Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

                

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2019

GRIFFON CORPORATION
(Exact Name of Registrant as Specified in Charter)


Delaware             1-06620         11-1893410
(State or Other Jurisdiction      (Commission (I.R.S. Employer
of Incorporation)          File Number) Identification Number)


712 Fifth Avenue, 18th Floor
New York, New York                       10019
(Address of Principal Executive Offices)         (Zip Code)

(212) 957-5000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

1



Item 2.02.    Results of Operations and Financial Condition.

On January 31, 2019 Griffon Corporation (the “Registrant”) issued a press release announcing the Registrant’s financial results for the fiscal first quarter ended December 31, 2018. A copy of the Registrant’s press release is attached hereto as Exhibit 99.1.

Item 9.01.    Financial Statements and Exhibits.

(d)     Exhibits.

99.1     Press Release, dated January 31, 2019

The information filed as an exhibit to this Form 8-K is being furnished in accordance with Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.































2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


GRIFFON CORPORATION


By:    /s/ Brian Harris        
    Brian Harris
SVP and Chief Financial Officer    


Date: January 31, 2019


3



Exhibit Index


99.1 Press release, dated January 31, 2019


Exhibit


http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12664609&doc=3        
            
Griffon Corporation Announces First Quarter Results

NEW YORK, NEW YORK, January 31, 2019 – Griffon Corporation (NYSE:GFF) (the “Company” or “Griffon”) today reported results for the first fiscal quarter ended December 31, 2018.    

Consolidated revenue was $510.5 million, an increase of 17% from the prior year quarter. Home & Building Products (“HBP”) and Defense Electronics ("Telephonics") revenue increased 19% and 7%, respectively, compared to the prior year quarter.

Income from continuing operations was $8.8 million, or $0.21 per share, compared to $22.8 million, or $0.53 per share, in the prior year quarter. The current year quarter results included discrete tax provisions, net, of $0.5 million or $0.01 per share. The prior year quarter results included acquisition costs of $3.2 million ($2.3 million, net of tax, or $0.05 per share); cost of life insurance benefit of $2.6 million ($0.2 million, net tax, or $0.01 per share); and discrete and certain other tax benefits, net, for certain items which affect comparability of $23.0 million or $0.53 per share. Excluding these items from the respective quarterly results, income from continuing operations is $9.2 million, or $0.22 per share, compared to $2.4 million, or $0.06 per share, in the prior year quarter.

Segment adjusted EBITDA was $56.6 million, an increase of 30% from the prior year quarter primarily driven by HBP revenue growth. Segment adjusted EBITDA is defined as net income excluding interest income and expense, income taxes, depreciation and amortization and unallocated amounts (mainly corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable.

Ronald J. Kramer, Chairman and CEO, commented, “This quarter was an excellent start to our fiscal 2019. We have made significant progress integrating our newly acquired companies, ClosetMaid and CornellCookson. Our strategic plan is delivering enhanced operating performance and will guide our efforts in coming years.” 
Kramer added, “The diversity of our leading brands and businesses positions us to accelerate growth in revenue, free cash flow and earnings per share. The agility of our management team and versatile operating plan continues to produce solid financial results even in uncertain market conditions. We are pleased with our strong results and are optimistic about our outlook this year.”
Segment Operating Results
Home & Building Products
Revenue was $439.8 million, an increase of 19% when compared to the prior year quarter. Clopay Building Products Company, Inc. ("CBP") benefited from the acquisition of CornellCookson on June 4, 2018, which delivered approximately $51.0 million of revenue, as well as from favorable mix, pricing and volume. At The AMES Companies, Inc. ("AMES"), increased U.S. revenue driven by lawn and garden volume was offset by decreased non U.S. lawn and garden volume, mainly due to adverse weather conditions, and reduced storage and organization volume due to timing of orders. Organic growth was 5%.

1




Segment adjusted EBITDA was $51.9 million, an increase of 31% compared to the prior year quarter driven by the increased revenue as noted above, partially offset by increased input costs and tariffs.

Defense Electronics

Revenue was $70.8 million, an increase of 7% from the prior year quarter, primarily due to a $4.6 million benefit from the adoption of revenue recognition guidance effective October 1, 2018. Additionally, increased airborne surveillance radar and wireless intercommunication systems revenue was offset by reduced dismounted Electronic Countermeasure system volume. The impact of the revenue recognition guidance is expected to be immaterial on the full year results.

Segment adjusted EBITDA was $4.8 million compared to $4.2 million in the prior year quarter due to the increased revenue, partially offset by unfavorable program mix and the impact of revised estimates to complete remaining performance obligations on certain radar and airborne intercommunication systems. Segment adjusted EBITDA also benefited from the adoption of revenue recognition guidance effective October 1, 2018 by approximately $1.3 million. The impact of this revenue recognition guidance is expected to be immaterial on the full year results.

Contract backlog was $367 million at December 31, 2018, compared to $374 million at September 30, 2018, restated for the adoption of revenue recognition guidance effective October 1, 2018, with approximately 70% expected to be fulfilled within the next twelve months. During the quarter, Telephonics was awarded several new contracts and received incremental funding on existing contracts approximating $63.3 million.

Taxes
In the quarter ended December 31, 2018, the Company recognized a tax provision of $5.2 million on Income before taxes from continuing operations of $14.0 million, compared to a tax benefit of $(24.9) million on a Loss before taxes from continuing operations of $(2.1) million in the comparable prior year quarter.  Excluding all items that affect comparability, the effective tax rates for the quarters ended December 31, 2018 and 2017 were 34.0% and 35.4%, respectively.

Share Repurchases
In August 2016 and 2018, Griffon’s Board of Directors authorized the repurchase of up to $50 million of Griffon’s outstanding common stock. Under these programs, the Company may purchase shares in the open market, including pursuant to a 10b5-1 plan, or in privately negotiated transactions. During the three months ended December 31, 2018, Griffon purchased 29,300 shares of common stock under these repurchase programs, for a total of $0.3 million or $9.91 per share. At December 31, 2018, $58.0 million remained under existing Board authorizations.

Balance Sheet and Capital Expenditures
At December 31, 2018, the Company had cash and equivalents of $82 million, total debt outstanding of $1,155 million, net of discounts and issuance costs, resulting in a net debt position of $1,073 million. $277.8 million was available for borrowing under the revolving credit facility, subject to certain loan covenants. Capital expenditures were $8.4 million in the current quarter.


2



Conference Call Information
The Company will hold a conference call today, January 31, 2019, at 8:30 AM ET.

The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 13686798. Participants are encouraged to dial-in at least 10 minutes before the scheduled start time.

A replay of the call will be available starting on Thursday, January 31, 2019 at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International), and entering the conference ID number: 13686798. The replay will be available through Thursday, February 14, 2019 at 11:59 PM ET.

Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon operates and the United States and global economies that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; the Griffon's ability to achieve expected savings from cost control, restructuring, integration and disposal initiatives; the ability to identify and successfully consummate and integrate value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; reduced military spending by the government on projects for which Griffon’s Telephonics Corporation supplies products, including as a result of defense budget cuts and other government actions; the ability of the federal government to fund and conduct its operations; increases in the cost or lack of availability of raw materials such as resin, wood and steel components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon's operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events that could impact the worldwide economy; a downgrade in the Griffon’s credit ratings; changes in international economic conditions including interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which could impact margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; unfavorable results of government agency contract audits of Telephonics Corporation; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain Griffon’s operating companies; possible terrorist threats and actions and their impact on the global economy; Griffon's ability to service and refinance its debt, and the impact of recent and future legislative and regulatory changes, including, without limitation, the Tax Cuts and Jobs Act. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-

3



looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Griffon Corporation
Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.

Griffon currently conducts its operations through two reportable segments:
 
Home & Building Products segment consists of two companies, AMES and CBP:

AMES, founded in 1774, is the leading North American manufacturer and a global provider of branded consumer and professional tools, landscaping products, and outdoor lifestyle solutions. In 2018, we acquired ClosetMaid, a leader in wood and wire closet organization, general living storage and wire garage storage products for homeowners and professionals.

CBP, since 1964, is a leading manufacturer and marketer of residential and commercial garage doors and sells to professional dealers and some of the largest home center retail chains in North America. In 2018, we acquired CornellCookson, a leading U.S. manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional, and retail use.

Defense Electronics segment consists of Telephonics Corporation, founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.

For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.

Company Contact:            Investor Relations Contact:        
Brian G. Harris                Michael Callahan            
SVP & Chief Financial Officer        Senior Vice President
Griffon Corporation            ICR Inc.    
(212) 957-5000                (203) 682-8311




4



Griffon evaluates performance and allocates resources based on each segment's operating results from continuing operations before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable ("Segment adjusted EBITDA", a non-GAAP measure). Griffon believes this information is useful to investors.

The following table provides a reconciliation of Segment adjusted EBITDA to Income (loss) before taxes from continuing operations:

GRIFFON CORPORATION AND SUBSIDIARIES
OPERATING HIGHLIGHTS
(in thousands)
(Unaudited)

 
 
For the Three Months Ended December 31,
REVENUE
 
2018
 
2017
Home & Building Products:
 
 

 
 

AMES
 
$
216,474

 
$
216,742

CBP
 
223,295

 
154,236

Home & Building Products
 
439,769

 
370,978

Defense Electronics
 
70,753

 
66,325

Total consolidated net sales
 
$
510,522

 
$
437,303

 
 
 
 
 
Segment adjusted EBITDA:
 
 

 
 

Home & Building Products
 
$
51,860

 
$
39,457

Defense Electronics
 
4,785

 
4,199

Segment adjusted EBITDA
 
56,645

 
43,656

Net interest expense
 
(16,331
)
 
(16,642
)
Segment depreciation and amortization
 
(14,951
)
 
(12,852
)
Unallocated amounts
 
(11,398
)
 
(10,436
)
Acquisition costs
 

 
(3,185
)
Cost of life insurance benefit
 

 
(2,614
)
Income (loss) before taxes from continuing operations
 
$
13,965

 
$
(2,073
)


5



The following is a reconciliation of each segment's operating results to Segment adjusted EBITDA from continuing operations:

GRIFFON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
BY REPORTABLE SEGMENT
(in thousands)
(Unaudited)
 
 
Three Months Ended December 31,
 
 
2018
 
2017
Home & Building Products:
 
 
 
 
Segment operating profit
 
$
39,545

 
$
27,751

Depreciation and amortization
 
12,315

 
10,133

Acquisition costs
 

 
1,573

Segment adjusted EBITDA
 
51,860

 
39,457

 
 
 
 
 
Defense Electronics:
 
 
 
 
Segment operating profit
 
2,149

 
1,480

Depreciation and amortization
 
2,636

 
2,719

Segment adjusted EBITDA
 
4,785

 
4,199

 
 
 
 
 
All segments:
 
 
 
 
Income from operations - as reported
 
29,292

 
14,155

Unallocated amounts
 
11,398

 
10,436

Other, net
 
1,004

 
414

Acquisition costs
 

 
1,612

Cost of life insurance benefit
 

 
2,614

Segment operating profit from continuing operations
 
41,694

 
29,231

Depreciation and amortization
 
14,951

 
12,852

  Acquisition costs
 

 
1,573

Segment adjusted EBITDA from continuing operations
 
$
56,645

 
$
43,656


Unallocated amounts typically include general corporate expenses not attributable to any reportable segment.

6



GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited)
 
 
Three Months Ended December 31,
 
 
2018
 
2017
Revenue
 
$
510,522

 
$
437,303

Cost of goods and services
 
367,476

 
316,524

Gross profit
 
143,046

 
120,779

 
 
 
 
 
Selling, general and administrative expenses
 
113,754

 
106,624

 
 
 
 
 
Income from operations
 
29,292

 
14,155

 
 
 
 
 
Other income (expense)
 
 

 
 

Interest expense
 
(16,529
)
 
(16,839
)
Interest income
 
198

 
197

Other, net
 
1,004

 
414

Total other expense, net
 
(15,327
)
 
(16,228
)
 
 
 
 
 
Income (loss) before taxes from continuing operations
 
13,965

 
(2,073
)
Provision (benefit) from income taxes
 
5,212

 
(24,904
)
Income from continuing operations
 
$
8,753

 
$
22,831

 
 
 
 
 
Discontinued operations:
 
 
 
 
Income from operations of discontinued operations
 

 
11,466

Provision for income taxes
 

 
3,308

Income from discontinued operations
 

 
8,158

 
 
 
 
 
Net income
 
$
8,753

 
$
30,989

 
 
 
 
 
Income from continuing operations
 
$
0.21

 
$
0.54

Income from discontinued operations
 

 
0.19

Basic earnings per common share
 
$
0.21

 
$
0.74

 
 
 
 
 
Weighted-average shares outstanding
 
40,750

 
41,923

 
 
 
 
 
Income from continuing operations
 
$
0.21

 
$
0.53

Income from discontinued operations
 

 
0.19

Diluted earnings per common share
 
$
0.21

 
$
0.72

 
 
 
 
 
Weighted-average shares outstanding
 
41,888

 
43,336

 
 
 
 
 
 
 
 
 
 
Net income
 
$
8,753

 
$
30,989

 
 
 
 
 
Other comprehensive income (loss), net of taxes:
 
 

 
 

Foreign currency translation adjustments
 
(5,736
)
 
(1,289
)
Pension and other post retirement plans
 
184

 
9,559

Change in cash flow hedges
 
102

 
88

Total other comprehensive income (loss), net of taxes
 
(5,450
)
 
8,358

Comprehensive income, net
 
$
3,303

 
$
39,347


7



GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

 
(Unaudited)
 
 
 
December 31,
2018
 
September 30,
2018
CURRENT ASSETS
 
 
 
Cash and equivalents
$
81,752

 
$
69,758

Accounts receivable, net of allowances of $7,892 and $6,408
253,351

 
280,509

Contract costs and recognized income not yet billed, net of progress payments of $4,037 and $3,172
89,232

 
121,803

Inventories
452,362

 
398,359

Prepaid and other current assets
39,615

 
42,121

Assets of discontinued operations
325

 
324

Total Current Assets
916,637

 
912,874

PROPERTY, PLANT AND EQUIPMENT, net
336,490

 
342,492

GOODWILL
438,428

 
439,395

INTANGIBLE ASSETS, net
365,381

 
370,858

OTHER ASSETS
14,944

 
16,355

ASSETS OF DISCONTINUED OPERATIONS
2,909

 
2,916

Total Assets
$
2,074,789

 
$
2,084,890

 
 
 
 
CURRENT LIABILITIES
 

 
 

Notes payable and current portion of long-term debt
$
12,872

 
$
13,011

Accounts payable
209,202

 
233,658

Accrued liabilities
138,368

 
139,192

Liabilities of discontinued operations
6,882

 
7,210

Total Current Liabilities
367,324

 
393,071

LONG-TERM DEBT, net
1,142,079

 
1,108,071

OTHER LIABILITIES
91,315

 
106,710

LIABILITIES OF DISCONTINUED OPERATIONS
2,510

 
2,647

Total Liabilities
1,603,228

 
1,610,499

COMMITMENTS AND CONTINGENCIES
 
 
 
SHAREHOLDERS’ EQUITY
 

 
 

Total Shareholders’ Equity
471,561

 
474,391

Total Liabilities and Shareholders’ Equity
$
2,074,789

 
$
2,084,890



8



GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
Three Months Ended December 31,
 
2018
 
2017
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS:
 

 
 

Net income
$
8,753

 
$
30,989

Net (income) from discontinued operations

 
(8,158
)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 

 
 

Depreciation and amortization
15,085

 
12,958

Stock-based compensation
2,933

 
2,555

Provision (recovery) for losses on accounts receivable
158

 
(220
)
Amortization of debt discounts and issuance costs
1,229

 
1,243

Deferred income taxes
(1,380
)
 
(23,186
)
(Gain) loss on sale of assets and investments
(91
)
 
209

Change in assets and liabilities, net of assets and liabilities acquired:
 

 
 

Decrease in accounts receivable and contract costs and recognized income not yet billed
37,181

 
38,909

Increase in inventories
(33,958
)
 
(28,073
)
Increase in prepaid and other assets
(444
)
 
(8,459
)
Decrease in accounts payable, accrued liabilities and income taxes payable
(29,622
)
 
(24,973
)
Other changes, net
1,197

 
552

Net cash provided by (used in) operating activities - continuing operations
1,041

 
(5,654
)
CASH FLOWS FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS:
 

 
 

Acquisition of property, plant and equipment
(8,397
)
 
(10,785
)
Acquired businesses, net of cash acquired
(9,219
)
 
(198,683
)
Proceeds from sale of assets
51

 
439

Net cash used in investing activities - continuing operations
(17,565
)
 
(209,029
)
CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS:
 

 
 

Dividends paid
(3,143
)
 
(2,990
)
Purchase of shares for treasury
(1,348
)
 
(4,332
)
Proceeds from long-term debt
38,965

 
326,094

Payments of long-term debt
(4,322
)
 
(52,973
)
Change in short-term borrowings
38

 
35

Financing costs
(67
)
 
(7,392
)
Contingent consideration for acquired businesses
(1,686
)
 

Other, net
137

 
84

Net cash provided by financing activities - continuing operations
28,574

 
258,526

CASH FLOWS FROM DISCONTINUED OPERATIONS:
 

 
 

Net cash provided by (used in) operating activities
(458
)
 
1,261

Net cash used in investing activities

 
(8,076
)
Net cash provided by financing activities

 
396

 
 
 
 
Net cash used in discontinued operations
(458
)
 
(6,419
)
Effect of exchange rate changes on cash and equivalents
402

 
(685
)
NET INCREASE IN CASH AND EQUIVALENTS
11,994

 
36,739

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
69,758

 
47,681

CASH AND EQUIVALENTS AT END OF PERIOD
$
81,752

 
$
84,420


9



Griffon evaluates performance based on Earnings per share and Net income excluding restructuring charges, loss on debt extinguishment, acquisition related expenses and discrete and certain other tax items, as well as other items that may affect comparability, as applicable. Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of Income from continuing operations to Adjusted income from continuing operations and earnings per share from continuing operations to Adjusted earnings per share from continuing operations:

GRIFFON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS
TO ADJUSTED INCOME FROM CONTINUING OPERATIONS
(in thousands, except per share data)
(Unaudited)

 

For the Three Months Ended December 31,
 

2018

2017
Income from continuing operations

$
8,753


$
22,831








Adjusting items, net of tax:

 


 

Acquisition costs



2,348

Cost of life insurance benefit



248

Discrete and certain other tax provisions (benefits)

467


(23,018
)







Adjusted income from continuing operations

$
9,220


$
2,409








Diluted earnings per common share from continuing operations

$
0.21


$
0.53








Adjusting items, net of tax:

 


 

Acquisition costs



0.05

Cost of life insurance benefit



0.01

Discrete and certain other tax benefits

0.01


(0.53
)







Adjusted earnings per common share from continuing operations

$
0.22


$
0.06








Weighted-average shares outstanding (in thousands)

41,888


43,336



Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share.

    

10