Advanced Drainage Systems Announces Second Quarter Fiscal 2026 Results

HILLIARD, Ohio--( BUSINESS WIRE)--Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a leading provider of innovative water management solutions in the stormwater and onsite wastewater industries today announced financial results for the fiscal second quarter ended September 30, 2025.

Second Quarter Fiscal 2026 Results

Year-to-Date Fiscal 2026 Results

Scott Barbour, President and Chief Executive Officer of ADS commented, "We delivered strong results in the second quarter, a testament to the key sales strategies we have executed to drive growth in core markets. Revenue from both Infiltrator and Allied products increased double digits compared to the prior year. This growth, in conjunction with favorable price/cost, end market and product mix resulted in a highly-resilient Adjusted EBITDA margin of 33.8%."

"Inorganic growth from Orenco and River Valley Pipe contributed 3.6% of the Company's 8.7% second quarter revenue increase as ADS continues to evolve as an enterprise that provides a wide range of stormwater and onsite wastewater solutions. In September, we announced our plan to build on that success through the acquisition of NDS, a leading U.S. supplier of residential stormwater and irrigation products that complement the existing ADS product portfolio. This acquisition marks another important milestone in ADS’ journey to accelerate our strategy to diversify and increase the mix of highly profitable Allied and Infiltrator products that enhance resiliency, supports profitable growth, and enable ADS to pursue water management projects across a broader set of applications."

Barbour concluded, "In light of better-than-expected results in the first half of the fiscal year, we have updated our guidance for Fiscal 2026. The end market outlook for the remainder of Fiscal 2026 remains unchanged, reflecting a challenging macroeconomic environment from high interest rates, tepid market demand and depressed construction activity. Moving into the second half of the year, ADS is well positioned to continue executing on its value proposition, driving market conversion, and accelerating organic and inorganic growth while also generating free cash flow that enables the Company to invest in the business and return capital to shareholders."

Second Quarter Fiscal 2026 Results

Net sales increased $67.8 million, or 8.7%, to $850.4 million, as compared to $782.6 million in the prior year quarter. Domestic pipe sales increased $6.7 million, or 1.6%, to $413.0 million. Domestic allied products & other sales increased $22.9 million, or 13.0%, to $199.0 million. Infiltrator sales increased $36.1 million, or 25.2%, to $179.7 million, due to the acquisition of Orenco Systems, Inc. ("Orenco") as well as double digit growth in tanks and advanced treatment products. Infiltrator organic revenue increased 7.1%. The overall increase in domestic net sales was driven by acquisitions, as well as growth in the Company's core non-residential and residential construction end markets. International sales increased $2.1 million, or 3.7%, to $58.7 million.

Gross profit increased $46.2 million, or 15.7%, to $340.1 million as compared to $293.9 million in the prior year. The increase in gross profit is primarily driven by volume growth, favorable price/cost, and favorable mix of Allied products and Infiltrator.

Selling, general and administrative expenses increased $25.1 million, or 26.7% to $119.2 million, as compared to $94.1 million. As a percentage of sales, selling, general and administrative expense was 14.0% as compared to 12.0% in the prior year. The increase was primarily driven by the acquisition of Orenco, as well as transaction costs associated with the acquisition of National Diversified Sales ("NDS"), as described below.

Net income per diluted share increased $0.32, or 19.2%, to $1.99, as compared to $1.67 per share in the prior year quarter, primarily due to the factors mentioned above. In addition, results for the second quarter of fiscal 2026 include an $17.6 million gain on the sale of assets held-for-sale.

Adjusted EBITDA (Non-GAAP) increased $42.0 million, or 17.1%, to $287.5 million, as compared to $245.6 million in the prior year, primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 33.8% as compared to 31.4% in the prior year.

Segment sales results are based on Net sales to external customers. Reconciliations of GAAP to Non-GAAP financial measures for Adjusted EBITDA, Free Cash Flow and Adjusted Earnings per Share have been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Year-to-Date Fiscal 2026 Results

Net sales increased $82.3 million, or 5.2%, to $1,680.3 million, as compared to $1,597.9 million in the prior year. Domestic pipe sales decreased $4.2 million, to $828.6 million. Domestic allied products & other sales increased $26.4 million, or 7.3%, to $386.5 million. Infiltrator sales increased $67.2 million, or 23.1%, to $358.1 million. Excluding the acquisition of Orenco, Infiltrator organic revenue increased 3.9%. The overall increase in domestic net sales was primarily driven by growth in the core non-residential and residential construction end markets. International sales decreased $7.1 million, or 6.2%, to $107.1 million.

Gross profit increased $44.2 million, or 7.1%, to $670.6 million as compared to $626.4 million in the prior year. The increase in gross profit is primarily driven by favorable volume, price/cost and mix of construction market and Infiltrator sales, partially offset by unfavorable fixed cost absorption as well as the mix impact from the inclusion of Orenco.

Selling, general and administrative expenses increased $35.0 million, or 18.6% to $223.2 million, as compared to $188.2 million. As a percentage of sales, selling, general and administrative expense was 13.3% as compared to 11.8% in the prior year. The increase was primarily driven by the acquisition of Orenco, as well as transaction costs associated with the acquisition of NDS, as described below.

Net income per diluted share increased $0.10, or 2.7%, to $3.83, as compared to $3.73 per share in the prior year, primarily due to the factors mentioned above.

Adjusted EBITDA (Non-GAAP) increased $44.7 million, or 8.6%, to $565.7 million, as compared to $521.0 million in the prior year, primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 33.7% as compared to 32.6% in the prior year.

Balance Sheet and Liquidity

Net cash provided by operating activities was $509.8 million, as compared to $350.3 million in the prior year. Free cash flow (Non-GAAP) was $398.8 million, as compared to $238.1 million in the prior year. Net debt (total debt and finance lease obligations net of cash) was $618.1 million as of September 30, 2025, a decrease of $344.2 million from March 31, 2025.

ADS had total liquidity of $1,402.7 million, comprised of cash of $812.9 million as of September 30, 2025 and $589.9 million of availability under committed credit facilities. As of September 30, 2025, the Company’s trailing-twelve-month leverage ratio was 0.7 times Adjusted EBITDA.

In the six months ended September 30, 2025, the Company did not repurchase shares of its common stock. As of September 30, 2025, approximately $147.7 million of common stock may be repurchased under the Company's existing share repurchase authorization.

NDS Acquisition

On September 23, 2025, the Company announced that it has entered into a definitive stock purchase agreement under which ADS will acquire the water management business of Norma Group SE (DAX: NOEJ), known as NDS, in an all-cash transaction valued at approximately $1.0 billion, or approximately $875 million when adjusted for the present value of the expected tax benefits. The proposed transaction adds complementary new offerings in the attractive Allied Products segment, enhances the Company's go-to-market capabilities in both retail and distributor channels, expands ADS' addressable market with complementary products and markets, and unlocks significant value creation potential with over $25 million in expected annual cost synergies.

The transaction is expected to close in the first quarter of calendar year 2026 and is subject to customary closing conditions, including receipt of required regulatory approvals. For more information, visit the Investor Relations section of the Company's website.

Fiscal 2026 Outlook

Based on results to date, current visibility, backlog of existing orders and business trends, the Company updated its financial targets for fiscal 2026. Net sales are expected to be in the range of $2.900 billion to $2.990 billion and Adjusted EBITDA is expected to be in the range of $900 million to $940 million. Capital expenditures are expected to be in the range of $200 million to $225 million.

Conference Call Information

Webcast: Interested investors and other parties can listen to a webcast of the live conference call by logging in through the Investor Relations section of the Company's website at https://investors.ads-pipe.com/events-and-presentations. An online replay will be available on the same website following the call.

Teleconference: To participate in the live teleconference, participants may register at https://registrations.events/direct/Q4I45786992. After registering, participants will receive a confirmation through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. To ensure participants are connected for the full call, please register at least 10 minutes before the start of the call.

About the Company

Advanced Drainage Systems is a leading manufacturer of innovative stormwater and onsite wastewater solutions that manages the world’s most precious resource: water. ADS and its subsidiary, Infiltrator Water Technologies, provide superior stormwater drainage and onsite wastewater products used in a wide variety of markets and applications including commercial, residential, infrastructure and agriculture, while delivering unparalleled customer service. ADS manages the industry’s largest company-owned fleet, an expansive sales team, and a vast manufacturing network of approximately 63 manufacturing plants and 38 distribution centers. The company is one of the largest plastic recycling companies in North America, ensuring over half a billion pounds of plastic is kept out of landfills every year. Founded in 1966, ADS’ water management solutions are designed to last for decades. To learn more, visit the Company’s website at www.adspipe.com.

Forward Looking Statements

Certain statements in this press release may be deemed to be forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections regarding the Company’s business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “confident” and similar expressions are used to identify these forward-looking statements. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: fluctuations in the price and availability of resins and other raw materials, new tariff policies, and our ability to pass any increased costs of raw materials and tariffs on to our customers; disruption or volatility in general business, political and economic conditions in the markets in which we operate; cyclicality and seasonality of the non-residential and residential construction markets and infrastructure spending; the risks of increasing competition in our existing and future markets; uncertainties surrounding the integration and realization of anticipated benefits of acquisitions or doing so within the intended timeframe; the effect of weather or seasonality; the loss of any of our significant customers; the risks of doing business internationally; the risks of conducting a portion of our operations through joint ventures; our ability to expand into new geographic or product markets; the risk associated with manufacturing processes; the effects of global climate change and any related regulatory responses; our ability to protect against cybersecurity incidents and disruptions or failures of our IT systems; our ability to assess and monitor the effects of artificial intelligence, machine learning, and robotics on our business and operations; our ability to manage our supply purchasing and customer credit policies; our ability to control labor costs and to attract, train and retain highly qualified employees and key personnel; our ability to protect our intellectual property rights; changes in laws and regulations, including environmental laws and regulations; our ability to appropriately address any environmental, social or governance concerns that may arise from our activities; the risks associated with our current levels of indebtedness, including borrowings under our existing credit agreement and outstanding indebtedness under our existing senior notes; and other risks and uncertainties described in the Company’s filings with the SEC. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company’s forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Financial Statements

ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

Three Months Ended

September 30,

Six Months Ended

September 30,

(In thousands, except per share data)

2025

2024

2025

2024

Net sales

850,381

782,610

1,680,261

1,597,946

Cost of goods sold

510,249

488,669

1,009,691

971,551

Gross profit

340,132

293,941

670,570

626,395

Operating expenses:

Selling, general and administrative

119,224

94,132

223,185

188,184

(Gain) loss on disposal of assets and costs from exit and disposal activities

(15,926

)

617

(8,902

)

909

Intangible amortization

13,539

11,816

27,246

23,711

Income from operations

223,295

187,376

429,041

413,591

Other expense:

Interest expense

23,116

23,156

46,145

45,980

Interest income and other, net

(8,012

)

(6,956

)

(14,717

)

(14,072

)

Income before income taxes

208,191

171,176

397,613

381,683

Income tax expense

52,399

40,920

99,073

90,806

Equity in net income of unconsolidated affiliates

(708

)

(918

)

(2,051

)

(2,619

)

Net income

156,500

131,174

300,591

293,496

Less: net income attributable to noncontrolling interest

483

792

652

1,712

Net income attributable to ADS

156,017

130,382

299,939

291,784

Weighted average common shares outstanding:

Basic

77,752

77,542

77,697

77,541

Diluted

78,310

78,110

78,240

78,194

Net income per share:

Basic

2.01

1.68

3.86

3.76

Diluted

1.99

1.67

3.83

3.73

Cash dividends declared per share

0.18

0.16

0.36

0.32

ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

As of

(Amounts in thousands)

September 30, 2025

March 31, 2025

ASSETS

Current assets:

Cash

812,862

463,319

Receivables, net

400,459

333,221

Inventories

423,778

488,269

Other current assets

35,813

39,974

Total current assets

1,672,912

1,324,783

Property, plant and equipment, net

1,110,883

1,051,040

Other assets:

Goodwill

725,279

720,223

Intangible assets, net

423,787

448,060

Other assets

146,428

146,254

Total assets

4,079,289

3,690,360

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current maturities of debt obligations

8,660

9,934

Current maturities of finance lease obligations

40,818

33,143

Accounts payable

225,946

218,024

Other accrued liabilities

190,069

137,295

Accrued income taxes

15,370

—

Total current liabilities

480,863

398,396

Long-term debt obligations, net

1,248,506

1,251,589

Long-term finance lease obligations

133,020

131,000

Deferred tax liabilities

206,929

190,416

Other liabilities

80,860

83,171

Total liabilities

2,150,178

2,054,572

Mezzanine equity:

Redeemable common stock

82,574

92,652

Total mezzanine equity

82,574

92,652

Stockholders’ equity:

Common stock

11,703

11,694

Paid-in capital

1,309,458

1,277,694

Common stock in treasury, at cost

(1,226,102

)

(1,219,408

)

Accumulated other comprehensive loss

(33,248

)

(37,178

)

Retained earnings

1,764,512

1,492,634

Total ADS stockholders’ equity

1,826,323

1,525,436

Noncontrolling interest in subsidiaries

20,214

17,700

Total stockholders’ equity

1,846,537

1,543,136

Total liabilities, mezzanine equity and stockholders’ equity

4,079,289

3,690,360

ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Six Months Ended September 30,

(Amounts in thousands)

2025

2024

Cash Flow from Operating Activities

Net income

300,591

293,496

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

104,921

85,905

Deferred income taxes

15,226

(2,270

)

(Gain) loss on disposal of assets and costs from exit and disposal activities

(8,902

)

909

Stock-based compensation

16,981

13,960

Amortization of deferred financing charges

1,022

Fair market value adjustments to derivatives

(252

)

1,024

Equity in net income of unconsolidated affiliates

(2,051

)

(2,619

)

Other operating activities

778

(6,124

)

Changes in working capital:

Receivables

(62,649

)

(35,565

)

Inventories

69,516

(24,750

)

Prepaid expenses and other current assets

(3,514

)

(4,804

)

Accounts payable, accrued expenses, and other liabilities

78,176

30,142

Net cash provided by operating activities

509,843

350,326

Cash Flows from Investing Activities

Capital expenditures

(111,018

)

(112,182

)

Proceeds from disposal of assets

26,474

640

Acquisitions, net of cash acquired

(18,558

)

—

Other investing activities

(2,241

)

—

Net cash used in investing activities

(105,343

)

(111,542

)

Cash Flows from Financing Activities

Payments on syndicated Term Loan Facility

(3,500

)

(3,500

)

Payments on Equipment Financing

(1,885

)

(2,665

)

Payments on finance lease obligations

(17,171

)

(11,756

)

Repurchase of common stock

—

(69,922

)

Cash dividends paid

(28,085

)

(24,917

)

Proceeds from exercise of stock options

1,482

8,694

Payment of withholding taxes on vesting of restricted stock units

(6,694

)

(10,576

)

Other financing activities

—

Net cash used in financing activities

(55,853

)

(114,640

)

Effect of exchange rate changes on cash

1,017

(1,142

)

Net change in cash

349,664

123,002

Cash and restricted cash at beginning of period

469,271

495,848

Cash and restricted cash at end of period

818,935

618,850

RECONCILIATION TO BALANCE SHEET

Cash

812,862

613,020

Restricted cash

6,073

5,830

Total cash and restricted cash

818,935

618,850

Selected Financial Data

The following tables set forth net sales by reportable segment for each of the periods indicated.

Three Months Ended

September 30, 2025

September 30, 2024 (a)

(In thousands)

Net Sales

Intersegment Net Sales

Net Sales from External Customers

Net Sales

Intersegment Net Sales

Net Sales from External Customers

Pipe

426,811

(13,762

)

413,049

420,989

(14,611

)

406,378

Infiltrator

196,368

(16,652

)

179,716

157,521

(13,923

)

143,598

International

International - Pipe

41,613

(1,147

)

40,466

44,445

(3,437

)

41,008

International - Allied Products & Other

18,340

(149

)

18,191

15,613

(68

)

15,545

Total International

59,953

(1,296

)

58,657

60,058

(3,505

)

56,553

Allied Products & Other

202,851

(3,892

)

198,959

180,118

(4,037

)

176,081

Intersegment Eliminations

(35,602

)

35,602

—

(36,076

)

36,076

—

Total Consolidated

850,381

—

850,381

782,610

—

782,610

Six Months Ended

September 30, 2025

September 30, 2024 (a)

(In thousands)

Net Sales

Intersegment Net Sales

Net Sales from External Customers

Net Sales

Intersegment Net Sales

Net Sales from External Customers

Pipe

855,626

(27,039

)

828,587

862,131

(29,365

)

832,766

Infiltrator

391,330

(33,261

)

358,069

321,663

(30,763

)

290,900

International

International - Pipe

76,249

(2,310

)

73,939

88,372

(7,290

)

81,082

International - Allied Products & Other

33,437

(228

)

33,209

33,292

(116

)

33,176

Total International

109,686

(2,538

)

107,148

121,664

(7,406

)

114,258

Allied Products & Other

394,021

(7,564

)

386,457

368,644

(8,622

)

360,022

Intersegment Eliminations

(70,402

)

70,402

—

(76,156

)

76,156

—

Total Consolidated

1,680,261

—

1,680,261

1,597,946

—

1,597,946

(a)

In the first quarter of fiscal 2026, the Company realigned certain products used in wastewater applications to the Infiltrator reportable segment. The Company transitioned its ARC Septic Chambers from Allied Products & Other and certain pipe products used in wastewater applications from Pipe. Prior period segment information for fiscal 2025 has been recast to conform to the fiscal 2026 presentation.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). ADS management uses non-GAAP measures in its analysis of the Company’s performance. Investors are encouraged to review the reconciliation of non-GAAP financial measures to the comparable GAAP results available in the accompanying tables.

Reconciliation of Non-GAAP Financial Measures

This press release includes references to Adjusted EBITDA, Free Cash Flow and Adjusted Earnings per Share, non-GAAP financial measures. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. These measures are not intended to be substitutes for those reported in accordance with GAAP. Adjusted EBITDA and Free Cash Flow may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures.

EBITDA and Adjusted EBITDA are non-GAAP financial measures that comprise net income before interest, income taxes, depreciation and amortization, stock-based compensation, non-cash charges and certain other expenses. The Company’s definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key metric used by management and the Company’s board of directors to assess financial performance and evaluate the effectiveness of the Company’s business strategies. Accordingly, management believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as the Company’s management and board of directors. In order to provide investors with a meaningful reconciliation, the Company has provided a reconciliation of Adjusted EBITDA to net income.

Free Cash Flow is a non-GAAP financial measure that comprises cash flow from operating activities less capital expenditures. Free Cash Flow is a measure used by management and the Company’s board of directors to assess the Company’s ability to generate cash. Accordingly, management believes that Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flow from operations after capital expenditures. In order to provide investors with a meaningful reconciliation, the Company has provided a reconciliation of cash flow from operating activities to Free Cash Flow.

Adjusted Earnings per Share excludes (gains) losses on disposals of assets or business, restructuring and realignment expenses, impairment charges and transaction costs. Adjusted Earnings per Share is a measure used by management and may be useful for investors to evaluate the Company's operational performance.

The following tables present a reconciliation of EBITDA and Adjusted EBITDA to Net Income, Free Cash Flow to Cash Flow from Operating Activities, and Adjusted Earnings per Share to Diluted Earnings per Share, the most comparable GAAP measures, for each of the periods indicated.

Reconciliation of Adjusted Gross Profit to Gross Profit

Three Months Ended

September 30,

Six Months Ended

September 30,

(Amounts in thousands)

2025

2024 (a)

2025

2024 (a)

Segment Adjusted Gross Profit

Pipe

135,305

113,605

269,410

253,572

Infiltrator

106,117

91,997

210,450

184,901

International

17,371

17,445

31,479

37,108

Allied Products & Other

121,161

103,525

234,977

212,968

Intersegment Elimination

111

(640

)

(645

)

(1,610

)

Total Segment Adjusted Gross Profit

380,065

325,932

745,671

686,939

Depreciation and amortization

38,019

30,536

71,531

57,748

Stock-based compensation expense

1,914

1,455

3,570

2,796

Total Gross Profit

340,132

293,941

670,570

626,395

(a)

Reconciliation of Adjusted EBITDA to Net Income

Three Months Ended

September 30,

Six Months Ended

September 30,

(Amounts in thousands)

2025

2024

2025

2024

Net income

156,500

131,174

300,591

293,496

Depreciation and amortization

54,693

44,807

104,921

85,905

Interest expense

23,116

23,156

46,145

45,980

Income tax expense

52,399

40,920

99,073

90,806

EBITDA

286,708

240,057

550,730

516,187

Restructuring and realignment expense (a)

7,171

—

15,966

—

(Gain) loss on disposal of assets

(17,644

)

617

(16,446

)

909

Stock-based compensation expense

8,577

6,983

16,981

13,960

Transaction costs

9,317

2,685

10,124

2,695

Interest income

(7,340

)

(7,368

)

(12,745

)

(13,933

)

Other adjustments (b)

743

2,576

1,089

1,230

Adjusted EBITDA

287,532

245,550

565,699

521,048

(a)

Includes costs associated with closure of one recycling facility, one offsite storage location and one distribution yard, as well as professional fees incurred in connection with supporting enterprise-wide restructuring and realignment initiatives. Excludes gain on sale of properties previously held-for-sale and equipment..

Reconciliation of Free Cash Flow to Cash flow from Operating Activities

Six Months Ended

September 30,

(Amounts in thousands)

2025

2024

Net cash flow from operating activities

509,843

350,326

Capital expenditures

(111,018

)

(112,182

)

Free cash flow

398,825

238,144

Reconciliation of Diluted Earnings per Share to Adjusted Earnings per Share

The following table presents diluted earnings per share on an adjusted basis to supplement the Company's discussion of its results of operations herein.

Three Months Ended

September 30,

Six Months Ended

September 30,

2025

2024

2025

2024

Diluted Earnings Per Share

1.99

1.67

3.83

3.73

Restructuring and realignment expense

0.09

—

0.20

—

(Gain) loss on disposal of assets

(0.23

)

0.01

(0.21

)

0.01

Transaction costs

0.12

0.03

0.13

0.03

Income tax impact of adjustments (a)

—

(0.01

)

(0.03

)

(0.01

)

Adjusted Earnings per Share

1.97

1.70

3.92

3.76

(a)

The income tax impact of adjustments to each period is based on the statutory tax rate.