2011 Q4 Form 10-K Financial Statement

#000119312513062738 Filed on February 15, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2011 Q2
Revenue $404.9M $407.7M $393.4M
YoY Change 9.88% 16.12% 12.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $287.4M $289.7M $278.0M
YoY Change 10.37% 16.16% 12.14%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.266M $6.213M $6.032M
YoY Change 23.15% -1.38% 20.64%
% of Gross Profit
Operating Expenses $313.4M $312.6M $300.3M
YoY Change 10.89% 15.92% 12.46%
Operating Profit $91.51M $95.04M $93.12M
YoY Change
Interest Expense $684.0K $1.056M $988.0K
YoY Change -214.0% -209.78%
% of Operating Profit 0.75% 1.11% 1.06%
Other Income/Expense, Net
YoY Change
Pretax Income $91.33M $94.32M $92.46M
YoY Change 7.07% 16.01% 13.87%
Income Tax $32.97M $36.08M $36.52M
% Of Pretax Income 36.1% 38.25% 39.5%
Net Earnings $58.36M $58.24M $55.94M
YoY Change 8.47% -4.99% 13.24%
Net Earnings / Revenue 14.41% 14.29% 14.22%
Basic Earnings Per Share $1.21 $1.21 $1.18
Diluted Earnings Per Share $1.19 $1.19 $1.15
COMMON SHARES
Basic Shares Outstanding 48.13M shares 47.99M shares 47.53M shares
Diluted Shares Outstanding 49.13M shares 48.94M shares 48.73M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.70M $43.00M $34.90M
YoY Change -47.94% -43.12% -5.93%
Cash & Equivalents $18.60M $35.75M $23.96M
Short-Term Investments $4.100M $7.200M $11.00M
Other Short-Term Assets $7.531M $84.00M $76.30M
YoY Change -89.39% 0.36% -7.85%
Inventory
Prepaid Expenses $6.305M
Receivables $230.4M $207.1M $194.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $337.3M $334.0M $305.3M
YoY Change 13.94% 0.0% 2.18%
LONG-TERM ASSETS
Property, Plant & Equipment $60.53M $61.60M $60.10M
YoY Change 41.43% 40.0% 35.06%
Goodwill $1.747B
YoY Change
Intangibles
YoY Change
Long-Term Investments $45.00M $35.00M $25.70M
YoY Change 64.23% 18.64% 7.08%
Other Assets $83.09M $65.80M $66.80M
YoY Change 18.36% 24.15% 22.57%
Total Long-Term Assets $1.935B $1.846B $1.767B
YoY Change 11.13% 25.82% 20.98%
TOTAL ASSETS
Total Short-Term Assets $337.3M $334.0M $305.3M
Total Long-Term Assets $1.935B $1.846B $1.767B
Total Assets $2.273B $2.180B $2.073B
YoY Change 11.54% 21.03% 17.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.26M $9.800M $10.80M
YoY Change 27.75% 19.51% 44.0%
Accrued Expenses $222.3M $190.2M $148.3M
YoY Change 12.05% -34.64% -44.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $254.3M $215.1M $174.8M
YoY Change 15.02% -30.88% -38.75%
LONG-TERM LIABILITIES
Long-Term Debt $29.30M $50.40M $66.40M
YoY Change -80.01% 50300.0% 14.29%
Other Long-Term Liabilities $54.54M $163.3M $157.7M
YoY Change -63.27% 225.95% 206.21%
Total Long-Term Liabilities $54.54M $213.7M $224.1M
YoY Change -81.52% 325.7% 104.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $254.3M $215.1M $174.8M
Total Long-Term Liabilities $54.54M $213.7M $224.1M
Total Liabilities $541.6M $517.6M $482.5M
YoY Change -8.23% 21.02% 5.03%
SHAREHOLDERS EQUITY
Retained Earnings $1.006B
YoY Change
Common Stock $489.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.731B $1.662B $1.590B
YoY Change
Total Liabilities & Shareholders Equity $2.273B $2.180B $2.073B
YoY Change 11.54% 21.03% 17.79%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2011 Q2
OPERATING ACTIVITIES
Net Income $58.36M $58.24M $55.94M
YoY Change 8.47% -4.99% 13.24%
Depreciation, Depletion And Amortization $7.266M $6.213M $6.032M
YoY Change 23.15% -1.38% 20.64%
Cash From Operating Activities $89.80M $100.1M $95.30M
YoY Change 5.52% -5.03% 3.93%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$5.200M -$3.100M
YoY Change 35.0% 79.31% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$81.80M -$74.00M $9.400M
YoY Change -70.31% 413.89% -146.53%
Cash From Investing Activities -$84.60M -$79.20M $6.300M
YoY Change -69.52% 363.16% -126.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.40M -9.100M -92.60M
YoY Change -114.23% -82.83% 40.09%
NET CHANGE
Cash From Operating Activities 89.80M 100.1M 95.30M
Cash From Investing Activities -84.60M -79.20M 6.300M
Cash From Financing Activities -22.40M -9.100M -92.60M
Net Change In Cash -17.20M 11.80M 9.000M
YoY Change -51.0% -66.57% 309.09%
FREE CASH FLOW
Cash From Operating Activities $89.80M $100.1M $95.30M
Capital Expenditures -$2.700M -$5.200M -$3.100M
Free Cash Flow $92.50M $105.3M $98.40M
YoY Change 6.2% -2.77% 3.8%

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CY2010 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2011 us-gaap Increase Decrease In Accounts Receivable
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2011 us-gaap Business Acquisitions Pro Forma Revenue
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CY2011 us-gaap Current State And Local Tax Expense Benefit
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2011 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2011 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2011 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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CY2011 us-gaap Earnings Per Share Diluted
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.35 pure
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CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2011 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2011 us-gaap Current Federal Tax Expense Benefit
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113290000
CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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3433000
CY2011 us-gaap Operating Expenses
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CY2011 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2011 us-gaap Income Tax Expense Benefit
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CY2011 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2011 us-gaap Income Taxes Paid Net
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CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2011 us-gaap Goodwill Period Increase Decrease
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CY2011 us-gaap Valuation Allowances And Reserves Adjustments
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CY2011 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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CY2011 us-gaap Interest Expense
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2011 us-gaap Malpractice Loss Contingency Claims Incurred In Period
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CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2011 md Decrease In Uncertain Tax Position
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CY2011 md Provision Adjustment For Losses Related To Current Year
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CY2011 md Provision Adjustment For Losses Related To Prior Year
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CY2011 md Stock Issued During Period Value Stock Options Exercised And Stock Purchase Plans
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CY2011 md Total Provision For Losses
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CY2011 md Contractual Adjustments And Uncollectibles
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CY2011 md Hospital Contract Administrative Fees
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CY2012 dei Document Fiscal Period Focus
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FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
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0000893949
CY2012 dei Entity Well Known Seasoned Issuer
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Yes
CY2012 dei Current Fiscal Year End Date
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--12-31
CY2012 dei Trading Symbol
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MD
CY2012 dei Entity Registrant Name
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MEDNAX, INC.
CY2012 dei Entity Current Reporting Status
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CY2012 dei Amendment Flag
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CY2012 dei Entity Filer Category
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CY2012 us-gaap Depreciation Depletion And Amortization
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CY2012 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2012 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2012 us-gaap Accretion Expense
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2012 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2012 us-gaap Effective Income Tax Rate Continuing Operations
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CY2012 us-gaap Increase Decrease In Accounts Receivable
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2012 us-gaap Income Tax Expense Benefit Continuing Operations
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2012 us-gaap Payments To Acquire Investments
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33120000
CY2012 us-gaap Malpractice Loss Contingency Claims Incurred Net
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2012 us-gaap Share Based Compensation
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2012 us-gaap Current State And Local Tax Expense Benefit
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CY2012 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
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CY2012 us-gaap Health Care Organization Patient Service Revenue
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Accounting Estimates and Assumptions</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) 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 revenue and expenses during the reporting periods. Significant estimates and assumptions are involved in the calculation of the Company&#x2019;s allowance for contractual adjustments and uncollectibles on accounts receivable, liabilities for self-insured amounts and claims incurred but not reported related to the Company&#x2019;s professional liability risks, the fair value of goodwill, and liabilities for uncertain tax positions. Actual results could differ from those estimates.</font></p> </div>
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3994924000
CY2012 md Number Of Physician Group Practices
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CY2012 md Long Term Investment Maturity Minimum
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ScheduleOfDifferencesBetweenFederalStatutoryTaxRateAndEffectiveTaxRate
<div> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The differences between the effective rate and the United States federal income tax statutory rate are as follows:</font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="75%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>2010</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Tax at statutory rate</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">35.00</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">35.00</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">35.00</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">State income tax, net of federal benefit</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.60</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.66</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.42</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Non-deductible expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">0.36</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">0.32</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">0.35</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Change in accrual estimates relating to uncertain tax positions</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(0.15</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">0.44</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2.81</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">)&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">0.13</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(0.13</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(0.10</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">)&#xA0;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#xA0;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#xA0;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#xA0;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax provision</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">37.94</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">38.29</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="font-family:Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">34.86</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#xA0;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#xA0;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#xA0;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
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