RESTATEMENT

In November 2015, the Company identified errors in the accounting for the shareholders' agreement and related redeemable noncontrolling interest in the Company’s investment in Voltyre-Prom. The Company did not correctly classify redeemable noncontrolling interest on the balance sheet as mezzanine equity, which is presented below liabilities and above equity. As the redeemable noncontrolling interest balance exceeds the carrying value of the investment, there is a reclassification of additional paid-in capital to mezzanine equity and a correction in the earnings per share calculation. Accordingly, the Company is restating its earnings per share for the three months ended March 31, 2015 and 2014, and its consolidated balance sheet as of March 31, 2015, and December 31, 2014. The corrections had no other effect on the Consolidated Statement of Operations.

The following table (unaudited) summarizes the restatement adjustments of the Company’s earnings per share for the three months ended March 31, 2015 and 2014:



	Three months ended
	March 31,			March 31,
	2015			2014
Basic income (loss) per common share - as reported	$	—		0.04
Basic income (loss) per common share - as restated	$	(0.05	)	$	0.02
Adjustment	$	(0.05	)	$	(0.02	)

Diluted income (loss) per common share - as reported	$	—		0.04
Diluted income (loss) per common share - as restated	$	(0.05	)	$	0.02
Adjustment	$	(0.05	)	$	(0.02	)

The following table summarizes the restatement adjustments on the Company’s Consolidated Condensed Balance Sheet (unaudited) as of March 31, 2015 (amounts in thousands):



	Consolidated Balance Sheet
	March 31, 2015
	As reported			Adjustment			As restated
Assets
Current Assets
Cash and cash equivalents	190,551			—			190,551
Accounts receivable	239,468			—			239,468
Inventories	307,318			—			307,318
Deferred income taxes	22,175			—			22,175
Prepaid and other current assets	74,092			—			74,092
Total current assets	833,604			—			833,604
Property, plant and equipment, net	482,593			—			482,593
Deferred income taxes	14,497			—			14,497
Other assets	111,781			—			111,781
Total assets	$	1,442,475		$	—		$	1,442,475
Liabilities
Current Liabilities
Short-term debt	$	29,753		$	—		$	29,753
Accounts payable	152,923			—			152,923
Other current liabilities	134,409			—			134,409
Total current liabilities	317,085			—			317,085
Long-term debt	493,768			—			493,768
Deferred income taxes	5,148			—			5,148
Other long-term liabilities	83,089			—			83,089
Total liabilities	899,090			—			899,090
Redeemable noncontrolling interest	—			72,630			72,630
Equity
Titan stockholders' equity
Common stock	—			—			—
Additional paid-in capital	562,317			(52,207		)	510,110
Retained earnings	125,970			—			125,970
Treasury stock	(13,772		)	—			(13,772		)
Treasury stock reserved for deferred comp	(1,075		)	—			(1,075		)
Accumulated other comprehensive loss	(156,260		)	—			(156,260		)
Total Titan stockholders' equity	517,180			(52,207		)	464,973
Noncontrolling interests	26,205			(20,423		)	5,782
Total equity	543,385			(72,630		)	470,755
Total liabilities and equity	$	1,442,475		$	—		$	1,442,475

The following table summarizes the restatement adjustments on the Company’s Consolidated Balance Sheet as of December 31, 2014 (amounts in thousands):



	Consolidated Balance Sheet
	December 31, 2014
	As reported			Adjustment			As restated
Assets
Current Assets
Cash and cash equivalents	$	201,451		$	—		$	201,451
Accounts receivable	199,378			—			199,378
Inventories	331,432			—			331,432
Deferred income taxes	23,435			—			23,435
Prepaid and other current assets	80,234			—			80,234
Total current assets	835,930			—			835,930
Property, plant and equipment, net	527,414			—			527,414
Deferred income taxes	15,623			—			15,623
Other assets	116,757			—			116,757
Total assets	$	1,495,724		$	—		$	1,495,724
Liabilities
Current Liabilities
Short-term debt	$	26,233		$	—		$	26,233
Accounts payable	146,305			—			146,305
Other current liabilities	129,018			—			129,018
Total current liabilities	301,556			—			301,556
Long-term debt	496,503			—			496,503
Deferred income taxes	18,582			—			18,582
Other long-term liabilities	89,025			—			89,025
Total liabilities	905,666			—			905,666
Redeemable noncontrolling interest	—			71,192			71,192
Equity
Titan stockholders' equity
Common stock	—			—			—
Additional paid-in capital	562,367			(49,277		)	513,090
Retained earnings	126,007			—			126,007
Treasury stock	(13,897		)	—			(13,897		)
Treasury stock reserved for deferred comp	(1,075		)	—			(1,075		)
Accumulated other comprehensive loss	(112,630		)	—			(112,630		)
Total Titan stockholders' equity	560,772			(49,277		)	511,495
Noncontrolling interests	29,286			(21,915		)	7,371
Total equity	590,058			(71,192		)	518,866
Total liabilities and equity	$	1,495,724		$	—		$	1,495,724