2016 Q1 Form 10-Q Financial Statement

#000151133716000320 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $275.2M $270.4M
YoY Change 1.76% 14.4%
Cost Of Revenue $163.4M $163.5M
YoY Change -0.06% 12.29%
Gross Profit $111.8M $106.9M
YoY Change 4.58% 17.73%
Gross Profit Margin 40.63% 39.53%
Selling, General & Admin $29.80M $30.40M
YoY Change -1.97% 10.95%
% of Gross Profit 26.65% 28.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.73M $37.20M
YoY Change 9.48% 13.16%
% of Gross Profit 36.43% 34.8%
Operating Expenses $234.0M $231.3M
YoY Change 1.18% 11.54%
Operating Profit $41.19M $39.15M
YoY Change 5.21% 34.78%
Interest Expense $14.89M $13.51M
YoY Change 10.25% -7.77%
% of Operating Profit 36.15% 34.5%
Other Income/Expense, Net $302.0K $100.0K
YoY Change 202.0% 0.0%
Pretax Income $27.00M $26.18M
YoY Change 3.13% 76.46%
Income Tax $1.476M $375.0K
% Of Pretax Income 5.47% 1.43%
Net Earnings $25.35M $48.10M
YoY Change -47.3% 301.35%
Net Earnings / Revenue 9.21% 17.79%
Basic Earnings Per Share $0.20 $0.36
Diluted Earnings Per Share $0.20 $0.36
COMMON SHARES
Basic Shares Outstanding 123.7M shares 131.3M shares
Diluted Shares Outstanding 124.1M shares 132.3M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.0M $339.8M
YoY Change -62.92% 25.48%
Cash & Equivalents $126.0M $339.8M
Short-Term Investments
Other Short-Term Assets $36.70M $36.70M
YoY Change 0.0% -6.85%
Inventory
Prepaid Expenses
Receivables $31.00M $30.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $193.7M $407.3M
YoY Change -52.44% 19.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.641B $3.509B
YoY Change 3.77% 2.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $103.4M $74.70M
YoY Change 38.42% 4.04%
Total Long-Term Assets $3.747B $3.586B
YoY Change 4.49% 2.4%
TOTAL ASSETS
Total Short-Term Assets $193.7M $407.3M
Total Long-Term Assets $3.747B $3.586B
Total Assets $3.940B $3.993B
YoY Change -1.32% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.8M $120.0M
YoY Change 9.0% 17.07%
Accrued Expenses $4.900M $2.800M
YoY Change 75.0% 7.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.1M $169.3M
YoY Change 4.61% 26.53%
LONG-TERM LIABILITIES
Long-Term Debt $1.585B $1.428B
YoY Change 11.0% -8.53%
Other Long-Term Liabilities $13.50M $12.40M
YoY Change 8.87% -12.06%
Total Long-Term Liabilities $1.599B $1.441B
YoY Change 10.98% -8.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.1M $169.3M
Total Long-Term Liabilities $1.599B $1.441B
Total Liabilities $1.786B $1.618B
YoY Change 10.38% -5.55%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.192B $2.423B
YoY Change -9.55% 11.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.142B $2.358B
YoY Change
Total Liabilities & Shareholders Equity $3.940B $3.993B
YoY Change -1.32% 3.89%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $25.35M $48.10M
YoY Change -47.3% 301.35%
Depreciation, Depletion And Amortization $40.73M $37.20M
YoY Change 9.48% 13.16%
Cash From Operating Activities $55.15M $44.05M
YoY Change 25.2% 39.58%
INVESTING ACTIVITIES
Capital Expenditures $142.0K $50.00K
YoY Change 184.0% 4900.0%
Acquisitions
YoY Change
Other Investing Activities $3.600M $231.9M
YoY Change -98.45% -218.5%
Cash From Investing Activities -$18.90M $204.3M
YoY Change -109.25% -197.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $653.0K $1.772M
YoY Change -63.15% 61.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$44.44M -$171.1M
YoY Change -74.03% -245.59%
NET CHANGE
Cash From Operating Activities $55.15M $44.05M
Cash From Investing Activities -$18.90M $204.3M
Cash From Financing Activities -$44.44M -$171.1M
Net Change In Cash -$8.188M $77.32M
YoY Change -110.59% -225.75%
FREE CASH FLOW
Cash From Operating Activities $55.15M $44.05M
Capital Expenditures $142.0K $50.00K
Free Cash Flow $55.01M $44.00M
YoY Change 25.01% 39.43%

Facts In Submission

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544000 USD
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CY2016Q1 us-gaap Increase Decrease In Restricted Cash
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-908000 USD
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576000 USD
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0 USD
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CY2016Q1 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
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36850000 USD
CY2016Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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-14700000 USD
CY2015Q4 us-gaap Investment Building And Building Improvements
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CY2016Q1 us-gaap Investment Building And Building Improvements
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CY2016Q1 us-gaap Land And Land Improvements
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q4 us-gaap Long Term Debt
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CY2016Q1 us-gaap Long Term Debt
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CY2015Q4 us-gaap Minority Interest
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CY2016Q1 us-gaap Minority Interest
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CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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259000 USD
CY2015Q4 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
6177000 USD
CY2016Q1 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
5856000 USD
CY2015Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
11532000 USD
CY2016Q1 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
7139000 USD
CY2016Q1 us-gaap Mortgage Loans On Real Estate Number Of Loans
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1 loan
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-171085000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-44437000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
204349000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18902000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
44052000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
55151000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
47850000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25298000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-69000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-62000 USD
CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
321000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
114000 USD
CY2016Q1 us-gaap Number Of Real Estate Properties
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125 property
CY2016Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
21 state
CY2016Q1 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
20800 room
CY2015Q1 us-gaap Occupancy Costs
OccupancyCosts
54086000 USD
CY2016Q1 us-gaap Occupancy Costs
OccupancyCosts
55028000 USD
CY2015Q1 us-gaap Occupancy Revenue
OccupancyRevenue
232559000 USD
CY2016Q1 us-gaap Occupancy Revenue
OccupancyRevenue
239512000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
231253000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
233980000 USD
CY2015Q1 us-gaap Operating Income Loss
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39152000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
41191000 USD
CY2015Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
217000 USD
CY2016Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
188000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-9403000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-20248000 USD
CY2015Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
60581000 USD
CY2016Q1 us-gaap Other Direct Costs Of Hotels
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60021000 USD
CY2015Q1 us-gaap Other Hotel Operating Revenue
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8853000 USD
CY2016Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
9104000 USD
CY2015Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
90000 USD
CY2016Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
302000 USD
CY2015Q1 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
10900000 USD
CY2016Q1 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
11100000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
27453000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
22315000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1772000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
653000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
0 USD
CY2016Q1 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
11289000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
39590000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
41130000 USD
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
21000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
882000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
50000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
142000 USD
CY2015Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2016Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
259000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
400000000.0 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
48102000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
25350000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
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2647000 USD
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
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CY2016Q1 us-gaap Prepaid Expense And Other Assets
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36727000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
11000000 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
30000000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
225593000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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841039000 USD
CY2016Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
879383000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
4516038000 USD
CY2016Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3674999000 USD
CY2016Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3643206000 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
30000000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
129428000 USD
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
936000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
55455000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
54547000 USD
CY2015Q1 us-gaap Revenues
Revenues
270405000 USD
CY2016Q1 us-gaap Revenues
Revenues
275171000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
406049000 USD
CY2016Q1 us-gaap Secured Debt
SecuredDebt
415546000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4023000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2591000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1447 shares
CY2016Q1 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
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.88
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7500000 shares
CY2015Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
33000 USD
CY2016Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
33000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
163500000 USD
CY2016Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11289000 USD
CY2016Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11300000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2182815000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
2141687000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2378484000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2375227000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2200524000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2154682000 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
27000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2015Q4 us-gaap Unsecured Debt
UnsecuredDebt
1169437000 USD
CY2016Q1 us-gaap Unsecured Debt
UnsecuredDebt
1169840000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132286542 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124141824 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131272611 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123739823 shares
CY2016Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders&#8217; equity or cash flows.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company&#8217;s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date 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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