Anthracite Capital, Inc. Reports Fourth Quarter Earnings; Portfolio Repositioning on Track; Commercial Real Estate Assets Increase to 68%; Dividend Yield is 10.1%.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 4, 2004 Anthracite anthracite (ăn`thrəsīt'): see coal. anthracite or hard coal Coal containing more fixed carbon than any other form of coal and the lowest amount of volatile (quickly evaporating) material, giving it the Capital, Inc. (the "Company" or "Anthracite") (NYSE NYSE See: New York Stock Exchange : AHR AHR Aryl Hydrocarbon Receptor AHR American Historical Review (Journal of the American History Association) AHR Anchor AHR airway hyper-responsiveness AHR Assisted Human Reproduction AHR Air-Conditioning Heating Refrigeration ) today reported net income for the fourth quarter of 2003 of $0.25 per share versus $0.11 per share for the same period last year. Fourth quarter earnings from the Company's portfolio ("Operating Earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before ") were $0.25 per share versus $0.41 per share for the same three-month period last year. For the full year ended December December: see month. 31, 2003 the net loss was $0.34 per share versus net income of $1.18 per share for the year ended December 31, 2002. Operating Earnings for the full year ended December 31, 2003 were $1.25 per share versus $1.67 per share for the year ended December 31, 2002. Based on the $0.28 per share dividend declared on December 11, 2003, and the February February: see month. 3, 2004 closing price of $11.06 per share, Anthracite's 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. dividend yield is 10.1%. The pace of reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. achieved during the fourth quarter of 2003 is consistent with the portfolio repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. plan previously disclosed by the Company in September September: see month. 2003. The Company sold Residential Mortgage Backed Securities ("RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ") to reduce interest rate volatility and replaced them with predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. investment grade commercial mortgage backed securities ("CMBS CMBS See: Commercial Mortgage Backed Securities "). The Company expects Operating Earnings to rise when its capital is fully redeployed into higher yielding non-investment grade commercial real estate assets. The Company considers its Operating Earnings to be net interest income after 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. and preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) but before realized and unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. and losses. The Company believes Operating Earnings better reflect the recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. 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. earnings of the Company. Operating Earnings can and will fluctuate over time based on changes in asset levels, funding rates, available reinvestment rates Reinvestment Rate The rate at which cash flows from fixed-income securities may be reinvested. Notes: Because of the additional interest income, bondholders can make larger investment returns if they reinvest received coupon payments. and expected losses on credit sensitive positions. A table is provided at the end of this news release which reconciles Operating Earnings per share with net income (loss) per share. (All numbers are thousands, except per share amounts.) During the fourth quarter of 2003, the Company's commercial real estate assets increased to $1,464,492 representing an 11% increase from the third quarter, and its holdings of RMBS assets after the settlement of $99,551 of RMBS securities sold not yet settled decreased by $220,736 representing a 25% decrease from the third quarter. After the settlement of the sold RMBS, the ratio of commercial real estate assets to the Company's total portfolio, and RMBS to the Company's total portfolio is 68% and 30%, respectively. The Company's considers its total portfolio to be total assets less other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and receivable for investments sold. The increase in commercial real estate assets of $144,068 is comprised of 73% investment grade CMBS, 23% non-investment grade CMBS, and 4% whole loans. The Company considers CMBS securities where it maintains the right to control the foreclosure/workout process on the underlying loans as controlling class CMBS ("Controlling Class CMBS"). During the twelve months ended December 31, 2003, the Company acquired $140,139 of par of 2003 vintage Controlling Class CMBS. The Company did not acquire new Controlling Class CMBS during the fourth quarter of 2003. Hugh Hugh (pronunced hyuu) is a male given name. It is Germanic and means "Bright in Mind and Spirit" or "Thoughtful". It is related to the name Hugin( one of Odin's ravens, who represented Thought.) The following medieval rulers were named Hugh. Frater Fra´ter n. 1. (Eccl.) A monk; also, a frater house. Frater house an apartament in a convent used as an eating room; a refectory; - called also a fratery ltname>. , President and Chief Executive Officer of the Company, stated, "We have made significant progress in reducing the risk of the RMBS portfolio in favor of upon the side of; favorable to; for the advantage of. See also: favor commercial real estate securities and loans. Our credit performance remains consistent with our expectations. We still have further work to do in re-positioning the portfolio into high yield commercial real estate assets, but the reduction in volatility accomplished during the fourth quarter is an important first step." Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Milner Milner can refer to: People
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. which we expect to result in consistent performance over the long term." The Company's Operating Earnings for the fourth quarter of 2003 represent an annualized return on the quarter's average common stock equity ("Annualized ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ") of 15.0% and a net interest margin of 2.8%. Annualized ROE based upon Operating Earnings for the same period last year was 20.6% and the net interest margin was 3.8%. The decrease in the net interest margin is attributable to the Company's reduction in RMBS assets and a lower debt to capital ratio compared to the twelve months ended December 31, 2002. Aggregate leverage at December 31, 2003 is unchanged from September 30, 2003 at 4.4:1 debt to capital. The Company's exposure to changes in short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. increased during the fourth quarter; as of December 31, 2003, a 50 basis point change in LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). would cause the Company's net income to change by $0.01 per share annually. Investment Activity The Company's primary focus is to invest in a diverse portfolio of commercial real estate loans and securities. The Company will generally control the credit process of its portfolio. Our objective is to maximize the spread between the loss adjusted income and the cost of financing. As of December 31, 2003, the Company has financed 51% of its commercial real estate loans and securities with match-funded secured collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, ("CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the ") debt to minimize the effect on performance of changes in interest rates. The Company plans to issue additional CDO debt in the first half of 2004. The majority of the Company's commercial real estate investments are in the form of commercial real estate securities. Income from these securities is reported after assuming losses will occur over time. During the fourth quarter of 2003 the Company's loan loss expectations for its commercial real estate securities portfolio did not change. Total expected underlying loan losses remain at 2.06% of original loan balances. None of the Company's underlying loans incurred losses during the fourth quarter. Total losses recognized were 0.41% at the end of the third and fourth quarters. At December 31, 2003, loan delinquencies represented 1.5% of the total unpaid principal balance on the Company's Controlling Class CMBS as compared to 1.4% at the end of the third quarter. The average yield on the Company's commercial real estate securities (primarily investment grade and below investment grade CMBS, investment grade REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). debt, and CMBS IO's) for the fourth quarter of 2003 was 8.0%, while the average loss adjusted yield on only the below investment grade CMBS was 9.7%. The average cost of financing the commercial real estate securities portfolio during the fourth quarter was 5.0% compared to 5.2% for the third quarter. This reduction is due to the increase in investment grade CMBS. The Company anticipates that its cost of borrowing will increase in the event of an additional CDO offering. Included in net income for the fourth quarter are expenses related to hedging the Company's assets which are not financed through its two CDO's. This hedging expense was $5,539 or $0.11 per share for the fourth quarter. A breakdown of the commercial real estate securities portfolio net interest income and realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. for the quarter and year ended December 31, 2003 is as follows:
For the quarter For the year
ended ended
December 31, 2003
------------------------------
Interest Income $26,384 $98,114
Interest Expense(*) (12,860) (48,567)
------------------------------
Net Interest Income 13,524 49,547
------------------------------
Realized Gains - 1,161
------------------------------
Net Interest Income and Realized Gains
from Commercial Real Estate Securities $13,524 $50,708
==============================
(*)Including hedges in the Company's CDOs
The average yield on the Company's commercial real estate loan portfolio for the third and fourth quarters of 2003 was 10.4% and 10.7%, respectively. The total cost of borrowing secured by loan assets is 2.9% and 3.0% respectively. The Company has two committed warehouse lines that can be used to finance these assets. The annualized yield on the Company's investment in Carbon Capital, Inc. which constitutes 29% of the Company's commercial real estate loan portfolio for the year ended December 31, 2003, was 15.1%. A breakdown of the commercial real estate loan portfolio net interest income for the quarter and year ended December 31, 2003 is as follows:
For the quarter For the year
ended ended
December 31, 2003
--------------------------------
Interest Income $2,828 $10,196
Interest Expense (163) (526)
--------------------------------
Net Interest Income from
Commercial Real Estate Loans $2,665 $9,670
================================
Book Value Net book value per share at the end of the fourth quarter was $6.64. The securities of the Company are marked to market based upon market prices provided by dealers. As the Company's portfolio matures, the net book value of credit sensitive CMBS securities held by the Company is expected to increase towards its original purchase cost, provided that the Company's estimates of expected credit losses are accurate. The unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on all Controlling Class CMBS at December 31, 2003 was $68,079. This amount reflects the amount of recovery (net of expected underlying loan losses) if the portfolio is held to maturity. Net book value per share increased approximately 1.7% from $6.53 at September 30, 2003 due to tighter credit spreads across the Company's portfolio. Since the securities of the Company are marked to market, there can be fluctuations in book value based solely on quarterly changes in credit spreads and interest rates. To the extent that there is a sustained decline in book value due to changes in credit experience or other permanent factors, such declines would effectively reduce earnings. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Reconciliation The table below reconciles net income (loss) per common share with Operating Earnings per common share:
Three Months Ended Year Ended
------------------------------------
12/31/03 12/31/02 12/31/03 12/31/02
------------------------------------
Operating Earnings per share $0.25 $0.41 $1.25 $1.67
Realized gain (loss) (0.17) 0.18 (0.86) (0.57)
Unrealized gain (loss)(*) 0.16 (0.25) (0.07) 0.18
Foreign currency gain/(loss) &
hedge ineffectiveness(**) 0.01 (0.01) 0.01 (0.02)
Loss on impairment of asset - (0.22) (0.67) (0.22)
Cumulative transition adjustment -
SFAS 142 - - - 0.14
------------------------------------
Net Income (loss) per share $0.25 $0.11 $(0.34) $1.18
(*)Includes hedges
Dividend Reinvestment Plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. Anthracite has a dividend reinvestment plan that provides current owners of its common stock with a simple, economical and convenient method of increasing their investment. Even if you are not a current owner of Anthracite common stock, the Company's transfer agent can issue registered stock directly to you without commission or markup (text) markup - In computerised document preparation, a method of adding information to the text indicating the logical components of a document, or instructions for layout of the text on the page or other information which can be interpreted by some automatic system. . This transaction can be done regardless of whether or not shares are held in street name. To take advantage of this program, stockholders must submit a signed Request for Waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. to the Company. A printable version A printable version of an Internet HTML page is a simplified version of the webpage, rendered without navigation tools such as on-screen menus. In a printable version pages generally consist of plain text and pertinent images. of the form is available on the Company's website or investors can call or email the Company to obtain the Waiver and instructions via fax. To request a prospectus and receive enrollment materials or to ask questions about the plan, interested investors and stockholders may contact the Company's transfer agent, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Stock Transfer & Trust Company, at 1-877-248-6416, or Investor Relations Investor relations The process by which the corporation communicates with its investors. , Anthracite Capital, Inc., at 212-409-3333. The Company's website address is www.anthracitecapital.com. The Company is currently offering a 2% discount to the trailing 12-business day average provided the stock price remains above threshold levels Noun 1. threshold level - the intensity level that is just barely perceptible intensity, intensity level, strength - the amount of energy transmitted (as by acoustic or electromagnetic radiation); "he adjusted the intensity of the sound"; "they measured the established by the Company at the time. About Anthracite Anthracite Capital, Inc. is a specialty finance company focused on investments in high yield real estate loans and related securities. Anthracite is externally managed by BlackRock BlackRock Inc. (NYSE: BLK) is a major American investment management firm. As of September 30, 2007, BlackRock’s assets under management totaled $1.3 trillion[2] across fixed income, liquidity, equity, alternative investment and real estate strategies. Financial Management, Inc., which is a subsidiary of BlackRock, Inc. ("BlackRock") (NYSE:BLK BLK Black BLK Blank BLK Block BLK Bulk BLK Blocked Shot (basketball) BLK Blocked Kick (football) BLK Blackpool, England, United Kingdom - Blackpool (Airport Code) ), one of the largest publicly traded investment management firms 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. with $309,400,000 in global assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of December 31, 2003. BlackRock is a member of The PNC Financial Services PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with assets of $92.0 billion. PNC operations include a regional banking franchise operating primarily in eight states and the District of Columbia, specialized financial businesses serving Group, Inc. ("PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress ") (NYSE:PNC), a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services organization. Through its affiliates, PNC originates commercial, multifamily and residential real estate loans, and services $83,300,000 in commercial mortgage loans for third parties through its Midland Loan Services, Inc. subsidiary as of December 31, 2003. Forward Looking Statements This press release contains 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. Anthracite cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Anthracite assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in Anthracite's Securities and Exchange Commission (the "SEC") reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of Anthracite's assets; (3) the relative and absolute investment performance and operations of Anthracite's manager; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions; (7) the unfavorable resolution of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. ; (8) the extent and timing of any share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. ; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Anthracite, BlackRock or PNC; (11) terrorist activities, which may adversely affect the general economy, real estate, financial and capital markets, specific industries, and Anthracite and BlackRock; and (12) the ability of Anthracite's manager to attract and retain highly talented professionals. Anthracite's 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 the year ended December 31, 2002 and Anthracite's subsequent reports filed with the SEC, accessible on the SEC's website at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. and on Anthracite's website www.anthracitecapital.com, identify additional factors that can affect forward-looking statements. To learn more about Anthracite Capital, Inc., visit our website at: www.anthracitecapital.com
Anthracite Capital, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except per share data)
December 31, December 31,
2003 2002
------------------------
ASSETS
Cash and cash equivalents $20,805 $24,698
Restricted cash equivalents 12,845 84,485
Residential mortgage backed securities 753,219 1,506,450
-----------------------
Cash and RMBS 786,869 1,615,633
Commercial real estate securities 1,366,508 894,345
Commercial real estate loans 97,984 88,926
----------- -----------
Total Commercial real estate 1,464,492 983,271
Receivable for investments sold 99,056 -
Other assets 42,964 40,447
----------- -----------
Total Assets $2,393,381 $2,639,351
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Borrowings:
Secured by pledge of residential mortgage
backed securities $670,874 $1,418,206
Secured by pledge of commercial real
estate securities 444,987 42,861
Secured by pledge of commercial real
estate loans 22,710 16,004
----------- -----------
Total short term borrowings 1,138,571 1,477,071
Long term Borrowings: Collateralized debt
obligations 684,970 684,590
----------- -----------
Total borrowings $1,823,541 $2,161,661
Securities sold, not yet settled 99,551 -
Payable for investments purchased - 524
Distributions payable 14,749 16,589
Other liabilities 38,110 54,361
----------- -----------
Total Liabilities $1,975,951 $2,233,135
----------- -----------
Stockholders' Equity:
Common stock, par value $0.001 per share;
400,000 shares authorized;
49,464 shares issued and outstanding in
2003; and
47,398 shares issued and outstanding in
2002 49 47
10% Series B Preferred stock, liquidation
preference $43,942
in 2003 and $47,817 in 2002 33,431 36,379
9.375% Series C Preferred stock, liquidation
preference $57,500
in 2003 55,435 -
Additional paid - in capital 536,333 515,180
Distributions in excess of earnings (101,635) (24,161)
Accumulated other comprehensive loss (106,183) (121,229)
----------- -----------
Total Stockholders' Equity 417,430 406,216
----------- -----------
Total Liabilities and Stockholders'
Equity $2,393,381 $2,639,351
=========== ===========
Anthracite Capital, Inc. Consolidated Statements of Operations
(Unaudited)(in thousands, except per share data)
For the Three For the Year
Months Ended Ended
December 31, December 31,
---------------------------------
2003 2002 2003 2002
---------------------------------
Operating Portfolio
Income:
Commercial real estate securities $26,384 $21,782 $98,114 $72,205
Commercial real estate loans 2,828 3,481 10,196 16,243
Residential mortgage backed
securities 8,878 17,070 54,504 72,524
Cash and cash equivalents 126 276 964 1,473
---------------- ----------------
Total income 38,216 42,609 163,778 162,445
---------------- ----------------
Expenses:
Interest expense:
Collateralized debt obligations 11,138 8,158 44,226 17,626
Commercial real estate
securities 1,722 1,255 4,341 5,686
Commercial real estate loans 163 364 526 1,832
Residential mortgage backed
securities 2,512 6,094 16,072 25,009
Hedging Expense 5,539 3,308 18,790 14,758
General and administrative 572 549 2,296 2,323
Incentive fee - - - 9,332
Management fee 2,070 2,460 9,411 3,195
---------------- ----------------
Total expenses 23,716 22,188 95,662 79,761
---------------- ----------------
Operating Earnings 14,500 20,421 68,116 82,684
---------------- ----------------
Other gain (loss):
Realized loss (8,354) 8,455 (41,633)(26,265)
Unrealized gain (loss) 7,858 (12,083) (3,405) 8,401
Foreign currency (loss) - (432) - (812)
Hedge Ineffectiveness 881 110 706 236
Incentive fee attributable to other
gains - - - (343)
Loss on impairment of asset - (10,273) (32,426)(10,273)
---------------- ----------------
Total other gain (loss) 385 (14,223) (76,758)(29,056)
---------------- ----------------
Income before cumulative transition
adjustment 14,885 6,198 (8,642) 53,628
Cumulative transition adjustment -
SFAS 142 - - - 6,327
Net Income (Loss) 14,885 6,198 (8,642) 59,955
---------------- ----------------
Dividends on preferred stock 2,446 1,195 7,744 5,162
---------------- ----------------
Net Income (Loss) available to Common
Stockholders 12,439 5,003 (16,386) 54,793
================ ================
Operating Earnings available to Common
Stockholders per share:
Basic $0.25 $0.41 $1.25 $1.67
Diluted $0.25 $0.41 $1.25 $1.67
Net Income (Loss) per share, basic
Income before cumulative
transition adjustment $0.25 $0.11 $(0.34) $1.04
Cumulative transition
adjustment - - - 0.14
---------------- ----------------
Net Income $0.25 $0.11 $(0.34) $1.18
================ ================
Net Income (Loss) per share, diluted
Income before cumulative
transition adjustment $0.25 $0.11 $(0.34) $1.04
Cumulative transition
adjustment - - - 0.14
---------------- ----------------
Net Income $0.25 $0.11 $(0.34) $1.18
================ ================
Weighted average number of shares
outstanding:
Basic 49,107 47,256 48,246 46,411
Diluted 49,118 47,284 48,246 46,452
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