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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________________________ 
FORM 10-Q
_____________________________________________________________________________________________ 
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 1-35796
_____________________________________________________________________________________________ 

tph-20200930_g1.jpg 
TRI Pointe Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 _____________________________________________________________________________________________ 
Delaware 61-1763235
(State or other Jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer
Identification No.)
_____________________________________________________________________________________________ 
19540 Jamboree Road, Suite 300
Irvine, California 92612
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (949) 438-1400
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareTPHNew York Stock Exchange
    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 (§ 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, a 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☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
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  ☒
126,825,194 shares of the registrant's common stock were issued and outstanding as of October 12, 2020.


EXPLANATORY NOTE
As used in this Quarterly Report on Form 10-Q, references to “TRI Pointe”, the “Company”, “we”, “us”, or “our” (including in the consolidated financial statements and related notes thereto in this report) refer to TRI Pointe Group, Inc., a Delaware corporation (“TRI Pointe Group”) and its consolidated subsidiaries.




TRI POINTE GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q
INDEX
September 30, 2020
 
Page
Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

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PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

TRI POINTE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
September 30, 2020December 31, 2019
(unaudited)
Assets
Cash and cash equivalents$493,585 $329,011 
Receivables73,419 69,276 
Real estate inventories2,989,377 3,065,436 
Investments in unconsolidated entities36,880 11,745 
Goodwill and other intangible assets, net159,492 159,893 
Deferred tax assets, net30,752 49,904 
Other assets174,060 173,425 
Total assets$3,957,565 $3,858,690 
Liabilities  
Accounts payable$94,064 $66,120 
Accrued expenses and other liabilities332,147 322,043 
Loans payable250,000 250,000 
Senior notes, net1,083,254 1,033,985 
Total liabilities1,759,465 1,672,148 
Commitments and contingencies (Note 13)
Equity
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no
   shares issued and outstanding as of September 30, 2020 and
   December 31, 2019, respectively
— — 
Common stock, $0.01 par value, 500,000,000 shares authorized;
   126,825,194 and 136,149,633 shares issued and outstanding at
   September 30, 2020 and December 31, 2019, respectively
1,268 1,361 
Additional paid-in capital425,753 581,195 
Retained earnings1,771,067 1,603,974 
Total stockholders’ equity2,198,088 2,186,530 
Noncontrolling interests12 12 
Total equity2,198,100 2,186,542 
Total liabilities and equity$3,957,565 $3,858,690 
 
See accompanying condensed notes to the unaudited consolidated financial statements.

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TRI POINTE GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
 
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Homebuilding:
Home sales revenue$826,036 $746,269 $2,187,816 $1,931,110 
Land and lot sales revenue3,242 607 3,462 6,819 
Other operations revenue634 618 1,900 1,853 
Total revenues829,912 747,494 2,193,178 1,939,782 
Cost of home sales643,456 577,627 1,717,772 1,573,847 
Cost of land and lot sales3,214 495 3,790 7,552 
Other operations expense624 609 1,872 1,826 
Sales and marketing44,714 47,834 132,545 133,888 
General and administrative36,323 38,751 113,714 114,202 
Restructuring charges54 — 5,603 — 
Homebuilding income from operations101,527 82,178 217,882 108,467 
Equity in loss of unconsolidated entities106 18 67 (33)
Other (expense) income, net(3,120)325 (9,075)6,719 
Homebuilding income before income taxes98,513 82,521 208,874 115,153 
Financial Services:
Revenues2,552 901 6,442 1,959 
Expenses1,334 817 3,698 1,765 
Equity in income of unconsolidated entities3,273 2,114 7,761 4,861 
Financial services income before income taxes4,491 2,198 10,505 5,055 
Income before income taxes103,004 84,719 219,379 120,208 
Provision for income taxes(24,322)(21,858)(52,286)(31,014)
Net income$78,682 $62,861 $167,093 $89,194 
Earnings per share  
Basic$0.61 $0.45 $1.27 $0.63 
Diluted$0.61 $0.44 $1.27 $0.63 
Weighted average shares outstanding
Basic128,941,901 141,088,381 131,190,301 141,729,759 
Diluted129,515,114 141,533,546 131,672,652 142,128,786 
 
See accompanying condensed notes to the unaudited consolidated financial statements.

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TRI POINTE GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(in thousands, except share amounts)
 
Number of
Shares of Common
Stock (Note 1)		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Total
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
Balance at June 30, 2020130,325,865 $1,303 $482,111 $1,692,385 $2,175,799 $12 $2,175,811 
Net income— — — 78,682 78,682 — 78,682 
Shares issued under share-based awards162,067 1 2,190 — 2,191 — 2,191 
Stock-based compensation expense— — 3,477 — 3,477 — 3,477 
Share repurchases(3,662,738)(36)(62,025)— (62,061)— (62,061)
Balance at September 30, 2020126,825,194 $1,268 $425,753 $1,771,067 $2,198,088 $12 $2,198,100 
Number of
Shares of Common
Stock (Note 1)		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Total
Stockholders'
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2019136,149,633 $1,361 $581,195 $1,603,974 $2,186,530 $12 $2,186,542 
Net income— — — 167,093 167,093 — 167,093 
Shares issued under share-based awards896,622 9 3,103 — 3,112 — 3,112 
Minimum tax withholding paid on behalf of employees for restricted stock units— — (5,473)— (5,473)— (5,473)
Stock-based compensation expense— — 10,888 — 10,888 — 10,888 
Share repurchases(10,221,061)(102)(163,960)— (164,062)— (164,062)
Balance at September 30, 2020126,825,194 $1,268 $425,753 $1,771,067 $2,198,088 $12 $2,198,100 
Number of
Shares of Common
Stock (Note 1)		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Total
Stockholders'
Equity		Noncontrolling
Interests		Total
Equity
Balance at June 30, 2019142,258,663 $1,423 $662,087 $1,423,120 $2,086,630 $13 $2,086,643 
Net income— — — 62,861 62,861 — 62,861 
Shares issued under share-based awards14,454 — 101 — 101 — 101 
Stock-based compensation expense— — 3,828 — 3,828 — 3,828 
Share repurchases(3,035,420)(31)(41,704)— (41,735)— (41,735)
Balance at September 30, 2019139,237,697 $1,392 $624,312 $1,485,981 $2,111,685 $13 $2,111,698 
Number of
Shares of Common
Stock (Note 1)		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Total
Stockholders'
Equity		Noncontrolling
Interests		Total
Equity
Balance at December 31, 2018141,661,713 $1,417 $658,720 $1,396,787 $2,056,924 $13 $2,056,937 
Net income— — — 89,194 89,194 — 89,194 
Shares issued under share-based awards611,404 6 294 — 300 — 300 
Minimum tax withholding paid on behalf of employees for restricted stock units— — (3,612)— (3,612)— (3,612)
Stock-based compensation expense— 10,614 10,614 10,614 
Share repurchases(3,035,420)(31)(41,704)— (41,735)— (41,735)
Balance at September 30, 2019139,237,697 $1,392 $624,312 $1,485,981 $2,111,685 $13 $2,111,698 

See accompanying condensed notes to the unaudited consolidated financial statements.



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TRI POINTE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
 
 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:  
Net income$167,093 $89,194 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Depreciation and amortization19,196 18,357 
Equity in income of unconsolidated entities, net(7,828)(4,828)
Deferred income taxes, net19,152 10,493 
Amortization of stock-based compensation10,888 10,614 
Charges for impairments and lot option abandonments2,044 6,519 
Changes in assets and liabilities:  
Real estate inventories78,025 (142,599)
Receivables(4,134)(18,915)
Other assets(6,191)(9,086)
Accounts payable27,944 (34)
Accrued expenses and other liabilities12,667 (60,239)
Returns on investments in unconsolidated entities, net9,035 6,215 
Loss on extinguishment of debt10,243 — 
Net cash provided by (used in) operating activities338,134 (94,309)
Cash flows from investing activities:
Purchases of property and equipment(16,782)(22,392)
Proceeds from sale of property and equipment26 46 
Investments in unconsolidated entities(26,822)(712)
Net cash used in investing activities(43,578)(23,058)
Cash flows from financing activities:
Borrowings from debt850,000 400,000 
Repayment of debt(808,791)(381,895)
Debt issuance costs(4,768)(3,125)
Proceeds from issuance of common stock under share-based awards3,112 300 
Minimum tax withholding paid on behalf of employees for share-based awards(5,473)(3,612)
Share repurchases(164,062)(41,735)
Net cash used in financing activities(129,982)(30,067)
Net increase (decrease) in cash and cash equivalents164,574 (147,434)
Cash and cash equivalents–beginning of period329,011 277,696 
Cash and cash equivalents–end of period$493,585 $130,262 
 
See accompanying condensed notes to the unaudited consolidated financial statements.

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TRI POINTE GROUP, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 

1.    Organization, Basis of Presentation and Summary of Significant Accounting Policies

Organization
TRI Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across ten states, including Maracay in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California, Colorado and the Carolinas and Winchester Homes in Maryland and Virginia.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its potential impacts on our future results.
The consolidated financial statements include the accounts of TRI Pointe Group and its wholly owned subsidiaries, as well as other entities in which TRI Pointe Group has a controlling interest and variable interest entities (“VIEs”) in which TRI Pointe Group is the primary beneficiary.  The noncontrolling interests as of September 30, 2020 and December 31, 2019 represent the outside owners’ interests in the Company’s consolidated entities.  All significant intercompany accounts have been eliminated upon consolidation.
Use of Estimates
Our financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home is transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
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Land and lot sales revenue
Historically, we have generated land and lot sales revenue from a small number of transactions, although in some years we have realized a significant amount of revenue and gross margin. We do not expect our future land and lot sales revenue to be material, but we still consider these sales to be an ordinary part of our business, thus meeting the definition of contracts with customers. Similar to our home sales, revenue from land and lot sales is typically fully recognized when the land and lot sales transactions are consummated, at which time no further performance obligations are left to be satisfied. Some of our historical land and lot sales have included future profit participation rights. We will recognize future land and lot sales revenue in the periods in which all closing conditions are met, subject to the constraint on variable consideration related to profit participation rights, if such rights exist in the sales contract.
Other operations revenue
The majority of our homebuilding other operations revenue relates to a ground lease at our Quadrant Homes reporting segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 842, Leases. We do not recognize a material profit on this ground lease.
Financial services revenues
TRI Pointe Solutions is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, TRI Pointe Assurance title and escrow services operations, and TRI Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
TRI Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting.  We record a percentage of income earned by TRI Pointe Connect based on our ownership percentage in this joint venture. TRI Pointe Connect activity appears as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations.
Title and escrow services operations
TRI Pointe Assurance provides title examinations for our homebuyers in Austin (Texas), Colorado and Maryland and both title examinations and escrow services for our homebuyers in Arizona, Nevada, Texas and Virginia.  TRI Pointe Assurance is a wholly owned subsidiary of TRI Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. TRI Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations.
Property and casualty insurance agency operations
TRI Pointe Advantage is a wholly owned subsidiary of TRI Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. TRI Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
Restructuring Charges
In May 2020, due to the existing and anticipated future impact of the COVID-19 pandemic on our business, we implemented a workforce reduction plan. As a result of the workforce reduction plan, we incurred $54,000 and $5.6 million of pre-tax restructuring charges consisting of severance and related costs for the three and nine months ended September 30, 2020, respectively.
Recently Issued Accounting Standards Not Yet Adopted
In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning after December 15, 2020. We do not expect the adoption of ASU 2019-12 to have a material impact on our consolidated financial statements.
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Adoption of New Accounting Standards
In January 2017, the FASB issued ASU No. 2017-04, Intangibles–Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We adopted ASU 2017-04 on January 1, 2020 and our adoption did not have a material impact on our consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses for financial instruments, including receivables from community facilities districts or similar municipalities. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We adopted ASU 2016-13 on January 1, 2020 and our adoption did not have a material impact on our consolidated financial statements.


2.    Segment Information
We operate two principal businesses: homebuilding and financial services.
Our homebuilding operations consist of six homebuilding brands that acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors, our homebuilding operations are comprised of the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado, as well as early stage operations in the Carolinas; and Winchester Homes, consisting of operations in Maryland and Virginia.
Our TRI Pointe Solutions financial services operation is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, our TRI Pointe Assurance title and escrow services operations, and our TRI Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.

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Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues  
Maracay $95,109 $70,860 $253,535 $166,074 
Pardee Homes253,199 321,922 673,883 651,484 
Quadrant Homes72,951 49,875 154,323 164,812 
Trendmaker Homes106,955 103,428 324,332 296,212 
TRI Pointe Homes202,648 154,737 567,792 519,280 
Winchester Homes99,050 46,672 219,313 141,920 
Total homebuilding revenues829,912 747,494 2,193,178 1,939,782 
Financial services2,552 901 6,442 1,959 
Total$832,464 $748,395 $2,199,620 $1,941,741 
Income (loss) before income taxes
Maracay $11,535 $6,179 $24,139 $10,355 
Pardee Homes54,784 73,790 137,243 87,734 
Quadrant Homes8,477 1,600 13,420 4,154 
Trendmaker Homes10,055 5,578 25,364 10,888 
TRI Pointe Homes20,682 7,245 40,783 29,734 
Winchester Homes8,811 (71)14,527 1,718 
Corporate(15,831)(11,800)(46,602)(29,430)
Total homebuilding income before income taxes98,513 82,521 208,874 115,153 
Financial services4,491 2,198 10,505 5,055 
Total$103,004 $84,719 $219,379 $120,208 
 
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Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
September 30, 2020December 31, 2019
Real estate inventories
Maracay$356,763 $338,259 
Pardee Homes1,166,332 1,218,384 
Quadrant Homes255,773 264,437 
Trendmaker Homes250,605 268,759 
TRI Pointe Homes753,948 737,662 
Winchester Homes205,956 237,935 
Total$2,989,377 $3,065,436 
Total assets
Maracay$372,977 $382,262 
Pardee Homes1,237,628 1,300,047 
Quadrant Homes300,923 331,187 
Trendmaker Homes292,510 353,610 
TRI Pointe Homes937,887 930,348 
Winchester Homes256,266 291,456 
Corporate522,298 241,357 
Total homebuilding assets3,920,489 3,830,267 
Financial services37,076 28,423 
Total$3,957,565 $3,858,690 


3.    Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Numerator:    
Net income$78,682 $62,861 $167,093 $89,194 
Denominator:    
Basic weighted-average shares outstanding128,941,901 141,088,381 131,190,301 141,729,759 
Effect of dilutive shares:   
Stock options and unvested restricted stock units573,213 445,165 482,351 399,027 
Diluted weighted-average shares outstanding129,515,114 141,533,546 131,672,652 142,128,786 
Earnings per share    
Basic$0.61 $0.45 $1.27 $0.63 
Diluted$0.61 $0.44 $1.27 $0.63 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,666,469 2,459,868 2,550,475