10-Q 1 expo-10q_20220401.htm 10-Q expo-10q_20220401.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended April 1, 2022   

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to___________

Commission File Number 0-18655

EXPONENT, INC.

(Exact name of registrant as specified in its charter)

 

delaware

 

77-0218904

(State or other jurisdiction of

 

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

 

 

 

149 COMMONWEALTH DRIVE,

MENLO PARK, California

 

94025

(Address of principal executive office)

 

(Zip Code)

 

(650) 326-9400

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes    

 

 

No

 

 

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes    

 

 

 

No

 

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes    

 

 

 

No

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

EXPO

 

Nasdaq Global Select Market

 

As of April 29, 2022, the latest practicable date, the registrant had 51,821,607 shares of common stock outstanding.

 


 

 

EXPONENT, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited):

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of April 1, 2021 and December 31, 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the Three Months Ended April 1, 2022 and April 2, 2021

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended April 1, 2022 and April 2, 2021

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended April 1, 2022 and April 2, 2021

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 1, 2022 and April 2, 2021

 

7

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

19

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

26

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

26

 

 

 

 

 

PART II – OTHER INFORMATION

 

27

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

27

 

 

 

 

 

Item 1A.

 

Risk Factors

 

27

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

27

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

27

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

27

 

 

 

 

 

Item 5.

 

Other Information

 

27

 

 

 

 

 

Item 6.

 

Exhibits

 

28

 

 

 

 

 

 

 

Signatures

 

29

 

 

- 2 -


 

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

EXPONENT, INC.

Condensed Consolidated Balance Sheets

April 1, 2022 and December 31, 2021

(in thousands, except par value)

(unaudited)

 

 

 

April 1,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

215,050

 

 

$

297,687

 

Accounts receivable, net of allowance for contract losses and doubtful accounts

   of $4,899 and $4,423 at April 1, 2022 and December 31, 2021, respectively

 

 

147,508

 

 

 

139,861

 

Prepaid expenses and other current assets

 

 

14,133

 

 

 

15,214

 

Total current assets

 

 

376,691

 

 

 

452,762

 

 

 

 

 

 

 

 

 

 

Property, equipment and leasehold improvements, net

 

 

61,077

 

 

 

59,971

 

Operating lease right-of-use assets

 

 

16,898

 

 

 

14,370

 

Goodwill

 

 

8,607

 

 

 

8,607

 

Deferred income taxes

 

 

46,501

 

 

 

46,546

 

Deferred compensation plan assets

 

 

106,255

 

 

 

99,962

 

Other assets

 

 

1,519

 

 

 

1,521

 

Total assets

 

$

617,548

 

 

$

683,739

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

30,840

 

 

$

24,504

 

Accrued payroll and employee benefits

 

 

57,291

 

 

 

103,552

 

Deferred revenues

 

 

15,669

 

 

 

19,762

 

Operating lease liabilities

 

 

5,310

 

 

 

5,164

 

Total current liabilities

 

 

109,110

 

 

 

152,982

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

2,659

 

 

 

2,886

 

Deferred compensation plan liabilities

 

 

107,561

 

 

 

100,999

 

Operating lease liabilities

 

 

11,654

 

 

 

9,807

 

Total liabilities

 

 

230,984

 

 

 

266,674

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares

   issued at April 1, 2021 and December 31, 2021

 

 

66

 

 

 

66

 

Additional paid-in capital

 

 

293,889

 

 

 

281,419

 

Accumulated other comprehensive loss

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(2,293

)

 

 

(1,983

)

Retained earnings

 

 

493,387

 

 

 

478,370

 

Treasury stock, at cost; 13,885 and 13,591 shares held at April 1, 2021 and December 31, 2021, respectively

 

 

(398,485

)

 

 

(340,807

)

Total stockholders’ equity

 

 

386,564

 

 

 

417,065

 

Total liabilities and stockholders’ equity

 

$

617,548

 

 

$

683,739

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

- 3 -


 

EXPONENT, INC.

Condensed Consolidated Statements of Income

For the Three Months Ended April 1, 2022 and April 2, 2021

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

April 2,

2021

 

Revenues:

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

117,870

 

 

$

109,579

 

Reimbursements

 

 

10,608

 

 

 

6,902

 

Revenues

 

 

128,478

 

 

 

116,481

 

Operating expenses:

 

 

 

 

 

 

 

 

Compensation and related expenses

 

 

68,757

 

 

 

74,538

 

Other operating expenses

 

 

8,165

 

 

 

7,710

 

Reimbursable expenses

 

 

10,608

 

 

 

6,902

 

General and administrative expenses

 

 

4,231

 

 

 

3,273

 

Total operating expenses

 

 

91,761

 

 

 

92,423

 

Operating income

 

 

36,717

 

 

 

24,058

 

Other income, net:

 

 

 

 

 

 

 

 

Interest income, net

 

 

21

 

 

 

29

 

Miscellaneous income (loss), net

 

 

(3,931

)

 

 

6,039

 

Total other income (loss), net

 

 

(3,910

)

 

 

6,068

 

Income before income taxes

 

 

32,807

 

 

 

30,126

 

Income taxes

 

 

3,198

 

 

 

(722

)

Net income

 

$

29,609

 

 

$

30,848

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.56

 

 

$

0.59

 

Diluted

 

$

0.56

 

 

$

0.58

 

Shares used in per share computations:

 

 

 

 

 

 

 

 

Basic

 

 

52,419

 

 

 

52,536

 

Diluted

 

 

53,039

 

 

 

53,333

 

Cash dividends declared per common share

 

$

0.24

 

 

$

0.20

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements

- 4 -


 

EXPONENT, INC.

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended April 1, 2022 and April 2, 2021

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

April 2,

2021

 

Net income

 

$

29,609

 

 

$

30,848

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation

   adjustments, net of tax

 

 

(310

)

 

 

243

 

Unrealized gains on available-for-sale

   investment securities arising during

   the period, net of tax

 

 

-

 

 

 

(4

)

Comprehensive income

 

$

29,299

 

 

$

31,087

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements

 

 

 

- 5 -


 

EXPONENT, INC

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

 

 

 

Three Months Ended April 1, 2022

 

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

other

comprehensive

 

 

Retained

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

earnings

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at December 31, 2021

 

 

65,707

 

 

$

66

 

 

$

281,419

 

 

$

(1,983

)

 

$

478,370

 

 

 

13,591

 

 

$

(340,807

)

 

$

417,065

 

Employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

511

 

 

 

-

 

 

 

-

 

 

 

(6

)

 

 

53

 

 

 

564

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

4,094

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,094

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

553

 

 

 

(48,554

)

 

 

(48,554

)

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(310

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(310

)

Grant of restricted stock units to settle accrued

   bonus

 

 

-

 

 

 

-

 

 

 

10,200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,200

 

Settlement of restricted stock units

 

 

-

 

 

 

-

 

 

 

(2,335

)

 

 

-

 

 

 

(1,392

)

 

 

(253

)

 

 

(9,177

)

 

 

(12,904

)

Dividends and dividend equivalent rights

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,200

)

 

 

-

 

 

 

-

 

 

 

(13,200

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29,609

 

 

 

-

 

 

 

-

 

 

 

29,609

 

Balance at April 1, 2022

 

 

65,707

 

 

$

66

 

 

$

293,889

 

 

$

(2,293

)

 

$

493,387

 

 

 

13,885

 

 

$

(398,485

)

 

$

386,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended April 2, 2021

 

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

other

comprehensive

 

 

Retained

 

 

Treasury Stock

 

 

 

 

 

(In thousands)

 

Shares

 

 

Amount

 

 

capital

 

 

income (loss)

 

 

earnings

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at January 1, 2021

 

 

65,707

 

 

$

66

 

 

$

265,328

 

 

$

(1,932

)

 

$

421,809

 

 

 

13,903

 

 

$

(323,773

)

 

$

361,498

 

Employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

485

 

 

 

-

 

 

 

-

 

 

 

(6

)

 

 

58

 

 

 

543

 

Amortization of unrecognized stock-based

   compensation

 

 

-

 

 

 

-

 

 

 

3,738

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,738

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

243

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

243

 

Grant of restricted stock units to settle accrued

   bonus

 

 

-

 

 

 

-

 

 

 

7,637

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,637

 

Settlement of restricted stock units

 

 

-

 

 

 

-

 

 

 

(3,176

)

 

 

-

 

 

 

(1,679

)

 

 

(313

)

 

 

(10,779

)

 

 

(15,634

)

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

Dividends and dividend equivalent rights

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,261

)

 

 

-

 

 

 

-

 

 

 

(11,261

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,848

 

 

 

-

 

 

 

-

 

 

 

30,848

 

Balance at April 2, 2021

 

 

65,707

 

 

$

66

 

 

$

274,012

 

 

$

(1,693

)

 

$

439,717

 

 

 

13,584

 

 

$

(334,494

)

 

$

377,608

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

 

 

 

- 6 -


 

EXPONENT, INC.

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended April 1, 2022 and April 2, 2021

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

April 2,

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

29,609

 

 

$

30,848

 

Adjustments to reconcile net income to net cash provided by (used in)

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property, equipment and

   leasehold improvements

 

 

1,689

 

 

 

1,656

 

Amortization of premiums and accretion of discounts on short-term

   investments

 

 

-

 

 

 

(7

)

Provision for contract losses and doubtful accounts

 

 

686

 

 

 

645

 

Stock-based compensation

 

 

6,870

 

 

 

6,282

 

Deferred income tax provision

 

 

45

 

 

 

1,226

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(8,333

)

 

 

(13,291

)

Prepaid expenses and other current assets

 

 

(9,948

)

 

 

(8,142

)

Change in operating leases

 

 

(535

)

 

 

(627

)

Accounts payable and accrued liabilities

 

 

5,234

 

 

 

3,451

 

Accrued payroll and employee benefits

 

 

(27,576

)

 

 

(17,862

)

Deferred revenues

 

 

(4,093

)

 

 

(2,894

)

Net cash provided by (used in) operating activities

 

 

(6,352

)

 

 

1,285

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,606

)

 

 

(2,515

)

Purchase of short-term investments

 

 

-

 

 

 

(9,997

)

Maturity of short-term investments

 

 

-

 

 

 

25,000

 

Net cash provided by (used in) investing activities

 

 

(2,606

)

 

 

12,488

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payroll taxes for restricted stock units

 

 

(12,904

)

 

 

(15,634

)

Repurchase of common stock

 

 

(48,554

)

 

 

-

 

Exercise of stock-based payment awards

 

 

564

 

 

 

543

 

Dividends and dividend equivalents rights

 

 

(12,514

)

 

 

(11,935

)

Net cash used in financing activities

 

 

(73,408

)

 

 

(27,026

)

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

(271

)

 

 

249

 

Net decrease in cash and cash equivalents

 

 

(82,637

)

 

 

(13,004

)

Cash and cash equivalents at beginning of period

 

 

297,687

 

 

 

197,525

 

Cash and cash equivalents at end of period

 

$

215,050

 

 

$

184,521

 

 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

- 7 -


 

EXPONENT, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1:  Basis of Presentation

Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December.

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three months ended April 1, 2022 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the U.S. Securities and Exchange Commission on February 25, 2022.

The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.

Note 2:  Revenue Recognition

Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided) then the entity may recognize revenue in the amount to which the entity has a right to invoice.

The following table discloses the percentage of the Company’s revenue generated from time and materials contracts:  

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

April 2,

2021

 

Engineering & other scientific

 

 

62

%

 

 

61

%

Environmental and health

 

 

17

%

 

 

18

%

Total time and materials revenues

 

 

79

%

 

 

79

%

 

 

 

 

 

 

 

 

 

 

- 8 -


 

 

For fixed-price contracts, the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides.

The following table discloses the percentage of the Company’s revenue generated from fixed price contracts:  

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

April 2,

2021

 

Engineering & other scientific

 

 

20

%

 

 

20

%

Environmental and health

 

 

1

%

 

 

1

%

Total fixed price revenues

 

 

21

%

 

 

21

%

 

 

 

 

 

 

 

 

 

 

Deferred revenues represent amounts billed to clients in advance of services provided. During the first quarter of 2022, $9,644,000 of revenues were recognized that were included in the deferred revenue balance at December 31, 2021. During the first quarter of 2021, $6,015,000 of revenues were recognized that were included in the deferred revenue balance at January 1, 2021.

Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third- party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $3,660,000 and $3,644,000 during the first quarter of 2022 and 2021, respectively.

- 9 -


 

Note 3: Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three months ended April 1, 2022 and April 2, 2021. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at April 1, 2022 (in thousands):

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

51,582

 

 

$

51,582

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred

   compensation plan (2)

 

 

32,910

 

 

 

32,910

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation

   plan (2)

 

 

82,043

 

 

 

82,043

 

 

 

-

 

 

 

-

 

Total

 

$

166,535

 

 

$

166,535