Annual report pursuant to Section 13 and 15(d)

THREE-FOR-TWO STOCK SPLIT

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THREE-FOR-TWO STOCK SPLIT
 12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
THREE-FOR-TWO STOCK SPLIT
19. THREE-FOR-TWO STOCK SPLIT

 

On January 27, 2015, the Board of Directors at its quarterly meeting authorized a three-for-two stock split of the Company’s common shares by the issuance on March 10, 2015 of one additional common share for each two common shares held of record at February 10, 2015. The stock split will increase the Company’s outstanding shares from approximately 145,783,052 to 218,674,578 shares. Our historical outstanding shares will be recast upon distribution.

Below is an estimate of the pro forma effects of the stock split on the Company’s Stockholders’ equity:

 

            December 31, 2014
    December 31, 2014   Adjustment   (Pro forma)
(in thousands)   (Audited)   (Unaudited)   (Unaudited)
STOCKHOLDERS’ EQUITY                        
Preferred stock, without par value; 500,000 authorized, zero shares issued   $ —       $ —       $ —    
Common stock, par value $1 per share; 250,000,000 shares authorized,                        
218,482,907 shares issued(1)   $ 145,722     $ 72,761     $ 218,483  
Treasury Stock, par value $1 per share ; 200,000 and 0 shares, respectively     (200 )     —         (200 )
Paid-in-capital     62,839       —         62,839  
Accumulated other comprehensive loss     (65,488 )     —         (65,488 )
Retained earnings     319,803       (72,761 )     247,042  
Total stockholders’ equity   $ 462,676     $ —       $ 462,676  

 

(1) Shares issued increased as follows: 2014 - 72,760,969; 2013 - 72,932,222

 

Below is an estimate of the pro forma effects of the stock split on the Company’s earnings per share:

 

            December 31, 2014
    December 31, 2014   Adjustment   (Pro forma)
(in thousands, except per share amounts)   (Audited)   (Unaudited)   (Unaudited)
Net Income   $ 137,664     $ —       $ 137,664  
                         
Basic Earnings Per Share   $ 0.94     $ (0.31 )   $ 0.63  
Diluted Earnings Per Share   $ 0.94     $ (0.31 )   $ 0.63  
                         
Shares used for computation:                        
Basic     145,796       72,899       218,695  
Diluted     145,796       72,899       218,695