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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Sales        
Sales $ 983,319 $ 877,979 $ 2,711,686 $ 2,475,152
Costs and expenses        
Materials, labor, and other operating expenses (excluding depreciation) 827,890 759,777 2,324,030 2,155,620
Depreciation and amortization 13,203 8,962 38,005 26,205
Selling and distribution expenses 72,714 66,244 198,825 183,350
General and administrative expenses 13,173 12,867 35,763 33,164
Other (income) expense, net 148 (350) (1,589) (523)
Total costs and expenses 927,128 847,500 2,595,034 2,397,816
Income (loss) from operations 56,191 30,479 116,652 77,336
Foreign currency exchange gain (loss) (316) 69 (139) (302)
Interest expense (5,514) (5,174) (16,545) (14,846)
Interest income 57 88 180 212
Total nonoperating income (expense) (5,773) (5,017) (16,504) (14,936)
Income before income taxes 50,418 25,462 100,148 62,400
Income tax (provision) benefit (18,133) (9,602) (35,880) 44,708 [1]
Net income (loss) $ 32,285 $ 15,860 $ 64,268 $ 107,108 [1]
Weighted average common shares outstanding:        
Basic (in shares) 39,423 40,625 39,407 40,486
Diluted (in shares) 39,481 40,640 39,459 40,492
Net income per common share:        
Basic (in dollars per share) $ 0.82 $ 0.39 $ 1.63 $ 2.65
Diluted (in dollars per share) $ 0.82 $ 0.39 $ 1.63 $ 2.65
[1] EBITDA is defined as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and to decide how to allocate resources to segments. We believe EBITDA is useful to investors because it provides a means to evaluate the operating performance of our segments and our company on an ongoing basis using criteria that are used by our internal decision makers and because it is frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. We believe EBITDA is a meaningful measure because it presents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. EBITDA, however, is not a measure of our liquidity or financial performance under generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. The use of EBITDA instead of net income (loss) or segment income (loss) has limitations as an analytical tool, including the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for the limitations of EBITDA by relying on our GAAP results. Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.The following is a reconciliation of net income to EBITDA for the consolidated company: Three Months EndedSeptember 30 Nine Months EndedSeptember 30 2014 2013 2014 2013 (millions)Net income(1) $32.3 $15.9 $64.3 $107.1Interest expense 5.5 5.2 16.5 14.8Interest income (0.1) (0.1) (0.2) (0.2)Income tax provision (benefit)(1) 18.1 9.6 35.9 (44.7)Depreciation and amortization 13.2 9.0 38.0 26.2EBITDA $69.1 $39.5 $154.5 $103.2 _______________________________________ (1)The nine months ended September 30, 2013, includes a $68.7 million income tax benefit associated with the recording of net deferred tax assets upon our conversion to a corporation.