AmerisourceBergen Reports Record Operating Revenue and Diluted Earnings Per Share for the June Quarter; Operating Revenue Up 12 percent, and Diluted EPS Up 21 percent.Business Editors/Health/Medical Writers VALLEY FORGE Valley Forge, on the Schuylkill River, SE Pa., NW of Philadelphia. There, during the American Revolution, the main camp of the Continental Army was established (Dec., 1777–June, 1778) under the command of Gen. George Washington. , Pa.--(BUSINESS WIRE)--July 24, 2003 AmerisourceBergen AmerisourceBergen NYSE: ABC is a Chesterbrook, PA based Drug Wholesale company that was formed by the merger of Bergen Brunswig and AmeriSource in 2001. They provide drug distribution and related services designed to reduce costs and improve patient outcomes, distribute a line Corporation (NYSE NYSE See: New York Stock Exchange :ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) today reported record results for its fiscal third quarter ended June June: see month. 30, 2003. The following results are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Fiscal Third Quarter Highlights -- Record diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.99, including special charges of $0.04, up 21 percent. -- Record net income of $112.5 million, up 25 percent. -- Record operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $11.5 billion, up 12 percent. -- Return On Committed Capital (ROCC ROCC Range Operations Control Center ROCC Regional Operations Control Center ROCC Rail Operations Control Center ROCC Residents of Color Council ROCC Royal Oak Community Coalition (Michigan) ) of 25.1 percent. Fiscal First Nine Months Highlights -- Record diluted earnings per share of $2.85, including special charges of $0.06, up 24 percent. -- Record net income of $321.7 million, up 29 percent. -- Record operating revenue of $33.8 billion, up 13 percent. "AmerisourceBergen again delivered exceptional performance," said R. David Yost David Harold Yost (born January 7, 1969) is an American actor known for his role on the television series Mighty Morphin Power Rangers. Biography Early life , AmerisourceBergen's Chief Executive Officer. "We had solid results across all of our businesses. Strong operating revenue combined with a good contribution from our recent acquisitions and record operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. efficiency drove significant operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: expansion. This performance resulted in a great return on committed capital and excellent earnings per share." Discussion of Results Diluted earnings per share for the third quarter of fiscal 2003 were $0.99, a 21 percent increase over the $0.82 in the prior year's third quarter. Included in these results were special charges, net of tax, in the third quarter of fiscal 2003 of $2.4 million for facility consolidations and employee severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and $2.6 million related to the early retirement of debt, as well as a $4.9 million special charge, net of tax, in the same period of the previous fiscal year for merger integration activities. The earnings per share impact of the special charges was a decrease of $0.04 in the third quarter of fiscal 2003 and a decrease of $0.04 in the third quarter of fiscal 2002. AmerisourceBergen's operating revenue, which excludes bulk deliveries to customer warehouses, rose 12 percent to $11.5 billion in the third quarter of fiscal 2003 compared to $10.3 billion for the same period last year. Bulk deliveries in the quarter decreased to $0.9 billion from $1.3 billion in the prior fiscal year's third quarter, as the Company successfully converted bulk business into operating revenue. For the first nine months of fiscal 2003, diluted earnings per share were $2.85, a 24 percent increase over the $2.30 in the same nine-month period last year. Special charges related to facility consolidations and employee severance and the retirement of debt in the first nine months of fiscal 2003 and merger costs in the first nine months of fiscal 2002 resulted in a net decrease in earnings per share of $0.06 and $0.11, respectively. Operating revenue in the first nine months of fiscal 2003 increased 13 percent to $33.8 billion from $29.9 billion in the same period of the previous fiscal year. Bulk deliveries to customer warehouses were down reflecting the impact of the conversion of bulk business to operating revenue in fiscal 2003. "Our superior operating performance in the quarter was driven primarily by continued strong merger integration cost savings, excellent growth in our specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. pharmaceuticals business, and contributions from recent acquisitions," said Kurt Kurt is a given name. Its principal English variant is Curt, while others include Cord, Curd, and Kort. It originated as a short form of Curtis, Konrad (Conrad), and Kunibert. J. Hilzinger, AmerisourceBergen's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We continue to capture integration cost savings significantly ahead of schedule, and the creation of our new pharmaceutical distribution network remains on time and on budget," he continued. "During the quarter we broke ground on our third new distribution center located near Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , and consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: our eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval distribution center. We are on schedule to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. two more distribution centers by the end of the fiscal year." "In our PharMerica PharMerica is a publicly-traded Fortune 1000 company formed in January 2007 from the merger of Kindred Healthcare's pharmacy business with a subsidiary of AmerisourceBergen. segment, continued focus on cost controls and operating practices drove operating margins to nearly 7 percent," said Hilzinger. "Operating revenue grew 7 percent, reflecting a moderation in the historically rapid growth rate of the workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. business." Segment Review AmerisourceBergen operates in two segments: Pharmaceutical Distribution (which includes the AmerisourceBergen Drug Company and AmerisourceBergen Specialty Group  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . ) and PharMerica (which includes the long term care pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. and workers' compensation fulfillment businesses). Intersegment operating revenue of $203.2 million in the third quarter of fiscal 2003 from AmerisourceBergen Drug Company to PharMerica, which are included in the Pharmaceutical Distribution segment operating revenue, are eliminated for consolidated reporting purposes. Pharmaceutical Distribution Segment Operating revenue in the third quarter of fiscal 2003 increased to $11.3 billion compared with $10.1 billion in the third quarter of fiscal year 2002, a 12 percent increase. Pharmaceutical Distribution customer mix in the third quarter of fiscal 2003 was 57 percent institutional and 43 percent retail. Operating revenue from institutional customers, which include mail order facilities, hospitals and specialty pharmaceutical customers, continued to grow significantly faster than operating revenue from retail customers. Gross profit as a percentage of operating revenue in the third quarter of fiscal 2003 was 3.82 percent, essentially flat compared to the same period in the prior fiscal year. Gross margins were positively impacted by recent acquisitions, which offset the negative impacts of customer mix and the competitive environment. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a percentage of operating revenue in the third quarter of fiscal 2003 were a record low 2.01 percent, a 14 basis point improvement over the same quarter last year, driven by customer mix, merger integration cost savings and operating efficiencies, offset in part by higher expense ratios within recent acquisitions. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. as a percentage of operating revenue in the third quarter of fiscal 2003 expanded 13 basis points to 1.81 percent compared to the third quarter of fiscal 2002. AmerisourceBergen Specialty Group, with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue of more than $3.5 billion, continued its strong performance, building leadership positions in the distribution of products and services to physicians in oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. and other disease states, as well as growing its manufacturer services businesses. PharMerica PharMerica's operating revenue for the third quarter of fiscal 2003 increased 7 percent to $399.9 million from $373.8 million in the previous year's third quarter. Gross profit as a percentage of operating revenue was 32.3 percent in the third quarter of fiscal 2003, an 84 basis point decline over the same period in the prior fiscal year due primarily to the comparatively faster growth in the lower-margin workers' compensation business. The decline in gross margin was more than offset by a 185 basis point improvement in total operating expenses as a percentage of operating revenue due mainly to cost control and improved operating practices. Operating income as a percentage of operating revenue expanded 101 basis points in the quarter ended June 30, 2003 to a record 6.83 percent from 5.82 percent in the same period of the prior year. Looking Ahead "For the fiscal year ending September September: see month. 30, 2003, we continue to expect to grow operating revenue approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 13 percent, and earnings per share 20 percent, excluding the impact of special charges which included the cost of retiring the PharMerica bonds in the third quarter," said Yost. "ROCC for fiscal year 2003 is expected to remain well above our 20 percent long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. target. We are confident in our ability to achieve annual merger integration cost savings of approximately $150 million well ahead of the end of fiscal year 2004, followed by additional cost savings as we complete the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. of our distribution network over the next three to four years." Conference Call The Company will host a conference call to discuss the results at 11:00 a.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time on July July: see month. 24, 2003. Participating in the conference call will be: R. David Yost, Chief Executive Officer; Kurt J. Hilzinger, President and Chief Operating Officer; and Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. D. DiCandilo, Senior Vice President and Chief Financial Officer. To access the live conference call via telephone: Dial in: 888-276-0009 from inside the U.S., no access code required or 651-291-0618 from outside the U.S., no access code required. To access the live webcast: Go to the Quarterly Webcasts section on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page at http://www.amerisourcebergen.com. A replay of the telephone call and webcast will be available from 4:15 p.m. July 24, 2003 until 11:59 p.m. July 31, 2003. To access the replay via telephone: Dial in: 800-475-6701 from within the U.S., access code: 689743 320-365-3844 from outside the U.S., access code: 689743 To access the archived webcast: Go to the Quarterly Webcasts section on the Investor Relations page at http://www.amerisourcebergen.com. About AmerisourceBergen AmerisourceBergen (NYSE:ABC) is the largest pharmaceutical services company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dedicated solely to the pharmaceutical supply chain. It is the leading distributor of pharmaceutical products and services to the hospital market, physician's offices, alternate alternate /al·ter·nate/ (awl´ter-nit) 1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. care and mail order facilities, and independent and chain pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major . The Company is also a leader in the long term care pharmacy marketplace, the workers' compensation fulfillment business and contract packaging for manufacturers. With more than $45 billion in annualized operating revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs more than 14,000 people. AmerisourceBergen is ranked #24 on the Fortune 500 list and was ranked #6 in the 2003 Business Week 50, a list of the 50 best performing companies in the S & P 500. For more information, go to www.amerisourcebergen.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may vary materially from the expectations contained in the forward-looking statements. Forward-looking statements may include statements addressing future financial and operating results of AmerisourceBergen and the benefits and other aspects of the 2001 merger between AmeriSource Health Corporation and Bergen Bergen, city, Norway Bergen (bĕr`gən), city (1995 pop. 221,645), capital of Hordaland co., SW Norway, situated on inlets of the North Sea. It is Norway's second largest city and a major shipping center. Brunswig Corporation. The following factors, among others, could cause actual results to differ materially from those described in any forward-looking statements: competitive pressures; the loss of one or more key customer relationships; customer insolvencies; changes in customer mix; changes in pharmaceutical manufacturers' pricing and distribution policies; regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes; changes in U.S. government policies; failure to integrate the businesses of AmeriSource and Bergen Brunswig successfully; failure to obtain and retain expected synergies from the merger of AmeriSource and Bergen Brunswig; and other economic, business, competitive, regulatory and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. operational factors affecting the business of AmerisourceBergen generally. More detailed information about these factors is set forth in AmerisourceBergen's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal 2002. AmerisourceBergen is under no obligation to (and expressly disclaims any such obligation to) update or alter any forward looking statements whether as a result of new information, future events or otherwise.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Three Three
Months Ended % of Months Ended % of
June 30, Operating June 30, Operating %
2003 Revenue 2002 Revenue Change
------------ --------- ------------ --------- ------
Revenue:
Operating
revenue $11,482,571 100.00% $10,278,327 100.00% 12%
Bulk
deliveries to
customer
warehouses 938,100 1,342,500 -30%
------------ ------------
Total revenue 12,420,671 11,620,827
Cost of goods
sold 11,860,292 11,110,898 7%
------------ ------------
Gross profit 560,379 4.88% 509,929 4.96% 10%
Operating
expenses:
Distribution,
selling and
administrative 311,953 2.72% 304,299 2.96% 3%
Depreciation
and
amortization 16,340 0.14% 14,740 0.14% 11%
Facility
consolidations
and employee
severance 3,880 0.03% - 0.00% N/A
Merger costs - 0.00% 8,147 0.08% N/A
------------ ------------
Operating income 228,206 1.99% 182,743 1.78% 25%
Equity in losses
(income) of
affiliates and
other 1,642 0.01% (190) 0.00% N/A
Interest expense 37,234 0.32% 33,326 0.32% 12%
Loss on early
retirement of
debt 4,220 0.04% - 0.00% N/A
------------ ------------
Income before
taxes 185,110 1.61% 149,607 1.46% 24%
Income taxes 72,564 0.63% 59,383 0.58% 22%
------------ ------------
Net income $112,546 0.98% $90,224 0.88% 25%
============ ============
Earnings per
share:
Basic $1.02 $0.86
Diluted $0.99 $0.82
Weighted average
common shares
outstanding:
Basic 110,332 105,374
Diluted 116,774 112,891
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Nine Nine
Months Ended % of Months Ended % of
June 30, Operating June 30, Operating %
2003 Revenue 2002 Revenue Change
------------ --------- ------------ --------- ------
Revenue:
Operating
revenue $33,803,435 100.00% $29,883,212 100.00% 13%
Bulk
deliveries to
customer
warehouses 3,214,310 3,750,662 -14%
------------ ------------
Total revenue 37,017,745 33,633,874
Cost of goods
sold 35,354,752 32,138,019 10%
------------ ------------
Gross profit 1,662,993 4.92% 1,495,855 5.01% 11%
Operating
expenses:
Distribution,
selling and
administrative 953,198 2.82% 906,467 3.03% 5%
Depreciation
and
amortization 50,678 0.15% 44,189 0.15% 15%
Facility
consolidations
and employee
severance 6,504 0.02% - 0.00% N/A
Merger costs - 0.00% 20,385 0.07% N/A
------------ ------------
Operating income 652,613 1.93% 524,814 1.76% 24%
Equity in losses
of affiliates
and other 7,558 0.02% 1,187 0.00% 537%
Interest expense 110,018 0.33% 109,071 0.36% 1%
Loss on early
retirement of
debt 4,220 0.01% - 0.00% N/A
------------ ------------
Income before
taxes 530,817 1.57% 414,556 1.39% 28%
Income taxes 209,118 0.62% 164,575 0.55% 27%
------------ ------------
Net income $321,699 0.95% $249,981 0.84% 29%
============ ============
Earnings per
share:
Basic $2.96 $2.39
Diluted $2.85 $2.30
Weighted average
common shares
outstanding:
Basic 108,845 104,505
Diluted 115,302 111,926
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
ASSETS
June September
30, 30, $
2003 2002 Change
------------ ------------ -----------
Current assets:
Cash and cash equivalents $224,823 $663,340 ($438,517)
Accounts receivable, net 2,500,776 2,222,156 278,620
Merchandise inventories 6,729,477 5,437,878 1,291,599
Prepaid expenses and other 15,161 26,263 (11,102)
------------ ------------ -----------
Total current assets 9,470,237 8,349,637 1,120,600
Long-term assets 3,139,535 2,863,375 276,160
------------ ------------ -----------
Total assets $12,609,772 $11,213,012 $1,396,760
============ ============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,588,138 $5,367,837 $220,301
Current portion of long-term
debt 60,907 60,819 88
Other current liabilities 789,499 670,861 118,638
------------ ------------ -----------
Total current
liabilities 6,438,544 6,099,517 339,027
Long-term debt, less current
portion 2,238,790 1,756,494 482,296
Other liabilities 45,258 40,663 4,595
Stockholders' equity 3,887,180 3,316,338 570,842
------------ ------------ -----------
Total liabilities
and stockholders'
equity $12,609,772 $11,213,012 $1,396,760
============ ============ ===========
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
Three Months Ended June 30,
-----------------------------------
Operating Revenue 2003 2002 % Change
---------------------------------- -----------------------------------
Pharmaceutical Distribution $11,285,932 $10,094,205 12%
PharMerica 399,886 373,791 7%
Intersegment Eliminations (203,247) (189,669) -7%
------------ ------------
Operating revenue $11,482,571 $10,278,327 12%
============ ============
Three Months Ended June 30,
-----------------------------------
Operating Income 2003 2002 % Change
---------------------------------- -----------------------------------
Pharmaceutical Distribution $204,777 $169,134 21%
PharMerica 27,309 21,756 26%
Merger costs, facility
consolidations and employee
severance (3,880) (8,147) 52%
------------ ------------
Operating income $228,206 $182,743 25%
============ ============
Percentages of operating revenue:
Pharmaceutical Distribution
Gross profit 3.82% 3.83%
Operating expenses 2.01% 2.15%
Operating income 1.81% 1.68%
PharMerica
Gross profit 32.27% 33.11%
Operating expenses 25.44% 27.29%
Operating income 6.83% 5.82%
AmerisourceBergen Corporation
Gross profit 4.88% 4.96%
Operating expenses 2.89% 3.18%
Operating income 1.99% 1.78%
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
Nine Months Ended June 30,
-----------------------------------
Operating Revenue 2003 2002 % Change
--------------------------------- -----------------------------------
Pharmaceutical Distribution $33,195,148 $29,367,184 13%
PharMerica 1,199,823 1,088,967 10%
Intersegment Eliminations (591,536) (572,939) -3%
------------ ------------
Operating revenue $33,803,435 $29,883,212 13%
============ ============
Nine Months Ended June 30,
-----------------------------------
Operating Income 2003 2002 % Change
--------------------------------- -----------------------------------
Pharmaceutical Distribution $584,168 $484,586 21%
PharMerica 74,949 60,613 24%
Merger costs, facility
consolidations and employee
severance (6,504) (20,385) 68%
------------ ------------
Operating income $652,613 $524,814 24%
============ ============
Percentages of operating revenue:
Pharmaceutical Distribution
Gross profit 3.84% 3.85%
Operating expenses 2.08% 2.20%
Operating income 1.76% 1.65%
PharMerica
Gross profit 32.27% 33.41%
Operating expenses 26.02% 27.85%
Operating income 6.25% 5.57%
AmerisourceBergen Corporation
Gross profit 4.92% 5.01%
Operating expenses 2.99% 3.25%
Operating income 1.93% 1.76%
AMERISOURCEBERGEN CORPORATION
EARNINGS PER SHARE
(In thousands, except per share data)
(unaudited)
Basic earnings per share is computed on the basis of the weighted
average number of shares of common stock outstanding during the
periods presented. Diluted earnings per share is computed on the basis
of the weighted average number of shares of common stock outstanding
during the period plus the dilutive effect of stock options.
Additionally, the diluted earnings per share calculation considers the
convertible subordinated notes as if converted and, therefore, the
effect of interest expense related to those notes is added back to net
income in determining income available to common stockholders.
Three months ended Nine months ended
June 30, June 30,
2003 2002 2003 2002
--------- -------- --------- ---------
Net income $112,546 $90,224 $321,699 $249,981
Interest expense - convertible
subordinated notes, net of
income taxes 2,501 2,481 7,479 7,442
--------- -------- --------- ---------
Income available to common
stockholders $115,047 $92,705 $329,178 $257,423
========= ======== ========= =========
Weighted average common shares
outstanding - basic 110,332 105,374 108,845 104,505
Effect of dilutive securities:
Options to purchase common
stock 778 1,853 793 1,757
Convertible subordinated
notes 5,664 5,664 5,664 5,664
--------- -------- --------- ---------
Weighted average common shares
outstanding - diluted 116,774 112,891 115,302 111,926
========= ======== ========= =========
Earnings per share:
Basic $1.02 $0.86 $2.96 $2.39
Diluted $0.99 $0.82 $2.85 $2.30
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