|
(in millions, except per share data)
|
Reclassification
Adjustments
(Note 3)
|
Transaction
Accounting
Adjustments
(Note 5)
|
||||||||||||||||||||||||||||||
|
HNI
Corporation
|
Kimball
International, Inc.
|
Pro Forma
Combined
|
||||||||||||||||||||||||||||||
| Note |
Note |
Note |
||||||||||||||||||||||||||||||
|
Net sales
|
$
|
2,361.8
|
$
|
718.6
|
$
|
(22.4
|
)
|
C, E
|
|
$
|
-
|
$
|
3,058.0
|
|||||||||||||||||||
|
Cost of sales
|
1,526.9
|
477.1
|
(47.4
|
)
|
A, B, D, E
|
|
-
|
1,956.6
|
||||||||||||||||||||||||
|
Gross profit
|
834.9
|
241.5
|
25.0
|
-
|
1,101.4
|
|||||||||||||||||||||||||||
|
Selling and administrative expenses
|
723.4
|
210.4
|
25.0
|
A, B, C, D
|
|
39.5
|
A, B, D
|
|
998.3
|
|||||||||||||||||||||||
|
Other operating (income) expense
|
-
|
(6.8
|
)
|
-
|
-
|
(6.8
|
)
|
|||||||||||||||||||||||||
|
Gain on sale of subsidiary
|
(50.4
|
)
|
-
|
-
|
-
|
(50.4
|
)
|
|||||||||||||||||||||||||
|
Restructuring and impairment charges
|
6.7
|
46.8
|
-
|
-
|
53.4
|
|||||||||||||||||||||||||||
|
Operating income (loss)
|
155.2
|
(8.8
|
)
|
-
|
(39.5
|
)
|
106.9
|
|||||||||||||||||||||||||
|
Interest expense and other, net
|
8.8
|
4.4
|
-
|
12.7
|
C |
|
25.9
|
|||||||||||||||||||||||||
|
Income (loss) before income taxes
|
146.4
|
(13.3
|
)
|
-
|
(52.2
|
)
|
80.9
|
|||||||||||||||||||||||||
|
Income tax expense
|
22.5
|
5.6
|
-
|
(12.5
|
)
|
E |
|
15.6
|
||||||||||||||||||||||||
|
Net income (loss)
|
123.9
|
(18.9
|
)
|
-
|
(39.7
|
)
|
65.4
|
|||||||||||||||||||||||||
|
Less: Net income (loss) attributable to non-controlling interest
|
(0.0
|
)
|
-
|
-
|
-
|
(0.0
|
)
|
|||||||||||||||||||||||||
|
Net income attributable to HNI Corporation
|
$
|
123.9
|
$
|
(18.9
|
)
|
$
|
-
|
$
|
(39.7
|
)
|
$
|
65.4
|
||||||||||||||||||||
|
Average number of common shares outstanding – basic
|
41.7
|
46.5
|
|
F | ||||||||||||||||||||||||||||
|
Net income attributable to HNI Corporation per common share – basic
|
$
|
2.97
|
$
|
1.41
|
||||||||||||||||||||||||||||
|
Average number of common shares outstanding – diluted
|
42.2
|
47.2
|
|
F | ||||||||||||||||||||||||||||
|
Net income attributable to HNI Corporation per common share – diluted
|
$
|
2.94
|
$
|
1.39
|
||||||||||||||||||||||||||||
|
(in millions, except per share data)
|
Reclassification
Adjustments
(Note 3)
|
Transaction
Accounting
Adjustments
(Note 5)
|
Pro Forma
Combined
|
|||||||||||||||||||||||||||||
|
HNI
Corporation
|
Kimball
International, Inc.
|
|||||||||||||||||||||||||||||||
| Note | Note | Note |
||||||||||||||||||||||||||||||
|
Net sales
|
$
|
479.1
|
$
|
166.2
|
$
|
(4.9
|
)
|
C, E
|
|
$
|
-
|
$
|
640.4
|
|||||||||||||||||||
|
Cost of sales
|
304.8
|
103.7
|
(9.2
|
)
|
A, B, D, E
|
|
-
|
399.3
|
||||||||||||||||||||||||
|
Gross profit
|
174.3
|
62.5
|
4.3
|
-
|
241.1
|
|||||||||||||||||||||||||||
|
Selling and administrative expenses
|
167.9
|
57.5
|
4.3
|
A, B, C, D
|
|
2.4
|
A, B, D
|
|
232.1
|
|||||||||||||||||||||||
|
Restructuring charges
|
-
|
0.8
|
-
|
-
|
0.8
|
|||||||||||||||||||||||||||
|
Operating income
|
6.4
|
4.2
|
-
|
(2.4
|
)
|
8.2
|
||||||||||||||||||||||||||
|
Interest expense and other, net
|
2.7
|
(0.1
|
)
|
-
|
5.0
|
C |
|
7.5
|
||||||||||||||||||||||||
|
Income before income taxes
|
3.8
|
4.3
|
-
|
(7.4
|
)
|
0.7
|
||||||||||||||||||||||||||
|
Income tax expense
|
2.2
|
(1.4
|
)
|
-
|
(1.8
|
)
|
E |
|
(1.0
|
)
|
||||||||||||||||||||||
|
Net income
|
1.6
|
5.7
|
-
|
(5.6
|
)
|
1.6
|
||||||||||||||||||||||||||
|
Less: Net income (loss) attributable to non-controlling interest
|
(0.0
|
)
|
-
|
-
|
-
|
(0.0
|
)
|
|||||||||||||||||||||||||
|
Net income attributable to HNI Corporation
|
$
|
1.6
|
$
|
5.7
|
$
|
-
|
$
|
(5.6
|
)
|
$
|
1.6
|
|||||||||||||||||||||
|
Average number of common shares outstanding – basic
|
41.5
|
46.3
|
|
F |
||||||||||||||||||||||||||||
|
Net income attributable to HNI Corporation per common share – basic
|
$
|
0.04
|
$
|
0.04
|
||||||||||||||||||||||||||||
|
Average number of common shares outstanding – diluted
|
42.1
|
47.0
|
|
F | ||||||||||||||||||||||||||||
|
Net income attributable to HNI Corporation per common share – diluted
|
$
|
0.04
|
$
|
0.03
|
||||||||||||||||||||||||||||
|
(in millions)
|
Reclassification
Adjustments
(Note 3)
|
Transaction
Accounting
Adjustments
(Note 4)
|
||||||||||||||||||||||
|
HNI
Corporation
|
Kimball
International, Inc.
|
Pro Forma
Combined
|
||||||||||||||||||||||
| Note |
||||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Current Assets:
|
||||||||||||||||||||||||
|
Cash and cash equivalents
|
$
|
16.8
|
$
|
18.8
|
$
|
-
|
$
|
(3.6
|
)
|
A
|
$
|
31.9
|
||||||||||||
|
Receivables, net
|
187.5
|
49.5
|
-
|
-
|
237.0
|
|||||||||||||||||||
|
Inventories, net
|
191.1
|
89.6
|
-
|
-
|
F
|
280.7
|
||||||||||||||||||
|
Prepaid expenses and other current assets
|
51.8
|
15.7
|
-
|
(0.4
|
)
|
C
|
67.1
|
|||||||||||||||||
|
Total Current Assets
|
447.1
|
173.7
|
-
|
(4.0
|
)
|
616.7
|
||||||||||||||||||
|
Net property, plant, and equipment
|
354.8
|
96.7
|
-
|
-
|
F
|
451.5
|
||||||||||||||||||
|
Right-of-use lease assets
|
95.7
|
17.3
|
-
|
-
|
F
|
113.0
|
||||||||||||||||||
|
Goodwill and other intangible assets, net
|
432.6
|
62.4
|
320.7 |
B
|
815.7
|
|||||||||||||||||||
|
Other assets
|
52.6
|
32.7
|
-
|
-
|
85.3
|
|||||||||||||||||||
|
Total Assets
|
$
|
1,382.8
|
$
|
382.8
|
$
|
-
|
$
|
316.7 |
$
|
2,082.3
|
||||||||||||||
|
Liabilities and Equity
|
||||||||||||||||||||||||
|
Current Liabilities:
|
||||||||||||||||||||||||
|
Accounts payable and accrued expenses
|
$
|
326.3
|
$
|
113.3
|
$
|
-
|
$
|
-
|
$
|
439.5
|
||||||||||||||
|
Other current liabilities
|
26.4
|
9.6
|
-
|
-
|
35.9
|
|||||||||||||||||||
|
Total Current Liabilities
|
352.6
|
122.8
|
-
|
-
|
475.5
|
|||||||||||||||||||
|
Long-term debt
|
206.3
|
50.0
|
-
|
356.6
|
C
|
612.9
|
||||||||||||||||||
|
Long-term lease obligations
|
82.7
|
16.3
|
-
|
-
|
99.0
|
|||||||||||||||||||
|
Other long-term liabilities
|
128.0
|
14.2
|
-
|
43.3
|
D
|
185.4
|
||||||||||||||||||
|
Equity:
|
||||||||||||||||||||||||
|
Capital Stock:
|
||||||||||||||||||||||||
|
Preferred stock
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
|
Common stock
|
41.7
|
2.1
|
-
|
2.6
|
E
|
46.4
|
||||||||||||||||||
|
Treasury stock
|
-
|
(71.3
|
)
|
-
|
71.3
|
E
|
-
|
|||||||||||||||||
|
Additional paid-in capital
|
57.1
|
8.9
|
-
|
107.2
|
E
|
173.2
|
||||||||||||||||||
|
Retained earnings
|
522.0
|
235.9
|
-
|
(260.4
|
)
|
E
|
497.5
|
|||||||||||||||||
|
Accumulated other comprehensive loss
|
(7.9
|
)
|
3.9
|
-
|
(3.9
|
)
|
E
|
(7.9
|
)
|
|||||||||||||||
|
Total Shareholders’ Equity
|
612.8
|
179.5
|
-
|
(83.2
|
)
|
709.1
|
||||||||||||||||||
|
Non-controlling interest
|
0.3
|
-
|
-
|
-
|
0.3
|
|||||||||||||||||||
|
Total Equity
|
613.2
|
179.5
|
-
|
(83.2
|
)
|
709.5
|
||||||||||||||||||
|
Total Liabilities and Equity
|
$
|
1,382.8
|
$
|
382.8
|
$
|
-
|
$
|
316.7
|
$
|
2,082.3
|
||||||||||||||
| • |
The unaudited pro forma condensed combined balance sheet as of April 1, 2023 was prepared using:
|
| • |
The unaudited pro forma condensed combined statement of operations for the three months ended April 1, 2023 was prepared using:
|
| • |
The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2022 was prepared using:
|
|
Assumptions:
|
|||||||||||||
|
HNI Stock price
|
$
|
25.50
|
|||||||||||
|
Cash consideration per share per merger agreement
|
$
|
9.00
|
|||||||||||
|
Equivalent share amount per merger agreement
|
0.1301
|
||||||||||||
|
HNI shares
|
|||||||||||||
|
Kimball shares
|
exchanged
|
Fair value
|
Consideration
|
||||||||||
|
Cash Consideration:
|
|||||||||||||
|
Shares of Kimball common stock issued and outstanding
|
36,417,749
|
$
|
327.8
|
||||||||||
|
Kimball equivalent shares
|
176,044
|
2.2
|
|||||||||||
|
Total number of Kimball shares for cash consideration
|
36,593,793
|
$
|
330.0
|
Cash
|
|||||||||
|
Share Consideration:
|
|||||||||||||
|
Shares of Kimball common stock issued and outstanding
|
36,417,749
|
4,737,949
|
$
|
120.8
|
HNI common stock
|
||||||||
|
Replacement Share-Based Awards:
|
|||||||||||||
|
Outstanding awards of Kimball restricted stock units relating to Kimball common stock
|
467,639
|
228,387
|
$
|
2.6
|
HNI restricted stock units
|
||||||||
|
Other Consideration:
|
|||||||||||||
|
Consideration for payment to settle Kimball’s outstanding debt
|
$
|
50.2
|
|||||||||||
|
Total estimated preliminary purchase consideration
|
$
|
503.6
|
|||||||||||
|
Assets acquired
|
||||
|
Cash and cash equivalents
|
$
|
18.8
|
||
|
Accounts receivable
|
49.5
|
|||
|
Inventories
|
89.6
|
|||
|
Other current assets
|
15.7
|
|||
|
Property and equipment
|
96.7
|
|||
|
Right-of-use assets
|
17.3
|
|||
|
Intangible assets
|
194.0
|
|||
|
Other noncurrent assets
|
32.7
|
|||
|
Total assets acquired
|
$
|
514.4
|
||
|
Liabilities assumed
|
||||
|
Accounts payable
|
$
|
46.8
|
||
|
Other current liabilities
|
76.1
|
|||
|
Lease liabilities
|
16.3
|
|||
|
Other liabilities
|
14.2
|
|||
|
Total liabilities assumed
|
153.3
|
|||
|
Net assets acquired, excluding goodwill
|
361.1
|
|||
|
Deferred tax liability adjustment on the fair value of purchased intangibles, net
|
(46.6
|
)
|
||
|
Total estimated preliminary purchase consideration
|
503.6
|
|||
|
Goodwill
|
$
|
189.1
|
||
|
A.
|
Represents adjustments to the combined company cash balance to complete and fund the merger, including (i) net proceeds from HNI’s new debt and subsequent
Kimball debt payoff, (ii) estimate of the cash consideration paid at the closing of the merger, and (iii) estimate of HNI and Kimball transaction costs paid:
|
|||||||||
|
As of April 1, 2023
|
||||||||||
|
Net proceeds from HNI’s new debt
|
$
|
409.0
|
||||||||
|
Cash consideration paid upon merger
|
(330.0
|
)
|
||||||||
|
HNI and Kimball transaction cash costs
|
(32.5
|
)
|
||||||||
|
Extinguishment of certain existing indebtedness of Kimball
|
(50.2
|
)
|
||||||||
|
Net adjustment to cash and cash equivalents
|
$
|
(3.6
|
)
|
|||||||
|
B.
|
Represents the net adjustment to goodwill, as well as the adjustment to record net intangible assets to estimated fair value based on preliminary purchase
price allocation, as follows:
|
|||||||||
|
As of April 1, 2023
|
||||||||||
|
Elimination of Kimball’s historical goodwill
|
$
|
(11.2
|
)
|
|||||||
|
Goodwill to be recorded based on the estimated preliminary purchase price allocation
|
189.1
|
|||||||||
|
Net adjustment to goodwill
|
$
|
177.9
|
||||||||
|
As of April 1, 2023
|
Estimated remaining useful life (years)
|
|||||||||
|
Estimated fair value of identifiable intangible assets acquired
|
194.0
|
10
|
||||||||
|
Elimination of Kimball’s historical intangible assets
|
(51.3
|
)
|
||||||||
|
Net adjustment to intangible assets
|
$
|
142.8
|
||||||||
|
Net adjustment to goodwill and intangible assets
|
$
|
320.7
|
||||||||
|
C.
|
In March 2023, in connection with the pending acquisition of Kimball, HNI entered into a First Amendment to Fourth Amended and Restated
Credit Agreement (the “First Amendment”), which amends the Fourth Amended & Restated Credit Agreement (the “Revolving Credit Agreement”) among HNI, as borrower, certain domestic subsidiaries of HNI, as guarantors, certain lenders and
Wells Fargo Bank, National Association, as administrative agent. The First Amendment amends the Revolving Credit Agreement to, among other things, make $160.0 million of the commitments under the Revolving Credit Agreement (the “Revolving
Facility”, and the loans thereunder, the “Revolving Loans”) available for, subject to the satisfaction of certain limited conditions (including the consummation of the merger in accordance with the merger agreement), the consummation of the
merger.
Also in March 2023, HNI entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”), by and among HNI, the lenders from time
to time party thereto and Wells Fargo Bank, National Association, as administrative agent. The Term Loan Credit Agreement provides for an unsecured delayed draw term loan facility in the aggregate principal amount of $280.0 million (the
“Term Loan Facility”, and the loans thereunder, the “Term Loans”). Subject to the satisfaction of certain limited conditions (including the consummation of the merger in accordance with the merger agreement), the loans under the Term Loan
Credit Agreement may be borrowed and the proceeds used by HNI solely for the consummation of the merger.
HNI funded the cash portion of the merger with a combination of cash on hand and debt financing sourced from the Revolving Loans and Term
Loans. In connection with the merger, HNI terminated Kimball’s existing credit facility with JPMorgan Chase Bank, National Association.
Adjustments to long-term debt and related balances, including unamortized debt issuance costs, include the following:
|
|||||||||
|
As of April 1, 2023
|
||||||||||
|
HNI proceeds from issuance of new debt, net of issuance costs
|
$
|
406.6
|
||||||||
|
Extinguishment of existing indebtedness of Kimball
|
(50.0
|
)
|
||||||||
|
Net adjustment to debt
|
$
|
356.6
|
||||||||
|
Deduct existing unamortized debt issuance costs of Kimball
|
$
|
(0.4
|
)
|
|||||||
|
D.
|
Represents the adjustment to long-term deferred income tax liabilities, as follows:
|
|||||||||
|
As of April 1, 2023
|
||||||||||
|
Deferred tax liability adjustment on the fair value of purchased intangibles
|
$
|
46.6
|
||||||||
|
Deferred tax asset on the pro forma adjustment for transaction costs
|
(3.3
|
)
|
||||||||
|
Net adjustment to long-term deferred income tax liabilities
|
$
|
43.3
|
||||||||
|
Goodwill arising from the acquisition is not expected to be deductible for tax reporting purposes and no deferred taxes have been provided. Additional
adjustments to Kimball’s historical deferred tax balance may be necessary and those adjustments may be material.
|
||||||||||
|
E.
|
Represents adjustments to shareholders’ equity accounts to eliminate historical Kimball balances, increase common stock and additional paid-in capital of the
combined company for the estimated fair value of HNI stock consideration, and adjust retained earnings of the combined company as a result of pro forma adjustments to net income incurred at closing.
|
|||||
|
As of April 1, 2023
|
||||||
|
Elimination of Kimball’s historical retained earnings
|
$
|
(235.9
|
)
|
|||
|
Effect of transaction costs and other adjustments to net income
|
(24.5
|
)
|
||||
|
Net adjustment to retained earnings
|
$
|
(260.4
|
)
|
|||
|
Elimination of Kimball’s historical common stock
|
$
|
(2.2
|
)
|
|||
|
Estimated HNI common stock issued for purchase consideration
|
4.7
|
|||||
|
Net adjustment to common stock
|
$
|
2.6
|
||||
|
Elimination of Kimball’s historical treasury stock
|
$
|
(71.3
|
)
|
|||
|
Elimination of Kimball’s historical AOCI balance
|
$
|
(3.9
|
)
|
|||
|
Elimination of Kimball’s historical APIC balance
|
$
|
(8.9
|
)
|
|||
|
Estimated APIC recorded for HNI common stock issued for purchase consideration
|
116.1
|
|||||
|
Net adjustment to APIC
|
$
|
107.2
|
||||
|
F.
|
No adjustments to the carrying value of inventory, property, plant, and equipment, or right-of-use lease assets were incorporated as HNI does not yet have
sufficient information as to the types, nature, age, and condition of these assets to estimate fair value.
|
|
5. Unaudited Pro Forma Condensed Combined Statement of Operations Adjustments
|
|
A.
|
Reflects share-based compensation expense related to unvested Kimball equity awards that were converted into an award in respect of a number of shares of HNI
at close, as described within the merger agreement. Unvested Kimball equity awards converted to HNI equity awards have been remeasured, with a portion of the value attributed to purchase consideration and a portion attributed to expense
over the remaining post-close service period. The estimated pro forma adjustment to share-based compensation is as follows:
|
|||||||||
|
Twelve months
|
Three months
|
|||||||||
|
ended December 31, 2022
|
ended April 1, 2023
|
|||||||||
|
Selling and administrative expense
|
$
|
2.1
|
$
|
0.3
|
||||||
|
B.
|
Represents the elimination of historical amortization expense related to Kimball International intangible assets and the addition of amortization expense form
the acquired intangible assets based on the preliminary estimate fair values and useful lives as discussed in Note 2 - Estimated Purchase Consideration and Preliminary Purchase Price Allocation and Note 4 - Unaudited Pro Forma Condensed
Combined Balance Sheet Adjustments:
|
|||||||||
|
Twelve months
|
Three months
|
|||||||||
|
ended December 31, 2022
|
ended April 1, 2023
|
|||||||||
|
Elimination of Kimball International historical Intangible assets, net amortization expense
|
$
|
(6.9
|
)
|
$
|
(1.6
|
)
|
||||
|
New amortization expense for newly acquired intangible assets
|
14.6
|
3.6
|
||||||||
|
Total pro forma amortization expense adjustment
|
$
|
7.6
|
$
|
2.0
|
||||||
|
C.
|
HNI funded the cash portion of the merger consideration with a combination of cash on hand, new debt, and borrowings from its existing
revolving credit line. See Note 4.C for additional information.
Adjustments to interest expense include the following:
|
|||||||||
|
Twelve months
|
Three months
|
|||||||||
|
ended December 31, 2022
|
ended April 1, 2023
|
|||||||||
|
Interest expense related to new debt used to finance merger
|
$
|
14.8
|
$
|
5.9
|
||||||
|
Amortization of new debt issuance costs to interest expense
|
0.6
|
0.2
|
||||||||
|
Pro forma adjustment to reflect repayment of Kimball International debt
|
(2.7
|
)
|
(1.1
|
)
|
||||||
|
Net pro forma impact to interest expense
|
12.7
|
5.0
|
||||||||
|
D.
|
Adjustment to reflect estimated non-recurring acquisition-related transaction costs, including severance, acceleration of stock compensation expense for
awards that vested as a result of change-in-control provisions being triggered, investment banking, advisory, legal, valuation, and other professional fees:
|
|||||||||
|
Twelve months
|
||||||||||
|
ended December 31, 2022
|
||||||||||
|
Transaction costs not expected to recur beyond twelve months
|
$
|
29.8
|
||||||||
|
E.
|
Represents the impact to income tax expense of pro forma adjustments, as follows:
|
|||||||||
|
Twelve months
|
Three months
|
|||||||||
|
ended December 31, 2022
|
ended April 1, 2023
|
|||||||||
|
Income tax impact of transaction costs
|
$
|
(7.2
|
)
|
$
|
-
|
|||||
|
Income tax impact of the net increase in interest expense
|
(3.0
|
)
|
(1.2
|
)
|
||||||
|
Income tax impact of the net increase in amortization expense
|
(1.8
|
)
|
(0.5
|
)
|
||||||
|
Income tax impact of the share-based compensation expense adjustment
|
(0.5
|
)
|
(0.1
|
)
|
||||||
|
Total pro forma adjustments for Income tax expense
|
$
|
(12.5
|
)
|
$
|
(1.8
|
)
|
||||
|
The net pro forma adjustments to income tax expense reflects the tax effect of the pro forma adjustments using the blended statutory rate of 24% for the year
ended December 31, 2022 and the three months ended April 1, 2023.
|
||||||||||
|
F.
|
The unaudited pro forma condensed combined basic and diluted earnings per share calculations are based on the estimated weighted-average number of common
shares outstanding on a pro forma basis, as illustrated below. The pro forma weighted-average shares outstanding have been calculated as if the HNI shares issued as merger consideration had been issued and outstanding, and outstanding
Kimball shares canceled as of the start of the earliest pro forma period presented. Also considered is the dilutive impact of HNI stock awards issued to Kimball employees and which vest post-close. Amounts below are in millions except per
share data.
|
|||||||||
|
Twelve months
|
Three months
|
|||||||||
|
ended December 31, 2022
|
ended April 1, 2023
|
|||||||||
|
Pro Forma Weighted Average Shares (Basic)
|
||||||||||
|
HNI historical weighted average shares outstanding (basic)
|
41.7
|
41.5
|
||||||||
|
Shares issued as consideration for outstanding shares of Kimball common stock
|
4.7
|
4.7
|
||||||||
|
Pro Forma Weighted Average Shares (Basic)
|
46.5
|
46.3
|
||||||||
|
Pro Forma Weighted Average Shares (Diluted)
|
||||||||||
|
HNI historical weighted average shares outstanding (diluted)
|
42.2
|
42.1
|
||||||||
|
Shares issued as consideration for outstanding shares of Kimball common stock
|
4.7
|
4.7
|
||||||||
|
Dilutive impact of HNI awards issued to Kimball employees vesting post-close
|
0.2
|
0.2
|
||||||||
|
Pro Forma Weighted Average Shares (Diluted)
|
47.2
|
47.0
|
||||||||
|
Pro Forma Basic Earnings Per Share
|
||||||||||
|
Pro forma net earnings
|
$
|
65.4
|
$ |
1.6
|
||||||
|
Pro forma weighted average shares (basic)
|
46.5
|
46.3
|
||||||||
|
Pro Forma Basic Earnings Per Share
|
$
|
1.41
|
$
|
0.04
|
||||||
|
Pro Forma Diluted Earnings Per Share
|
||||||||||
|
Pro forma net earnings
|
$
|
65.4
|
$ |
1.6
|
||||||
|
Pro forma weighted average shares (diluted)
|
47.2
|
47.0
|
||||||||
|
Pro Forma Diluted Earnings Per Share
|
$
|
1.39
|
$
|
0.03
|
||||||