Steel Dynamics Earnings 2019-09-30

STLD 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Comparables ($MM TTM)
Ticker	M Cap	Assets	Liab	Rev	G Profit	Net Inc	EBITDA	EV	G Margin	EV/EBITDA	ROA
STLD	6,793	7,858	3,810	11,715	2,062	1,069	1,875	8,314	18%	4.4	14%
PKX	4,260	78,776,991	32,104,377	0	0	0	0	2,592			0%
ATI	3,537	5,549	3,411	4,143	617	195	358	4,793	15%	13.4	4%
X	2,621	11,291	6,979	14,464	1,689	1,005	1,386	4,284	12%	3.1	9%
CRS	2,244	3,188	1,668	2,380	445	167	364	2,767	19%	7.6	5%
WOR	2,219	2,511	1,562	3,760	480	163	340	2,880	13%	8.5	7%
GGB	2,145	51,281	25,342	0	0	0	0	2,139			0%
CMC	1,817	3,767	2,203	5,594	734	164	442	3,002	13%	6.8	4%
ROCK	1,272	907	277	1,011	231	59	102	1,190	23%	11.7	6%
MTL	833	317,625	550,820	0	0	0	0	833			0%

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the period

ended September 30, 2019

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 0-21719

Steel Dynamics, Inc.

(Exact name of registrant as specified in its charter)

Indiana		35-1929476
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7575 West Jefferson Blvd, Fort Wayne, IN		46804
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (260) 969-3500

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 voting, $0.0025 par value	STLD	NASDAQ Global Select Market

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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act).

(Check one):	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⌧

As of October 28, 2019, Registrant had 215,452,169 outstanding shares of common stock.

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STEEL DYNAMICS, INC.

Table of Contents

PART I. Financial Information

Item 1.	Financial Statements:	Page

	Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018	1

	Consolidated Statements of Income for the three and nine-month periods ended September 30, 2019 and 2018 (unaudited)	2

	Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2019 and 2018 (unaudited)	3

	Consolidated Statements of Cash Flows for the three and nine-month periods ended September 30, 2019 and 2018 (unaudited)	4

	Notes to Consolidated Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	27

Item 4.	Controls and Procedures	27



	PART II. Other Information

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 3.	Defaults Upon Senior Securities	28

Item 4.	Mine Safety Disclosures	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

Exhibit Index		29

Signature		30

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STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)



	September 30,		December 31,
	2019		2018
Assets	(unaudited)
Current assets
Cash and equivalents	$	1,146,007	$	828,220
Short-term investments		69,529		228,783
Accounts receivable, net		983,515		1,040,220
Accounts receivable-related parties		3,431		3,536
Inventories		1,767,020		1,859,168
Other current assets		50,818		72,730
Total current assets		4,020,320		4,032,657

Property, plant and equipment, net		3,031,731		2,945,767

Intangible assets, net		249,598		270,328
Goodwill		540,913		429,645
Other assets		100,685		25,166
Total assets	$	7,943,247	$	7,703,563
Liabilities and Equity
Current liabilities
Accounts payable	$	518,909	$	536,743
Accounts payable-related parties		9,720		14,011
Income taxes payable		2,074		7,468
Accrued payroll and benefits		181,785		264,542
Accrued interest		47,945		25,526
Accrued expenses		162,692		146,613
Current maturities of long-term debt		82,150		24,234
Total current liabilities		1,005,275		1,019,137

Long-term debt		2,355,243		2,352,489
Deferred income taxes		468,248		435,838
Other liabilities		70,126		8,870
Total liabilities		3,898,892		3,816,334

Commitments and contingencies

Redeemable noncontrolling interests		143,614		111,240

Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized;
265,553,499 and 265,822,402 shares issued; and 215,740,572 and 225,272,174
shares outstanding, as of September 30, 2019 and December 31, 2018, respectively		645		645
Treasury stock, at cost; 49,812,927 and 40,550,228 shares,
as of September 30, 2019 and December 31, 2018, respectively		(1,469,078)		(1,184,243)
Additional paid-in capital		1,175,512		1,160,048
Retained earnings		4,349,523		3,958,320
Accumulated other comprehensive income		39		301
Total Steel Dynamics, Inc. equity		4,056,641		3,935,071
Noncontrolling interests		(155,900)		(159,082)
Total equity		3,900,741		3,775,989
Total liabilities and equity	$	7,943,247	$	7,703,563

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018

Net sales
Unrelated parties	$	2,523,279	$	3,220,891	$	8,104,129	$	8,902,025
Related parties		3,566		2,656		10,666		15,922
Total net sales		2,526,845		3,223,547		8,114,795		8,917,947

Costs of goods sold		2,167,006		2,537,466		6,900,220		7,116,368
Gross profit		359,839		686,081		1,214,575		1,801,579

Selling, general and administrative expenses		107,242		102,614		324,530		310,076
Profit sharing		17,848		45,304		64,396		114,301
Amortization of intangible assets		6,704		6,591		20,730		20,346
Operating income		228,045		531,572		804,919		1,356,856

Interest expense, net of capitalized interest		31,339		31,560		94,782		94,968
Other income, net		(4,545)		(7,103)		(15,137)		(16,601)
Income before income taxes		201,251		507,115		725,274		1,278,489

Income tax expense		48,643		109,209		171,093		292,536
Net income		152,608		397,906		554,181		985,953

Net (income) loss attributable to noncontrolling interests		(1,560)		469		(4,503)		2,422
Net income attributable to Steel Dynamics, Inc.	$	151,048	$	398,375	$	549,678	$	988,375



Basic earnings per share attributable to Steel Dynamics,
Inc. stockholders	$	0.69	$	1.70	$	2.49	$	4.20

Weighted average common shares outstanding		217,873		234,208		221,145		235,483

Diluted earnings per share attributable to Steel Dynamics, Inc.
stockholders, including the effect of assumed conversions
when dilutive	$	0.69	$	1.69	$	2.47	$	4.17

Weighted average common shares and share equivalents outstanding		219,109		235,649		222,197		236,772

Dividends declared per share	$	0.2400	$	0.1875	$	0.7200	$	0.5625

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018

Net income	$	152,608	$	397,906	$	554,181	$	985,953
Other comprehensive income (loss) - net unrealized gain (loss) on
cash flow hedging derivatives, net of income tax expense (benefit)		(39)		63		(262)		(42)
Comprehensive income		152,569		397,969		553,919		985,911

Comprehensive (income) loss attributable to noncontrolling interests		(1,560)		469		(4,503)		2,422
Comprehensive income attributable to Steel Dynamics, Inc.	$	151,009	$	398,438	$	549,416	$	988,333

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018

Operating activities:
Net income	$	152,608	$	397,906	$	554,181	$	985,953

Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		79,470		81,383		240,555		236,638
Equity-based compensation		8,841		7,978		33,229		28,860
Deferred income taxes		11,311		23,899		34,952		45,437
Other adjustments		(1,116)		312		(952)		197
Changes in certain assets and liabilities:
Accounts receivable		85,633		(48,024)		95,195		(330,307)
Inventories		35,479		(69,885)		139,889		(240,908)
Other assets		39		(6,429)		7,632		(7,164)
Accounts payable		1,111		(14,883)		(54,167)		100,368
Income taxes receivable/payable		6,293		(31,127)		19,715		55,414
Accrued expenses		64,533		79,310		(83,001)		49,920
Net cash provided by operating activities		444,202		420,440		987,228		924,408

Investing activities:
Purchases of property, plant and equipment		(154,131)		(70,668)		(293,687)		(176,477)
Purchases of short-term investments		(34,884)		(35,000)		(134,026)		(125,000)
Proceeds from maturities of short-term investments		79,508		10,000		293,279		10,000
Acquisition of business, net of cash and restricted cash acquired		(3,694)		(37,589)		(97,106)		(433,998)
Other investing activities		2,746		576		4,023		1,462
Net cash used in investing activities		(110,455)		(132,681)		(227,517)		(724,013)

Financing activities:
Issuance of current and long-term debt		128,230		110,041		374,686		327,670
Repayment of current and long-term debt		(119,988)		(115,039)		(369,134)		(346,162)
Dividends paid		(52,751)		(44,081)		(148,493)		(125,146)
Purchases of treasury stock		(114,950)		(74,965)		(292,394)		(193,379)
Other financing activities		(1,527)		-		(7,259)		(8,324)
Net cash used in financing activities		(160,986)		(124,044)		(442,594)		(345,341)

Increase (decrease) in cash, cash equivalents, and restricted cash		172,761		163,715		317,117		(144,946)
Cash, cash equivalents, and restricted cash at beginning of period		978,779		726,424		834,423		1,035,085

Cash, cash equivalents, and restricted cash at end of period	$	1,151,540	$	890,139	$	1,151,540	$	890,139


Supplemental disclosure information:
Cash paid for interest	$	9,115	$	8,643	$	71,702	$	70,498
Cash paid for income taxes, net	$	29,794	$	119,802	$	116,149	$	198,752

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies

Description of the Business

Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a domestic manufacturer of steel products and metals recycler. The company has three reportable segments: steel operations, metals recycling operations, and steel fabrication operations.

Steel Operations Segment. Steel operations include the company’s Butler Flat Roll Division, Columbus Flat Roll Division, The Techs galvanizing lines, Heartland Flat Roll Division, United Steel Supply (acquired 75% equity interest March 1, 2019), Structural and Rail Division, Engineered Bar Products Division, Vulcan Threaded Products, Inc., Roanoke Bar Division, Steel of West Virginia, and Iron Dynamics, a liquid pig iron (scrap substitute) production facility that supplies solely the Butler Flat Roll Division. These operations include electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, with several downstream coating and bar processing lines. Steel operations accounted for 76% and 77% of the company’s consolidated external net sales during the three months ended September 30, 2019 and 2018, respectively, and 76% and 75% during the nine months ended September 30, 2019 and 2018, respectively.

Metals Recycling Operations Segment. Metals recycling operations consists solely of OmniSource, LLC (OmniSource), and includes both ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services. Metals recycling operations accounted for 11% and 12% of the company’s consolidated external net sales during the three months ended September 30, 2019 and 2018, respectively, and 12% and 14% during the nine months ended September 30, 2019 and 2018, respectively.

Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 10% and 8% of the company’s consolidated external net sales during the three months ended September 30, 2019 and 2018, respectively, and 9% and 8% of the company’s consolidated external net sales during the nine months ended September 30, 2019 and 2018, respectively.

Other. Other operations consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of smaller joint ventures, and the idle Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses.

Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned/controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned/controlled consolidated subsidiaries.

Use of Estimates. These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.

In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2018.

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies (Continued)

Cash and Equivalents, and Restricted Cash

Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million, $6.2 million, $6.2 million, $5.8 million, $6.0 million, and $6.4 million at September 30, 2019, June 30, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and December 31, 2017, respectively, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Goodwill

The company’s goodwill consisted of the following at September 30, 2019, and December 31, 2018, (in thousands):



	September 30,		December 31,
	2019		2018

Steel Operations Segment	$	359,283	$	245,473
Metals Recycling Operations Segment		179,705		182,247
Steel Fabrication Operations Segment		1,925		1,925
	$	540,913	$	429,645

The company acquired a 75% equity interest in United Steel Supply on March 1, 2019 (refer to Note 2 Acquisition – United Steel Supply, LLC), resulting in a preliminary purchase price allocation in which $113.8 million of goodwill has been recorded in the Steel Operations Segment at September 30, 2019. Metals Recycling Operations segment goodwill decreased $2.5 million from December 31, 2018 to September 30, 2019, in recognition of the 2019 tax benefit related to the normal amortization of the component of tax-deductible goodwill in excess of book goodwill.

Recently Issued Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, and it’s subsequent corresponding updates: which requires an entity to use a forward-looking expected loss model versus the current incurred loss model for most financial instruments, including accounts receivable. This new guidance is effective for annual and interim periods beginning after December 15, 2019, but can be early adopted. The company anticipates adopting ASU 2016-13 on January 1, 2020. The company is working through its adoption plan to evaluate policies, processes and systems to determine the impact ASU 2016-13 will have in its consolidated financial statements and related disclosure.

Note 2. Acquisition – United Steel Supply, LLC

On March 1, 2019, the company purchased 75% of the equity interest of United Steel Supply, LLC (USS) for cash consideration of $93.4 million, plus a customary working capital transaction purchase price adjustment of $3.7 million in September 2019. Additionally, the company has an option to purchase, and the sellers have the option to require the company to purchase, the remaining 25% equity interest of USS in the future. Headquartered in Austin, Texas, USS is a leading distributor of painted Galvalume^® flat roll steel used for roofing and siding applications, with distribution centers strategically located in Mississippi, Indiana, Arkansas, and Oregon. USS provides the company a new, complementary distribution channel and connects it to a rapidly growing industry segment with customers that do not traditionally purchase steel directly from a steel producer. USS’s operating results from and after March 1, 2019, are reflected in the company’s financial statements in the steel operations reporting segment.

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 2. Acquisition – United Steel Supply, LLC (Continued)

The aggregate purchase price was preliminarily allocated to the opening balance sheet of USS as of March 1, 2019, and updated in September 2019 upon the final working capital adjustment, as presented below. The following allocation of the purchase price (in thousands) is preliminary based on the information available to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of identifiable intangible assets, if any, and thus goodwill. The company anticipates finalizing the valuation of identifiable intangible assets by December 31, 2019.


		September 30,
		2019 Allocation		Adjustments		Initial Allocation
Current assets, net of cash acquired	$	86,236	$	(7,784)	$	94,020
Property, plant & equipment		7,388		-		7,388
Intangible assets and goodwill		113,810		11,892		101,918
Total assets acquired		207,434		4,108		203,326
Liabilities assumed		77,954		(3,270)		81,224
Redeemable noncontrolling interest		32,374		3,684		28,690
Net cash consideration	$	97,106	$	3,694	$	93,412

Note 3. Leases

In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842) and its subsequent corresponding updates; which established a new lease accounting model that requires lessees to recognize a right-of-use asset and related lease liability for most leases having lease terms of more than 12 months. The company adopted ASC 842 effective January 1, 2019, using the optional transition method, thereby applying the new guidance at the effective date, without retrospective application to prior periods. The company elected practical expedients permitted under the transition guidance which allowed the company to not reassess under the new standard its prior conclusions regarding lease identification and classification. The company elected to use hindsight when determining the lease term. The company also elected the short-term lease exemption, and did not recognize right-of-use assets and lease liabilities for short-term leases, those with lease commencement date terms of 12 months or less. The company recognized right-of-use assets and lease liabilities of $76.3 million, with no impact on retained earnings, in the consolidated balance sheet on January 1, 2019, and the standard did not have a significant impact on the company’s operating results or cash flows for the three and nine-month periods ended September 30, 2019.

The company has operating leases relating principally to transportation and other equipment, and some real estate. The company determines if an arrangement contains a lease at inception, which generally occurs when the arrangement identifies a specific asset that the company has the right to direct the use of and obtain substantially all of the economic benefit from use of the identified asset. Certain of our lease agreements contain rent escalation clauses (including fixed and index-based escalations), and options to extend or terminate the lease. For purposes of calculating operating lease obligations under the standard, the company’s lease terms include options to extend the lease when it is reasonably certain that the company will exercise such option. The company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is the rate of interest the company could borrow on a collateralized basis over a similar term with similar payments. Operating lease expense is recognized on a straight-line basis over the lease term.

Operating lease right-of-use assets and lease obligations included in the consolidated balance sheet at September 30, 2019, are as follows (in thousands):


Right of use assets under operating leases:
Other assets - noncurrent	$	74,843
Lease obligations under operating leases:
Accrued liabilities	$	17,202
Other liabilities - noncurrent		57,946
	$	75,148

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 3. Leases (Continued)

The weighted average remaining lease term for our operating leases is six years and the weighted-average discount rate is 4.0% as of September 30, 2019. Future operating lease liabilities as of September 30, 2019, for the next five years and thereafter are as follows (in thousands):


2019 - for the remaining three months	$	19,954
2020		17,120
2021		13,719
2022		10,636
2023		7,506
Thereafter		17,095
Total undiscounted cash flows		86,030
Less imputed interest		(10,882)
Lease obligations under operating leases	$	75,148

Operating lease expense included in the consolidated statements of income was $5.2 million and $15.0 million for the three and nine months ended September 30, 2019, respectively. Cash paid related to operating lease obligations was $5.2 million and $15.1 million for the three and nine months ended September 30, 2019, respectively. Variable lease costs were not material for the three and nine months ended September 30, 2019. Short-term lease expense included in the consolidated statements of income was $5.0 million and $14.8 million for the three and nine months ended September 30, 2019, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities during the three and nine months ended September 30, 2019 were $1.4 million and $11.3 million, respectively.

Note 4. Earnings Per Share

Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents as of or for the three and nine-month periods ended September 30, 2019 and 2018.



	Three Months Ended September 30,
	2019						2018
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	151,048		217,873	$	0.69	$	398,375		234,208	$	1.70
Dilutive common share equivalents		-		1,236				-		1,441
Diluted earnings per share	$	151,048		219,109	$	0.69	$	398,375		235,649	$	1.69

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 4. Earnings Per Share (Continued)

Nine Months Ended September 30,

2019

2018

Weighted

Average

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

Basic earnings per share

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	224	$6,793

10-Q	2019-10-31	Quarter: 2019-09-30
10-Q	2019-08-09	Quarter: 2019-06-30
10-Q	2019-05-10	Quarter: 2019-03-31
10-K	2019-02-27	Annual: 2018-12-31
10-Q	2018-11-07	Quarter: 2018-09-30
10-Q	2018-08-09	Quarter: 2018-06-30
10-Q	2018-05-09	Quarter: 2018-03-31
10-K	2018-02-27	Annual: 2017-12-31
10-Q	2017-11-09	Quarter: 2017-09-30
10-Q	2017-08-07	Quarter: 2017-06-30
10-Q	2017-05-08	Quarter: 2017-03-31
10-K	2017-02-28	Annual: 2016-12-31
10-Q	2016-11-09	Quarter: 2016-09-30
10-Q	2016-08-05	Quarter: 2016-06-30
10-Q	2016-05-06	Quarter: 2016-03-31
10-K	2016-02-26	Annual: 2015-12-31
10-Q	2015-11-06	Quarter: 2015-09-30
10-Q	2015-08-10	Quarter: 2015-06-30
10-Q	2015-05-11	Quarter: 2015-03-31
10-K	2015-03-02	Annual: 2014-12-31
10-Q	2014-11-10	Quarter: 2014-09-30
10-Q	2014-08-08	Quarter: 2014-06-30
10-Q	2014-05-08	Quarter: 2014-03-31
10-K	2014-03-03	Annual: 2013-12-31
10-Q	2013-11-08	Quarter: 2013-09-30
10-Q	2013-08-07	Quarter: 2013-06-30
10-Q	2013-05-09	Quarter: 2013-03-31
10-K	2013-02-27	Annual: 2012-12-31
10-Q	2012-11-07	Quarter: 2012-09-30
10-Q	2012-08-07	Quarter: 2012-06-30
10-Q	2012-05-09	Quarter: 2012-03-31
10-K	2012-02-27	Annual: 2011-12-31
10-Q	2011-11-08	Quarter: 2011-09-30
10-Q	2011-08-05	Quarter: 2011-06-30
10-Q	2011-05-06	Quarter: 2011-03-31
10-K	2011-02-23	Annual: 2010-12-31
10-Q	2010-11-05	Quarter: 2010-09-30
10-Q	2010-08-04	Quarter: 2010-06-30
10-Q	2010-05-07	Quarter: 2010-03-31
10-K	2010-02-22	Annual: 2009-12-31

8-K	2020-01-22	Earnings, Exhibits
8-K	2019-12-30	Leave Agreement, Exhibits
8-K	2019-12-16	Regulation FD, Exhibits
8-K	2019-12-09	Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K	2019-12-03	Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K	2019-11-22	Other Events, Exhibits
8-K	2019-09-17	Other Events, Exhibits
8-K	2019-08-26	Other Events, Exhibits
8-K	2019-07-22	Other Events, Exhibits
8-K	2019-07-22	Earnings, Exhibits
8-K	2019-06-17	Other Events, Exhibits
8-K	2019-05-17	Other Events, Exhibits
8-K	2019-05-16	Shareholder Vote
8-K	2019-04-22	Earnings, Exhibits
8-K	2019-03-18	Other Events, Exhibits
8-K	2019-03-01	Other Events, Exhibits
8-K	2019-02-14	Other Events, Exhibits
8-K	2019-02-01	Other Events, Exhibits
8-K	2019-01-22	Other Events, Exhibits
8-K	2019-01-14	Other Events, Exhibits
8-K	2018-12-18	Other Events, Exhibits
8-K	2018-11-26	Other Events, Exhibits
8-K	2018-11-19	Other Events, Exhibits
8-K	2018-10-17	Earnings, Exhibits
8-K	2018-10-17	Officers, Amend Bylaw, Other Events, Exhibits
8-K	2018-09-18	Other Events, Exhibits
8-K	2018-09-17	Other Events, Exhibits
8-K	2018-09-04	Other Events, Exhibits
8-K	2018-08-20	Other Events, Exhibits
8-K	2018-07-23	Earnings, Exhibits
8-K	2018-06-29	Other Events, Exhibits
8-K	2018-06-28	Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K	2018-06-26	Other Events, Exhibits
8-K	2018-06-15	Other Events, Exhibits
8-K	2018-06-12	Other Events, Exhibits
8-K	2018-05-17	Amend Bylaw, Shareholder Vote, Exhibits
8-K	2018-05-14	Other Events, Exhibits
8-K	2018-04-18	Earnings, Exhibits
8-K	2018-03-16	Other Events, Exhibits
8-K	2018-02-20	Other Events, Exhibits
8-K	2018-01-22	Earnings, Exhibits

EX-31.1	ex-31d1.htm
EX-31.2	ex-31d2.htm
EX-32.1	ex-32d1.htm
EX-32.2	ex-32d2.htm