$LOPE
Grand Canyon Education, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022012190 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $208.7M $199.8M $244.1M
YoY Change 0.94% -0.86% 3.04%
Cost Of Revenue $104.9M $104.2M $103.8M
YoY Change 7.3% 10.15%
Gross Profit $103.8M $95.54M $140.3M
YoY Change -4.75% -10.61%
Gross Profit Margin 49.75% 47.83% 57.47%
Selling, General & Admin $66.23M $59.59M $60.74M
YoY Change 7.51% 9.29% 5.99%
% of Gross Profit 63.78% 62.37% 43.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.776M $7.733M $7.829M
YoY Change 1.18% 2.68% 4.39%
% of Gross Profit 7.49% 8.09% 5.58%
Operating Expenses $66.23M $59.59M $60.74M
YoY Change 7.51% 9.29% 5.99%
Operating Profit $35.51M $33.85M $77.47M
YoY Change -21.63% -32.64% -8.03%
Interest Expense $745.0K $5.000K $205.0K
YoY Change 0.54% -99.34% -74.34%
% of Operating Profit 2.1% 0.01% 0.26%
Other Income/Expense, Net
YoY Change
Pretax Income $36.26M $34.18M $77.67M
YoY Change -39.39% -47.0% -20.82%
Income Tax $6.249M $8.622M $19.59M
% Of Pretax Income 17.24% 25.22% 25.22%
Net Earnings $30.01M $25.56M $58.08M
YoY Change -37.03% -48.32% -25.65%
Net Earnings / Revenue 14.38% 12.8% 23.79%
Basic Earnings Per Share $0.96 $0.80 $1.67
Diluted Earnings Per Share $0.96 $0.80 $1.66
COMMON SHARES
Basic Shares Outstanding 31.96M 31.80M 34.81M
Diluted Shares Outstanding 31.39M 31.88M 34.90M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.3M $203.3M $264.3M
YoY Change 77.52% 78.52% 0.77%
Cash & Equivalents $39.89M $139.4M $201.9M
Short-Term Investments $68.40M $63.87M $62.40M
Other Short-Term Assets $10.18M $11.89M $14.02M
YoY Change -4.24% -0.83% -3.2%
Inventory
Prepaid Expenses
Receivables $101.2M $25.73M $102.0M
Other Receivables $3.589M $8.967M $0.00
Total Short-Term Assets $223.2M $249.9M $380.4M
YoY Change 28.74% 69.89% 1.61%
LONG-TERM ASSETS
Property, Plant & Equipment $144.9M $139.6M $136.7M
YoY Change 7.71% 4.98% 3.6%
Goodwill $160.8M $160.8M $160.8M
YoY Change 0.0% 0.0% 0.0%
Intangibles $178.9M $181.0M $183.1M
YoY Change -4.49% -4.44% -4.4%
Long-Term Investments
YoY Change
Other Assets $1.683M $1.842M $1.802M
YoY Change -27.14% -25.88% -15.52%
Total Long-Term Assets $561.3M $537.5M $538.0M
YoY Change -62.75% -68.38% -64.39%
TOTAL ASSETS
Total Short-Term Assets $223.2M $249.9M $380.4M
Total Long-Term Assets $561.3M $537.5M $538.0M
Total Assets $784.5M $787.3M $918.4M
YoY Change -53.31% -57.37% -51.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.83M $18.14M $29.64M
YoY Change -53.7% -19.21% 72.07%
Accrued Expenses $28.96M $32.98M $30.71M
YoY Change 9.17% 32.1% 4.1%
Deferred Revenue $6.102M $11.96M $12.17M
YoY Change 90.45% 22.52% 75.49%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $95.59M $103.7M $132.7M
YoY Change -53.11% -38.63% -13.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $442.0K $24.00K $30.00K
YoY Change 927.91% -52.0% -71.96%
Total Long-Term Liabilities $442.0K $24.00K $30.00K
YoY Change 927.91% -52.0% -71.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.59M $103.7M $132.7M
Total Long-Term Liabilities $442.0K $24.00K $30.00K
Total Liabilities $193.0M $180.7M $211.9M
YoY Change -31.0% -40.63% -28.48%
SHAREHOLDERS EQUITY
Retained Earnings $1.969B $1.939B $1.913B
YoY Change 11.23% 12.57% 14.37%
Common Stock $306.7M $303.6M $300.4M
YoY Change 4.18% 7.79% 6.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.635B $1.507B
YoY Change 254.67% 312.0%
Treasury Stock Shares $21.87M $20.55M
Shareholders Equity $591.6M $606.6M $706.4M
YoY Change
Total Liabilities & Shareholders Equity $784.5M $787.3M $918.4M
YoY Change -53.31% -57.37% -51.28%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $30.01M $25.56M $58.08M
YoY Change -37.03% -48.32% -25.65%
Depreciation, Depletion And Amortization $7.776M $7.733M $7.829M
YoY Change 1.18% 2.68% 4.39%
Cash From Operating Activities -$35.62M $75.83M $70.26M
YoY Change 2383.89% -37.09% -21.78%
INVESTING ACTIVITIES
Capital Expenditures -$11.34M -$8.371M -$6.879M
YoY Change 97.89% -95.75% -23.57%
Acquisitions
YoY Change
Other Investing Activities -$4.356M -$1.533M -$62.83M
YoY Change -101.86% -81.43% 143.54%
Cash From Investing Activities -$15.70M -$9.904M -$69.71M
YoY Change -106.86% -95.18% 100.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $399.6M
YoY Change 476.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.19M -128.5M -399.6M
YoY Change -79.56% 79.25% 433.11%
NET CHANGE
Cash From Operating Activities -35.62M 75.83M 70.26M
Cash From Investing Activities -15.70M -9.904M -69.71M
Cash From Financing Activities -48.19M -128.5M -399.6M
Net Change In Cash -99.51M -62.53M -399.0M
YoY Change 1078.24% -60.02% 1901.04%
FREE CASH FLOW
Cash From Operating Activities -$35.62M $75.83M $70.26M
Capital Expenditures -$11.34M -$8.371M -$6.879M
Free Cash Flow -$24.27M $84.20M $77.14M
YoY Change -664.64% -73.49% -21.95%

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ComprehensiveIncomeNetOfTax
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lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
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IncreaseDecreaseInAccountsPayableTrade
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IncreaseDecreaseInAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
114000
lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
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lope Payments To Fund Notes Receivable
PaymentsToFundNotesReceivable
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us-gaap Payments To Acquire Marketable Securities
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ProceedsFromSaleAndMaturityOfMarketableSecurities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
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us-gaap Proceeds From Repayments Of Lines Of Credit
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PaymentsForRepurchaseOfCommonStock
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaid
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IncomeTaxesPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Grand Canyon Education, <span style="white-space:pre-wrap;">Inc. (together with its subsidiaries, the “Company” or “GCE”) is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE’s most significant university partner is Grand Canyon University (“GCU”), an Arizona non-profit corporation, a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across </span>nine colleges both online, on ground at its campus in Phoenix, Arizona and at three<span style="white-space:pre-wrap;"> off-campus classroom and laboratory sites. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">In January 2019, GCE began providing education services to numerous university partners across the United States, through our wholly owned subsidiary, Orbis Education, which we acquired, by merger on January 22, 2019 (the “Acquisition”). Since the Acquisition, GCE, together with Orbis Education, has continued to add additional university partners. In the healthcare field, we work in partnership with a growing number of top universities and healthcare networks across the country, offering healthcare-related academic programs at off-campus classroom and laboratory sites located near healthcare providers and developing high-quality, career-ready graduates who enter the workforce ready to meet the demands of the healthcare industry. In addition, we have provided certain services to a university partner to assist them in expanding their online graduate programs. As of June 30, 2022, GCE provides education services to </span>27<span style="white-space:pre-wrap;"> university partners across the United States. </span></p>
CY2022Q2 lope Number Of University Service Partners
NumberOfUniversityServicePartners
27
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
7912000
CY2021Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
3841000
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Allowance for Credit Losses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">The Company records its accounts receivable and previously had recorded its Secured Note (as defined above) receivable at the net amount expected to be collected. Our accounts receivable are derived through education services </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">provided to university partners. Our Secured Note receivable was derived through the sale of university-related assets to our most significant university partner, GCU. The Company maintains an allowance for credit losses resulting from our university partners not making payments. The Company determines the adequacy of the allowance by periodically evaluating each university partners balance, considering their financial condition and credit history, and considering current and forecasted economic conditions. In the first quarter of 2020, the Company adopted ASU 2016-13, </span><i style="font-style:italic;">Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments </i><span style="white-space:pre-wrap;">using a modified retrospective approach. This model requires consideration of a broader range of reasonable and supportable information and requires the Company to estimate expected credit losses including a measure of the expected risk of credit loss even if that risk is remote over the lifetime of the asset. Upon adoption, the Company recorded a reserve of </span>$5,000<span style="white-space:pre-wrap;"> on its long-term Secured Note receivable. The cumulative effect for the Company upon adoption of this new standard was </span>$3,832, net of taxes of $1,168<span style="white-space:pre-wrap;">. Bad debt expense is recorded as a technology and academic services expense in the consolidated income statements. In the fourth quarter of 2021, the Secured Note receivable was paid off and the credit loss reserve of </span>$5,000<span style="white-space:pre-wrap;"> was reversed. The Company will also continue to actively monitor the impact of the COVID-19 pandemic as well as other factors on expected credit losses.</span></p>
CY2021Q4 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-5000000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company believes the credit risk related to cash equivalents and investments is limited due to its adherence to an investment policy that requires investments to have a minimum BBB rating, depending on the type of security, by one major rating agency at the time of purchase. All of the Company’s cash equivalents and investments as of June 30, 2022 and December 31, 2021 consist of investments rated BBB or higher by at least one rating agency. Additionally, the Company utilizes at least one financial institution to conduct initial and ongoing credit analysis on its investment portfolio to monitor and lower the potential impact of market risk associated with its cash equivalents and investment portfolio. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, which are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At June 30, 2022 and December 31, 2021, the Company had $138,519 and $600,130, respectively, in excess of the FDIC insured limit. The Company is also subject to credit risk for its accounts receivable balance. Our dependence on our most significant university partner, with 85.1% and 85.7% of total service revenue for the six-month periods ended June 30, 2022 and 2021, respectively, subjects us to the risk that declines in our customer’s operations would result in a sustained reduction in service revenue for the Company.</p>
CY2022Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
138519000
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
600130000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p>
CY2022Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
63867000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
64388000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
6000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
527000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
63867000
us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
398000
CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearFairValue
49667000
CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
5376000
CY2022Q2 lope Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date Year Two
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateYearTwo
6799000
CY2022Q2 lope Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date Year Three
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateYearThree
2025000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
63867000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31800000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45490000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33295000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45810000
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
77000
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
92000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
86000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
154000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31877000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45582000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33381000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45964000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
277835000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
266446000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
138203000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
130326000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
139632000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
136120000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
210280000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29271000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
181009000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
us-gaap Operating Lease Cost
OperatingLeaseCost
4807000
us-gaap Operating Lease Cost
OperatingLeaseCost
4862000
CY2022Q2 lope Lessee Operating Lease Lease Not Yet Commenced Commitment Amount
LesseeOperatingLeaseLeaseNotYetCommencedCommitmentAmount
28619000
lope Number Of Off Campus Classroom And Laboratory Sites
NumberOfOffCampusClassroomAndLaboratorySites
5
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M7D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0304
lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4669000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9132000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8640000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8145000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8012000
CY2022Q2 lope Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
26294000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
64892000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6839000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
58053000
CY2021Q4 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
500000000
CY2021Q4 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1028000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6361000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5959000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1590000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1490000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4771000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4469000

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