EXHIBIT 99.1
INTERACTIVE BROKERS GROUP ANNOUNCES 3Q2016 RESULTS
— — —
REPORTS COMPREHENSIVE EARNINGS PER SHARE OF $0.30,
INCOME BEFORE TAXES OF $183 MILLION ON $345 MILLION IN NET REVENUES,
AND EARNINGS PER SHARE ON NET INCOME OF $0.30.
DECLARES QUARTERLY DIVIDEND OF $0.10 PER SHARE.
GREENWICH, CONN, October 18, 2016 — Interactive Brokers Group, Inc. (NASDAQ GS: IBKR) an automated global electronic broker and market maker, today reported diluted earnings per share on a comprehensive basis of $0.30 for the quarter ended September 30, 2016, compared to diluted earnings per share on a comprehensive basis of $0.23 for the same period in 2015.
Excluding other comprehensive income, the Company reported diluted earnings per share of $0.30 for the quarter ended September 30, 2016, compared to diluted earnings per share of $0.35 for same period in 2015.
Net revenues were $345 million and income before income taxes was $183 million this quarter, compared to net revenues of $359 million and income before income taxes of $202 million for the same period in 2015.
The results for the quarter were positively impacted by strong growth in net interest income, which increased 28% from the same period in 2015. As compared to last summer’s unusually active trading environment, this summer’s unusually inactive trading led to lower commissions and execution fees and trading gains.
In addition, the results for the quarter include a $13 million gain on our currency diversification strategy due to the weakening of the U.S. dollar against other major currencies, compared to a $76 million loss recognized in the same period in 2015.
The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on December 14, 2016 to shareholders of record as of December 1, 2016.
Business Highlights
| · | 56% Electronic Brokerage pretax profit margin for this quarter, down from 61% in the year-ago quarter. |
| · | 16% Market Making pretax profit margin for this quarter, down from 51% in the year-ago quarter. |
| · | Customer equity grew 33% from the year-ago quarter to $82.7 billion and customer debits increased 15% to $18.1 billion. |
| · | Customer accounts increased 15% from the year-ago quarter to 370 thousand. |
| · | Total DARTs decreased 11% from the year-ago quarter to 609 thousand. |
| · | Brokerage segment equity was $3.9 billion. Total equity was $5.9 billion. |
Segment Overview
Electronic Brokerage
Electronic Brokerage segment income before income taxes decreased 12%, to $162 million in the quarter ended September 30, 2016, compared to the same period last year. Net revenues decreased 4% to $288 million on lower commissions and execution fees and mark-to-market losses on our U.S. government securities portfolio, partially offset by higher net interest income.
Commission and execution fees decreased 15% from the year-ago quarter driven by lower customer volumes in options, futures, and stocks, which decreased 24%, 17%, and 5%, respectively, from the same period last year. On a comparative basis, the prior year period exhibited unusually active trading and the current year period unusually inactive trading. Other income decreased 53% from the year-ago quarter driven by mark-to-market losses on investments in U.S. government securities, while net interest income increased 28% from the year-ago quarter. Pretax profit margin was 56% in the quarter ended September 30, 2016, down from 61% in the same period last year.
Customer accounts grew 15% to 370 thousand and customer equity increased 33% to $82.7 billion from the year-ago quarter. Total DARTs1 for cleared and execution-only customers decreased 11% to 609 thousand from the year-ago quarter. Cleared DARTs were 564 thousand, 9% lower than the same period last year.
Market Making
Market Making segment income before income taxes decreased 85% to $7 million in the quarter ended September 30, 2016, compared to the same period last year, due to lower trading volumes and decreases in volatility and in the actual-to-implied volatility ratio. Pretax profit margin decreased to 16% in the quarter ended September 30, 2016 from 51% in the same period last year.
Effects of Foreign Currency Diversification
In connection with our currency diversification strategy, we have determined to base our net worth in GLOBALs, a basket of 15 major currencies in which we hold our equity. In this quarter, our currency diversification strategy increased our comprehensive earnings by $13 million, as the U.S. dollar value of the GLOBAL increased by approximately 0.26%. The effects of the currency diversification strategy are reported as components of (1) Other Income in the Corporate segment and (2) Other Comprehensive Income (“OCI”).
1 Daily average revenue trades (DARTs) are based on customer orders.
Conference Call Information:
Interactive Brokers Group will hold a conference call with investors today, October 18, 2016, at 4:30 p.m. ET to discuss its quarterly results. Investors who would like to listen to the conference call live should dial 877-324-1965 (U.S. domestic) and 631-291-4512 (international). The number should be dialed approximately ten minutes prior to the start of the conference call. Ask for the “Interactive Brokers Conference Call.”
The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group, Inc., together with its subsidiaries, is an automated global electronic broker that specializes in catering to financial professionals by offering state-of-the-art trading technology, superior execution capabilities, worldwide electronic access, and sophisticated risk management tools at exceptionally low costs. The brokerage trading platform utilizes the same innovative technology as the Company’s market making business, which specializes in routing orders and executing and processing trades in securities, futures, foreign exchange instruments, bonds and funds on more than 100 electronic exchanges and trading venues around the world. As a market maker, we provide liquidity at these marketplaces and, as a broker, we provide professional traders and investors with electronic access to stocks, options, futures, forex, bonds and mutual funds from a single IB Universal AccountSM. Employing proprietary software on a global communications network, Interactive Brokers is continuously integrating its software with a growing number of exchanges and trading venues into one automatically functioning, computerized platform that requires minimal human intervention.
Cautionary Note Regarding Forward-Looking Statements:
The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the company on the date of this release. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.
For Interactive Brokers Group, Inc. Media: Caitlin Duffy, 203-913-1369 or Investors: Nancy Stuebe, 203-618-4070.
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA
TRADE VOLUMES:
| | | | | | | | | | | Brokerage | | | | | | | | |
| | | Market | | | | Brokerage | | | | Non | | | | | | | | Avg. Trades |
| | | Making | | % | | Cleared | | % | | Cleared | | % | | Total | | % | | per U.S. |
| Period | | Trades | | Change | | Trades | | Change | | Trades | | Change | | Trades | | Change | | Trading Day |
| 2013 | | 65,320 | | | | 173,849 | | | | 18,489 | | | | 257,658 | | | | 1,029 |
| 2014 | | 64,530 | | -1% | | 206,759 | | 19% | | 18,055 | | -2% | | 289,344 | | 12% | | 1,155 |
| 2015 | | 65,937 | | 2% | | 242,846 | | 17% | | 18,769 | | 4% | | 327,553 | | 13% | | 1,305 |
| | | | | | | | | | | | | | | | | | | |
| 3Q2015 | | 18,696 | | | | 65,333 | | | | 5,266 | | | | 89,295 | | | | 1,395 |
| 3Q2016 | | 15,474 | | -17% | | 61,181 | | -6% | | 3,736 | | -29% | | 80,391 | | -10% | | 1,256 |
| | | | | | | | | | | | | | | | | | | |
| 2Q2016 | | 16,056 | | | | 64,531 | | | | 4,114 | | | | 84,701 | | | | 1,323 |
| 3Q2016 | | 15,474 | | -4% | | 61,181 | | -5% | | 3,736 | | -9% | | 80,391 | | -5% | | 1,256 |
CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
TOTAL
| | | Options | | % | | Futures* | | % | | Stocks | | % |
| Period | | (contracts) | | Change | | (contracts) | | Change | | (shares) | | Change |
| 2013 | | 659,673 | | | | 121,776 | | | | 95,479,739 | | |
| 2014 | | 631,265 | | -4% | | 123,048 | | 1% | | 153,613,174 | | 61% |
| 2015 | | 634,388 | | 0% | | 140,668 | | 14% | | 172,742,520 | | 12% |
| | | | | | | | | | | | | |
| 3Q2015 | | 179,786 | | | | 38,960 | | | | 41,999,917 | | |
| 3Q2016 | | 138,767 | | -23% | | 32,521 | | -17% | | 38,515,753 | | -8% |
| | | | | | | | | | | | | |
| 2Q2016 | | 140,461 | | | | 35,355 | | | | 36,768,094 | | |
| 3Q2016 | | 138,767 | | -1% | | 32,521 | | -8% | | 38,515,753 | | 5% |
MARKET MAKING
| | | Options | | % | | Futures* | | % | | Stocks | | % |
| Period | | (contracts) | | Change | | (contracts) | | Change | | (shares) | | Change |
| 2013 | | 404,490 | | | | 18,184 | | | | 12,849,729 | | |
| 2014 | | 344,741 | | -15% | | 15,668 | | -14% | | 12,025,822 | | -6% |
| 2015 | | 335,406 | | -3% | | 14,975 | | -4% | | 15,376,076 | | 28% |
| | | | | | | | | | | | | |
| 3Q2015 | | 95,754 | | | | 3,868 | | | | 4,458,343 | | |
| 3Q2016 | | 74,966 | | -22% | | 3,338 | | -14% | | 2,874,332 | | -36% |
| | | | | | | | | | | | | |
| 2Q2016 | | 76,223 | | | | 3,042 | | | | 3,340,316 | | |
| 3Q2016 | | 74,966 | | -2% | | 3,338 | | 10% | | 2,874,332 | | -14% |
| | | | | | | | | | | | | |
BROKERAGE TOTAL
| | | Options | | % | | Futures* | | % | | Stocks | | % |
| Period | | (contracts) | | Change | | (contracts) | | Change | | (shares) | | Change |
| 2013 | | 255,183 | | | | 103,592 | | | | 82,630,010 | | |
| 2014 | | 286,524 | | 12% | | 107,380 | | 4% | | 141,587,352 | | 71% |
| 2015 | | 298,982 | | 4% | | 125,693 | | 17% | | 157,366,444 | | 11% |
| | | | | | | | | | | | | |
| 3Q2015 | | 84,032 | | | | 35,092 | | | | 37,541,574 | | |
| 3Q2016 | | 63,801 | | -24% | | 29,183 | | -17% | | 35,641,421 | | -5% |
| | | | | | | | | | | | | |
| 2Q2016 | | 64,238 | | | | 32,313 | | | | 33,427,778 | | |
| 3Q2016 | | 63,801 | | -1% | | 29,183 | | -10% | | 35,641,421 | | 7% |
| | | | | | | | | | | | | |
* Includes options on futures
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED
BROKERAGE CLEARED
| | Options | | % | | Futures* | | % | | Stocks | | % |
| Period | | | | Change | | (contracts) | | Change | | (shares) | | Change |
| 2013 | | 180,660 | | | | 101,732 | | | | 78,829,785 | | |
| 2014 | | 225,662 | | 25% | | 106,074 | | 4% | | 137,153,132 | | 74% |
| 2015 | | 244,356 | | 8% | | 124,206 | | 17% | | 153,443,988 | | 12% |
| | | | | | | | | | | | | |
| 3Q2015 | | 68,018 | | | | 34,635 | | | | 36,475,917 | | |
| 3Q2016 | | 55,579 | | -18% | | 28,986 | | -16% | | 34,817,202 | | -5% |
| | | | | | | | | | | | | |
| 2Q2016 | | 53,951 | | | | 32,037 | | | | 32,491,500 | | |
| 3Q2016 | | 55,579 | | 3% | | 28,986 | | -10% | | 34,817,202 | | 7% |
* Includes options on futures
BROKERAGE STATISTICS
(in 000's, except % and where noted)| Year over Year | 3Q2016 | | 3Q2015 | | % Change |
| Total Accounts | | 370 | | | 322 | | 15% |
| Customer Equity (in billions) * | $ | 82.7 | | $ | 62.1 | | 33% |
| | | | | | | | |
| Cleared DARTs | | 564 | | | 620 | | -9% |
| Total Customer DARTs | | 609 | | | 683 | | -11% |
| | | | | | | | |
| Cleared Customers (in $'s, except DART per account) | | | | | | | |
| Commission per DART | $ | 3.91 | | $ | 4.10 | | -5% |
| DART per Avg. Account (Annualized) | | 390 | | | 493 | | -21% |
| Net Revenue per Avg. Account (Annualized)** | $ | 3,191 | | $ | 3,584 | | -11% |
| | | | | | | | |
| Consecutive Quarters | 3Q2016 | | 2Q2016 | | % Change |
| Total Accounts | | 370 | | | 357 | | 4% |
| Customer Equity (in billions) * | $ | 82.7 | | $ | 73.7 | | 12% |
| | | | | | | | |
| Cleared DARTs | | 564 | | | 597 | | -6% |
| Total Customer DARTs | | 609 | | | 648 | | -6% |
| | | | | | | | |
| Cleared Customers (in $'s, except DART per account) | | | | | | | |
| Commission per DART | $ | 3.91 | | $ | 3.91 | | 0% |
| DART per Avg. Account (Annualized) | | 390 | | | 428 | | -9% |
| Net Revenue per Avg. Account (Annualized)** | $ | 3,191 | | $ | 3,256 | | -2% |
* Excludes non-customers.
** The calculation has been revised to exclude components of other income that are not direct revenues from customers. Prior period amounts have been recalculated to conform to the current methodology.
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
SEGMENT FINANCIAL INFORMATION
(UNAUDITED)
| | | | Three Months | | Nine Months |
| | | | Ended September 30, | | Ended September 30, |
| | | | 2016 | | 2015 | | 2016 | | 2015 |
| | | | (in millions) |
| | | | | | | | | | | | | | |
| Electronic Brokerage | Net revenues | | $ | 288 | | $ | 300 | | $ | 945 | | $ | 878 |
| | Non-interest expenses | | | 126 | | | 116 | | | 357 | | | 455 |
| | | | | | | | | | | | | | |
| | Income before income taxes | | $ | 162 | | $ | 184 | | $ | 588 | | $ | 423 |
| | | | | | | | | | | | | | |
| | Pre-tax profit margin | | | 56% | | | 61% | | | 62% | | | 48% |
| | | | | | | | | | | | | | |
| Market Making | Net revenues | | $ | 43 | | $ | 90 | | $ | 145 | | $ | 229 |
| | Non-interest expenses | | | 36 | | | 44 | | | 113 | | | 126 |
| | | | | | | | | | | | | | |
| | Income before income taxes | | $ | 7 | | $ | 46 | | $ | 32 | | $ | 103 |
| | | | | | | | | | | | | | |
| | Pre-tax profit margin | | | 16% | | | 51% | | | 22% | | | 45% |
| | | | | | | | | | | | | | |
Corporate (1) | Net revenues | | $ | 14 | | $ | (31) | | $ | 113 | | $ | (189) |
| | Non-interest expenses | | | - | | | (3) | | | - | | | 6 |
| | | | | | | | | | | | | | |
| | Income (loss) before income taxes | | $ | 14 | | $ | (28) | | $ | 113 | | $ | (195) |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total | Net revenues | | $ | 345 | | $ | 359 | | $ | 1,203 | | $ | 918 |
| | Non-interest expenses | | | 162 | | | 157 | | | 470 | | | 587 |
| | | | | | | | | | | | | | |
| | Income before income taxes | | $ | 183 | | $ | 202 | | $ | 733 | | $ | 331 |
| | | | | | | | | | | | | | |
| | Pre-tax profit margin | | | 53% | | | 56% | | | 61% | | | 36% |
(1) Corporate includes corporate related activities as well as inter-segment eliminations and gains and losses on positions held as part of our overall currency diversification strategy.
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
| | | | | Three Months | | Nine Months |
| | | | | Ended September 30, | | Ended September 30, |
| | | | | 2016 | | 2015 | | 2016 | | 2015 |
| | | | | (in millions, except share and per share data) |
| Revenues: | | | | | | | | | | | |
| | Trading gains | $ | 38 | | $ | 87 | | $ | 124 | | $ | 216 |
| | Commissions and execution fees | | 144 | | | 167 | | | 462 | | | 473 |
| | Interest income | | 157 | | | 122 | | | 446 | | | 356 |
| | Other income (loss) | | 27 | | | (1) | | | 228 | | | (78) |
| | | | | | | | | | | | | | | |
| | | Total revenues | | 366 | | | 375 | | | 1,260 | | | 967 |
| | | | | | | | | | | | | | | |
| | Interest expense | | 21 | | | 16 | | | 57 | | | 49 |
| | | | | | | | | | | | | | | |
| | | Total net revenues | | 345 | | | 359 | | | 1,203 | | | 918 |
| | | | | | | | | | | | | | | |
| Non-interest expenses: | | | | | | | | | | | |
| | Execution and clearing | | 62 | | | 63 | | | 183 | | | 177 |
| | Employee compensation and benefits | | 58 | | | 56 | | | 174 | | | 171 |
| | Occupancy, depreciation and amortization | | 13 | | | 12 | | | 38 | | | 33 |
| | Communications | | 7 | | | 6 | | | 23 | | | 19 |
| | General and administrative | | 19 | | | 13 | | | 46 | | | 42 |
| | Customer bad debt | | 3 | | | 7 | | | 6 | | | 145 |
| | | | | | | | | | | | | | | |
| | | Total non-interest expenses | | 162 | | | 157 | | | 470 | | | 587 |
| | | | | | | | | | | | | | | |
| Income before income taxes | | 183 | | | 202 | | | 733 | | | 331 |
| | | | | | | | | | | | | | | |
| Income tax expense | | 15 | | | 20 | | | 55 | | | 37 |
| | | | | | | | | | | | | | | |
| Net income | | 168 | | | 182 | | | 678 | | | 294 |
| | | | | | | | | | | | | | | |
| Net income attributable to noncontrolling interests | | 148 | | | 160 | | | 598 | | | 262 |
| | | | | | | | | | | | | | | |
| Net income available for common stockholders | $ | 20 | | $ | 22 | | $ | 80 | | $ | 32 |
| | | | | | | | | | | | | | | |
| Earnings per share: | | | | | | | | | | | |
| | Basic | $ | 0.30 | | $ | 0.35 | | $ | 1.22 | | $ | 0.53 |
| | Diluted | $ | 0.30 | | $ | 0.35 | | $ | 1.20 | | $ | 0.52 |
| | | | | | | | | | | | | | | |
| Weighted average common shares outstanding: | | | | | | | | | | | |
| | Basic | | 67,083,654 | | | 62,458,655 | | | 65,351,842 | | | 60,152,525 |
| | Diluted | | 68,470,224 | | | 64,028,731 | | | 66,738,754 | | | 61,646,928 |
| | | | | | | | | | | | | | | |
| Comprehensive income: | | | | | | | | | | | |
| | Net income available for common stockholders | $ | 20 | | $ | 22 | | $ | 80 | | $ | 32 |
| | Other comprehensive income: | | | | | | | | | | | |
| | | Cumulative translation adjustment, before income taxes | | - | | | (8) | | | 3 | | | (5) |
| Income taxes related to items of other comprehensive income | | - | | | - | | | - | | | - |
| | Other comprehensive income (loss), net of tax | | - | | | (8) | | | 3 | | | (5) |
| Comprehensive income available for common stockholders | $ | 20 | | $ | 14 | | $ | 83 | | $ | 27 |
| | | | | | | | | | | | | | | |
| Comprehensive income attributable to noncontrolling interests: | | | | | | | | | | |
| Net income attributable to noncontrolling interests | $ | 148 | | $ | 160 | | $ | 598 | | $ | 262 |
| Other comprehensive income (loss) - cumulative translation adjustment | | | 2 | | | (44) | | | 19 | | | (29) |
| Comprehensive income attributable to noncontrolling interests | $ | 150 | | $ | 116 | | $ | 617 | | $ | 233 |
| | | | | | | | | | | | | | | |
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| | | | | | | September 30, 2016 | | December 31, 2015 |
| | | | | | | (in millions) |
| | | | | | | | | | | |
| Assets | | | | | | | | | |
| Cash and cash equivalents | | | | | $ | 1,550 | | $ | 1,601 |
| Cash and securities - segregated for regulatory purposes | | | | | | 25,250 | | | 21,309 |
| Securities borrowed | | | | | | 4,785 | | | 3,924 |
| Securities purchased under agreements to resell | | | | | | 148 | | | 195 |
| Financial instruments owned, at fair value | | | | | | 3,823 | | | 3,420 |
| Receivables from customers, net of allowance for doubtful accounts | | | | | 18,223 | | | 17,050 |
| Receivables from brokers, dealers and clearing organizations | | | | | | 764 | | | 692 |
| Other assets | | | | | | 521 | | | 543 |
| | | | | | | | | | | |
| | Total assets | | | | | $ | 55,064 | | $ | 48,734 |
| | | | | | | | | | | |
| Liabilities and equity | | | | | | | | | |
| | | | | | | | | | | |
| Liabilities | | | | | | | | | |
| Short-term borrowings | | | | | $ | 24 | | $ | - |
| Securities loaned | | | | | | 3,617 | | | 2,894 |
| Financial instruments sold but not yet purchased, at fair value | | | | | 2,459 | | | 2,617 |
| Other payables: | | | | | | | | | |
| | Customers | | | | | | 42,486 | | | 37,084 |
| | Brokers, dealers and clearing organizations | | | | | | 210 | | | 423 |
| | Other payables | | | | | | 398 | | | 372 |
| | | | | | | | 43,094 | | | 37,879 |
| | | | | | | | | | | |
| | Total liabilities | | | | | | 49,194 | | | 43,390 |
| | | | | | | | | | | |
| Equity | | | | | | | | | |
| Stockholders' equity | | | | | | 981 | | | 863 |
| Noncontrolling interests | | | | | | 4,889 | | | 4,481 |
| | Total equity | | | | | | 5,870 | | | 5,344 |
| | | | | | | | | | | |
| | Total liabilities and equity | | | | | $ | 55,064 | | $ | 48,734 |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | September 30, 2016 | | | December 31, 2015 |
| Ownership of IBG LLC Membership Interests | Interests | | % | | | Interests | | | % |
| | | | | | | | | | | |
| IBG, Inc. | 67,987,957 | | 16.6% | | | 63,991,705 | | | 15.7% |
| Noncontrolling interests (IBG Holdings LLC) | 341,444,304 | | 83.4% | | | 343,040,504 | | | 84.3% |
| | | | | | | | | | | |
| Total IBG LLC membership interests | 409,432,261 | | 100.0% | | | 407,032,209 | | | 100.0% |
| | | | | | | | | | | |
| | | | | | | | | | | |
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
EARNINGS PER SHARE ON COMPREHENSIVE INCOME
(UNAUDITED)
| | | | | Three Months | | Nine Months |
| | | | | Ended September 30, | | Ended September 30, |
| | | | | 2016 | | 2015 | | 2016 | | 2015 |
| | | | | (in millions, except share and per share data) |
| | | | | | | | | | | | | | | |
| Comprehensive income available for common stockholders, net of tax | $ | 20 | | $ | 14 | | $ | 83 | | $ | 27 |
| | | | | | | | | | | | | | | |
| Comprehensive earnings per share: | | | | | | | | | | | |
| | Basic | $ | 0.31 | | $ | 0.23 | | $ | 1.27 | | $ | 0.45 |
| | Diluted | $ | 0.30 | | $ | 0.23 | | $ | 1.25 | | $ | 0.44 |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Weighted average common shares outstanding: | | | | | | | | | | | |
| | Basic | | 67,083,654 | | | 62,458,655 | | | 65,351,842 | | | 60,152,525 |
| | Diluted | | 68,470,224 | | | 64,028,731 | | | 66,738,754 | | | 61,646,928 |
9
