.

Year Ended December 31,

($ in millions)

 
2008 2007

Number

of Units

Closed

 

 

 

Revenue

 

 

Cost of

Sales (1)

 

 

Gross

Profit

Number

of Units

Closed

 

 

 

Revenue

 

 

Cost of

Sales (1)

 

 

Gross

Profit

 
Homesites (2) 89 $ 10.1 $ 6.6 $ 3.5 354 $ 57.6 $ 29.5 $ 28.1
Homes (3) 33   17.9   17.4   0.5 124   58.4   47.4   11.0
Total 122 $ 28.0 $ 24.0 $ 4.0 478 $ 116.0 $ 76.9 $ 39.1

(1) Cost of sales for homesites for the year ended 2008 consisted of $5.6 million in direct costs, $0.6 million in selling costs and $0.4 million in indirect costs. Cost of sales for homesites for the year ended 2007 consisted of $24.5 million in direct costs, $2.0 million in selling costs and $3.0 million in indirect costs. Cost of sales for homes for the year ended 2008 consisted of $12.9 million in direct costs, $1.0 million in selling costs and $3.5 million in indirect costs. Cost of sales for homes for the year ended 2007 consisted of $36.3 million in direct costs, $2.9 million in selling costs and $8.2 million in indirect costs.

(2) Profit has been deferred as a result of continuing development obligations at SummerCamp Beach in 2008 and 2007 and WaterSound West Beach in 2007. As a consequence, revenue recognition and closings may occur in different periods.

(3) Homes include single-family, multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included; residential sales are complete at both of these communities.

Table 5

Residential Real Estate

National Homebuilder Summary

of Homesite Commitments and Purchases

 

Activity During the

Year Ended December 31, 2008

       

 

12/31/2007

Commitments (1)

Closed

Average Price

Closed Units

Change in

Commitments

12/31/2008

Commitments (1)

Beazer Homes
Laguna West 232 -- -- -- 232
SouthWood 20 20 $ 47,934 -- --
Shea Homes
Victoria Park 618 41 38,144 -- 577
David Weekley Homes
RiverTown 87 3 72,500 (38 ) 46
SouthWood 106 -- -- (106 ) (2) --
American Home Builders
RiverTown 59 -- -- (59 ) --
Cornerstone Homes
RiverTown 23 -- -- -- 23
Issa Homes
RiverTown

66

--

--

--

66

Total 1,211 64 (203 ) 944

(1) Includes agreements with minimal down payments. Homebuilders may be more willing to delay or cancel commitments if they have only minimal down payments at risk. Given current economic conditions, many of these commitments may be renegotiated or cancelled.

(2) Commitment terminated during January 2009.

Table 6

Residential Real Estate Sales Activity

Three Months Ended December 31,

($ in thousands)

 
2008   2007  

Units Closed

 

Avg.

Price

 

Accepted (1)

 

Avg.

Price

Units

Closed

 

Avg.

Price

 

Accepted (1)

 

Avg.

Price

Artisan Park (2)
Homesites -- $ -- -- $ -- 2

 

$105.0

2

 

$105.0

Single-Family Homes -- -- -- -- 4 459.7 4 459.7
Multifamily Homes -- -- -- -- 11 335.0 11 335.0
Hawks Landing
Homesites 2 73.1 -- -- 1 80.0 1 80.0
Palmetto Trace
Single-Family Homes 1 268.0 1 268.0 3 253.1 3 253.1
Paseos (2)
Single-Family Homes -- -- -- -- 2 385.0 -- --
Rivercrest (2)
Single-Family Homes -- -- -- -- 1 296.0 1 296.0
RiverTown
Homesites -- -- -- -- 27 65.5 27 65.5
SouthWood
Homesites -- -- -- -- 6 98.6 5 91.3
Victoria Park
Homesites -- -- -- -- 92 44.6 10 97.5
Single-Family Homes 3 183.4 3 183.4 3 186.9 3 186.9
WaterColor
Homesites -- -- (1 ) 1,040.0 1 832.0 1 832.0
Single-Family Homes -- -- -- -- 1 1,925.0 1 1,925.0
WaterSound
Homesites -- -- -- -- 1 165.8 1 165.8
Single-Family Homes 1 530.0 1 530.0 1 1,315.0 -- --
WaterSound Beach
Single-Family Homes -- -- -- -- 7 817.4 1 1,025.0
WaterSound West Beach
Homesites -- -- -- -- 2 368.6 2 368.6
Single-Family Homes -- -- -- -- 1 895.0 -- --
Wild Heron
Homesites -- -- -- -- 1 190.0 1 190.0
WindMark Beach
Homesites 2 184.5 1 156.9 1 404.2 1 404.2
Single-Family Homes

--

--

--

--

--

--

1

1,300.0

Total Homesites

4

$

128.8(3)

 

-- $

--(3)

 

134

$

67.8(3)

 

51

$

114.1(3)

 

Total Single/Multifamily Homes 5 $

269.7(3)

 

5

$

269.7(3)

 

 

34

$

522.6(3)

 

25

$

455.6(3)

 

(1) Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.

(2) JOE owns 74 percent of Artisan Park and 50 percent of Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of our residential real estate segment. Residential sales are complete at both of these communities.

(3) Average prices differ from quarter to quarter primarily because of the relative mix and location of sales.

Year Ended December 31,

($ in thousands)

 
2008   2007

Units

Closed

   

Avg.

Price

 

Accepted

(1)

 

Avg.

Price

Units

Closed

 

Avg.

Price

 

Accepted

(1)

 

Avg.

Price

Artisan Park (2)
Homesites -- $ -- -- $ -- 2 $ 105.0 2 $ 105.0
Single-Family Homes 6 598.5 6 598.5 25 620.3 20 582.0
Multifamily Homes 9 342.9 9 342.9 39 447.6 15 331.5
Hawks Landing
Homesites 2 73.1 2 73.1 70 65.7 68 65.3
Palmetto Trace
Homesites -- -- -- -- 8 83.5 8 83.5
Single-Family Homes 1 268.0 1 268.0 12 261.7 12 261.7
Paseos (2)
Single-Family Homes -- -- -- -- 3 458.3 3 458.3
Port St. Joe Primary
Homesites 1 55.0 1 55.0 3 64.2 3 64.2
RiverCamps at Crooked Creek
Homesites 1 300.0 1 300.0 4 220.1 4 220.1
Single-Family Homes 1 550.0 1 550.0 -- -- -- --
Rivercrest (2)
Single-Family Homes -- -- -- -- 17 240.4 12 237.2
RiverTown
Homesites 3 72.5 3 72.5 27 65.5 27 65.5
SevenShores
Multifamily Homes -- -- -- -- -- -- (9 ) 1,013.8
SouthWood
Homesites 20 47.9 19 44.4 96 88.4 82 83.8
Single-Family Homes -- -- -- -- 5 349.4 1 228.5
St. Johns G &CC
Homesites -- -- -- -- 2 157.5 -- --
Single-Family Homes 2 457.5 2 457.5 9 469.6 6 415.5
SummerCamp
Homesites 1 149.9 1 149.9 -- -- -- --
Single-Family Homes -- -- -- -- -- -- (1 ) 968.7
The Hammocks
Homesites -- -- -- -- 1 79.0 1 79.0
Single-Family Homes -- -- -- -- 3 204.6 3 204.6
Victoria Park
Homesites 42 39.2 1 82.9 98 46.9 178 41.5
Single-Family Homes 7 198.4 7 198.4 10 325.0 8 321.8
WaterColor
Homesites 3 459.7 3 459.7 9 768.5 9 768.5
Single-Family Homes 3 1,413.3 3 1,413.3 2 1,350.0 2 1,350.0
WaterSound
Homesites 1 120.0 1 120.0 6 164.2 6 164.2
Single-Family Homes 1 530.0 1 530.0 1 1,315.0 1 1,315.0
WaterSound Beach
Homesites 5 452.5 5 452.5 4 1,583.8 3 1,638.0
Single-Family Homes -- -- -- -- 17 1,121.7 9 1,769.1
WaterSound West Beach
Homesites 5 185.1 5 185.1 17 325.6 17 325.6
Single-Family Homes 1 837.0 1 837.0 1 895.0 1 895.0
Wild Heron
Homesites 1 215.0 1 215.0 1 190.0 1 190.0
WindMark Beach
Homesites 4 171.2 4 171.2 6 322.3 6 322.3
Single-Family Homes

2

1,249.8

1

1,200.0

--

--

1

1,300.0

Total Homesites 89 $ 101.8 47 $ 157.1 354 $ 123.4 415 $ 103.5
Total Single/Multifamily Homes 33 $ 542.6 32 $ 518.9 144 $ 523.5 84 $ 499.1

(1) Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.

(2) JOE owns 74 percent of Artisan Park and 50 percent of Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of our residential real estate segment. Residential sales are complete at both of these communities.

Table 7

Commercial Land Sales

Three Months Ended December 31,

     

Number of Sales

Acres Sold

Gross Sales Price

(in thousands)

Average Price/Acre

2008 4 5 $ 807 $ 161,000
2007 7 30 10,106 336,000

Year Ended December 31,

     

Number of Sales

Acres Sold

Gross Sales Price

(in thousands)

Average Price/Acre

2008 8 39 $ 3,558 $ 91,000
2007 33 110 27,593 250,000

Table 8

Rural Land Sales

Three Months Ended December 31,

     

Number of Sales

Acres Sold

Gross Sales Price

(in thousands)

Average Price/Acre

2008 11 20,498 $ 29,522 $ 1,440
2007 12 18,864 29,820 1,581

Year Ended December 31,

 

Number of Sales

 

Acres Sold

 

Gross Sales Price

(in thousands)

 

Average Price/Acre

2008 26 107,677 $ 162,043 $ 1,505
2007 44 105,963 161,287 1,522

Table 9

Quarterly Segment Pretax Income (Loss)

From Continuing Operations

($ in millions)

 

Dec. 31,

2008

 

Sept. 30,

2008

 

June 30,

2008

 

Mar 31,

2008

 

Dec 31,

2007

 

Sept 30,

2007

 

June 30,

2007

 

Mar 31,

2007

 

Dec 31,

2006

Residential $ (71.0 ) $ (13.0 ) $ (13.3 ) $ (18.7 ) $ (11.4 ) $ (26.2 ) $ (1.0 ) $ (5.4 ) $ 4.3
Commercial (0.3 ) (0.6 ) (0.5 ) (0.9 ) 4.6 2.3 8.5 0.1 13.6
Rural Land sales 26.3 2.0 24.1 80.1 24.5 27.8 7.2 40.4 26.7
Forestry 0.8 0.2 (1.1 ) 1.9 (1.9 ) 1.3 0.9 0.1 1.5
Corporate and other

(4.5

)

(19.2

)

(41.6

)

(12.9

)

(11.0

)

(15.8

)

(16.4

)

(10.2

)

(18.9

)

Pretax income (loss) from

continuing operations

$ (48.7

)

$ (30.6 ) $ (32.4 ) $ 49.5 $ 4.8 $ (10.6 ) $ (0.8 ) $ 25.0 $ 27.2

Table 10

Discontinued Operations, Net of Tax

($ in millions)

 

Three Months Ended Dec. 31,

Year Ended Dec. 31,

2008

2007

2008

2007

Loss on sale of Saussy Burbank, net of tax $ -- $ (0.1 ) $ -- $ --
Income from Saussy Burbank operations, net of tax -- -- -- 1.0
Income (loss) from office buildings, net of tax -- 0.8 -- 1.5
Gain from sale of office buildings, net of tax -- (0.1 ) -- 29.1
Income (loss) from Sunshine State Cypress

operations, net of tax

(0.8

)

0.2

(1.0

)

(3.5

)

Net income (loss) from discontinued operations $ (0.8 ) $ 0.8 $ (1.0 ) $ 28.1  

Table 11

Other Income (Expense)

($ in millions)

 

Three Months Ended Dec. 31

Year Ended Dec. 31,

2008

2007

2008

2007

Dividend and interest income $ 1.1 $ 1.2 $ 6.1 $ 5.2
Interest expense -- (5.4 ) (4.5 ) (20.0 )
Gain on sale of office buildings 0.2 0.7 0.7 8.0
Other 0.4 0.2 1.9 2.1
Loss on early extinguishment of debt -- -- (30.6 ) --
Loss on demolition of property -- -- (1.9 ) --
Retained interest in monetized installment notes

0.3

--

(8.3

)

--

Total $

2.0

$

(3.3

)

$

(36.6

)

$

(4.7

)

Table 12

Other Operating and Corporate Expenses

($ in millions)

 

Three Months Ended Dec. 31

Year Ended Dec. 31,

2008

2007

2008

2007

Employee costs $ 6.5 $ 11.8 $ 34.4 $ 54.7
Non-cash stock compensation costs 2.8 1.7 11.8 7.8
Property taxes and insurance 3.1 3.9 15.4 16.1
Marketing and homeowner association cost 1.5 2.3 10.3 9.7
Occupancy, repairs and maintenance 1.9 2.4 9.5 11.8
Professional fees 2.2 4.0 9.8 12.1
Other 1.1 7.0 4.3 16.8
Pension expense (income) 0.2 (3.0 ) (2.5 ) (5.8 )
Capitalized costs

(0.8

)

(5.4

)

(5.4

)

(22.0

)

Total other operating and corporate expense $ 18.5 $ 24.7 $ 87.6 $ 101.2