Exhibit 99.1
|
|
NEWS RELEASE |
| CONTACT: William T. Camp Executive Vice President and |
6110 Executive Blvd., Suite 800 Rockville, Maryland 20852 Tel 301-984-9400 | |
| Chief Financial Officer |
Fax 301-984-9610 | |
| E-Mail: bcamp@writ.com |
www.writ.com | |
| April 28, 2011 | ||
WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES
FIRST QUARTER FINANCIAL AND OPERATING RESULTS
Washington Real Estate Investment Trust (“WRIT” or the “Company”) (NYSE: WRE), a leading owner and operator of diversified properties in the Washington, DC region, reported financial and operating results today for the quarter ended March 31, 2011:
| • | Core Funds from Operations(1), defined as Funds from Operations(1) (“FFO”) excluding acquisition expense, gains or losses on extinguishment of debt and impairment, was $32.2 million, or $0.49 per diluted share for the quarter ended March 31, 2011, compared to $28.9 million, or $0.48 per diluted share for the prior year period. FFO for the quarter ended March 31, 2011 was $29.9 million, or $0.45 per share, compared to $28.8 million, or $0.48 per share, in the same period one year ago. |
| • | Net income attributable to the controlling interests for the quarter ended March 31, 2011 was $4.7 million, or $0.07 per diluted share, compared to $5.2 million, or $0.09 per diluted share, in the same period one year ago. Included in first quarter 2011 net income per share are acquisition costs of $0.03. |
Acquisitions and Dispositions
WRIT recently entered into a contract to purchase John Marshall II, a 223,000 square foot office building located at 8283 Greensboro Drive in Tysons Corner, Virginia, for $73.5 million. The purchase is subject to the assumption of a $54.3 million 5.79% loan. The property is 100% leased to Booz Allen Hamilton Inc. and serves as their worldwide headquarters. The Dulles Corridor Metrorail, currently under construction, will include four metro stations serving Tysons Corner. One of these four stations, Tysons Central 7, will be located 500 feet from John Marshall II upon its anticipated completion in 2013.
In the first quarter, WRIT continued to execute its stated strategy of upgrading the quality of its diversified property portfolio by investing in high quality assets in superior locations, completing the acquisitions of two downtown Washington, DC office properties.
WRIT acquired 1140 Connecticut Avenue, NW, a twelve story, 184,000 square foot office building with a three level parking garage in Washington, DC, for $80.25 million. The property is 99% leased to 25 office tenants and four retail tenants and is located near the intersection of Connecticut Avenue and M Street in the heart of Washington’s “Golden Triangle” Central Business District. WRIT funded this acquisition using available cash and its line of credit. The projected first year unleveraged yield is 6.0% on a cash basis.
In addition, WRIT acquired 1227 25th Street, NW, an eight story, 130,000 square foot office building with a two level parking garage in Washington, DC, for $47.0 million. The property is 72% leased to the GSA and law firms. It is located near the corner of 25th and M Streets in Washington’s West End submarket, immediately adjacent to the Company’s 2445 M Street office building. WRIT funded this acquisition using available cash and its line of credit and projects a stabilized yield of 8.7% on a cash basis.
Subsequent to quarter end, WRIT completed the sale of Dulles Station West Phase I, a 180,000 square foot office building in Herndon, Virginia, recording a $0.6 million impairment charge in first quarter 2011 based on the contract sales price of $58.8 million. WRIT originally acquired the land for Dulles Station West Phases I and II in 2005 and completed construction of Phase I in 2007. Phase II, which was not included in the transaction, is zoned for future development of a 340,000 square foot office building.
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Operating Results
The Company’s overall portfolio physical occupancy for the first quarter was 88.4%, compared to 89.0% in the same period one year ago and 88.3% in the fourth quarter of 2010. Overall portfolio Net Operating Income (“NOI”)(2) was $52.1 million compared to $47.4 million in the same period one year ago and $50.6 million in the fourth quarter of 2010.
Same-store(3) portfolio physical occupancy for the first quarter was 88.7%, compared to 90.0% in the same period one year ago. Sequentially, same-store physical occupancy increased 20 basis points (bps) compared to the fourth quarter of 2010. Same-store portfolio NOI for the first quarter increased 1.1% and rental rate growth was 2.4% compared to the same period one year ago.
| • | Multifamily: 14.7% of Total NOI – Multifamily properties’ same-store NOI for the first quarter increased 13.7% compared to the same period one year ago. Rental rate growth was 3.3% while same-store physical occupancy for the first quarter of 2011 compared to 2010 increased 90 bps to 95.3%. Sequentially, same-store physical occupancy decreased 40 bps compared to the fourth quarter of 2010. |
| • | Office: 43.5% of Total NOI – Office properties’ same-store NOI for the first quarter decreased 1.5% compared to the same period one year ago. Rental rates increased 1.9% while same-store physical occupancy decreased 190 bps to 88.3%. Sequentially, same-store physical occupancy decreased by 10 bps compared to the fourth quarter of 2010. |
| • | Medical: 14.3% of Total NOI – Medical office properties’ same-store NOI for the first quarter decreased 1.3% compared to the same period one year ago. Rental rate growth was 3.7% while same-store physical occupancy decreased 30 bps to 93.5%. Sequentially, same-store physical occupancy decreased 30 bps compared to the fourth quarter of 2010. |
| • | Retail: 16.5% of Total NOI – Retail properties’ same-store NOI for the first quarter increased 0.5% compared to the same period one year ago. Rental rate growth was 0.9% while same-store physical occupancy decreased 100 bps to 92.2%. Sequentially, same-store physical occupancy decreased 30 bps compared to the fourth quarter of 2010. |
| • | Industrial: 11.0% of Total NOI – Industrial properties’ same-store NOI for the fourth quarter decreased 0.8% compared to the same period one year ago. Rental rate growth was 2.8% while same-store physical occupancy decreased 280 bps to 80.2%. Sequentially, same-store physical occupancy increased 160 bps compared to the fourth quarter of 2010. |
Leasing Activity
During the first quarter, WRIT signed commercial leases for 416,241 square feet with an average rental rate decrease of 0.6% over expiring lease rates, an average lease term of 4.5 years, tenant improvement costs of $3.09 per square foot and leasing costs of $3.56 per square foot.
| • | Rental rates for new and renewed office leases decreased 1.4% to $30.97 per square foot, with $3.88 per square foot in tenant improvement costs and $4.17 per square foot in leasing costs. |
| • | Rental rates for new and renewed medical office leases increased 13.1% to $37.24 per square foot, with $8.86 per square foot in tenant improvement costs and $12.24 per square foot in leasing costs. |
| • | Rental rates for new and renewed retail leases increased 5.4% to $16.48 per square foot, with no tenant improvement costs and $1.07 per square foot in leasing costs. |
| • | Rental rates for new and renewed industrial/flex leases decreased 15.3% to $8.70 per square foot, with $2.35 per square foot in tenant improvement costs and $1.86 per square foot in leasing costs. |
Dividends
On March 31, 2011, WRIT paid a quarterly dividend of $0.43375 per share for its 197th consecutive quarterly dividend at equal or increasing rates.
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Conference Call Information
The Conference Call for 1st Quarter Earnings is scheduled for Friday, April 29, 2011 at 11:00 A.M. Eastern time. Conference Call access information is as follows:
| USA Toll Free Number: | 1-877-407-9205 | |
| International Toll Number: | 1-201-689-8054 |
The instant replay of the Conference Call will be available until May 13, 2011 at 11:59 P.M. Eastern time. Instant replay access information is as follows:
| USA Toll Free Number: | 1-877-660-6853 | |
| International Toll Number: | 1-201-612-7415 | |
| Account: | 286 | |
| Conference ID: | 369149 |
The live on-demand webcast of the Conference Call will be available on the Investor section of WRIT’s website at www.writ.com. On-line playback of the webcast will be available for two weeks following the Conference Call.
About WRIT
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 86 properties totaling approximately 11 million square feet of commercial space and 2,540 residential units, and land held for development. These 86 properties consist of 26 office properties, 16 industrial/flex properties, 18 medical office properties, 15 retail centers and 11 multi-family properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).
Note: WRIT’s press releases and supplemental financial information are available on the company website at www.writ.com or by contacting Investor Relations at (301) 984-9400.
Certain statements in our earnings release and on our conference call are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, the potential for federal government budget reductions, changes in general and local economic and real estate market conditions, the timing and pricing of lease transactions, the effect of the current credit and financial market conditions, the availability and cost of capital, fluctuations in interest rates, tenants’ financial conditions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2010 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
| (1) | Funds From Operations (“FFO”) – The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. FFO is a non-GAAP measure and does not replace net income as a measure of performance or net cash provided by operating activities as a measure of liquidity. We consider FFO to be a standard supplemental measure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs. |
| Core Funds From Operations (“Core FFO”) is calculated by adjusting FFO for the following items (which we believe are not indicative of the performance of WRIT’s operating portfolio and affect the comparative measurement of WRIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties and (3) real estate impairments, as appropriate. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of WRIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs. |
| (2) | Net Operating Income (“NOI”), defined as real estate rental revenue less real estate expenses, is a non-GAAP measure. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain on sale, if any), plus interest expense, depreciation and amortization and general and administrative expenses. We provide NOI as a supplement to net income |
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| calculated in accordance with GAAP. As such, it should not be considered an alternative to net income as an indication of our operating performance. It is the primary performance measure we use to assess the results of our operations at the property level. |
| (3) | For purposes of evaluating comparative operating performance, we categorize our properties as “same-store” or “non-same-store”. A same-store property is one that was owned for the entirety of the periods being evaluated. A non-same-store property is one that was acquired or placed into service during either of the periods being evaluated. |
| (4) | Funds Available for Distribution (“FAD”) is a non-GAAP measure. It is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight-line rents, then adding (3) non-real estate depreciation and amortization, (4) real estate impairments, (5) amortization of restricted share and unit compensation, and adding or subtracting amortization of lease intangibles, as appropriate. We consider FAD to be a measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-standardized measure and may be calculated differently by other REITs. |
Physical Occupancy Levels by Same-Store Properties (i) and All Properties
| Physical Occupancy | ||||||||||||||||
| Same-Store Properties | All Properties | |||||||||||||||
| Segment | 1st QTR 2011 |
1st QTR 2010 |
1st QTR 2011 |
1st QTR 2010 |
||||||||||||
| Residential |
95.3 | % | 94.4 | % | 95.3 | % | 94.4 | % | ||||||||
| Office |
88.3 | % | 90.2 | % | 88.9 | % | 89.7 | % | ||||||||
| Medical Office |
93.5 | % | 93.8 | % | 88.3 | % | 87.7 | % | ||||||||
| Retail |
92.2 | % | 93.2 | % | 92.0 | % | 93.2 | % | ||||||||
| Industrial |
80.2 | % | 83.0 | % | 80.2 | % | 82.8 | % | ||||||||
| Overall Portfolio |
88.7 | % | 90.0 | % | 88.4 | % | 89.0 | % | ||||||||
| (i) | Same-Store properties include all properties that were owned for the entirety of the current and prior year reporting periods. For Q1 2010 and Q1 2011, same-store properties exclude: |
Residential Acquisitions: none;
Office Acquisitions: Quantico Corporate Center, 1140 Connecticut Ave and 1227 25th Street;
Medical Office Acquisition: Lansdowne Medical Office Building;
Retail Acquisition: Gateway Overlook Shopping Center;
Industrial Acquisitions: none.
Also excluded from Same-Store Properties in Q1 2011 and Q1 2010 are:
Sold Properties: Charleston Business Center, Parklawn Plaza, Lexington, Saratoga, The Ridges,
Ammendale I & II and Amvax;
Held for Sale Property: Dulles Station, Phase I.
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WASHINGTON REAL ESTATE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| OPERATING RESULTS |
2011 | 2010 | ||||||
| Revenue |
||||||||
| Real estate rental revenue |
$ | 78,155 | $ | 73,551 | ||||
| Expenses |
||||||||
| Real estate expenses |
26,088 | 26,169 | ||||||
| Depreciation and amortization |
24,750 | 22,587 | ||||||
| General and administrative |
3,702 | 3,783 | ||||||
| 54,540 | 52,539 | |||||||
| Real estate operating income |
23,615 | 21,012 | ||||||
| Other income (expense): |
||||||||
| Interest expense |
(17,126 | ) | (16,838 | ) | ||||
| Gain (loss) on extinguishment of debt |
— | (42 | ) | |||||
| Acquisition costs |
(1,649 | ) | (55 | ) | ||||
| Other income |
306 | 289 | ||||||
| (18,469 | ) | (16,646 | ) | |||||
| Income from continuing operations |
5,146 | 4,366 | ||||||
| Discontinued operations: |
||||||||
| Income (loss) from operations of properties sold or held for sale |
(458 | ) | 899 | |||||
| Net income |
4,688 | 5,265 | ||||||
| Less: Net income attributable to noncontrolling interests in subsidiaries |
(23 | ) | (49 | ) | ||||
| Net income attributable to the controlling interests |
$ | 4,665 | $ | 5,216 | ||||
| Income from continuing operations attributable to the controlling interests |
5,123 | 4,317 | ||||||
| Continuing operations real estate depreciation and amortization |
24,750 | 22,587 | ||||||
| Funds from continuing operations(1) |
$ | 29,873 | $ | 26,904 | ||||
| Income and impairment from discontinued operations before gain on sale |
(458 | ) | 899 | |||||
| Discontinued operations real estate depreciation and amortization |
499 | 1,021 | ||||||
| Funds from discontinued operations |
41 | 1,920 | ||||||
| Funds from operations(1) |
$ | 29,914 | $ | 28,824 | ||||
| Non-cash (gain) loss on extinguishment of debt |
— | 42 | ||||||
| Tenant improvements |
(2,370 | ) | (2,012 | ) | ||||
| External and internal leasing commissions capitalized |
(2,232 | ) | (2,268 | ) | ||||
| Recurring capital improvements |
(691 | ) | (864 | ) | ||||
| Straight-line rents, net |
(657 | ) | (608 | ) | ||||
| Non-cash fair value interest expense |
179 | 776 | ||||||
| Non real estate depreciation & amortization of debt costs |
874 | 993 | ||||||
| Amortization of lease intangibles, net |
(278 | ) | (562 | ) | ||||
| Amortization and expensing of restricted share and unit compensation |
1,257 | 1,633 | ||||||
| Real estate impairment |
599 | — | ||||||
| Funds available for distribution(4) |
$ | 26,595 | $ | 25,954 | ||||
| Note: Certain prior period amounts have been reclassified to conform to the current presentation. |
| |||||||
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| Three Months Ended March 31, | ||||||||||||
| Per share data attributable to the controlling interests: |
2011 | 2010 | ||||||||||
| Income from continuing operations |
(Basic) |
$ | 0.08 | $ | 0.07 | |||||||
| (Diluted) |
$ | 0.08 | $ | 0.07 | ||||||||
| Net income |
(Basic) |
$ | 0.07 | $ | 0.09 | |||||||
| (Diluted) |
$ | 0.07 | $ | 0.09 | ||||||||
| Funds from continuing operations |
(Basic) |
$ | 0.45 | $ | 0.45 | |||||||
| (Diluted) |
$ | 0.45 | $ | 0.45 | ||||||||
| Funds from operations |
(Basic) |
$ | 0.45 | $ | 0.48 | |||||||
| (Diluted) |
$ | 0.45 | $ | 0.48 | ||||||||
| Dividends paid |
$ | 0.4338 | $ | 0.4325 | ||||||||
| Weighted average shares outstanding |
65,885 | 59,898 | ||||||||||
| Fully diluted weighted average shares outstanding |
65,907 | 60,001 | ||||||||||
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WASHINGTON REAL ESTATE INVESTMENT TRUST
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
| March 31, 2011 |
December 31, 2010 |
|||||||
| Assets |
||||||||
| Land |
$ | 475,458 | $ | 432,149 | ||||
| Income producing property |
2,013,854 | 1,938,629 | ||||||
| 2,489,312 | 2,370,778 | |||||||
| Accumulated depreciation and amortization |
(555,578 | ) | (534,570 | ) | ||||
| Net income producing property |
1,933,734 | 1,836,208 | ||||||
| Development in progress |
26,263 | 26,240 | ||||||
| Total real estate held for investment, net |
1,959,997 | 1,862,448 | ||||||
| Investment in real estate sold or held for sale |
40,868 | 41,892 | ||||||
| Cash and cash equivalents |
12,480 | 78,767 | ||||||
| Restricted cash |
24,316 | 21,552 | ||||||
| Rents and other receivables, net of allowance for doubtful accounts of $9,082 and $8,394 respectively |
53,278 | 49,227 | ||||||
| Prepaid expenses and other assets |
108,042 | 96,466 | ||||||
| Other assets related to property sold or held for sale |
17,231 | 17,529 | ||||||
| Total assets |
$ | 2,216,212 | $ | 2,167,881 | ||||
| Liabilities |
||||||||
| Notes payable |
$ | 753,692 | $ | 753,587 | ||||
| Mortgage notes payable |
379,333 | 380,171 | ||||||
| Lines of credit |
160,000 | 100,000 | ||||||
| Accounts payable and other liabilities |
60,129 | 51,036 | ||||||
| Advance rents |
12,722 | 12,589 | ||||||
| Tenant security deposits |
10,040 | 9,418 | ||||||
| Other liabilities related to property sold or held for sale |
480 | 222 | ||||||
| Total liabilities |
$ | 1,376,396 | $ | 1,307,023 | ||||
| Shareholders’ equity |
||||||||
| Shares of beneficial interest, $0.01 par value; 100,000 |
||||||||
| Shares authorized; 65,941 and 65,870 shares issued and outstanding, respectively |
660 | 659 | ||||||
| Additional paid-in capital |
1,130,297 | 1,127,825 | ||||||
| Distributions in excess of net income |
(293,860 | ) | (269,935 | ) | ||||
| Accumulated other comprehensive income |
(1,057 | ) | (1,469 | ) | ||||
| Total shareholders’ equity |
836,040 | 857,080 | ||||||
| Noncontrolling interests in subsidiaries |
3,776 | 3,778 | ||||||
| Total equity |
839,816 | 860,858 | ||||||
| Total liabilities and equity |
$ | 2,216,212 | $ | 2,167,881 | ||||
Note: Certain prior year amounts have been reclassified to conform to the current year presentation.
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The following tables contain reconciliations of net income to same-store net operating income for the periods presented:
| Three months ended March 31, 2011 | Multifamily | Office | Medical Office |
Retail | Industrial | Total | ||||||||||||||||||
| Same-store net operating income(3) |
$ | 7,665 | $ | 19,905 | $ | 7,505 | $ | 7,255 | $ | 5,720 | $ | 48,050 | ||||||||||||
| Add: Net operating income from non-same-store properties(3) |
— | 2,710 | (43 | ) | 1,350 | — | 4,017 | |||||||||||||||||
| Total net operating income(2) |
$ | 7,665 | $ | 22,615 | $ | 7,462 | $ | 8,605 | $ | 5,720 | $ | 52,067 | ||||||||||||
| Add/(deduct): |
||||||||||||||||||||||||
| Other income |
306 | |||||||||||||||||||||||
| Acquisition costs |
(1,649 | ) | ||||||||||||||||||||||
| Interest expense |
(17,126 | ) | ||||||||||||||||||||||
| Depreciation and amortization |
(24,750 | ) | ||||||||||||||||||||||
| General and administrative expenses |
(3,702 | ) | ||||||||||||||||||||||
| Income (loss) from operations of properties sold or held for sale |
(458 | ) | ||||||||||||||||||||||
| Net income |
4,688 | |||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests in subsidiaries |
(23 | ) | ||||||||||||||||||||||
| Net income attributable to the controlling interests |
$ | 4,665 | ||||||||||||||||||||||
| Three months ended March 31, 2010 | Multifamily | Office | Medical Office |
Retail | Industrial | Total | ||||||||||||||||||
| Same-store net operating income(3) |
$ | 6,739 | $ | 20,198 | $ | 7,603 | $ | 7,217 | $ | 5,764 | $ | 47,521 | ||||||||||||
| Add: Net operating income from non-same-store |
— | — | (139 | ) | — | — | (139 | ) | ||||||||||||||||
| Total net operating income(2) |
$ | 6,739 | $ | 20,198 | $ | 7,464 | $ | 7,217 | $ | 5,764 | $ | 47,382 | ||||||||||||
| Add/(deduct): |
||||||||||||||||||||||||
| Other income |
289 | |||||||||||||||||||||||
| Acquisition costs |
(55 | ) | ||||||||||||||||||||||
| Interest expense |
(16,838 | ) | ||||||||||||||||||||||
| Gain (loss) on extinguishment of debt |
(42 | ) | ||||||||||||||||||||||
| Depreciation and amortization |
(22,587 | ) | ||||||||||||||||||||||
| General and administrative expenses |
(3,783 | ) | ||||||||||||||||||||||
| Income (loss) from operations of properties sold or held for sale |
899 | |||||||||||||||||||||||
| Net income |
5,265 | |||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests in subsidiaries |
|
(49 | ) | |||||||||||||||||||||
| Net income attributable to the controlling interests |
$ | 5,216 | ||||||||||||||||||||||
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The following table contains a reconciliation of net income attributable to the controlling interests to funds from operations and core funds from operations for the periods presented:
| Three Months Ended March 31, | ||||||||||
| 2011 | 2010 | |||||||||
| Net income attributable to the controlling interests |
$ | 4,665 | $ | 5,216 | ||||||
| Add/(deduct): |
||||||||||
| Real estate depreciation and amortization |
24,750 | 22,587 | ||||||||
| Discontinued operations: |
||||||||||
| Real estate depreciation and amortization |
499 | 1,021 | ||||||||
| Funds from Operations(1) |
29,914 | 28,824 | ||||||||
| Add/(deduct): |
||||||||||
| Real estate impairment |
599 | — | ||||||||
| Loss (gain) on extinguishment of debt |
— | 42 | ||||||||
| Acquisition costs |
1,649 | 55 | ||||||||
| Core funds from operations(1) |
$ | 32,162 | $ | 28,921 | ||||||
| Three Months Ended March 31, | ||||||||||
| Per share data attributable to the controlling interests: |
2011 | 2010 | ||||||||
| Funds from operations |
(Basic) |
$ | 0.45 | $ | 0.48 | |||||
| (Diluted) |
$ | 0.45 | $ | 0.48 | ||||||
| Core funds from operations |
(Basic) |
$ | 0.49 | $ | 0.48 | |||||
| (Diluted) |
$ | 0.49 | $ | 0.48 | ||||||
| Weighted average shares outstanding |
65,885 | 59,898 | ||||||||
| Fully diluted weighted average shares outstanding |
65,907 | 60,001 | ||||||||