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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 4, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission File Number 001-36107

 

BURLINGTON STORES, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

80-0895227

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2006 Route 130 North

Burlington, New Jersey

 

08016

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (609) 387-7800

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock

 

BURL

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-Accelerated filer

  

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.       

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The registrant had 66,366,098 shares of common stock outstanding as of May 4, 2019.

 

 


BURLINGTON STORES, INC.

INDEX

 

 

 

Page

Part I—Financial Information

 

3

 

 

 

Item 1. Financial Statements (unaudited)

 

3

 

 

 

Condensed Consolidated Statements of Income - Three Months Ended May 4, 2019 and May 5, 2018  

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended May 4, 2019 and May 5, 2018

 

4

 

 

 

Condensed Consolidated Balance Sheets – May 4, 2019, February 2, 2019 and May 5, 2018

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows – Three Months Ended May 4, 2019 and May 5, 2018

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

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

 

20

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

33

 

 

 

Item 4. Controls and Procedures

 

33

 

 

 

Part II—Other Information

 

33

 

 

 

Item 1. Legal Proceedings

 

33

 

 

 

Item 1A. Risk Factors

 

34

 

 

 

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

 

34

 

 

 

Item 3. Defaults Upon Senior Securities

 

34

 

 

 

Item 4. Mine Safety Disclosures

 

34

 

 

 

Item 5. Other Information

 

34

 

 

 

Item 6. Exhibits

 

35

 

 

 

SIGNATURES

 

36

 

 

 

 

2


Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(All amounts in thousands, except per share data)

 

 

Three Months Ended

 

 

 

May 4,

 

 

May 5,

 

 

 

2019

 

 

2018

 

REVENUES:

 

 

 

 

 

 

 

 

Net sales

 

$

1,628,547

 

 

$

1,518,446

 

Other revenue

 

 

5,647

 

 

 

6,262

 

Total revenue

 

 

1,634,194

 

 

 

1,524,708

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

Cost of sales

 

 

961,318

 

 

 

892,682

 

Selling, general and administrative expenses

 

 

517,378

 

 

 

468,348

 

Costs related to debt amendments

 

 

(382

)

 

 

 

Depreciation and amortization

 

 

50,641

 

 

 

50,509

 

Other income - net

 

 

(2,092

)

 

 

(1,351

)

Interest expense

 

 

13,371

 

 

 

14,521

 

Total costs and expenses

 

 

1,540,234

 

 

 

1,424,709

 

Income before income tax expense

 

 

93,960

 

 

 

99,999

 

Income tax expense

 

 

16,195

 

 

 

17,411

 

Net income

 

$

77,765

 

 

$

82,588

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

Common stock - basic

 

$

1.18

 

 

$

1.23

 

Common stock - diluted

 

$

1.15

 

 

$

1.20

 

Weighted average number of common shares:

 

 

 

 

 

 

 

 

Common stock - basic

 

 

66,104

 

 

 

66,983

 

Common stock - diluted

 

 

67,730

 

 

 

68,970

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

 

3


BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(All amounts in thousands)

 

 

 

Three Months Ended

 

 

 

May 4,

 

 

May 5,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

Net income

 

$

77,765

 

 

$

82,588

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

Interest rate cap contracts:

 

 

 

 

 

 

 

 

Net unrealized (losses) gains arising during the period

 

 

(3,272

)

 

 

986

 

Reclassification into earnings during the period

 

 

(185

)

 

 

657

 

Other comprehensive (loss) income, net of tax

 

 

(3,457

)

 

 

1,643

 

Total comprehensive income

 

$

74,308

 

 

$

84,231

 

 

See Notes to Condensed Consolidated Financial Statements.

 


 

4


BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(All amounts in thousands, except share and per share data)

 

 

 

 

May 4,

 

 

February 2,

 

 

May 5,

 

 

 

2019

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

105,031

 

 

$

112,274

 

 

$

83,008

 

Restricted cash and cash equivalents

 

 

21,882

 

 

 

21,882

 

 

 

21,882

 

Accounts receivablenet

 

 

99,461

 

 

 

58,752

 

 

 

82,758

 

Merchandise inventories

 

 

895,813

 

 

 

954,183

 

 

 

786,559

 

Prepaid and other current assets

 

 

129,614

 

 

 

124,809

 

 

 

126,694

 

Total current assets

 

 

1,251,801

 

 

 

1,271,900

 

 

 

1,100,901

 

Property and equipment—net

 

 

1,288,180

 

 

 

1,253,705

 

 

 

1,148,257

 

Operating lease assets

 

 

2,144,757

 

 

 

 

 

 

 

Tradenames

 

 

238,000

 

 

 

238,000

 

 

 

238,000

 

Favorable leases—net

 

 

941

 

 

 

164,324

 

 

 

183,605

 

Goodwill

 

 

47,064

 

 

 

47,064

 

 

 

47,064

 

Deferred tax assets

 

 

4,191

 

 

 

4,361

 

 

 

6,724

 

Other assets

 

 

90,305

 

 

 

99,818

 

 

 

100,895

 

Total assets

 

$

5,065,239

 

 

$

3,079,172

 

 

$

2,825,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

707,672

 

 

$

848,561

 

 

$

726,635

 

Current operating lease liabilities

 

 

273,348

 

 

 

 

 

 

 

Other current liabilities

 

 

359,818

 

 

 

396,257

 

 

 

351,974

 

Current maturities of long term debt

 

 

3,052

 

 

 

2,924

 

 

 

13,040

 

Total current liabilities

 

 

1,343,890

 

 

 

1,247,742

 

 

 

1,091,649

 

Long term debt

 

 

1,133,385

 

 

 

983,643

 

 

 

1,122,552

 

Long term operating lease liabilities

 

 

2,045,743

 

 

 

 

 

 

 

Other liabilities

 

 

83,393

 

 

 

346,298

 

 

 

318,367

 

Deferred tax liabilities

 

 

180,280

 

 

 

178,779

 

 

 

181,607

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value: authorized: 50,000,000

   shares; no shares issued and outstanding

 

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

 

 

 

 

 

 

   Authorized: 500,000,000 shares;

 

 

 

 

 

 

 

 

 

 

 

 

   Issued: 79,332,577 shares, 79,224,669 shares and 78,698,229 shares, respectively;

 

 

 

 

 

 

 

 

 

 

 

 

   Outstanding: 66,366,098 shares, 67,145,097 shares and 67,612,407 shares, respectively

 

 

7

 

 

 

7

 

 

 

7

 

Additional paid-in-capital

 

 

1,520,244

 

 

 

1,508,996

 

 

 

1,467,726

 

Accumulated deficit

 

 

(182,554

)

 

 

(260,919

)

 

 

(593,077

)

Accumulated other comprehensive loss

 

 

(7,070

)

 

 

(3,613

)

 

 

(244

)

Treasury stock, at cost

 

 

(1,052,079

)

 

 

(921,761

)

 

 

(763,141

)

Total stockholders' equity

 

 

278,548

 

 

 

322,710

 

 

 

111,271

 

Total liabilities and stockholders' equity

 

$

5,065,239

 

 

$

3,079,172

 

 

$

2,825,446

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

5


BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(All amounts in thousands)

 

 

Three Months Ended

 

 

 

May 4,

 

 

May 5,

 

 

 

2019

 

 

2018

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

77,765

 

 

$

82,588

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

50,641

 

 

 

50,509

 

Amortization of deferred financing costs

 

 

330

 

 

 

499

 

Accretion of long term debt instruments

 

 

203

 

 

 

201

 

Deferred income taxes

 

 

2,993

 

 

 

1,721

 

Non-cash stock compensation expense

 

 

9,427

 

 

 

7,023

 

Non-cash lease expense

 

 

4,057

 

 

 

 

Non-cash rent

 

 

 

 

 

(6,203

)

Cash received from landlord allowances

 

 

12,213

 

 

 

8,709

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(20,170

)

 

 

(10,377

)

Merchandise inventories

 

 

57,864

 

 

 

(33,997

)

Prepaid and other current assets

 

 

(6,028

)

 

 

(11,559

)

Accounts payable

 

 

(140,767

)

 

 

(12,716

)

Other current liabilities

 

 

2,515

 

 

 

(18,111

)

Other long term assets and long term liabilities

 

 

3,080

 

 

 

738

 

Other operating activities

 

 

68

 

 

 

1,185

 

Net cash provided by operating activities

 

 

54,191

 

 

 

60,210

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Cash paid for property and equipment

 

 

(83,781

)

 

 

(60,382

)

Net (removal costs) proceeds from sale of property and equipment and assets held for sale

 

 

(40

)

 

 

5,441

 

Other investing activities

 

 

(32

)

 

 

(3,001

)

Net cash (used in) investing activities

 

 

(83,853

)

 

 

(57,942

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from long term debt—ABL Line of Credit

 

 

588,300

 

 

 

238,800

 

Principal payments on long term debt—ABL Line of Credit

 

 

(438,300

)

 

 

(227,000

)

Principal payments on long term debt—Term B-5 Loans

 

 

 

 

 

(2,793

)

Purchase of treasury shares

 

 

(130,319

)

 

 

(70,254

)

Proceeds from stock option exercises

 

 

1,821

 

 

 

3,498

 

Other financing activities

 

 

917

 

 

 

(715

)

Net cash provided by (used in) financing activities

 

 

22,419

 

 

 

(58,464

)

(Decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

(7,243

)

 

 

(56,196

)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

 

 

134,156

 

 

 

161,086

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

 

$

126,913

 

 

$

104,890

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

12,543

 

 

$

14,238

 

Income tax payments - net

 

$

1,179

 

 

$

343

 

Non-cash investing activities:

 

 

 

 

 

 

 

 

Accrued purchases of property and equipment

 

$

46,702

 

 

$

35,390

 

See Notes to Condensed Consolidated Financial Statements.

 

6


BURLINGTON STORES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

May 4, 2019

(Unaudited)

 

1. Summary of Significant Accounting Policies

Basis of Presentation

As of May 4, 2019, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), has expanded its store base to 684 retail stores, inclusive of an internet store.

These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (Fiscal 2018 10-K). The balance sheet at February 2, 2019 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2018 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended May 4, 2019 are not necessarily indicative of results for the fiscal year.

Accounting policies followed by the Company are described in Note 1 to the Fiscal 2018 10-K, “Summary of Significant Accounting Policies.”

Fiscal Year

The Company defines its fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. The current fiscal year ending February 1, 2020 (Fiscal 2019) and the prior fiscal year ended February 2, 2019 (Fiscal 2018) both consist of 52 weeks.

Adopted Accounting Standards

Leases

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-02, “Leases.” The standard’s core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company adopted this ASU as of the beginning of Fiscal 2019.

The Company applied the changes from the new guidance at the adoption date and recognized a cumulative effect adjustment to retained earnings in the period of adoption, as allowed under ASU 2018-11, “Leases: Targeted Improvements.” The Company did not adjust prior periods. The Company made an accounting policy election not to capitalize leases with an initial term of twelve months or less. The Company elected the transition package of practical expedients, which allows the Company to carry forward for its existing leases: i) the historical lease classification as either operating or capital; ii) assessment of whether any expired or existing contracts are or contain leases; and iii) capitalization of initial direct costs. Additionally, the Company elected the practical expedients to not separate lease and non-lease components for both its real estate and non-real estate leases, to not assess whether existing or expired land easements contain a lease, and to employ hindsight when determining lease terms for existing leases on the date of adoption.

As a result of this standard, the Company has recognized approximately $2.1 billion of additional right-of-use assets (current and long-term combined) and approximately $2.3 billion of additional lease liabilities (current and long-term combined) on its consolidated balance sheet as of May 4, 2019. The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. The right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as favorable leases, the long term portion of straight line rent liability, purchased lease rights and landlord allowances. In addition, the Company also recorded an approximate $0.6 million cumulative-effect

 

7


adjustment to retained earnings, related to a deferred gain on a previous sale-leaseback transaction that was being recognized into the line item “Other income” over a 13 year period.

Adoption of this standard also resulted in a change in the timing of certain expense recognition, primarily related to net favorable lease cost, as well as a reclassification of favorable lease cost from “Depreciation and amortization” to “Selling, general and administrative expenses” on the Company’s Condensed Consolidated Statement of Income for the three months ended May 4, 2019. This guidance did not have a material impact on the Company's liquidity. Refer to Note 3, “Lease Commitments,” for further detail of the Company’s future minimum lease payments.

Pending Accounting Standards

Intangible Assets

On January 26, 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment,” which aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, goodwill impairment will be measured as the amount by which the carrying value exceeds the fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods. This ASU will be effective for the Company as of the beginning of Fiscal 2020. Early adoption is permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that the new guidance will have a significant impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU requires that implementation costs incurred in a hosting arrangement that is a service contract be assessed in accordance with the existing guidance in Subtopic 350-40, “Internal-Use Software.” Accordingly, costs incurred during the preliminary project stage must be expensed as incurred, while costs incurred during the application development stage must be capitalized. Capitalized implementation costs associated with a hosting arrangement that is a service contract must be expensed over the term of the hosting arrangement. Additionally, the new guidance requires that the expense of these capitalized costs be presented in the same line item in the statement of income as the fees associated with the hosting element of the arrangement. The new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods. This ASU will be effective for the Company as of the beginning of Fiscal 2020. Early adoption is permitted for annual or interim periods. While the Company is still in the process of determining the impact of the adoption of this guidance on its consolidated financial statements or notes thereto, it does not anticipate that the new guidance will have a significant impact on its consolidated financial statements.

There were no other new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements during the three month period ended May 4, 2019, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of May 4, 2019 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective.

 

8


2. Stockholders’ Equity

Activity for the three month periods ended May 4, 2019 and May 5, 2018 in the Company’s stockholders’ equity are summarized below:

 

 

(in thousands, except share data)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at February 2, 2019

 

 

79,224,669

 

 

$

7

 

 

$

1,508,996

 

 

$

(260,919

)

 

$

(3,613

)

 

 

(12,079,572

)

 

$

(921,761

)

 

$

322,710

 

Net income

 

 

 

 

 

 

 

 

 

 

 

77,765

 

 

 

 

 

 

 

 

 

 

 

 

77,765

 

Stock options exercised

 

 

110,493

 

 

 

 

 

 

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,821

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,447

)

 

 

(7,538

)

 

 

(7,538

)

Shares purchased as part of publicly announced programs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(841,460

)

 

 

(122,780

)

 

 

(122,780

)

Issuance of restricted shares, net of forfeitures of 4,344 restricted shares

 

 

(2,585

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

9,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,427

 

Unrealized losses on interest rate cap contracts, net of related tax benefit of $1.3 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,272

)

 

 

 

 

 

 

 

 

(3,272

)

Amount reclassified into earnings, net of related taxes of $0.1 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(185

)

 

 

 

 

 

 

 

 

(185

)

Cumulative-effect adjustment

 

 

 

 

 

 

 

 

 

 

 

600

 

 

 

 

 

 

 

 

 

 

 

 

600

 

Balance at May 4, 2019

 

 

79,332,577

 

 

$

7

 

 

$

1,520,244

 

 

$

(182,554

)

 

$

(7,070

)

 

 

(12,966,479

)

 

$

(1,052,079

)

 

$

278,548

 

 

 

 

(in thousands, except share data)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at February 3, 2018

 

 

78,421,947

 

 

$

7

 

 

$

1,457,205

 

 

$

(675,664

)

 

$

(1,887

)

 

 

(10,550,222

)

 

$

(692,887

)

 

$

86,774

 

Net income

 

 

 

 

 

 

 

 

 

 

 

82,588

 

 

 

 

 

 

 

 

 

 

 

 

82,588

 

Stock options exercised

 

 

150,502

 

 

 

 

 

 

3,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,498

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,132

)

 

 

(6,376

)

 

 

(6,376

)

Shares purchased as part of publicly announced programs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(488,468

)

 

 

(63,878

)

 

 

(63,878

)

Issuance of restricted shares, net of forfeitures of 3,318 restricted shares

 

 

125,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

7,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,023

 

Unrealized gains on interest rate cap contracts, net of related taxes of $0.4 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

986

 

 

 

 

 

 

 

 

 

986

 

Amount reclassified into earnings, net of related taxes of $0.3 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

657