UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2018
Commission File Number: 001-32657
NABORS INDUSTRIES LTD.
(Exact name of registrant as specified in its charter)
|
Bermuda |
|
98-0363970 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
Crown House
Second Floor
4 Par-la-Ville Road
Hamilton, HM08
Bermuda
(441) 292-1510
(Address of principal executive office)
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 (Section 232.405 of this chapter) 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, 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 ☒ |
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Accelerated Filer ☐ |
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Non-accelerated Filer ☐ |
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Smaller reporting company ☐ |
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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 number of common shares, par value $.001 per share, outstanding as of October 31, 2018 was 357,794,566, excluding 52,800,203 common shares held by our subsidiaries, or 410,594,769 in the aggregate.
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
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PART I FINANCIAL INFORMATION |
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Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 |
3 |
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7 | |
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8 | |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
43 | |
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2
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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September 30, |
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December 31, |
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2018 |
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2017 |
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(In thousands, except per |
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share amounts) |
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ASSETS |
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Current assets: |
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|
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Cash and cash equivalents |
|
$ |
347,525 |
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$ |
336,997 |
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Short-term investments |
|
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41,033 |
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28,369 |
|
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Accounts receivable, net |
|
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775,137 |
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698,477 |
|
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Inventory, net |
|
|
166,827 |
|
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166,307 |
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Assets held for sale |
|
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20,289 |
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37,052 |
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Other current assets |
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188,229 |
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180,134 |
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Total current assets |
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1,539,040 |
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1,447,336 |
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Property, plant and equipment, net |
|
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5,608,948 |
|
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6,109,565 |
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Goodwill |
|
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172,976 |
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173,226 |
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Deferred income taxes |
|
|
407,851 |
|
|
419,003 |
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Other long-term assets |
|
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231,732 |
|
|
252,854 |
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Total assets (1) |
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$ |
7,960,547 |
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$ |
8,401,984 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Current portion of debt |
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$ |
433 |
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$ |
181 |
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Trade accounts payable |
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331,713 |
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363,416 |
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Accrued liabilities |
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392,476 |
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533,044 |
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Income taxes payable |
|
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27,770 |
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22,835 |
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Total current liabilities |
|
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752,392 |
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919,476 |
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Long-term debt |
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3,737,273 |
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4,027,766 |
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Other long-term liabilities |
|
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272,607 |
|
|
301,633 |
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Deferred income taxes |
|
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23,782 |
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|
10,338 |
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Total liabilities (1) |
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4,786,054 |
|
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5,259,213 |
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Commitments and contingencies (Note 7) |
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|
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Redeemable noncontrolling interest in subsidiary (Note 3) |
|
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210,665 |
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203,998 |
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Equity: |
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Shareholders’ equity: |
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Preferred shares, par value $0.001 per share: |
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Series A 6% Cumulative Mandatory Convertible; $50 per share liquidation preference; issued 5,750 |
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6 |
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— |
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Common shares, par value $0.001 per share: |
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Authorized common shares 800,000; issued 410,160 and 367,510, respectively |
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410 |
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368 |
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Capital in excess of par value |
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3,387,922 |
|
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2,791,129 |
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Accumulated other comprehensive income (loss) |
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(7,115) |
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|
11,185 |
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Retained earnings |
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864,019 |
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1,423,154 |
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Less: treasury shares, at cost, 52,800 and 52,800 common shares, respectively |
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(1,314,020) |
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(1,314,020) |
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Total shareholders’ equity |
|
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2,931,222 |
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2,911,816 |
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Noncontrolling interest |
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32,606 |
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26,957 |
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Total equity |
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2,963,828 |
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2,938,773 |
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Total liabilities and equity |
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$ |
7,960,547 |
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$ |
8,401,984 |
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(1) |
The condensed consolidated balance sheet as of September 30, 2018 and December 31, 2017 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information. |
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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(In thousands, except per share amounts) |
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Revenues and other income: |
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Operating revenues |
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$ |
779,425 |
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$ |
662,103 |
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$ |
2,275,539 |
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$ |
1,856,008 |
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Earnings (losses) from unconsolidated affiliates |
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— |
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4 |
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1 |
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6 |
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Investment income (loss) |
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(1,342) |
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373 |
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|
(4,041) |
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208 |
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Total revenues and other income |
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778,083 |
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662,480 |
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2,271,499 |
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1,856,222 |
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Costs and other deductions: |
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Direct costs |
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497,194 |
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441,263 |
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1,466,572 |
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1,246,428 |
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General and administrative expenses |
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66,813 |
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65,010 |
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209,207 |
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192,114 |
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Research and engineering |
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14,458 |
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12,960 |
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42,703 |
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36,060 |
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Depreciation and amortization |
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208,517 |
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217,075 |
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640,227 |
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628,837 |
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Interest expense |
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|
51,415 |
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54,607 |
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|
173,393 |
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|
165,813 |
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Other, net |
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|
22,907 |
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|
5,559 |
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|
114,597 |
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|
29,173 |
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Total costs and other deductions |
|
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861,304 |
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796,474 |
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2,646,699 |
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2,298,425 |
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Income (loss) from continuing operations before income taxes |
|
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(83,221) |
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|
(133,994) |
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(375,200) |
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(442,203) |
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Income tax expense (benefit): |
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|
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Current |
|
|
|
5,016 |
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8,644 |
|
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17,251 |
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45,646 |
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Deferred |
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5,473 |
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(23,353) |
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40,061 |
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(105,460) |
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Total income tax expense (benefit) |
|
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10,489 |
|
|
(14,709) |
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57,312 |
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(59,814) |
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Income (loss) from continuing operations, net of tax |
|
|
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(93,710) |
|
|
(119,285) |
|
|
(432,512) |
|
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(382,389) |
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Income (loss) from discontinued operations, net of tax |
|
|
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(13,933) |
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|
(27,134) |
|
|
(14,592) |
|
|
(43,077) |
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Net income (loss) |
|
|
|
(107,643) |
|
|
(146,419) |
|
|
(447,104) |
|
|
(425,466) |
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Less: Net (income) loss attributable to noncontrolling interest |
|
|
|
(6,934) |
|
|
(2,113) |
|
|
(10,426) |
|
|
(5,001) |
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Net income (loss) attributable to Nabors |
|
|
|
(114,577) |
|
|
(148,532) |
|
|
(457,530) |
|
|
(430,467) |
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Less: Preferred stock dividend |
|
|
|
(4,313) |
|
|
— |
|
|
(7,993) |
|
|
— |
|
|
Net income (loss) attributable to Nabors common shareholders |
|
|
$ |
(118,890) |
|
$ |
(148,532) |
|
$ |
(465,523) |
|
$ |
(430,467) |
|
|
|
|
|
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|
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|
|
|
|
|
|
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Amounts attributable to Nabors common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income (loss) from continuing operations |
|
|
$ |
(104,957) |
|
$ |
(121,398) |
|
$ |
(450,931) |
|
$ |
(387,390) |
|
|
Net income (loss) from discontinued operations |
|
|
|
(13,933) |
|
|
(27,134) |
|
|
(14,592) |
|
|
(43,077) |
|
|
Net income (loss) attributable to Nabors common shareholders |
|
|
$ |
(118,890) |
|
$ |
(148,532) |
|
$ |
(465,523) |
|
$ |
(430,467) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings (losses) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic from continuing operations |
|
|
$ |
(0.31) |
|
$ |
(0.42) |
|
$ |
(1.39) |
|
$ |
(1.35) |
|
|
Basic from discontinued operations |
|
|
|
(0.04) |
|
|
(0.10) |
|
|
(0.05) |
|
|
(0.16) |
|
|
Total Basic |
|
|
$ |
(0.35) |
|
$ |
(0.52) |
|
$ |
(1.44) |
|
$ |
(1.51) |
|
|
Diluted from continuing operations |
|
|
$ |
(0.31) |
|
$ |
(0.42) |
|
$ |
(1.39) |
|
$ |
(1.35) |
|
|
Diluted from discontinued operations |
|
|
|
(0.04) |
|
|
(0.10) |
|
|
(0.05) |
|
|
(0.16) |
|
|
Total Diluted |
|
|
$ |
(0.35) |
|
$ |
(0.52) |
|
$ |
(1.44) |
|
$ |
(1.51) |
|
|
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
350,194 |
|
|
279,313 |
|
|
329,118 |
|
|
278,670 |
|
|
Diluted |
|
|
|
350,194 |
|
|
279,313 |
|
|
329,118 |
|
|
278,670 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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The accompanying notes are an integral part of these condensed consolidated financial statements.
4
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
|
|
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Three Months Ended |
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Nine Months Ended |
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||||||||
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September 30, |
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September 30, |
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|
||||||||
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2018 |
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2017 |
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2018 |
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2017 |
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(In thousands) |
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Net income (loss) attributable to Nabors |
|
|
$ |
(114,577) |
|
$ |
(148,532) |
|
$ |
(457,530) |
|
$ |
(430,467) |
|
|
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Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Translation adjustment attributable to Nabors |
|
|
|
5,309 |
|
|
16,444 |
|
|
(9,604) |
|
|
31,183 |
|
|
|
Unrealized gains (losses) on marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on marketable securities |
|
|
|
— |
|
|
(5,706) |
|
|
— |
|
|
(5,122) |
|
|
|
Less: reclassification adjustment for (gains) losses included in net income (loss) |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,341 |
|
|
|
Unrealized gains (losses) on marketable securities |
|
|
|
— |
|
|
(5,706) |
|
|
— |
|
|
(3,781) |
|
|
|
Pension liability amortization and adjustment |
|
|
|
54 |
|
|
50 |
|
|
162 |
|
|
150 |
|
|
|
Unrealized gains (losses) and amortization on cash flow hedges |
|
|
|
143 |
|
|
153 |
|
|
425 |
|
|
459 |
|
|
|
Adoption of ASU No. 2016-01 |
|
|
|
— |
|
|
— |
|
|
(9,144) |
|
|
— |
|
|
|
Other comprehensive income (loss), before tax |
|
|
|
5,506 |
|
|
10,941 |
|
|
(18,161) |
|
|
28,011 |
|
|
|
Income tax expense (benefit) related to items of other comprehensive income (loss) |
|
|
|
48 |
|
|
78 |
|
|
139 |
|
|
235 |
|
|
|
Other comprehensive income (loss), net of tax |
|
|
|
5,458 |
|
|
10,863 |
|
|
(18,300) |
|
|
27,776 |
|
|
|
Comprehensive income (loss) attributable to Nabors |
|
|
|
(109,119) |
|
|
(137,669) |
|
|
(475,830) |
|
|
(402,691) |
|
|
|
Net income (loss) attributable to noncontrolling interest |
|
|
|
6,934 |
|
|
2,113 |
|
|
10,426 |
|
|
5,001 |
|
|
|
Translation adjustment attributable to noncontrolling interest |
|
|
|
58 |
|
|
160 |
|
|
(101) |
|
|
317 |
|
|
|
Comprehensive income (loss) attributable to noncontrolling interest |
|
|
|
6,992 |
|
|
2,273 |
|
|
10,325 |
|
|
5,318 |
|
|
|
Comprehensive income (loss) |
|
|
$ |
(102,127) |
|
$ |
(135,396) |
|
$ |
(465,505) |
|
$ |
(397,373) |
|
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Nine Months Ended September 30, |
|
||||
|
|
|
2018 |
|
2017 |
|
||
|
|
|
(In thousands) |
|
||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(447,104) |
|
$ |
(425,466) |
|
|
Adjustments to net income (loss): |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
641,841 |
|
|
630,773 |
|
|
Deferred income tax expense (benefit) |
|
|
36,164 |
|
|
(114,973) |
|
|
Impairments and other charges |
|
|
16,530 |
|
|
35,293 |
|
|
Deferred financing costs amortization |
|
|
6,287 |
|
|
5,300 |
|
|
Discount amortization on long-term debt |
|
|
16,024 |
|
|
15,129 |
|
|
Losses (gains) on debt buyback |
|
|
10,476 |
|
|
16,005 |
|
|
Losses (gains) on long-lived assets, net |
|
|
74,388 |
|
|
10,180 |
|
|
Losses (gains) on investments, net |
|
|
7,198 |
|
|
1,342 |
|
|
Provision (recovery) of bad debt |
|
|
(2,568) |
|
|
(692) |
|
|
Share-based compensation |
|
|
20,371 |
|
|
25,057 |
|
|
Foreign currency transaction losses (gains), net |
|
|
7,870 |
|
|
1,728 |
|
|
Equity in (earnings) losses of unconsolidated affiliates, net of dividends |
|
|
(1) |
|
|
(6) |
|
|
Other |
|
|
(9,865) |
|
|
(4,596) |
|
|
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(82,195) |
|
|
(127,850) |
|
|
Inventory |
|
|
(1,478) |
|
|
(14,567) |
|
|
Other current assets |
|
|
21,724 |
|
|
(6,967) |
|
|
Other long-term assets |
|
|
12,883 |
|
|
35,378 |
|
|
Trade accounts payable and accrued liabilities |
|
|
(160,018) |
|
|
21,611 |
|
|
Income taxes payable |
|
|
(23,717) |
|
|
19,790 |
|
|
Other long-term liabilities |
|
|
(67,891) |
|
|
(158,578) |
|
|
Net cash (used for) provided by operating activities |
|
|
76,919 |
|
|
(36,109) |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
(676) |
|
|
(6,722) |
|
|
Sales and maturities of investments |
|
|
2,962 |
|
|
12,533 |
|
|
Cash paid for acquisition of businesses, net of cash acquired |
|
|
— |
|
|
(50,764) |
|
|
Capital expenditures |
|
|
(338,968) |
|
|
(448,864) |
|
|
Proceeds from sales of assets and insurance claims |
|
|
86,666 |
|
|
32,805 |
|
|
Net cash (used for) provided by investing activities |
|
|
(250,016) |
|
|
(461,012) |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Increase (decrease) in cash overdrafts |
|
|
(261) |
|
|
(78) |
|
|
Proceeds from issuance of long-term debt |
|
|
800,000 |
|
|
411,200 |
|
|
Debt issuance costs |
|
|
(13,262) |
|
|
(11,039) |
|
|
Proceeds from revolving credit facilities |
|
|
905,000 |
|
|
410,000 |
|
|
Reduction in revolving credit facilities |
|
|
(1,200,000) |
|
|
— |
|
|
Proceeds from issuance of common shares, net of issuance costs |
|
|
301,835 |
|
|
8,300 |
|
|
Proceeds from issuance of preferred stock, net of issuance costs |
|
|
278,358 |
|
|
— |
|
|
Distributions to noncontrolling interest |
|
|
(4,676) |
|
|
(7,272) |
|
|
Noncontrolling interest contribution |
|
|
— |
|
|
20,000 |
|
|
Reduction in long-term debt |
|
|
(774,802) |
|
|
(382,815) |
|
|
Dividends to common shareholders |
|
|
(57,661) |
|
|
(51,346) |
|
|
Dividends to preferred shareholders |
|
|
(3,680) |
|
|
— |
|
|
Proceeds from (payment for) commercial paper |
|
|
(40,000) |
|
|
78,000 |
|
|
Cash proceeds (payments) from equity component of exchangeable debt |
|
|
— |
|
|
159,952 |
|
|
Payments on term loan |
|
|
— |
|
|
(162,500) |
|
|
Proceeds from (payments for) short-term borrowings |
|
|
252 |
|
|
(528) |
|
|
Purchase of capped call hedge transactions |
|
|
— |
|
|
(40,250) |
|
|
Other |
|
|
(3,722) |
|
|
(7,864) |
|
|
Net cash provided by financing activities |
|
|
187,381 |
|
|
423,760 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(5,320) |
|
|
251 |
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
8,964 |
|
|
(73,110) |
|
|
Cash and cash equivalents and restricted cash, beginning of period |
|
|
342,029 |
|
|
264,990 |
|
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
350,993 |
|
$ |
191,880 |
|
|
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
336,997 |
|
|
264,093 |
|
|
Restricted cash, beginning of period |
|
|
5,032 |
|
|
897 |
|
|
Cash and cash equivalents and restricted cash, beginning of period |
|
$ |
342,029 |
|
$ |
264,990 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
|
347,525 |
|
|
190,556 |
|
|
Restricted cash, end of period |
|
|
3,468 |
|
|
1,324 |
|
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
350,993 |
|
$ |
191,880 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
|
|
|
Mandatory Convertible |
|
|
|
|
|
|
Capital |
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Preferred Shares |
|
Common Shares |
|
in Excess |
|
Other |
|
|
|
|
|
|
|
Non- |
|
|
|
|
|||||||||
|
|
|
|
|
Par |
|
|
|
Par |
|
of Par |
|
Comprehensive |
|
Retained |
|
Treasury |
|
controlling |
|
Total |
|
||||||||
|
(In thousands) |
|
Shares |
|
Value |
|
Shares |
|
Value |
|
Value |
|
Income |
|
Earnings |
|
Shares |
|
Interest |
|
Equity |
|
||||||||
|
As of December 31, 2016 |
|
— |
|
$ |
— |
|
333,598 |
|
$ |
334 |
|
$ |
2,521,332 |
|
$ |
(12,119) |
|
$ |
2,033,427 |
|
$ |
(1,295,949) |
|
$ |
7,770 |
|
$ |
3,254,795 |
|
|
Net income (loss) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(430,467) |
|
|
— |
|
|
5,001 |
|
|
(425,466) |
|
|
Dividends to shareholders ($0.18 per share) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(51,460) |
|
|
— |
|
|
— |
|
|
(51,460) |
|
|
Other comprehensive income (loss), net of tax |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
27,776 |
|
|
— |
|
|
— |
|
|
317 |
|
|
28,093 |
|
|
Issuance of common shares for stock options exercised, net of surrender of unexercised stock options |
|
— |
|
|
— |
|
843 |
|
|
1 |
|
|
8,299 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8,300 |
|
|
Share-based compensation |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
25,057 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,057 |
|
|
Equity component of exchangeable debt |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
116,195 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
116,195 |
|
|
Capped call transactions |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(40,250) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(40,250) |
|
|
Adoption of ASU No. 2016-09 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
1,943 |
|
|
— |
|
|
5,150 |
|
|
— |
|
|
— |
|
|
7,093 |
|
|
Noncontrolling interest contributions (distributions) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12,728 |
|
|
12,728 |
|
|
Other |
|
— |
|
|
— |
|
1,109 |
|
|
1 |
|
|
(7,865) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,864) |
|
|
As of September 30, 2017 |
|
— |
|
$ |
— |
|
335,550 |
|
$ |
336 |
|
$ |
2,624,711 |
|
$ |
15,657 |
|
$ |
1,556,650 |
|
$ |
(1,295,949) |
|
$ |
25,816 |
|
$ |
2,927,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
— |
|
$ |
— |
|
367,510 |
|
$ |
368 |
|
$ |
2,791,129 |
|
$ |
11,185 |
|
$ |
1,423,154 |
|
$ |
(1,314,020) |
|
$ |
26,957 |
|
$ |
2,938,773 |
|
|
Net income (loss) |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(457,530) |
|
|
— |
|
|
10,426 |
|
|
(447,104) |
|
|
Dividends to common shareholders ($0.18 per share) |
|
— |
|
|
— |
|
— |
|
|
— |
|
||||||||||||||||||