September 28, 2006
Mr. Don Walker
Securities and Exchange Commission
Mail Stop 4561
Washington, DC 20549
| Re: | IBERIABANK Corporation |
Form 10-K filed March 15, 2006
File No. 000-25756
Dear Mr. Walker:
IBERIABANK Corporation (the “Company”) is in receipt of the letter from the staff (the “Staff”) of the Securities and Exchange Commission, dated September 25, 2006, regarding the above-referenced filing.
To facilitate the Staff’s review, we have included in this letter the captions and numbered comments from the Staff’s comment letter and have provided our responses immediately following each comment in bold.
In some of our responses, we have agreed to revise the disclosure in our future filings. We are complying in the spirit of cooperation with the Staff. Accordingly, any changes implemented in our future filings should not be taken as an admission that our prior disclosures were deficient or inaccurate.
Exhibit 13-Portions of Annual Report
Note 3- Investment Securities, page 45
| 1) | Please refer to prior comments 1 and 2. Please provide us your intended revisions to future filings in response to prior comments 1 and 2. |
As of December 31, 2005 and 2004, the Company held no U.S. Treasury obligations; thus, the impacted investment securities tables would appear as follows:
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
| December 31, 2005 | |||||||||||||
Securities available for sale: | |||||||||||||
U.S. federal agency obligations | $ | 98,839 | $ | 12 | $ | (1,408 | ) | $ | 97,443 | ||||
Obligations of state and political subdivisions | 39,191 | 827 | (287 | ) | 39,731 | ||||||||
Mortgage backed securities | 415,219 | 49 | (8,947 | ) | 406,321 | ||||||||
Total securities available for sale | $ | 553,249 | $ | 888 | $ | (10,642 | ) | $ | 543,495 | ||||
Securities held to maturity: | |||||||||||||
U.S. federal agency obligations | $ | 8,075 | $ | — | $ | (180 | ) | $ | 7,895 | ||||
Obligations of state and political subdivisions | 13,285 | 271 | (9 | ) | 13,547 | ||||||||
Mortgage backed securities | 7,727 | 202 | (34 | ) | 7,895 | ||||||||
Total securities held to maturity | $ | 29,087 | $ | 473 | $ | (223 | ) | $ | 29,337 | ||||
| December 31, 2004 | |||||||||||||
Securities available for sale: | |||||||||||||
U.S. federal agency obligations | $ | 53,715 | $ | 11 | $ | (490 | ) | $ | 53,236 | ||||
Obligations of state and political Subdivisions | 46,815 | 1,577 | (13 | ) | 48,379 | ||||||||
Mortgage backed securities | 425,342 | 2,338 | (2,362 | ) | 425,318 | ||||||||
Total securities available for sale | $ | 525,872 | $ | 3,926 | $ | (2,865 | ) | $ | 526,933 | ||||
Securities held to maturity: | |||||||||||||
U.S. federal agency obligations | $ | 13,088 | $ | 76 | $ | (27 | ) | $ | 13,137 | ||||
Obligations of state and political subdivisions | 14,053 | 546 | — | 14,599 | |||||||||
Mortgage backed securities | 12,881 | 457 | (13 | ) | 13,325 | ||||||||
Total securities held to maturity | $ | 40,022 | $ | 1,079 | $ | (40 | ) | $ | 41,061 | ||||
1
Information pertaining to securities with gross unrealized losses at December 31, 2005, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
| Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||
(dollars in thousands) | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||||||
| December 31, 2005 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. federal agency obligations | $ | (226 | ) | $ | 35,656 | $ | (1,182 | ) | $ | 40,504 | $ | (1,408 | ) | $ | 76,160 | ||||||
Obligations of state and political subdivisions | (234 | ) | 17,446 | (53 | ) | 2,525 | (287 | ) | 19,971 | ||||||||||||
Mortgage backed securities | (3,294 | ) | 226,571 | (5,653 | ) | 164,497 | (8,947 | ) | 391,068 | ||||||||||||
Total securities available for sale | $ | (3,754 | ) | $ | 279,673 | $ | (6,888 | ) | $ | 207,526 | $ | (10,642 | ) | $ | 487,199 | ||||||
Securities held to maturity: | |||||||||||||||||||||
U.S. federal agency obligations | $ | (92 | ) | $ | 4,998 | $ | (88 | ) | $ | 2,898 | $ | (180 | ) | $ | 7,896 | ||||||
Obligations of state and political subdivisions | (9 | ) | 1,001 | — | — | (9 | ) | 1,001 | |||||||||||||
Mortgage backed securities | — | — | (34 | ) | 1,839 | (34 | ) | 1,839 | |||||||||||||
Total securities held to maturity | $ | (101 | ) | $ | 5,999 | $ | (122 | ) | $ | 4,737 | $ | (223 | ) | $ | 10,736 | ||||||
| December 31, 2004 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. federal agency obligations | $ | (490 | ) | $ | 52,226 | $ | — | $ | — | $ | (490 | ) | $ | 52,226 | |||||||
Obligations of state and political subdivisions | (13 | ) | 3,922 | — �� | — | (13 | ) | 3,922 | |||||||||||||
Mortgage backed securities | (978 | ) | 155,906 | (1,384 | ) | 56,425 | (2,362 | ) | 212,331 | ||||||||||||
Total securities available for sale | $ | (1,481 | ) | $ | 212,054 | $ | (1,384 | ) | $ | 56,425 | $ | (2,865 | ) | $ | 268,479 | ||||||
Securities held to maturity: | |||||||||||||||||||||
U.S. federal agency obligations | $ | (27 | ) | $ | 2,952 | $ | — | $ | — | $ | (27 | ) | $ | 2,952 | |||||||
Mortgage backed securities | (4 | ) | 2,705 | (9 | ) | 822 | (13 | ) | 3,527 | ||||||||||||
Total securities held to maturity | $ | (31 | ) | $ | 5,657 | $ | (9 | ) | $ | 822 | $ | (40 | ) | $ | 6,479 | ||||||
2
In future filings, the Company will include the following with respect to its sales of held-to-maturity securities:
During 2005 and 2004, the Company sold investment securities classified as held-to-maturity with amortized costs of $234,000 and $239,000, respectively. The Company recorded losses of $3,000 and $11,000 on the sale of these securities in 2005 and 2004, respectively. In accordance with SFAS 115, these transactions are classified as maturities rather than sales because the Company had already collected over 85% of the principal outstanding on these securities prior to each of the sales. The sales were completed because the cost of maintaining these significantly paid-down securities outweighed the benefit of retaining them in the portfolio.
Note 11: On Balance Sheet Instruments and Hedging Activities, page 54
| 2) | Please refer to prior comment 3. Your response has not provided us with sufficient detail to understand the nature of the debt which is being hedged. Please tell us more specifically the debt which is being hedged and indicate if you are applying the shortcut hedging strategies involving you Junior Subordinated Interest Deferrable Debentures. |
The Company currently has two types of debt hedged using derivative contracts, Federal Home Loan Bank Term Debt Advances and Trust Preferred Junior Subordinated Debt (“TRUPS”). A detail listing of the hedged debt as well as each corresponding derivative has been attached as Exhibit 1 for your review. The Company used the “Short-Cut” method available under SFAS 133 to account for derivatives hedging of this debt on its financial statements.
The Company continues to believe that the “Short-Cut” method was the appropriate way to account for the Federal Home Loan Bank Term Debt Advances. The required documentation, as outlined in paragraph 68, was prepared at inception of the hedging arrangement detailing the matched terms between the hedged debt and corresponding derivative. Since no optionality exists in these debt advances and all terms were matched identically, a perfect hedge was created and exists in place today. We therefore believe that using the “Short-Cut” method was consistent with both theletter andspirit of SFAS 133.
It is our understanding, based on a discussion with the SEC Staff, that TRUPS do not qualify for “Short-Cut” hedge accounting under SFAS 133. IBERIABANK utilized the “Short-Cut” method to account for derivative contracts used to hedge the floating rate nature of the TRUPS. Since SFAS 133 does not allow for the retrospective adoption of the “Long Haul” method for these derivative transactions, an adjustment will be required to our financial statements to address the usage of the “Short-Cut” method.
The Company used the guidelines outlined in SAB 99 to determine if the adjustment to address the accounting revision would be material to past financial reporting.
3
To determine if the reclassification of fair market value changes of swaps associated with the TRUPS is material, we reviewed the impact this change would have on the following quantitative measures:
| 1) | Net Income |
| 2) | Diluted Earnings Per Share |
| 3) | Shareholders’ Equity |
We evaluated the impact on both an annual and quarterly basis.
Based on our review, we have concluded that the impact of the change is quantitatively immaterial on Net Income, diluted earnings per share and Shareholders’ Equity on an annual and quarterly basis. Our conclusion is based on the following:
| 1) | The impact on annual Net Income was less than 1% in each of the four years reviewed. |
| 2) | The impact on annual diluted earnings per share was less than 1% in each of the four years reviewed. The highest impact on annual EPS is an increase of 3 cents per share. |
| 3) | The impact on Shareholders’ Equity was less than one-half of 1% at the fiscal year end of each of the four years reviewed. |
| 4) | The impact on quarterly Net Income was less than 5% in each of the eighteen quarters reviewed. |
| 5) | The impact on quarterly diluted earnings per share was less than 5% in each of the eighteen quarters reviewed. The highest quarterly impact is an increase of 4 cents per share in the second quarter of 2004. |
| 6) | Total assets and net cash flows are unchanged. |
The quantitative review is attached as Exhibit 2 to this correspondence.
Given the minimal impact on Net Income, diluted earnings per share and Shareholders’ Equity, we assessed the impact of the change from a qualitative perspective. The qualitative assessment included:
| 1) | An evaluation of management’s intentions related to selecting hedge accounting under the “Short-Cut” method of accounting for these derivatives. |
| 2) | An evaluation of the potential impact on investors and potential investors had these transactions not been accounted for using hedge accounting. |
| 3) | An evaluation of the impact on trends, forecasts and other measurements of the Company’s performance. |
4
Based on our evaluation, we have concluded the following:
| 1) | When management selected the “Short-Cut” method of accounting for these transactions, the decisions were based on a thorough review of SFAS 133 and all supporting literature available at the time of the decisions. We believed that using the “Short-Cut” method was consistent with both theletter andspirit of SFAS 133. |
| 2) | Management believes that our past, present and future investors review many factors in determining to buy, hold or sell our shares. Those factors include annual net income and earnings per share. Given the minimal impact of a change in accounting for these transactions on annual net income and earnings per share, we do not believe that such a change would alter the judgment of a reasonable person relying on our financial statements. The Company only provides annual EPS guidance. |
| 3) | The nature of the hedge accounting change results in a slight understatement of net income in prior years. The former accounting did not enable management to meet earnings estimates, did not mask a trend in earnings and did not affect compliance with regulatory requirements or loan covenants. Since the former accounting resulted in an understatement of income it did not cause an increase in compensation to management. |
Based on our assessment, in consultation with our external auditor, of the quantitative and qualitative aspects of changing our accounting for fair market value changes of swaps associated with TRUPS, we believe that such a change is immaterial to the financial statements of the Company.
To correct the accounting for fair market value changes of swaps associated with TRUPS, the Company proposes to record a cumulative adjustment to the balance sheet and income statement during the third quarter of 2006. The cumulative impact of the accounting revision, based on current market values of the hedges in question, is a positive $569K on an after-tax basis. This amount will account for a $0.06 one-time increase in EPS during the third quarter of 2006. The $0.06 EPS increase equates to increase in the projected annual FYE 06 EPS of less than 2% and 3rd Quarter 06 EPS of 7.5%.
We appreciate your comments and guidance in regard to the financial statements and related disclosures in light of the myriad of changes in this area and our continuing goal to enhance our overall disclosure. Please feel to contact me if additional information is required.
| Sincerely, |
/s/ Anthony J. Restel, |
| Anthony J. Restel |
| Executive Vice President and Chief Financial Officer |
5
Exhibit 1
| Federal Home Loan Bank of Dallas Advances | ||||||||||||||||||||||||||
Advance # | Advance Type | Borrowing Date | Principal Amount | Amortization Type | Rate Index | Spread over Index | Rate Reset * | Call Date | Maturity Date | Prepayable at par | Putable by FHLB | Other Embedded | ||||||||||||||
| 1909000002 | Non Prepayable Term LIBOR Floater | 10/17/02 | $ | 5,000,000 | Bullet at Maturity | 3 Mo LIBOR | 0.00 | % | Quarterly | Not Callable | 10/19/2009 | No | No | None | ||||||||||||
| 2007000923 | Non Prepayable Term LIBOR Floater | 2/13/02 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | 0.00 | % | Quarterly | Not Callable | 1/31/2009 | No | No | None | ||||||||||||
| 1909000003 | Non Prepayable Term LIBOR Floater | 10/30/02 | $ | 5,000,000 | Bullet at Maturity | 3 Mo LIBOR | 0.00 | % | Quarterly | Not Callable | 10/30/2009 | No | No | None | ||||||||||||
| 353005309 | Non Prepayable Term LIBOR Floater | 10/23/02 | $ | 5,000,000 | Bullet at Maturity | 3 Mo LIBOR | 0.00 | % | Quarterly | Not Callable | 10/23/2009 | No | No | None | ||||||||||||
| Matching Derivatives for Federal Home Loan Bank of Dallas Advances Outlined Above | ||||||||||||||||||||||||||
| Derivative # | Derivative Type | Borrowing Date | Notional Amount | Amortization Type | Rate Index | Spread over Index | Rate Reset * | Call Date | Maturity Date | Prepayable at par | Putable by Holder | Other Embedded Options | ||||||||||||||
| 18871 | Floating to Fixed Interest Rate Swap | 10/17/02 | $ | 5,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 10/19/2009 | No | No | None | |||||||||||||
| 17081 | Floating to Fixed Interest Rate Swap | 2/13/02 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 1/31/2009 | No | No | None | |||||||||||||
| 103713 | Floating to Fixed Interest Rate Swap | 10/30/02 | $ | 5,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 10/30/2009 | No | No | None | |||||||||||||
| 18925 | Floating to Fixed Interest Rate Swap | 10/23/02 | $ | 5,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 10/23/2009 | No | No | None | |||||||||||||
| * | All repricing occur on same date using the Modified Business Day methodology. |
6
Exhibit 1
Trust Preferred Debt Hedged
Issuance # | Debt Type | Agreement Date | Principal Amount | Amortization Type | Rate Index | Spread over Index | Rate Reset * | Call Date | Maturity Date | Prepayable at par | Putable by Debt Holder | Other Embedded Options | ||||||||||||||
| TRUPS 1 | Junior Subordinated Debt | 11/15/02 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | 3.25 | % | Quarterly | 11/15/07 | 11/15/32 | After Call Date | No | Interest Deferral – 20 Quarters | ||||||||||||
| TRUPS 2 | Junior Subordinated Debt | 6/17/03 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | 3.15 | % | Quarterly | 6/17/08 | 6/17/33 | After Call Date | No | Interest Deferral – 20 Quarters | ||||||||||||
| TRUPS 3 | Junior Subordinated Debt | 9/20/04 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | 2.00 | % | Quarterly | 9/20/09 | 9/20/34 | After Call Date | No | Interest Deferral – 20 Quarters | ||||||||||||
Matching Derivatives for Trust Preferred Debt Hedged
Derivative # | Derivative Type | Effective Date | Notional Amount | Amortization Type | Rate Index | Spread over Index | Rate Reset * | Call Date | Maturity Date | Prepayable at par | Putable by Debt Holder | Other Embedded Options | |||||||||||||
103674 | Floating to Fixed Interest Rate Swap | 11/15/02 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 12/31/07 | No | No | None | ||||||||||||
14622 | Floating to Fixed Interest Rate Swap | 6/30/03 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 6/17/08 | No | No | None | ||||||||||||
104539 | Floating to Fixed Interest Rate Swap | 9/20/04 | $ | 10,000,000 | Bullet at Maturity | 3 Mo LIBOR | N/A | Quarterly | Not Callable | 9/20/09 | No | No | None | ||||||||||||
| * | All repricing occur on same date using the Modified Business Day methodology. |
7
Exhibit 2 -Market Value of Swaps Associated with Trust Preferred Junior Subordinated Debt
Quantitative Materiality Assessment (Annual and Quarterly)
| Annual Assessment | ||||||||||||
| 2005 | 2004 | 2003 | 2002 | |||||||||
Net Income as Reported | 22,000,447 | 27,338,671 | 23,551,827 | 18,453,275 | ||||||||
Impact of Katrina/Rita (after tax) | 9,587,000 | — | — | — | ||||||||
Net Income as Revised for Katrina/Rita | 31,587,447 | 27,338,671 | 23,551,827 | 18,453,275 | ||||||||
Diluted EPS as Reported | 2.24 | 3.01 | 2.74 | 2.41 | ||||||||
Impact of Katrina/Rita (after tax) | 0.98 | — | — | — | ||||||||
EPS as Revised for Katrina/Rita | 3.22 | 3.01 | 2.74 | 2.41 | ||||||||
Shareholders’ Equity as reported | 263,569,000 | 220,162,000 | 195,169,000 | 139,598,000 | ||||||||
Change in JSD Swaps Market Value (after tax) | 279,086 | 64,146 | 133,312 | (45,093 | ) | |||||||
Net Income Restated for Change in Market Value of JSD Swaps | 31,866,533 | 27,402,817 | 23,685,139 | 18,408,182 | ||||||||
% Change in Net Income | 0.88 | % | 0.23 | % | 0.57 | % | -0.24 | % | ||||
Diluted EPS Restated for Change in Market Value of JSD Swaps | ||||||||||||
Diluted EPS Change | 0.03 | 0.01 | 0.02 | (0.01 | ) | |||||||
% Change in EPS | 0.88 | % | 0.23 | % | 0.57 | % | -0.24 | % | ||||
Shareholders’ Equity Restated for Change in Market Value of JSD Swaps | 263,848,086 | 220,226,146 | 195,302,312 | 139,552,907 | ||||||||
% Change in Shareholders’ Equity | 0.11 | % | 0.03 | % | 0.07 | % | -0.03 | % | ||||
8
Exhibit 2 -Market Value of Swaps Associated with Trust Preferred Junior Subordinated Debt
Quantitative Materiality Assessment (Annual and Quarterly)
| Quarterly Assessment | ||||||||||||||||||
| 2006 | 2005 | |||||||||||||||||
| 1Q | 2Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||
Net Income as Reported | 8,045,735 | 8,854,882 | 7,299,771 | 8,128,205 | (1,340,759 | ) | 7,913,230 | |||||||||||
Impact of Katrina/Rita (after tax) | — | (1,317,424 | ) | — | — | 9,587,000 | — | |||||||||||
Net Income as Revised for Katrina/Rita | 8,045,735 | 7,537,458 | 7,299,771 | 8,128,205 | 8,246,241 | 7,913,230 | ||||||||||||
Diluted EPS as Reported | 0.81 | 0.89 | 0.75 | 0.82 | (0.14 | ) | 0.80 | |||||||||||
Impact of Katrina/Rita (after tax) | — | (0.13 | ) | — | — | 0.98 | — | |||||||||||
EPS as Revised for Katrina/Rita | 0.81 | 0.76 | 0.75 | 0.82 | 0.84 | 0.80 | ||||||||||||
Shareholders’ Equity as reported | ||||||||||||||||||
Change in JSD Swaps Market Value (after tax) | 75,016 | 39,573 | 241,765 | (182,282 | ) | 170,173 | 49,429 | |||||||||||
Net Income Restated for Change in Market Value of JSD Swaps | 8,120,751 | 7,577,031 | 7,541,536 | 7,945,923 | 8,416,415 | 7,962,659 | ||||||||||||
% Change in Net Income | 0.93 | % | 0.53 | % | 3.31 | % | -2.24 | % | 2.06 | % | 0.62 | % | ||||||
Diluted EPS Restated for Change in Market Value of JSD Swaps | ||||||||||||||||||
Diluted EPS Change | 0.01 | 0.00 | 0.02 | (0.02 | ) | 0.02 | 0.01 | |||||||||||
% Change in EPS | 0.93 | % | 0.53 | % | 3.31 | % | -2.24 | % | 2.06 | % | 0.62 | % | ||||||
9
Exhibit 2 -Market Value of Swaps Associated with Trust Preferred Junior Subordinated Debt
Quantitative Materiality Assessment (Annual and Quarterly)
| Quarterly Assessment | ||||||||||||||||||||||||
| 2004 | 2003 | |||||||||||||||||||||||
| 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||||||
Net Income as Reported | 6,491,484 | 6,486,584 | 7,035,972 | 7,324,632 | 5,218,071 | 5,978,970 | 6,076,586 | 6,278,200 | ||||||||||||||||
Impact of Katrina/Rita (after tax) | — | — | — | — | — | — | — | — | ||||||||||||||||
Net Income as Revised for Katrina/Rita | 6,491,484 | 6,486,584 | 7,035,972 | 7,324,632 | 5,218,071 | 5,978,970 | 6,076,586 | 6,278,200 | ||||||||||||||||
Diluted EPS as Reported | 0.72 | 0.71 | 0.78 | 0.80 | 0.66 | 0.68 | 0.69 | 0.70 | ||||||||||||||||
Impact of Katrina/Rita (after tax) | — | — | — | — | — | — | — | — | ||||||||||||||||
EPS as Revised for Katrina/Rita | 0.72 | 0.71 | 0.78 | 0.80 | 0.66 | 0.68 | 0.69 | 0.70 | ||||||||||||||||
Shareholders’ Equity as reported | ||||||||||||||||||||||||
Change in JSD Swaps Market Value (after tax) | (176,414 | ) | 323,411 | (185,425 | ) | 102,575 | (17,811 | ) | (103,688 | ) | 150,570 | 104,242 | ||||||||||||
Net Income Restated for Change in Market Value of JSD Swaps | 6,315,069 | 6,809,995 | 6,850,546 | 7,427,206 | 5,200,260 | 5,875,282 | 6,227,156 | 6,382,442 | ||||||||||||||||
% Change in Net Income | -2.72 | % | 4.99 | % | -2.64 | % | 1.40 | % | -0.34 | % | -1.73 | % | 2.48 | % | 1.66 | % | ||||||||
Diluted EPS Restated for Change in Market Value of JSD Swaps | ||||||||||||||||||||||||
Diluted EPS Change | (0.02 | ) | 0.04 | (0.02 | ) | 0.01 | (0.00 | ) | (0.01 | ) | 0.02 | 0.01 | ||||||||||||
% Change in EPS | -2.72 | % | 4.99 | % | -2.64 | % | 1.40 | % | -0.34 | % | -1.73 | % | 2.48 | % | 1.66 | % | ||||||||
10
Exhibit 2- Market Value of Swaps Associated with Trust Preferred Junior Subordinated Debt
Quantitative Materiality Assessment (Annual and Quarterly)
| Quarterly Assessment | ||||||||||||
| 2002 | ||||||||||||
| 1Q | 2Q | 3Q | 4Q | |||||||||
Net Income as Reported | 4,387,239 | 4,640,487 | 4,708,323 | 4,717,227 | ||||||||
Impact of Katrina/Rita (after tax) | — | — | — | — | ||||||||
Net Income as Revised for Katrina/Rita | 4,387,239 | 4,640,487 | 4,708,323 | 4,717,227 | ||||||||
Diluted EPS as Reported | 0.58 | 0.60 | 0.61 | 0.63 | ||||||||
Impact of Katrina/Rita (after tax) | — | — | — | — | ||||||||
EPS as Revised for Katrina/Rita | 0.58 | 0.60 | 0.61 | 0.63 | ||||||||
Shareholders’ Equity as reported | ||||||||||||
Change in JSD Swaps Market Value (after tax) | — | — | — | (45,093 | ) | |||||||
Net Income Restated for Change in Market Value of JSD Swaps | 4,387,239 | 4,640,487 | 4,708,323 | 4,672,133 | ||||||||
% Change in Net Income | 0.00 | % | 0.00 | % | 0.00 | % | -0.96 | % | ||||
Diluted EPS Restated for Change in Market Value of JSD Swaps | ||||||||||||
Diluted EPS Change | — | — | — | (0.01 | ) | |||||||
% Change in EPS | 0.00 | % | 0.00 | % | 0.00 | % | -0.96 | % | ||||
11
