| THREE-FOR-TWO STOCK SPLIT |
| 20. |
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
increased the Company’s outstanding shares from 145,783,052 to 218,674,578 shares.
Below are the effects of the
stock split on the Company’s Stockholders’ equity:
| (in thousands) |
|
December 31, 2014
(pre-split) |
|
|
Adjustment |
|
|
December 31, 2014
(post-split) |
|
| 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 are the effects of the stock split on the Company’s
earnings per share:
| |
|
December 31, 2014 |
|
|
|
|
|
December 31, 2014 |
|
| (in thousands, except per share amounts) |
|
(pre-split) |
|
|
Adjustment |
|
|
(post-split) |
|
| 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 |
|
|