THREE-FOR-TWO STOCK SPLIT

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

THREE-FOR-TWO STOCK SPLIT

19. THREE-FOR-TWO STOCK SPLIT

On January 27, 2015, the Board of Directors at its quarterly meeting authorized a three-for-two stock split of the Company’s common shares by the issuance on March 10, 2015 of one additional common share for each two common shares held of record at February 10, 2015. The stock split will increase the Company’s outstanding shares from approximately 145,783,052 to 218,674,578 shares. Our historical outstanding shares will be recast upon distribution.

Below is an estimate of the pro forma effects of the stock split on the Company’s Stockholders’ equity:

							December 31, 2014
	December 31, 2014			Adjustment			(Pro forma)
(in thousands)	(Audited)			(Unaudited)			(Unaudited)
STOCKHOLDERS’ EQUITY
Preferred stock, without par value; 500,000 authorized, zero shares issued	$	—		$	—		$	—
Common stock, par value $1 per share; 250,000,000 shares authorized,
218,482,907 shares issued(1)	$	145,722		$	72,761		$	218,483
Treasury Stock, par value $1 per share ; 200,000 and 0 shares, respectively		(200	)		—			(200	)
Paid-in-capital		62,839			—			62,839
Accumulated other comprehensive loss		(65,488	)		—			(65,488	)
Retained earnings		319,803			(72,761	)		247,042
Total stockholders’ equity	$	462,676		$	—		$	462,676

(1) Shares issued increased as follows: 2014 - 72,760,969; 2013 - 72,932,222

Below is an estimate of the pro forma effects of the stock split on the Company’s earnings per share:

						December 31, 2014
	December 31, 2014		Adjustment			(Pro forma)
(in thousands, except per share amounts)	(Audited)		(Unaudited)			(Unaudited)
Net Income	$	137,664	$	—		$	137,664
Basic Earnings Per Share	$	0.94	$	(0.31	)	$	0.63
Diluted Earnings Per Share	$	0.94	$	(0.31	)	$	0.63
Shares used for computation:
Basic		145,796		72,899			218,695
Diluted		145,796		72,899			218,695