Pentair (PNR) 8-K Pentair’s Fourth Quarter 2005 EPS Gains 15%, or 24% Excluding the Impact of Stock Option Expensing, on 12% Higher Sales

Exhibit 99.1

Pentair, Inc.
5500 Wayzata Blvd., Suite 800
Golden Valley, MN 55416
763 545 1730 Tel
763 656 5204 Fax

News Release

Pentair’s Fourth Quarter 2005 EPS Gains 15%, or 24% Excluding the Impact of Stock
Option Expensing, on 12% Higher Sales

	Including Stock Option Expensing												Excluding Stock Option Expensing
	Q4 2005						YTD 2005						Q4 2005						YTD 2005
Continuing
Operations	Amount			Change			Amount			Change			Amount			Change			Amount			Change
Earnings per Share	$	0.38			15	%	$	1.80			33	%	$	0.41			24	%	$	1.92			42	%
Net Sales	$	732.1M			12.4	%	$	2,946.6M			29.3	%	$	732.1M			12.4	%	$	2,946.6M			29.3	%
Operating income	$	66.9M			7.8	%	$	323.1M			30.7	%	$	70.8M			14.2	%	$	339.5M			37.3	%
Operating margins		9.1	%	(40 bps)				11.0	%	10 bps				9.7	%	20 bps				11.5	%	60 bps
Free cash flow	$	114.1M					$	201.3M					$	114.8M					$	210.0M

GOLDEN VALLEY, Minn. — February 2, 2006 — Pentair (NYSE: PNR) today announced its fourth quarter 2005 results, highlighting earnings per share (EPS) from continuing operations of $0.38, an increase of 15 percent, on sales of $732.1 million, a gain of 12 percent. Excluding the impact of stock options expensing (SOE), EPS of $0.41 gained 24 percent in the quarter. Pentair’s FY2005 EPS from continuing operations gained 33 percent on a sales gain of 29 percent. Excluding the impact of SOE, EPS gained 42 percent in the year.

Pentair announced on December 19, 2005, that it would early adopt SFAS 123R for Share-Based Payment, an accounting change requiring companies to recognize an expense in the Income Statement for stock options. Pentair has adopted using the modified retrospective approach, restating the first three quarters of 2005 to reflect an impact of $9.1 million after tax expense or ($0.09) of EPS. In the fourth quarter 2005, the impact was $2.9 million after tax expense or ($0.03) of EPS, for a full year EPS impact of ($0.12). Pentair’s reported fourth quarter 2005 and FY2005 results reflect the adoption of SFAS 123R. The reconciliation of the reported GAAP financial information to the non-GAAP financials excluding the adoption of SFAS 123R is provided on pages seven through 11 of this fourth quarter earnings announcement.

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According to Pentair Chairman and Chief Executive Officer, Randall J. Hogan, “In our first full year after the transformation of Pentair into a Water-led business, we met our strategic and financial goals of replacing the earnings of our former Tools Group, and added an additional 14 percent to EPS on top of that, excluding stock option expensing. In 2005, we achieved organic growth of approximately six percent, while achieving the highest profitability and return on invested capital in the last five years. We also met our Free Cash Flow goal with $201 million and exceeded our 100% conversion of net income goal for the fifth consecutive year.

“In addition to the operating and financial progress in the year, we accelerated our investments to drive growth and instill operating excellence throughout the Company,” Hogan said. “These activities included increasing R&D; adding international management, sales, engineering, sourcing and manufacturing talent; starting the implementation of a unified business system infrastructure in Europe; launching our Faradyne Motors joint venture with ITT Industries; and continuing to strengthen our global sourcing and operating competencies. In addition, through our disciplined M&A process, we examined a number of opportunities and completed two acquisitions that are consistent with our growth strategies. These actions lend confidence to our outlook for 2006 and, therefore, we are reaffirming our previous guidance for the full year 2006 of between $2.08 and $2.18, which includes the expensing of stock options. Further, we are expecting first quarter EPS of between $0.40 and $0.42.”

Water Group Fourth Quarter Comments

„ Sales of $517.8 million were up 10 percent over the same period last year, or approximately 11 percent excluding unfavorable foreign exchange. Sales in all markets grew by at least mid-single digits in local currencies, with the strongest growth occurring in pump and pool markets.

„	Pump sales grew in the high single digits, spurred by new products, and strong municipal and industrial pump demand, as well as by pricing actions. Water systems sales also gained in the mid-single digits.
„	Share gains, favorable weather conditions, and successful early buy programs bolstered pool and spa equipment sales in the quarter.
„	Filtration grew in the mid-single digits, experiencing continued strength in foodservice markets and strong sales related to desalination projects.
„	Pentair sales in Euros in European filtration markets were up in the high teens, supported by strength in Food and Beverage markets, while sales in European pool markets realized sales gains in the high single digits benefiting from early buy programs. Asian sales were up significantly as a result of the ramp-up of production at the Pentair Suzhou manufacturing facility in China.
„	New Water products were significant in driving sales. New pumps included a bulk chemical transfer pump; a drainer pump; a gas engine transfer pump; and new split case, solids handling, and centrifugal pumps. Pool products included new heat pumps, automation controls, lights, filters, chlorinators, pumps, and pool finishes. New filtration products included a new modular filtration system and a number of new OEM products.

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„	Excluding the impact of SOE, operating income of $56.8 million increased 16 percent over the same period last year driven by higher volumes, supply savings, and pricing, which were somewhat offset by materials inflation and our accelerated investments focused on growth, operating excellence, and international expansion. Excluding the impact of SOE, operating margins of 11.0 percent for the quarter expanded by 50 basis points over fourth quarter 2004 margins of 10.5 percent. Including the impact of SOE, operating income totaled $55.5 million, up 13 percent.
„	The integration of the water businesses continued on-track with $36 million of savings realized net of integration costs during 2005 against a total year goal of $30 million. These savings were somewhat offset by temporary operating inefficiencies related to product moves and plant consolidations undertaken to achieve future cost benefits, as well as investments made to support growth.
„	Investments for growth during the quarter included low-cost country engineering and sourcing, start-up of Eastern European manufacturing capability, increased infrastructure in China and Europe to support local market opportunities, filtration R&D innovation programs, and the Faradyne Motor joint venture, announced December 15, 2005.

Enclosures Group Fourth Quarter Comments

„ Sales of $214.3 million reflect an 18 percent gain over the same period last year. Excluding the impact of acquisitions and unfavorable foreign exchange, sales grew approximately 13 percent, significantly above the growth rate of the addressed markets. Enclosure sales grew in all markets in the fourth quarter, including Europe.

„	The strong sales performance was driven by share gains and pricing in the North American electrical market; new products and programs at Pentair Electronic Packaging and in Europe; and new customers in Asia.
„	The Group’s vertical market initiative drove growth in petrochemical, food & beverage, water & wastewater, and pharmaceutical markets.
„	Electronics sales grew in the fourth quarter, with the new Advanced Telecommunications Computing Architecture (ATCA) platform supporting OEM customers worldwide. The Enclosures Group has secured a leading market position in ATCA, and sales of this product family are expected to accelerate throughout 2006.

„	Excluding the impact of SOE, operating income of $30.7 million was 30 percent higher than the same period last year, setting a new record for quarterly operating income in the Enclosures Group. This performance resulted from higher volumes, supply savings, productivity improvements, and pricing, which more than offset material inflation. Including the impact of SOE, operating income totaled $30.0 million, up 26 percent.
„	Excluding the impact of SOE, Enclosures margins were 14.3 percent for the quarter, expanding by 130 basis points over the fourth quarter 2004. The fourth quarter 2005 represents the Group’s 16th consecutive quarter of sequential margin improvement. Including the impact of SOE margins were 14.0 percent, up 100 basis points.
„	The Thermal Management businesses acquired on December 1, 2005 are included in Pentair’s financials for one month. Integration activities are off to a fast start with supplier negotiations, lean enterprise training, and kaizen events conducted in the first week after closing.

A Pentair conference call scheduled for 11:00 a.m. CST today will be webcast live viahttp://www.pentair.com. A link to the conference call is posted on the site’s “Financial Information” page and will be archived at the same location.

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About Pentair, Inc.

Pentair (www.pentair.com) is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair’s Enclosures Group is a leader in the global enclosures market, designing and manufacturing standard, modified, and custom enclosures that house and protect sensitive electronics and electrical components. With 2005 revenues of $2.95 billion, Pentair employs approximately 15,000 people worldwide.

Non-GAAP Financial Measures

In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”) included throughout this news release, the Company has provided information as if it had not adopted SFAS 123R during 2005 on a modified retrospective basis back to January 1, 2005 (non-GAAP financial measures). The adoption of SFAS 123R requires companies to recognize an expense in the Income Statement for stock options. Management believes presenting its financial information excluding stock option expensing is useful to both management and investors in comparing 2004 to 2005 because the GAAP results for 2005 include stock option expense on a fair value basis, but the results for 2004 do not. The financial information excluding stock option expensing should not be considered in isolation or as a substitute for financial information prepared in accordance with GAAP, or as a measure of profitability or liquidity. Also, financial information excluding stock option expensing, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.

Caution concerning forward-looking statements

Any statements made about the company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as continued economic growth; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; foreign currency effects; retail and industrial demand; product introductions; and pricing and other competitive pressures. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Pentair Contacts:
Rachael Jarosh	Mark Cain
Communications	Investor Relations
Tel.: (763) 656-5280	Tel.: (763) 656-5278
E-mail: rachael.jarosh@pentair.com	E-mail:mark.cain@pentair.com

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Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Year ended
	December 31			December 31			December 31			December 31
In thousands, except per-share data	2005			2004			2005			2004
Net sales	$	732,113		$	651,476		$	2,946,579		$	2,278,129
Cost of goods sold		524,304			468,274			2,098,558			1,623,419
Gross profit		207,809			183,202			848,021			654,710
% of net sales		28.4	%		28.1	%		28.8	%		28.7	%
Selling, general and administrative		128,002			111,221			478,907			376,015
% of net sales		17.5	%		17.1	%		16.2	%		16.5	%
Research and development		12,935			9,932			46,042			31,453
% of net sales		1.8	%		1.5	%		1.6	%		1.4	%
Operating income		66,872			62,049			323,072			247,242
% of net sales		9.1	%		9.5	%		11.0	%		10.9	%
Gain on sale of investment		236			—			5,435			—
Net interest expense		11,263			10,892			44,989			37,210
% of net sales		1.5	%		1.7	%		1.5	%		1.6	%
Income from continuing operations before income taxes	55,845				51,157			283,518			210,032
% of net sales		7.6	%		7.9	%		9.6	%		9.2	%
Provision for income taxes		16,889			17,460			98,469			73,008
Effective tax rate		30.2	%		34.1	%		34.7	%		34.8	%
Income from continuing operations		38,956			33,697			185,049			137,024
Income from discontinued operations, net of tax		—			—			—			40,248
Loss on disposal of discontinued operations, net of tax		—			(6,047	)		—			(6,047	)
Net income	$	38,956		$	27,650		$	185,049		$	171,225
Earnings per common share
Basic
Continuing operations	$	0.39		$	0.34		$	1.84		$	1.38
Discontinued operations		—			(0.07	)		—			0.34
Basic earnings per common share	$	0.39		$	0.27		$	1.84		$	1.72
Diluted
Continuing operations	$	0.38		$	0.33		$	1.80		$	1.35
Discontinued operations		—			(0.07	)		—			0.33
Diluted earnings per common share	$	0.38		$	0.26		$	1.80		$	1.68
Weighted average common shares outstanding
Basic		100,605			100,014			100,665			99,316
Diluted		102,314			102,541			102,618			101,706
Cash dividends declared per common share	$	0.13		$	0.11		$	0.52		$	0.43

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Pentair, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)

	December 31			December 31
In thousands	2005			2004
Assets
Current assets
Cash and cash equivalents	$	48,500		$	31,495
Accounts and notes receivable, net		423,847			396,459
Inventories		349,312			323,676
Deferred tax assets		49,933			49,074
Prepaid expenses and other current assets		24,394			24,433
Total current assets		895,986			825,137
Property, plant and equipment, net		311,839			336,302
Other assets
Non-current assets of discontinued operations		—			393
Goodwill		1,718,207			1,620,404
Intangibles, net		266,533			258,126
Other		62,152			80,213
Total other assets		2,046,892			1,959,136
Total assets	$	3,254,717		$	3,120,575
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt	$	4,137		$	11,957
Accounts payable		207,320			195,289
Employee compensation and benefits		95,552			104,821
Accrued product claims and warranties		43,551			42,524
Current liabilities of discontinued operations		192			192
Income taxes		18,464			27,395
Accrued rebates and sales incentives		45,374			41,618
Other current liabilities		111,026			103,083
Total current liabilities		525,616			526,879
Long-term debt		748,477			724,148
Pension and other retirement compensation		152,780			135,356
Post-retirement medical and other benefits		73,949			69,667
Deferred tax liabilities		125,801			142,873
Other non-current liabilities		70,455			70,804
Non-current liabilities of discontinued operations		2,029			3,054
Total liabilities		1,699,107			1,672,781
Shareholders’ equity		1,555,610			1,447,794
Total liabilities and shareholders’ equity	$	3,254,717		$	3,120,575
Days sales in accounts receivable (13 month moving average)		54			52
Days inventory on hand (13 month moving average)		70			62
Days in accounts payable (13 month moving average)		56			57
Debt/total capital		32.6	%		33.7	%

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Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

	Year ended
	December 31			December 31
In thousands	2005			2004
Operating activities
Net income	$	185,049		$	171,225
Adjustments to reconcile net income to net cash provided by operating activities
Net income from discontinued operations		—			(40,248	)
Loss on disposal of discontinued operations					6,047
Depreciation		56,565			47,063
Amortization		15,995			7,501
Deferred income taxes		5,360			16,736
Stock compensation		24,186			6,345
Excess tax benefits from stock-based compensation		(8,676	)		—
Gain on sale of investment		(5,435	)		—
Changes in assets and liabilities, net of effects of business acquisitions and Dispositions
Accounts and notes receivable		(20,527	)		26,918
Inventories		(19,201	)		(51,996	)
Prepaid expenses and other current assets		(452	)		2,176
Accounts payable		6,629			17,274
Employee compensation and benefits		(21,394	)		4,596
Accrued product claims and warranties		(1,099	)		2,993
Income taxes		11,302			6,352
Other current liabilities		4,609			8,879
Pension and post-retirement benefits		16,512			11,508
Other assets and liabilities		(2,114	)		6,794
Net cash provided by continuing operations		247,309			250,163
Net cash (used for) provided by operating activities of discontinued operations		(632	)		13,928
Net cash provided by operating activities		246,677			264,091
Investing activities
Capital expenditures		(62,471	)		(48,867	)
Proceeds from sale of property and equipment		17,111			—
Acquisitions, net of cash acquired		(150,534	)		(869,155	)
Divestitures		(10,155	)		773,399
Proceeds from sale of investment		23,835			—
Other		(2,071	)		60
Net cash used for investing activities		(184,285	)		(144,563	)
Financing activities
Net short-term borrowings		—			(4,162	)
Proceeds from long-term debt		875,746			343,316
Repayment of long-term debt		(856,845	)		(440,518	)
Excess tax benefits from stock-based compensation		8,676			—
Proceeds from exercise of stock options		8,380			10,862
Repurchases of common stock		(25,000	)		(4,200	)
Dividends paid		(53,134	)		(43,128	)
Net cash used for financing activities		(42,177	)		(137,830	)
Effect of exchange rate changes on cash		(3,210	)		1,808
Change in cash and cash equivalents		17,005			(16,494	)
Cash and cash equivalents, beginning of period		31,495			47,989
Cash and cash equivalents, end of period	$	48,500		$	31,495
Free cash flow
Net cash provided by operating activities	$	246,677		$	264,091
Less capital expenditures		(62,471	)		(48,867	)
Proceeds from sale of property and equipment		17,111			—
Free cash flow	$	201,317		$	215,224
Excess tax benefits from stock-based compensation		8,676			—
Free cash flow excluding stock option expensing	$	209,993		$	215,224

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Pentair, Inc. and Subsidiaries
Supplemental Financial Information by Reportable Business Segment for 2005 (Unaudited)

	First Qtr			Second Qtr			Third Qtr			Fourth Qtr			Year
In thousands	2005			2005			2005			2005			2005
Net sales to external customers
Water	$	512,088		$	585,657		$	515,945		$	517,815		$	2,131,505
Enclosures		197,547			202,866			200,363			214,298			815,074
Consolidated	$	709,635		$	788,523		$	716,308		$	732,113		$	2,946,579
Intersegment sales
Water	$	22		$	187		$	280		$	(341	)	$	148
Enclosures		402			630			407			770			2,209
Other		(424	)		(817	)		(687	)		(429	)		(2,357	)
Consolidated	$	—		$	—		$	—		$	—		$	—
Operating income (loss)
Water	$	60,487		$	92,167		$	58,964		$	55,520		$	267,138
Enclosures		25,172			26,325			27,778			29,954			109,229
Other		(13,573	)		(11,258	)		(9,862	)		(18,602	)		(53,295	)
Consolidated	$	72,086		$	107,234		$	76,880		$	66,872		$	323,072
Operating income as a percent of net sales
Water		11.8	%		15.7	%		11.4	%		10.7	%		12.5	%
Enclosures		12.7	%		13.0	%		13.9	%		14.0	%		13.4	%
Consolidated		10.2	%		13.6	%		10.7	%		9.1	%		11.0	%
Operating income (loss) excluding impact of SFAS 123R adoption1
Water	$	61,803		$	93,481		$	60,278		$	56,834		$	272,396
Enclosures		25,926			27,078			28,531			30,707			112,242
Other		(11,356	)		(9,082	)		(8,033	)		(16,707	)		(45,178	)
Consolidated	$	76,373		$	111,477		$	80,776		$	70,834		$	339,460
Operating income as a percent of net sales excluding impact of SFAS 123R adoption1
Water		12.1	%		16.0	%		11.7	%		11.0	%		12.8	%
Enclosures		13.1	%		13.3	%		14.2	%		14.3	%		13.8	%
Consolidated		10.8	%		14.1	%		11.3	%		9.7	%		11.5	%

¹ The Company adopted SFAS 123R in December 2005 using the modified retrospective method back to January 1, 2005. In connection with the adoption, the expense as disclosed in the first three quarters related to stock-based compensation was corrected for immaterial errors. The corrections resulted in no change to the quarterly EPS impact of stock option expensing.

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Pentair, Inc. and Subsidiaries
Supplemental Financial Information by Reportable Business Segment for 2004 (Unaudited)

	First Qtr			Second Qtr			Third Qtr			Fourth Qtr			Year
In thousands	2004			2004			2004			2004			2004
Net sales to external customers
Water	$	313,981		$	353,316		$	426,670		$	469,427		$	1,563,394
Enclosures		174,472			177,117			181,097			182,049			714,735
Consolidated	$	488,453		$	530,433		$	607,767		$	651,476		$	2,278,129
Intersegment sales
Water	$	21		$	29		$	26		$	42		$	118
Enclosures		332			986			3			140			1,461
Other		(353	)		(1,015	)		(29	)		(182	)		(1,579	)
Consolidated	$	—		$	—		$	—		$	—		$	—
Operating income (loss)
Water	$	41,547		$	59,253		$	47,410		$	49,100		$	197,310
Enclosures		19,354			21,590			23,211			23,689			87,844
Other		(10,791	)		(9,860	)		(6,521	)		(10,740	)		(37,912	)
Consolidated	$	50,110		$	70,983		$	64,100		$	62,049		$	247,242
Operating income as a percent of net sales
Water		13.2	%		16.8	%		11.1	%		10.5	%		12.6	%
Enclosures		11.1	%		12.2	%		12.8	%		13.0	%		12.3	%
Consolidated		10.3	%		13.4	%		10.5	%		9.5	%		10.9	%

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Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP “As Reported” three months ended December 31, 2005 to the “Adjusted” non-GAAP excluding the effect of SFAS 123R adoption (Unaudited)

	Three months ended
	As Reported						Adjusted			As Reported
	December 31			SFAS 123R			December 31			December 31
In thousands, except per-share data	2005						2005			2004
Net sales	$	732,113		$	—		$	732,113		$	651,476
Cost of goods sold		524,304			—			524,304			468,274
Gross profit		207,809			—			207,809			183,202
% of net sales		28.4	%					28.4	%		28.1	%
Selling, general and administrative		128,002			(3,962	)		124,040			111,221
% of net sales		17.5	%					16.9	%		17.1	%
Research and development		12,935			—			12,935			9,932
% of net sales		1.8	%					1.8	%		1.5	%
Operating income		66,872			3,962			70,834			62,049
% of net sales		9.1	%					9.7	%		9.5	%
Gain on sale of investment		236			—			236			—
Net interest expense		11,263			—			11,263			10,892
% of net sales		1.5	%					1.5	%		1.7	%
Income from continuing operations before income taxes		55,845			3,962			59,807			51,157
% of net sales		7.6	%					8.2	%		7.9	%
Provision for income taxes		16,889			1,073			17,962			17,460
Effective tax rate		30.2	%		27.1	%		30.0	%		34.1	%
Income from continuing operations		38,956			2,889			41,845			33,697
Income from discontinued operations, net of tax		—			—			—			—
Loss on disposal of discontinued operations, net of tax		—			—			—			(6,047	)
Net income	$	38,956		$	2,889		$	41,845		$	27,650
Earnings per common share
Basic
Continuing operations	$	0.39		$	0.03		$	0.42		$	0.34
Discontinued operations		—			—			—			(0.07	)
Basic earnings per common share	$	0.39		$	0.03		$	0.42		$	0.27
Diluted
Continuing operations	$	0.38		$	0.03		$	0.41		$	0.33
Discontinued operations		—			—			—			(0.07	)
Diluted earnings per common share	$	0.38		$	0.03		$	0.41		$	0.26
Weighted average common shares outstanding
Basic		100,605			—			100,605			100,014
Diluted		102,314			52			102,366			102,541
Cash dividends declared per common share	$	0.13		$	—		$	0.13		$	0.11

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Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP “As Reported” year ended December 31, 2005 to the “Adjusted” non-GAAP excluding the effect of SFAS 123R adoption (Unaudited)

	Year ended
	As Reported						Adjusted			As Reported
	December 31			SFAS 123R			December 31			December 31
In thousands, except per-share data	2005						2005			2004
Net sales	$	2,946,579		$	—		$	2,946,579		$	2,278,129
Cost of goods sold		2,098,558			—			2,098,558			1,623,419
Gross profit		848,021			—			848,021			654,710
% of net sales		28.8	%					28.8	%		28.7	%
Selling, general and administrative		478,907			(16,388	)		462,519			376,015
% of net sales		16.2	%					15.7	%		16.5	%
Research and development		46,042			—			46,042			31,453
% of net sales		1.6	%					1.6	%		1.4	%
Operating income		323,072			16,388			339,460			247,242
% of net sales		11.0	%					11.5	%		10.9	%
Gain on sale of investment		5,435			—			5,435			—
Net interest expense		44,989			—			44,989			37,210
% of net sales		1.5	%					1.5	%		1.6	%
Income from continuing operations before income taxes		283,518			16,387			299,906			210,032
% of net sales		9.6	%					10.2	%		9.2	%
Provision for income taxes		98,469			4,389			102,949			73,008
Effective tax rate		34.7	%		26.8	%		34.3	%		34.8	%
Income from continuing operations		185,049			11,999			196,957			137,024
Income from discontinued operations, net of tax		—			—			—			40,248
Loss on disposal of discontinued operations, net of tax		—			—			—			(6,047	)
Net income	$	185,049		$	11,999		$	196,957		$	171,225
Earnings per common share
Basic
Continuing operations	$	1.84		$	0.12		$	1.96		$	1.38
Discontinued operations		—			—			—			0.34
Basic earnings per common share	$	1.84		$	0.12		$	1.96		$	1.72
Diluted
Continuing operations	$	1.80		$	0.12		$	1.92		$	1.35
Discontinued operations		—			—			—			0.33
Diluted earnings per common share	$	1.80		$	0.12		$	1.92		$	1.68
Weighted average common shares outstanding
Basic		100,665			—			100,665			99,316
Diluted		102,618			144			102,762			101,706
Cash dividends declared per common share	$	0.52		$	—		$	0.52		$	0.43

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