$HZO
MARINEMAX INC

2017 Q2 Form 10-Q Financial Statement

#000156459017013929 Filed on July 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q3 2016 Q2
Revenue $329.8M $227.4M $345.6M
YoY Change -4.57% 20.13% 49.06%
Cost Of Revenue $245.0M $170.9M $266.7M
YoY Change -8.13% 21.03% 52.56%
Gross Profit $84.79M $56.49M $78.90M
YoY Change 7.46% 17.5% 38.33%
Gross Profit Margin 25.71% 24.84% 22.83%
Selling, General & Admin $59.56M $49.04M $54.33M
YoY Change 9.63% 17.51% 32.34%
% of Gross Profit 70.24% 86.82% 68.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.500M $2.100M $2.000M
YoY Change 25.0% 5.0% 0.0%
% of Gross Profit 2.95% 3.72% 2.53%
Operating Expenses $59.56M $49.04M $54.33M
YoY Change 9.63% 17.51% 32.34%
Operating Profit $25.24M $7.444M $24.58M
YoY Change 2.68% 17.45% 53.69%
Interest Expense $1.897M $1.180M $1.473M
YoY Change 28.78% 29.1% 29.1%
% of Operating Profit 7.52% 15.85% 5.99%
Other Income/Expense, Net
YoY Change
Pretax Income $23.34M $6.264M $23.10M
YoY Change 1.01% 15.49% 55.58%
Income Tax $9.094M $678.0K $9.285M
% Of Pretax Income 38.97% 10.82% 40.19%
Net Earnings $14.24M $5.586M $13.82M
YoY Change 3.08% -82.99% -6.94%
Net Earnings / Revenue 4.32% 2.46% 4.0%
Basic Earnings Per Share $0.59 $0.57
Diluted Earnings Per Share $0.57 $0.22 $0.56
COMMON SHARES
Basic Shares Outstanding 24.34M 24.16M
Diluted Shares Outstanding 25.10M 25.01M 24.77M

Balance Sheet

Concept 2017 Q2 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.90M $38.60M $55.60M
YoY Change 5.94% 18.4% 17.3%
Cash & Equivalents $58.93M $38.59M $55.56M
Short-Term Investments
Other Short-Term Assets $5.900M $6.000M $11.30M
YoY Change -47.79% -44.44% 126.0%
Inventory $385.3M $322.0M $306.6M
Prepaid Expenses
Receivables $41.70M $24.58M $27.32M
Other Receivables $0.00 $901.0K $0.00
Total Short-Term Assets $491.8M $391.1M $400.8M
YoY Change 22.69% 16.47% 20.36%
LONG-TERM ASSETS
Property, Plant & Equipment $127.8M $121.4M $115.3M
YoY Change 10.75% 22.59% 8.53%
Goodwill $9.900M
YoY Change 1134.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.70M $34.20M $13.27M
YoY Change 214.22% 543.7% 157.04%
Total Long-Term Assets $169.5M $155.6M $145.0M
YoY Change 16.89% 18.02% 30.11%
TOTAL ASSETS
Total Short-Term Assets $491.8M $391.1M $400.8M
Total Long-Term Assets $169.5M $155.6M $145.0M
Total Assets $661.3M $546.7M $545.8M
YoY Change 21.15% 16.91% 22.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.63M $9.597M $19.34M
YoY Change 32.53% -28.96% 67.55%
Accrued Expenses $33.55M $25.60M $27.24M
YoY Change 23.14% 28.25% 19.91%
Deferred Revenue
YoY Change
Short-Term Debt $241.6M $166.6M $177.0M
YoY Change 36.54% 21.4% 28.81%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $323.3M $231.9M $241.7M
YoY Change 33.75% 26.44% 30.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.300M $2.300M $2.500M
YoY Change 32.0% 283.33% 525.0%
Total Long-Term Liabilities $3.250M $2.336M $2.463M
YoY Change 31.95% 298.63% 479.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $323.3M $231.9M $241.7M
Total Long-Term Liabilities $3.250M $2.336M $2.463M
Total Liabilities $326.5M $234.2M $244.2M
YoY Change 33.73% 27.31% 31.48%
SHAREHOLDERS EQUITY
Retained Earnings $122.8M $103.2M $92.81M
YoY Change 32.37% 36.83% 117.88%
Common Stock $248.6M $241.1M $238.2M
YoY Change 4.37% 2.81% 1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $36.74M $31.82M $29.37M
YoY Change 25.1% 21.04% 65.58%
Treasury Stock Shares $1.979M $1.692M $1.567M
Shareholders Equity $334.7M $312.5M $301.7M
YoY Change
Total Liabilities & Shareholders Equity $661.3M $546.7M $545.8M
YoY Change 21.15% 16.91% 22.8%

Cashflow Statement

Concept 2017 Q2 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $14.24M $5.586M $13.82M
YoY Change 3.08% -82.99% -6.94%
Depreciation, Depletion And Amortization $2.500M $2.100M $2.000M
YoY Change 25.0% 5.0% 0.0%
Cash From Operating Activities $36.60M -$1.100M $77.50M
YoY Change -52.77% -78.43% 134.14%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$4.400M -$3.800M
YoY Change -2.63% 57.14% 40.74%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K -$7.600M
YoY Change -101.32% -95.83% -311.11%
Cash From Investing Activities -$3.500M -$4.300M -$11.50M
YoY Change -69.57% 760.0% -1537.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.80M -11.40M -54.40M
YoY Change -52.57% 23.91% 86.3%
NET CHANGE
Cash From Operating Activities 36.60M -1.100M 77.50M
Cash From Investing Activities -3.500M -4.300M -11.50M
Cash From Financing Activities -25.80M -11.40M -54.40M
Net Change In Cash 7.300M -16.80M 11.60M
YoY Change -37.07% 13.51% 146.81%
FREE CASH FLOW
Cash From Operating Activities $36.60M -$1.100M $77.50M
Capital Expenditures -$3.700M -$4.400M -$3.800M
Free Cash Flow $40.30M $3.300M $81.30M
YoY Change -50.43% -243.48% 127.09%

Facts In Submission

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">COMPANY BACKGROUND:</p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are the largest recreational boat and yacht retailer in the United&#160;States. We engage primarily in the retail sale, brokerage, and service of new and used boats, motors, trailers, marine parts and accessories and offer slip and storage accommodations in certain locations. In addition, we arrange related boat financing, insurance, and extended service contracts.&nbsp;&nbsp;We also offer the charter of power and sailing yachts in the British Virgin Islands.&nbsp;&nbsp;As of June 30, 2017, we operated through 62 retail locations in 17 states, consisting of Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas. Our MarineMax Vacations operation maintains a facility in Tortola, British Virgin Islands.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are the nation&#8217;s largest retailer of Sea Ray and Boston Whaler recreational boats and yachts, which are manufactured by Brunswick Corporation (&#8220;Brunswick&#8221;). Sales of new Brunswick boats accounted for approximately 40% of our revenue in fiscal 2016.&nbsp;&nbsp;Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 24% and 14%, respectively, of our revenue in fiscal 2016. Brunswick is a world leading manufacturer of marine products and marine engines. We believe we represented approximately 53% of Brunswick&#8217;s Sea Ray boat sales, during our fiscal 2016.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have dealership agreements with Sea Ray, Boston Whaler, Meridian, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group&#8217;s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers&#8217; boats and products. These agreements also allow us to use these manufacturers&#8217; names, trade symbols, and intellectual property in our operations. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have multi-year dealer agreements with Brunswick covering Sea Ray products that appoint us as the exclusive dealer of Sea Ray boats in our geographic markets. We are the exclusive dealer for Boston Whaler through multi-year dealer agreements for many of our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States through a multi-year dealer agreement. Sales of new Azimut boats accounted for approximately 11% of our revenue in fiscal 2016. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As is typical in the industry, we deal with most of our manufacturers, other than Sea Ray, Boston Whaler, Meridian, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory, or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 52%, 53%, and 55% of our revenue during fiscal 2014, 2015, and 2016, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy in 2012, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. As a result, an economic downturn could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions or low consumer confidence is likely to have a negative effect on our business.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lower consumer spending resulting from a downturn in the housing market and other economic factors adversely affected our business in fiscal 2007, and continued weakness in consumer spending and depressed economic conditions had a substantial negative effect on our business and industry for several years after fiscal 2007. These conditions caused us to substantially reduce our acquisition program, delay new store openings, reduce our inventory purchases, engage in inventory reduction efforts, close a number of our retail locations, reduce our headcount, and amend and replace our credit facility. Acquisitions and new store openings remain important strategies to our company, and we have recently closed on certain acquisitions, and we plan to accelerate our growth through these strategies as economic conditions continue to improve. However, we cannot predict the length of unfavorable economic or industry conditions or the extent to which they will continue to adversely affect our operating results nor can we predict the effectiveness of the measures we have taken to address this environment.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:9pt;">&nbsp;</p></div>
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CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
546688000
CY2017Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24276048
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1692016
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
103212000
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
661256000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
122848000
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
31823000
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
10895000
us-gaap Share Based Compensation
ShareBasedCompensation
3152000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8177000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
17070000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2977000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5467000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
4649000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5903000
hzo Increase Decrease In Accrued Expenses And Long Term Liabilities
IncreaseDecreaseInAccruedExpensesAndLongTermLiabilities
5457000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9322000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
62000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6877000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
26190000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16037000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-7922000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12354000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
18725000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-25375000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-30133000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
58284000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1266000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3029000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1413000
us-gaap Interest Paid
InterestPaid
6211000
us-gaap Income Taxes Paid
IncomeTaxesPaid
213000
us-gaap Income Taxes Paid
IncomeTaxesPaid
457000
CY2017Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1000000
CY2017Q2 us-gaap Number Of Stores
NumberOfStores
62
CY2017Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
17
hzo Independent Recreational Boat Dealers In Number
IndependentRecreationalBoatDealersInNumber
5
hzo Recreational Boat Dealers In Number
RecreationalBoatDealersInNumber
27
hzo Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
2
hzo Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
2
CY2016Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
656000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
611910
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
758621
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.402
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.390
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
751534
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.387
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying unaudited condensed consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of accruals. Actual results could differ from those estimates.</p></div>
CY2016Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1000000
CY2017Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1300000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2016Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
454000
CY2017Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
454000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.404
hzo Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
49400000
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.88
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1600000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
950000
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1300000
CY2017Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
268000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
152000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2500000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
581845

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