2019 Q1 Form 10-Q Financial Statement

#000162828019006296 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $45.61M $42.72M
YoY Change 6.77% 7.33%
Cost Of Revenue $1.554M $20.04M
YoY Change -92.25% 7.63%
Gross Profit $44.05M $23.22M
YoY Change 89.72% 7.45%
Gross Profit Margin 96.59% 54.36%
Selling, General & Admin $3.810M $3.010M
YoY Change 26.58% -27.82%
% of Gross Profit 8.65% 12.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.41M $20.86M
YoY Change -11.73% 236.44%
% of Gross Profit 41.8% 89.83%
Operating Expenses $21.92M $21.39M
YoY Change 2.48% 42.98%
Operating Profit $1.460M -$1.794M
YoY Change -181.38% -126.98%
Interest Expense $7.896M $8.296M
YoY Change -4.82% -6.07%
% of Operating Profit 540.82%
Other Income/Expense, Net $17.00K $16.00K
YoY Change 6.25% -89.68%
Pretax Income -$5.960M $5.120M
YoY Change -216.41% 2227.27%
Income Tax
% Of Pretax Income
Net Earnings -$4.698M $136.1M
YoY Change -103.45% 488.94%
Net Earnings / Revenue -10.3% 318.63%
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$0.54 $11.37M
COMMON SHARES
Basic Shares Outstanding 11.76M shares 11.97M shares
Diluted Shares Outstanding 13.23M shares 13.40M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.30M $22.70M
YoY Change 2.64% -60.18%
Cash & Equivalents $23.33M $24.42M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.30M $22.70M
YoY Change 2.64% -68.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.314B $1.290B
YoY Change 1.86% -6.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.800M $121.3M
YoY Change -96.04% -16.75%
Total Long-Term Assets $1.348B $1.433B
YoY Change -5.93% -6.72%
TOTAL ASSETS
Total Short-Term Assets $23.30M $22.70M
Total Long-Term Assets $1.348B $1.433B
Total Assets $1.371B $1.456B
YoY Change -5.8% -9.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.50M $35.80M
YoY Change 4.75% -13.53%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.50M $35.80M
YoY Change 4.75% -13.53%
LONG-TERM LIABILITIES
Long-Term Debt $693.7M $689.9M
YoY Change 0.55% -18.39%
Other Long-Term Liabilities $3.200M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $696.9M $689.9M
YoY Change 1.01% -26.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.50M $35.80M
Total Long-Term Liabilities $696.9M $689.9M
Total Liabilities $734.4M $725.7M
YoY Change 1.2% -31.67%
SHAREHOLDERS EQUITY
Retained Earnings -$443.7M -$364.7M
YoY Change 21.66%
Common Stock $895.4M $910.2M
YoY Change -1.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $548.0M $645.3M
YoY Change
Total Liabilities & Shareholders Equity $1.371B $1.456B
YoY Change -5.8% -9.53%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$4.698M $136.1M
YoY Change -103.45% 488.94%
Depreciation, Depletion And Amortization $18.41M $20.86M
YoY Change -11.73% 236.44%
Cash From Operating Activities $6.292M $3.749M
YoY Change 67.83% -81.53%
INVESTING ACTIVITIES
Capital Expenditures -$28.50M -$226.3M
YoY Change -87.41% 1305.59%
Acquisitions
YoY Change
Other Investing Activities -$109.0K -$24.00K
YoY Change 354.17% -100.03%
Cash From Investing Activities -$25.52M -$101.2M
YoY Change -74.78% -275.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.815M $1.442M
YoY Change 511.3%
Debt Paid & Issued, Net $13.50M $42.80M
YoY Change -68.45%
Cash From Financing Activities $28.12M -$160.3M
YoY Change -117.54% 78.73%
NET CHANGE
Cash From Operating Activities $6.292M $3.749M
Cash From Investing Activities -$25.52M -$101.2M
Cash From Financing Activities $28.12M -$160.3M
Net Change In Cash $8.892M -$257.8M
YoY Change -103.45% 2103.0%
FREE CASH FLOW
Cash From Operating Activities $6.292M $3.749M
Capital Expenditures -$28.50M -$226.3M
Free Cash Flow $34.79M $230.0M
YoY Change -84.88% 532.0%

Facts In Submission

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3749000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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6292000 USD
CY2018Q1 us-gaap Net Income Loss
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6604000 USD
CY2019Q1 us-gaap Net Income Loss
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-4698000 USD
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NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-174000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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4899000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-6403000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5479000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7146000 USD
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
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0 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
16560000 USD
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580000 USD
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NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
-743000 USD
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NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
-520000 USD
CY2019Q1 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
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-576000 USD
CY2019Q1 us-gaap Noncontrolling Interest Increase From Business Combination
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4549000 USD
CY2019Q1 us-gaap Number Of Real Estate Properties
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88 property
CY2019Q1 us-gaap Number Of Reportable Segments
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1 segment
CY2018Q1 us-gaap Operating Income Loss
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-1794000 USD
CY2019Q1 us-gaap Operating Income Loss
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1460000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
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44826000 USD
CY2018Q1 us-gaap Operating Leases Income Statement Lease Revenue
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40225000 USD
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27265000 USD
CY2019Q1 us-gaap Other Assets
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29166000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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1000 USD
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-102000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease Before Adjustments After Tax
OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseBeforeAdjustmentsAfterTax
1720000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
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-835000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-374000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
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16000 USD
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17000 USD
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0 USD
CY2019Q1 us-gaap Partners Capital Account Units Converted
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1.37931 shares
CY2018Q1 us-gaap Payments For Capital Improvements
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2504000 USD
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801000 USD
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-24000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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1442000 USD
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8815000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
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2237000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
156000 USD
CY2018Q1 us-gaap Payments Of Distributions To Affiliates
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990000 USD
CY2019Q1 us-gaap Payments Of Distributions To Affiliates
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957000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
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8405000 USD
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8336000 USD
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53000 USD
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
50000 USD
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PaymentsOfDividendsPreferredStockAndPreferenceStock
1705000 USD
CY2019Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
CY2018Q1 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
0 USD
CY2019Q1 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
1200000 USD
CY2019Q1 us-gaap Payments To Acquire Additional Interest In Subsidiaries
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1239000 USD
CY2018Q1 us-gaap Payments To Acquire Notes Receivable
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4493000 USD
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0 USD
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128934000 USD
CY2019Q1 us-gaap Payments To Acquire Real Estate
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27741000 USD
CY2018 us-gaap Preferred Stock Dividend Rate Percentage
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0.06625
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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0 USD
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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57000 USD
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0.4140625
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0.4140625
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25
CY2019Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25.00
CY2019Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25
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102971000 USD
CY2019Q1 us-gaap Preferred Stock Liquidation Preference Value
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103000000 USD
CY2019Q1 us-gaap Preferred Stock Liquidation Preference Value
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102971000 USD
CY2018Q4 us-gaap Preferred Stock Shares Issued
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CY2019Q1 us-gaap Preferred Stock Shares Issued
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4118000 shares
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4100000 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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4118000 shares
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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353871000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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371672000 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
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1627636000 USD
CY2019Q1 us-gaap Real Estate Investment Property At Cost
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1673158000 USD
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1273765000 USD
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1301486000 USD
CY2018Q1 us-gaap Real Estate Tax Expense
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5021000 USD
CY2019Q1 us-gaap Real Estate Tax Expense
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5232000 USD
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5968000 USD
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4118000 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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4100000 shares
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CY2018Q1 us-gaap Profit Loss
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6664000 USD
CY2019Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Real Estate Insurance
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50000 USD
CY2019Q1 us-gaap Real Estate Insurance
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641000 USD
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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0 USD
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21689000 USD
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CY2018Q1 us-gaap Repayments Of Lines Of Credit
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153000000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
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18500000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
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42804000 USD
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13503000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
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4053000 USD
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5464000 USD
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4819000 USD
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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782000 USD
CY2019Q1 us-gaap Revenue Performance Obligation Description Of Timing
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one year or less
CY2018Q1 us-gaap Revenues
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43035000 USD
CY2019Q1 us-gaap Revenues
Revenues
45608000 USD
CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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441000 USD
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P1Y
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24600000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
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1442000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
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8815000 USD
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708467000 USD
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643449000 USD
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620392000 USD
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CY2018Q4 us-gaap Unsecured Debt
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CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1424000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11763000 shares
CY2019Q1 us-gaap Schedule Of Repurchase Agreements
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common shares repurchased during the three months ended March 31, 2019 and 2018 are detailed in the table below.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="10" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">(in thousands, except per share amounts)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number of Shares</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Aggregate Cost</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average Price Per Share</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">174</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,804</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">50.54</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">29</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,442</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">49.79</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amount includes commissions.</font></div></td></tr></table></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">USE OF ESTIMATES</font></div><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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