Synovus Financial (SNV) 8-K Synovus announces earnings for the fourth quarter 2023

Synovus								Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)	Years Ended
	(Dollars in thousands, except per share data)	December 31,
		2023			2022			% Change
	Interest income	$	3,050,358		$	2,075,787		47	%
	Interest expense	1,233,703			278,887			342
	Net interest income	1,816,655			1,796,900			1
	Provision for (reversal of) credit losses	189,079			84,553			124
	Net interest income after provision for credit losses	1,627,576			1,712,347			(5)
	Non-interest revenue:
	Service charges on deposit accounts	90,096			93,067			(3)
	Fiduciary and asset management fees	78,077			78,414			—
	Card fees	72,357			61,833			17
	Brokerage revenue	83,431			67,034			24
	Mortgage banking income	15,157			17,476			(13)
	Capital markets income	32,181			26,702			21
	Income from bank-owned life insurance	31,429			29,720			6
	Investment securities gains (losses), net	(76,718)			—			nm
	Recovery of NPA	13,126			—			nm
	Other non-interest revenue	64,874			35,090			85
	Total non-interest revenue	404,010			409,336			(1)
	Non-interest expense:
	Salaries and other personnel expense	728,378			681,710			7
	Net occupancy, equipment, and software expense	179,581			174,730			3
	Third-party processing and other services	86,649			88,617			(2)
	Professional fees	39,854			37,189			7
	FDIC insurance and other regulatory fees	94,737			29,083			226
	Restructuring charges (reversals)	17,707			(9,690)			(283)
	Loss on other loans held for sale	50,064			—			nm
	Other operating expenses	138,454			155,867			(11)
	Total non-interest expense	1,335,424			1,157,506			15
	Income before income taxes	696,162			964,177			(28)
	Income tax expense	154,021			206,275			(25)
	Net income	542,141			757,902			(28)
	Less: Net income (loss) attributable to noncontrolling interest	(1,564)			—			nm
	Net income attributable to Synovus Financial Corp.	543,705			757,902			(28)
	Less: Preferred stock dividends	35,950			33,163			8
	Net income available to common shareholders	$	507,755		$	724,739		(30)	%
	Net income per common share, basic	3.48			4.99			(30)	%
	Net income per common share, diluted	3.46			4.95			(30)
	Cash dividends declared per common share	1.52			1.36			12
	Return on average assets	0.90		%	1.32		%	(42)	bps
	Return on average common equity	12.17			17.41			(524)
	Weighted average common shares outstanding, basic	146,115			145,364			1	%
	Weighted average common shares outstanding, diluted	146,734			146,481			—
	nm - not meaningful
	bps - basis points

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2023						2022	Fourth Quarter
		Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter	'23 vs '22
									% Change
	Interest income	$	788,297		786,039	759,143	716,879	654,654	20	%
	Interest expense	351,083			342,880	303,612	236,128	153,308	129
	Net interest income	437,214			443,159	455,531	480,751	501,346	(13)
	Provision for (reversal of) credit losses	45,472			72,572	38,881	32,154	34,884	30
	Net interest income after provision for credit losses	391,742			370,587	416,650	448,597	466,462	(16)
	Non-interest revenue:
	Service charges on deposit accounts	22,260			21,385	23,477	22,974	23,639	(6)
	Fiduciary and asset management fees	18,149			20,205	20,027	19,696	18,836	(4)
	Card fees	20,872			18,602	17,059	15,824	15,887	31
	Brokerage revenue	19,727			20,237	20,908	22,558	19,996	(1)
	Mortgage banking income	3,019			3,671	4,609	3,858	2,554	18
	Capital markets income	5,104			6,377	6,975	13,725	6,998	(27)
	Income from bank-owned life insurance	10,324			6,965	6,878	7,262	7,206	43
	Investment securities gains (losses), net	(77,748)			—	—	1,030	—	nm
	Recovery of NPA	—			—	—	13,126	—	nm
	Other non-interest revenue	29,761			9,697	12,343	13,073	7,323	306
	Total non-interest revenue	51,468			107,139	112,276	133,126	102,439	(50)
	Non-interest expense:
	Salaries and other personnel expense	176,712			179,741	183,001	188,924	182,629	(3)
	Net occupancy, equipment, and software expense	48,146			45,790	42,785	42,860	45,192	7
	Third-party processing and other services	21,717			21,439	21,659	21,833	23,130	(6)
	Professional fees	11,147			10,147	9,597	8,963	11,096	—
	FDIC insurance and other regulatory fees	61,470			11,837	11,162	10,268	8,232	647
	Restructuring charges (reversals)	1,231			17,319	(110)	(733)	(2,372)	(152)
	Loss on other loans held for sale	—			30,954	2,360	16,750	—	nm
	Other operating expenses	32,435			36,305	36,727	32,987	41,089	(21)
	Total non-interest expense	352,858			353,532	307,181	321,852	308,996	14
	Income before income taxes	90,352			124,194	221,745	259,871	259,905	(65)
	Income tax expense	20,779			27,729	47,801	57,712	54,135	(62)
	Net income	69,573			96,465	173,944	202,159	205,770	(66)
	Less: Net income (loss) attributable to noncontrolling interest	(768)			(630)	(166)	—	—	nm
	Net income attributable to Synovus Financial Corp.	70,341			97,095	174,110	202,159	205,770	(66)
	Less: Preferred stock dividends	9,696			9,672	8,291	8,291	8,291	17
	Net income available to common shareholders	$	60,645		87,423	165,819	193,868	197,479	(69)
	Net income per common share, basic	$	0.41		0.60	1.13	1.33	1.36	(69)	%
	Net income per common share, diluted	0.41			0.60	1.13	1.32	1.35	(69)
	Cash dividends declared per common share	0.38			0.38	0.38	0.38	0.34	12
	Return on average assets *	0.47		%	0.64	1.15	1.36	1.38	(91)	bps
	Return on average common equity *	5.88			8.21	15.45	19.23	20.93	nm
	Weighted average common shares outstanding, basic	146,372			146,170	146,113	145,799	145,467	1	%
	Weighted average common shares outstanding, diluted	146,877			146,740	146,550	146,727	146,528	—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

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Synovus
	BALANCE SHEET DATA	December 31, 2023		September 30, 2023		December 31, 2022
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	601,188	$	604,631	$	624,097
	Interest-bearing funds with Federal Reserve Bank	1,741,059		1,431,356		1,280,684
	Interest earning deposits with banks	71,856		65,468		34,632
	Federal funds sold and securities purchased under resale agreements	37,323		36,176		38,367
	Cash and cash equivalents	2,451,426		2,137,631		1,977,780
	Investment securities available for sale, at fair value	9,788,662		9,237,191		9,678,103
	Loans held for sale ($47,338, $48,994 and $51,136 measured at fair value, respectively)	52,768		66,558		391,502
	Loans, net of deferred fees and costs	43,404,490		43,679,910		43,716,353
	Allowance for loan losses	(479,385)		(477,532)		(443,424)
	Loans, net	42,925,105		43,202,378		43,272,929
	Cash surrender value of bank-owned life insurance	1,112,030		1,107,092		1,089,280
	Premises, equipment, and software, net	365,851		364,054		370,632
	Goodwill	480,440		479,851		452,390
	Other intangible assets, net	45,928		49,096		27,124
	Other assets	2,587,324		2,699,079		2,471,638
	Total assets	$	59,809,534	$	59,342,930	$	59,731,378
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	12,507,616	$	12,976,574	$	15,639,899
	Interest-bearing deposits	38,231,569		37,227,316		33,231,660
	Total deposits	50,739,185		50,203,890		48,871,559
	Federal funds purchased and securities sold under repurchase agreements	189,074		98,270		146,588
	Other short-term borrowings	3,496		2,362		603,384
	Long-term debt	1,932,534		2,704,701		4,109,597
	Other liabilities	1,801,097		1,772,139		1,524,449
	Total liabilities	54,665,386		54,781,362		55,255,577
	Shareholders' equity:
	Preferred stock – no par value. Authorized 100,000,000 shares; issued 22,000,000	537,145		537,145		537,145
	Common stock – $1.00 par value. Authorized 342,857,143 shares; issued 171,360,188, 170,859,506, and 170,141,492 respectively; outstanding 146,705,330, 146,204,648, and 145,486,634 respectively	171,360		170,860		170,141
	Additional paid-in capital	3,955,819		3,940,507		3,920,346
	Treasury stock, at cost – 24,654,858 shares	(944,484)		(944,484)		(944,484)
	Accumulated other comprehensive income (loss), net	(1,117,073)		(1,679,404)		(1,442,117)
	Retained earnings	2,517,226		2,512,334		2,234,770
	Total Synovus Financial Corp. shareholders' equity	5,119,993		4,536,958		4,475,801
	Noncontrolling interest in subsidiary	24,155		24,610		—
	Total equity	5,144,148		4,561,568		4,475,801
	Total liabilities and shareholders' equity	$	59,809,534	$	59,342,930	$	59,731,378

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2023						2022
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	35,188,678	$	2,263,117	6.43	%	$	32,402,218	$	1,448,463	4.47	%
Consumer loans (1) (2)	8,557,650		426,266		4.98		8,823,424		361,524		4.10
Less: Allowance for loan losses	(463,493)						(421,506)		—		—
Loans, net	43,282,835		2,689,383		6.21		40,804,136		1,809,987		4.44
Investment securities available for sale	11,212,956		248,294		2.21		11,208,886		209,951		1.87
Trading account assets	15,486		886		5.72		13,374		261		1.95
Other earning assets(4)	1,414,586		71,349		4.98		1,220,653		18,756		1.52
FHLB and Federal Reserve Bank stock	254,420		14,975		5.89		214,289		6,722		3.14
Mortgage loans held for sale	46,035		2,993		6.50		75,325		3,353		4.45
Other loans held for sale	469,689		27,099		5.69		682,961		30,684		4.43
Total interest earning assets	56,696,007		$	3,054,979	5.39	%	54,219,624		$	2,079,714	3.84	%
Cash and due from banks	575,370						574,250
Premises and equipment	367,159						385,622
Other real estate	—						6,356
Cash surrender value of bank-owned life insurance	1,099,641						1,078,653
Other assets(5)	1,183,691						1,345,568
Total assets	$	59,921,868					$	57,610,073
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,884,039	$	176,595	1.79	%	$	9,027,636	$	25,912	0.29	%
Money market accounts	13,511,442		356,562		2.64		15,385,765		79,567		0.52
Savings deposits	1,229,975		1,046		0.09		1,481,372		399		0.03
Time deposits	5,473,405		196,481		3.59		2,667,101		13,902		0.52
Brokered deposits	6,104,461		296,071		4.85		3,644,957		67,452		1.85
Federal funds purchased and securities sold under repurchase agreements	97,114		1,667		1.69		205,753		1,308		0.63
Other short-term borrowings	528,194		24,611		4.60		466,254		10,945		2.32
Long-term debt	3,027,746		180,670		5.92		1,999,595		79,402		3.95
Total interest-bearing liabilities	39,856,376		$	1,233,703	3.10	%	34,878,433		$	278,887	0.80	%
Non-interest-bearing demand deposits	13,662,660						16,731,967
Other liabilities	1,671,489						1,298,972
Shareholders' equity	4,731,343						4,700,701
Total liabilities and shareholders' equity	$	59,921,868					$	57,610,073
Net interest income, taxable equivalent net interest margin (6)			$	1,821,276	3.21	%			$	1,800,827	3.32	%
Less: taxable-equivalent adjustment			4,621						3,927
Net interest income			$	1,816,655					$	1,796,900

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: 2023 — $47.7 million and 2022 — $57.3 million.

(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.62) billion and $(985.6) million for the years ended December 31, 2023 and 2022, respectively.

(6)The net interest margin is calculated by dividing net interest income-taxable equivalent by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2023						Third Quarter 2023						Fourth Quarter 2022
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	35,106,156	$	590,588	6.67	%	$	34,990,459	$	579,177	6.57	%	$	34,103,384	$	474,439	5.52	%
Consumer loans (1) (2)	8,491,244		109,509		5.14		8,509,757		108,065		5.06		9,041,520		101,905		4.50
Less: Allowance for loan losses	(480,332)						(461,385)						(427,525)
Loans, net	43,117,068		700,097		6.45		43,038,831		687,242		6.34		42,717,379		576,344		5.36
Investment securities available for sale	11,164,487		65,176		2.33		11,194,291		61,642		2.20		11,296,449		58,840		2.08
Trading account assets	13,067		215		6.59		16,186		237		5.86		15,552		68		1.75
Other earning assets(4)	1,463,176		19,689		5.26		1,237,445		16,369		5.17		1,148,099		10,490		3.58
FHLB and Federal Reserve Bank stock	187,015		3,536		7.56		244,906		3,783		6.18		270,822		2,805		4.14
Mortgage loans held for sale	39,024		696		7.14		53,904		879		6.52		46,240		688		5.95
Other loans held for sale	8,044		104		5.06		881,067		17,035		7.57		514,811		6,550		4.98
Total interest earning assets	55,991,881		$	789,513	5.59	%	56,666,630		$	787,187	5.51	%	56,009,352		$	655,785	4.65	%
Cash and due from banks	522,986						509,511						651,189
Premises and equipment	366,647						365,568						375,352
Other real estate	—						—						—
Cash surrender value of bank-owned life insurance	1,108,766						1,102,626						1,085,394
Other assets(5)	1,173,785						1,272,344						842,130
Total assets	$	59,164,065					$	59,916,679					$	58,963,417
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,422,286	$	58,588	2.23	%	$	10,114,171	$	52,983	2.08	%	$	8,627,386	$	14,160	0.65	%
Money market accounts	13,053,781		103,211		3.14		13,147,465		95,339		2.88		14,771,308		46,671		1.25
Savings deposits	1,098,914		275		0.10		1,178,322		280		0.09		1,450,153		176		0.05
Time deposits	7,198,229		75,462		4.16		6,180,584		59,972		3.85		2,567,979		7,648		1.18
Brokered deposits	6,069,055		81,444		5.32		6,442,690		83,486		5.14		4,986,542		39,500		3.14
Federal funds purchased and securities sold under repurchase agreements	93,854		350		1.46		73,344		296		1.58		141,707		437		1.21
Other short-term borrowings	2,672		51		7.50		1,722		—		—		660,295		6,383		3.78
Long-term debt	1,922,661		31,702		6.55		3,230,374		50,524		6.18		3,446,306		38,333		4.39
Total interest-bearing liabilities	39,861,452		$	351,083	3.49	%	40,368,672		$	342,880	3.37	%	36,651,676		$	153,308	1.66	%
Non-interest-bearing demand deposits	12,744,275						13,049,343						16,569,275
Other liabilities	1,906,686						1,713,131						1,462,394
Shareholders' equity	4,651,652						4,785,533						4,280,072
Total liabilities and shareholders' equity	$	59,164,065					$	59,916,679					$	58,963,417
Net interest income, taxable equivalent net interest margin (6)			$	438,430	3.11	%			$	444,307	3.11	%			$	502,477	3.56	%
Less: taxable-equivalent adjustment			1,216						1,148						1,131
Net interest income			$	437,214					$	443,159					$	501,346

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: Fourth Quarter 2023 — $13.1 million, Third Quarter 2023 — $11.8 million, and Fourth Quarter 2022 —$11.9 million.

(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements

(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.89) billion, $(1.60) billion, and $(1.69) billion for the Fourth Quarter 2023, Third Quarter 2023, and Fourth Quarter 2022, respectively.

(6)The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2023		September 30, 2023		% Change		December 31, 2022		% Change
Commercial, Financial, and Agricultural	$	14,459,345	$	14,498,966	—	%	$	13,874,416	4	%
Owner-Occupied	8,139,148		8,281,988		(2)		8,192,240		(1)
Total Commercial & Industrial	22,598,493		22,780,954		(1)		22,066,656		2
Multi-Family	4,098,188		3,930,617		4		3,134,571		31
Hotels	1,803,102		1,790,094		1		1,708,194		6
Office Buildings	1,891,587		1,911,095		(1)		3,011,911		(37)
Shopping Centers	1,319,049		1,327,770		(1)		1,403,928		(6)
Warehouses	854,475		985,723		(13)		1,035,152		(17)
Other Investment Property	1,396,903		1,432,456		(2)		1,350,291		3
Total Investment Properties	11,363,304		11,377,755		—		11,644,047		(2)
1-4 Family Construction	194,481		224,091		(13)		229,263		(15)
1-4 Family Investment Mortgage	404,021		396,813		2		387,670		4
Total 1-4 Family Properties	598,502		620,904		(4)		616,933		(3)
Commercial Development	73,022		64,212		14		79,889		(9)
Residential Development	79,961		92,209		(13)		108,661		(26)
Land Acquisition	201,969		239,773		(16)		200,783		1
Land and Development	354,952		396,194		(10)		389,333		(9)
Total Commercial Real Estate	12,316,758		12,394,853		(1)		12,650,313		(3)
Consumer Mortgages	5,411,723		5,391,282		—		5,214,443		4
Home Equity Lines	1,807,399		1,784,356		1		1,757,038		3
Credit Cards	194,141		191,046		2		203,612		(5)
Other Consumer Loans	1,075,976		1,137,419		(5)		1,824,291		(41)
Total Consumer	8,489,239		8,504,103		—		8,999,384		(6)
Total	$	43,404,490	$	43,679,910	(1)	%	$	43,716,353	(1)	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
Loan Type	December 31, 2023		September 30, 2023		% Change		December 31, 2022		% Change
Commercial, Financial, and Agricultural	$	89,870	$	97,468	(8)	%	$	59,307	52	%
Owner-Occupied	91,370		84,505		8		10,104		nm
Total Commercial & Industrial	181,240		181,973		—		69,411		161
Multi-Family	1,681		1,702		(1)		1,857		(9)
Office Buildings	35,338		27,810		27		309		nm
Shopping Centers	641		653		(2)		735		(13)
Warehouses	196		207		(5)		223		(12)
Other Investment Property	1,914		572		235		349		448
Total Investment Properties	39,770		30,944		29		3,473		nm
1-4 Family Construction	—		—		nm		55		(100)
1-4 Family Investment Mortgage	3,056		3,386		(10)		3,067		—
Total 1-4 Family Properties	3,056		3,386		(10)		3,122		(2)
Commercial Development	—		—		nm		—		nm
Residential Development	267		267		—		267		—
Land Acquisition	537		538		—		891		(40)
Land and Development	804		805		—		1,158		(31)
Total Commercial Real Estate	43,630		35,135		24		7,753		463
Consumer Mortgages	46,108		43,863		5		36,847		25
Home Equity Lines	10,473		11,620		(10)		6,830		53
Other Consumer Loans	6,726		7,941		(15)		7,220		(7)
Total Consumer	63,307		63,424		—		50,897		24
Total	$	288,177	$	280,532	3	%	$	128,061	125	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2023						2022	Fourth Quarter
		Fourth			Third	Second	First	Fourth	'23 vs '22
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPL)	$	288,177		280,532	261,506	182,460	128,061	125	%
	Other Real Estate and Other Assets	—			—	—	—	15,320	(100)
	Non-performing Assets (NPAs)	288,177			280,532	261,506	182,460	143,381	101
	Allowance for Loan Losses (ALL)	479,385			477,532	471,238	457,010	443,424	8
	Reserve for Unfunded Commitments	57,230			55,185	55,729	57,473	57,455	—
	Allowance for Credit Losses (ACL)	536,615			532,717	526,967	514,483	500,879	7
	Net Charge-Offs - Quarter	41,574			66,822	26,396	18,550	13,300
	Net Charge-Offs - YTD	153,342			111,768	44,946	18,550	53,156
	Net Charge-Offs / Average Loans - Quarter (1)	0.38		%	0.61	0.24	0.17	0.12
	Net Charge-Offs / Average Loans - YTD (1)	0.35			0.34	0.20	0.17	0.13
	NPLs / Loans	0.66			0.64	0.59	0.41	0.29
	NPAs / Loans, ORE and specific other assets	0.66			0.64	0.59	0.41	0.33
	ACL/Loans	1.24			1.22	1.19	1.17	1.15
	ALL/Loans	1.10			1.09	1.06	1.04	1.01
	ACL/NPLs	186.21			189.90	201.51	281.97	391.13
	ALL/NPLs	166.35			170.22	180.20	250.47	346.26
	Past Due Loans over 90 days and Still Accruing	$	5,053		3,792	3,643	3,529	3,373	50
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.01	0.01	0.01
	Total Past Due Loans and Still Accruing	$	59,099		54,974	84,946	55,053	65,568	(10)
	As a Percentage of Loans Outstanding	0.14		%	0.13	0.19	0.12	0.15
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		December 31, 2023			September 30, 2023	December 31, 2022
	Common Equity Tier 1 Capital Ratio	10.22		%	10.13	9.63
	Tier 1 Capital Ratio	11.28			11.18	10.68
	Total Risk-Based Capital Ratio	13.07			13.12	12.54
	Tier 1 Leverage Ratio	9.49			9.38	9.07
	Total Synovus Financial Corp. shareholders’ equity as a Percentage of Total Assets	8.56			7.65	7.49
	Tangible Common Equity Ratio(2)(4)	6.84			5.90	5.84
	Book Value Per Common Share(3)	$	31.24		27.36	27.07
	Tangible Book Value Per Common Share(2)	27.65			23.74	23.78
	(1) Current quarter regulatory capital information is preliminary.
	(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders' equity less Preferred Stock divided by total common shares outstanding.
	(4) See "Non-GAAP Financial Measures" for applicable reconciliation.