SOUTHFIELD, Mich., April 29, 2008 (PRIME NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq:CACC) (referred to as the "Company", "we", "our", or "us") announced consolidated net income of $17.6 million, or $0.57 per diluted share, for the three months ended March 31, 2008 compared to consolidated net income of $15.4 million, or $0.49 per diluted share, for the same period in 2007.
Net income for the quarter was positively impacted by a change in the methodology used for forecasting collection rates. Implementation of this change increased GAAP net income by $2.1 million as higher forecasted collection rates reduced the amount of loan impairment.
Adjusted net income, a non-GAAP financial measure, for the three months ended March 31, 2008 was $16.8 million, or $0.54 per diluted share, compared to $16.1 million, or $0.51 per diluted share, for the same period in 2007.
Adjusted net income was not impacted by the change in forecasting methodology as forecast changes are recognized as yield adjustments and impact adjusted earnings over time.
Refer to our Form 10-Q, filed today with the Securities and Exchange Commission, which will appear on our website at creditacceptance.com, for a complete discussion of the results of operations and financial data for the three months ended March 31, 2008.
Operating Results -----------------
Results for the three months ended March 31, 2008 compared to the same period in 2007 include the following:
% Change
------------------
Three Months Ended
March 31, 2008
------------------
Consumer loan unit volume 16.0%
Consumer loan dollar volume 28.5%
Number of active dealer-partners 20.4%
Average loans receivable balance, net 31.0%
Originations ------------
The following table summarizes the changes in active dealer-partners and corresponding consumer loan unit volume:
Three Months Ended March 31,
------------------------
2008 2007 % change
------ ------ ------
Consumer loan unit volume 40,217 34,669 16.0%
Active dealer-partners (1) 2,292 1,903 20.4%
------ ------
Average volume per dealer-partner 17.5 18.2 -3.8%
Consumer loan unit volume from dealer-
partners active both periods 28,374 28,406 -0.1%
Dealer-partners active both periods 1,281 1,281 0.0%
------ ------
Average volume from dealer-partners
active both periods 22.1 22.2 -0.1%
Consumer loan unit volume from new
dealer-partners 3,011 2,386 26.2%
New active dealer-partners (2) 347 322 7.8%
------ ------
Average volume per new active
dealer-partners 8.7 7.4 17.6%
Attrition (3) -18.1% -17.6%
(1) Active dealer-partners are dealer-partners who have received
funding for at least one dealer loan or purchased loan during the
period.
(2) New active dealer-partners are dealer-partners who enrolled in
our program and have received funding for their first dealer loan
or purchased loan from us during the periods presented.
(3) Attrition is measured according to the following formula:
decrease in consumer loan unit volume from dealer-partners who
have received funding for at least one dealer loan or purchased
loan during the comparable period of the prior year but did not
receive funding for any dealer loans or purchased loans during
the current period divided by prior year comparable period
consumer loan unit volume.
The increase in loan unit volume in the three months ended March 31, 2008 was the result of an increase in the number of active dealer-partners, partially offset by lower volume per active dealer-partner. Lower volume per dealer-partner is primarily the result of pricing changes made during 2007 and the first quarter of 2008 partially offset by an improving competitive environment. To a lesser extent, the decline in average volume per dealer-partner reflects the impact of new dealer-partners, who produce lower volume on average than more seasoned dealer-partners.
The following table summarizes consumer loan dollar growth in each of the last five quarters compared with the same period in the previous year:
Year over Year
Growth in Consumer Loan Dollar Volume
----------------------------------------------
Three Months Ended % Change
------------------ ------------------
March 31, 2007 41.1%
June 30, 2007 43.9%
September 30, 2007 2.2%
December 31, 2007 23.3%
March 31, 2008 28.5%
The increase in loan dollar volume during the three months ended March 31, 2008 was primarily due to the 16.0% increase in loan unit volume discussed above. In addition, loan dollar volume was positively impacted by an increase in the percentage of purchased loans accepted by us. On average, the amount paid to acquire a purchased loan is larger than the amount advanced on a dealer loan.
The following table summarizes key information regarding purchased loans:
For the Three Months
Ended March 31,
--------------------
2008 2007
-------- --------
New purchased loan unit volume as a
percentage of total unit volume 29.7% 5.0%
Net purchased loan receivable balance as a
percentage of the total net receivable
balance as of the end of the period 23.1% 5.1%
Consumer Loan Performance
-------------------------
Since the cash flows available to repay dealer loans or purchased loans are generated, in most cases, from the underlying consumer loans, the performance of the consumer loans is critical to our financial results. The following table presents forecasted consumer loan collection rates, advance rates (includes amounts paid to acquire purchased loans), the spread (the forecasted collection rate less the advance rate), and the percentage of the forecasted collections that had been realized as of March 31, 2008. Payments of dealer holdback and accelerated payments of dealer holdback are not included in the advance percentage paid to the dealer-partner. All amounts are presented as a percentage of the initial balance of the consumer loan (principal + interest). The table includes both dealer loans and purchased loans.
As of March 31, 2008
------------------------------------------------------
Loan % of
Origination Forecasted Forecast
Year Collection % Advance % Spread % Realized
----------- ------------ ------------ ------------ ------------
1999 72.1% 48.7% 23.4% 99.5%
2000 72.4% 47.9% 24.5% 99.1%
2001 67.3% 46.0% 21.3% 98.7%
2002 70.4% 42.2% 28.2% 98.4%
2003 74.0% 43.4% 30.6% 98.2%
2004 73.5% 44.0% 29.5% 95.2%
2005 74.1% 46.9% 27.2% 89.1%
2006 70.6% 46.6% 24.0% 67.2%
2007 70.6% 46.5% 24.1% 30.1%
2008 69.7% 44.2% 25.5% 3.7%
During the first quarter of 2008, we implemented a new methodology for forecasting future collections on loans. The new methodology increased the dollar amount of overall forecasted collections by 0.3%. While the new methodology produces overall collection rates that are very similar to those produced by the prior methodology, the new methodology utilizes a more sophisticated approach which allowed us to expand the number of variables on which the forecast is based. As a result, we believe the new forecast improves the precision of our estimates in two respects: (1) the new forecast is believed to be more accurate when applied to a smaller group of loans which allows us to forecast more accurately at the dealer pool level and more precisely measure the performance of specific segments of our portfolio and (2) the new forecast is believed to be more sensitive to changes in loan performance and will allow us to react more quickly to changes in our loan performance. The following table summarizes the differences by loan origination year between the old and the new forecast methods as of December 31, 2007:
Forecasted Collection % as of December 31, 2007
------------------------------------------------
Loan
Origination New Old
Year Methodology Methodology Variance
------------ ------------ ------------ ------------
1999 72.0% 72.3% -0.3%
2000 72.4% 72.8% -0.4%
2001 67.3% 67.8% -0.5%
2002 70.6% 71.0% -0.4%
2003 74.1% 74.6% -0.5%
2004 73.5% 73.7% -0.2%
2005 73.8% 74.3% -0.5%
2006 70.9% 69.9% 1.0%
2007 71.1% 70.2% 0.9%
The following table presents forecasted consumer loan collection rates, advance rates (includes amounts paid to acquire purchased loans), the spread (the forecasted collection rate less the advance rate), and the percentage of the forecasted collections that had been realized as of March 31, 2008 for purchased loans and dealer loans separately:
Loan
Origination Forecasted
Year Collection % Advance % Spread %
------------ ------------ ------------ ------------
Purchased
loans 2007 71.8% 49.4% 22.4%
2008 70.2% 46.9% 23.3%
Dealer
loans 2007 70.3% 45.8% 24.5%
2008 69.4% 42.8% 26.6%
Although the advance rate on purchased loans is higher as compared to the advance rate on dealer loans, purchased loans do not require the Company to pay dealer-holdback. As a result, purchased loans are expected to produce similar returns on capital as compared to dealer loans of comparable size. Because purchased loans are larger on average than dealer loans, the average return on capital is lower but the per unit economic profit is higher.
The following table compares our forecast of consumer loan collection rates as of March 31, 2008, with the forecast as of December 31, 2007 (restated using our new loan forecasting methodology). The table includes both dealer loans and purchased loans:
March 31, December 31,
Loan 2008 2007
Origination Forecasted Forecasted
Year Collection % Collection % Variance
------------ ------------ ------------ ------------
1999 72.1% 72.0% 0.1%
2000 72.4% 72.4% 0.0%
2001 67.3% 67.3% 0.0%
2002 70.4% 70.6% -0.2%
2003 74.0% 74.1% -0.1%
2004 73.5% 73.5% 0.0%
2005 74.1% 73.8% 0.3%
2006 70.6% 70.9% -0.3%
2007 70.6% 71.1% -0.5%
Adjusted Financial Results
--------------------------
Adjusted financial results are provided to help shareholders understand our financial performance. The financial data below is non-GAAP, unless labeled otherwise. We use adjusted financial information internally to measure financial performance and to determine incentive compensation. The table below shows our results following adjustments to reflect non-GAAP accounting methods. These adjustments are explained in the table footnotes and the subsequent "Floating Yield Adjustment" and "License Fee Yield Adjustment" sections. Measures such as adjusted average capital, adjusted net income, adjusted net income per diluted share, adjusted net income plus interest expense after-tax, adjusted return on capital, adjusted revenue, adjusted operating expenses, and economic profit are all non-GAAP financial measures. These non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP.
Adjusted financial results for the three months ended March 31, 2008 compared to the same period in 2007 include the following:
For the Three Months Ended
March 31,
------------------------------------------
(Dollars in thousands,
except per share data) 2008 2007 % Change
------------ ------------ ------------
Adjusted average capital $ 865,246 $ 629,595 37.4%
Adjusted net income $ 16,769 $ 16,085 4.3%
Adjusted interest
expense after-tax $ 6,313 $ 5,221 20.9%
Adjusted net income
plus interest expense
after-tax $ 23,082 $ 21,306 8.3%
Adjusted return on
capital 10.7% 13.5% -21.2%
Cost of capital 6.6% 7.1% -7.9%
Economic profit $ 8,881 $ 10,086 -11.9%
GAAP diluted weighted
average shares
outstanding 30,891,227 31,283,695 -1.3%
Adjusted net income
per diluted share $ 0.54 $ 0.51 5.9%
Economic profit decreased 11.9% for the three months ended March 31, 2008 compared to the same period in 2007. Economic profit is a function of the return on capital in excess of the cost of capital and the amount of capital invested in the business.
For the three months ended March 31, 2008, adjusted average capital grew by 37.4% while the adjusted return on capital declined from 13.5% to 10.7%.
As we discussed last quarter, the decline in the adjusted return on capital reflects pricing changes made during 2006 and early 2007 made in response to a difficult competitive environment. During the latter part of 2007 and during 2008, we began to reduce advance rates which positively impacted the return on capital of new originations. As a result, we expect the trend of declining returns on capital to reverse throughout the remainder of 2008 as the new higher return on capital loans replace older lower return loans. This expectation assumes that we are able to continue to grow loan originations and produce collection results consistent with expectations.
The following table shows adjusted revenue and adjusted operating expenses as a percentage of adjusted average capital and the percentage change in adjusted average capital for the three months ended March 31, 2008, compared to the same period in the prior year:
For the Three Months
Ended March 31,
----------------------
2008 2007
--------- ---------
Adjusted revenue as a percentage of adjusted
average capital 30.6% 35.6%
Adjusted operating expenses as a percentage
of adjusted average capital 13.6% 14.1%
Percentage change in adjusted average capital 37.4% 20.8%
The following tables show how non-GAAP measures reconcile to GAAP measures. All after-tax adjustments are calculated using a 37% tax rate as we estimate that to be our long term average effective tax rate. Amounts do not recalculate due to rounding.
For the Three Months Ended March 31,
--------------------------------------------
(Dollars in thousands,
except per share data) 2008 2007 % Change
------------ ------------ ------------
Adjusted net income
-------------------
GAAP net income $ 17,620 $ 15,360
Floating yield
adjustment (after-tax) (1,765) 82
License fee yield
adjustment (after-tax) 544 1,564
(Gain) loss from
discontinued United
Kingdom segment and
other related items
(after-tax) (39) 27
Interest expense
related to interest
rate swap agreement
(1) 532 --
Adjustment to record
taxes at 37% (2) (123) (948)
------------ ------------
Adjusted net income
(2) $ 16,769 $ 16,085 4.3%
============ ============
Adjusted net income
per diluted share
------------------- $ 0.54 $ 0.51 5.9%
Diluted weighted
average shares
outstanding 30,891,227 31,283,695 -1.3%
Adjusted average
capital
---------------
GAAP average debt $ 584,794 $ 412,715
GAAP average
shareholders' equity 274,897 217,977
Floating yield
adjustment 8,691 6,587
License fee yield
adjustment (3,136) (7,684)
------------ ------------
Adjusted average
capital $ 865,246 $ 629,595 37.4%
============ ============
Adjusted return on
capital
------------------
Adjusted net income $ 16,769 $ 16,085
Adjusted interest
expense after-tax 6,313 5,221
------------ ------------
Adjusted net income
plus interest
expense after-tax $ 23,082 $ 21,306 8.3%
============ ============
Adjusted return on
capital (3) 10.7% 13.5% -21.2%
============ ============
Economic profit
---------------
Adjusted return on
capital 10.7% 13.5%
Cost of capital (4) 6.6% 7.1%
------------ ------------
Adjusted return on
capital in excess of
cost of capital 4.1% 6.4%
Adjusted average
capital $ 865,246 $ 629,595
------------ ------------
Economic profit $ 8,881 $ 10,086 -11.9%
============ ============
(1) The three month period ended March 31, 2008 includes $0.8 million
in interest expense ($0.5 million after-tax) related to an
interest rate swap on our secured financing that was completed in
October 2007. The interest rate swap converts the floating
portion of the secured financing debt to a fixed rate. As rates
decreased during the quarter, the market value of the interest
rate swap declined. However, this decline in market value does
not impact the amount of interest we actually pay on the secured
financing. Since we intend to hold the interest rate swap until
maturity, the additional interest expense recorded in the quarter
will reverse by the maturity date.
(2) In prior quarters, we adjusted income taxes by equalizing the tax
rate between the two periods presented. Beginning with this
quarter, we changed our methodology to normalize the tax rate to
37%, as we estimate that to be our long term average effective
tax rate. As a result of this change, the adjustment to income
taxes and adjusted net income for the three months ended March
31, 2007 differ from what was reported in the prior year.
(3) Adjusted return on capital is defined as annualized adjusted net
income plus interest expense after-tax divided by adjusted
average capital.
(4) The cost of capital includes both a cost of equity and a cost of
debt. The cost of equity capital is determined based on a formula
that considers the risk of the business and the risk associated
with our use of debt. The formula utilized for determining the
cost of equity capital is as follows: (the average 30 year
treasury rate + 5%) + ((1 - tax rate) x (the average 30 year
treasury rate + 5% - pre-tax average cost of debt rate) x average
debt/(average equity + average debt x tax rate)). For the three
months ended March 31, 2008 and 2007, the average 30 year
treasury rate was 4.4% and 4.8%, respectively. The adjusted
pre-tax average cost of debt was 6.9% and 8.2%, respectively.
For the Three Months
Ended March 31,
-----------------------
(Dollars in thousands) 2008 2007
--------- ---------
Adjusted revenue
----------------
GAAP total revenue $ 70,778 $ 57,351
Floating yield adjustment (2,802) 130
License fee yield adjustment 863 2,483
Provision for credit losses (2,649) (3,873)
--------- ---------
$ 66,190 $ 56,091
========= =========
Adjusted average capital
------------------------
GAAP average debt $ 584,794 $ 412,715
GAAP average shareholders' equity 274,897 217,977
Floating yield adjustment 8,691 6,587
License fee yield adjustment (3,136) (7,684)
--------- ---------
$ 865,246 $ 629,595
========= =========
Adjusted revenue as a percentage of
adjusted average capital 30.6% 35.6%
========= =========
Adjusted operating expenses
---------------------------
GAAP salaries and wages $ 17,740 $ 11,861
GAAP general and administrative 7,124 5,917
GAAP sales and marketing 4,642 4,472
--------- ---------
$ 29,506 $ 22,250
========= =========
Adjusted operating expenses as a
percentage of adjusted average capital 13.6% 14.1%
========= =========
Percentage change in adjusted average
capital compared to the same period in
the prior year 37.4% 20.8%
========= =========
Floating Yield Adjustment
-------------------------
The purpose of this adjustment is to modify the calculation of our GAAP-based finance charge revenue so that favorable and unfavorable changes in expected cash flows from loans receivable are treated consistently. To make the adjustment understandable, we must first explain how GAAP requires us to account for finance charge revenue, our primary revenue source.
Finance charge revenue equals the cash inflows from our loan portfolio less cash outflows to acquire the loans. Our GAAP finance charge revenue is based on estimates of future cash flows and is recognized on a level-yield basis over the estimated life of the loan. With the level-yield approach, the amount of finance charge revenue recognized from a loan in a given period, divided by the loan asset, is a constant percentage. Under GAAP, favorable changes in expected cash flows are treated as increases to the yield and are recognized over time, while unfavorable changes are recorded as a current period expense. The non-GAAP methodology that we use (the "floating yield" method) is identical to the GAAP approach except that, under the "floating yield" method, all changes in expected cash flows (both positive and negative) are treated as yield adjustments and therefore impact earnings over time. The GAAP treatment always results in a lower carrying value of the loan receivable asset, but may result in either higher or lower earnings for any given period depending on the timing and amount of expected cash flow changes.
We believe floating yield earnings are a more accurate reflection of the performance of our business, since both favorable and unfavorable changes in estimated cash flows are treated consistently.
License Fee Yield Adjustment ----------------------------
The purpose of this adjustment is to make revenue from license fees comparable across time periods. In 2001, we began charging dealer-partners a monthly licensing fee for access to our internet-based Credit Approval Processing System, also known as CAPS.
Effective January 1, 2007, we implemented a change in the way these fees are charged designed to positively impact dealer-partner attrition. We continue to charge a monthly license fee of $599, but instead of collecting the fee in the current period, we collect it from future dealer holdback payments.
As a result of this change, (as of January 1, 2007) we record license fees on a GAAP basis as a yield adjustment, recognizing these fees as finance charge revenue over the term of the dealer loan because collection is dependent on the future cash flows of the loan. Previously, we had recorded the fee as license fee revenue in the month the fee was charged. The current GAAP treatment is more consistent with the cash economics of the business.
To allow for proper comparisons between periods, we make an adjustment to our financial results as though license fees had always been recorded as a yield adjustment.
Cautionary Statement Regarding Forward-Looking Information ----------------------------------------------------------
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. Statements in this release that are not historical facts, such as those using terms like "may," "will," "should," "believe," "expect," "anticipate," "assume," "forecast," "estimate," "intend," "plan" and those regarding our future results, plans and objectives, are "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are not limited to, the factors set forth in Item 1A of our Form 10-K for the year ended December 31, 2007, other risk factors discussed herein or listed from time to time in our reports filed with the Securities and Exchange Commission and the following:
* Our inability to accurately forecast and estimate the amount and timing of future collections could have a material adverse effect on results of operations. * Due to increased competition from traditional financing sources and non-traditional lenders, we may not be able to compete successfully. * We may be unable to continue to access funding sources and obtain capital on favorable terms needed to maintain and grow the business. * We may not be able to generate sufficient cash flow to service our outstanding debt and fund operations. * Requirements under credit facilities to meet financial and portfolio performance covenants. * Interest rate fluctuations may adversely affect our borrowing costs, profitability and liquidity. * The substantial regulation to which we are subject could result in potential liability. * Adverse changes in economic conditions, or in the automobile or finance industries or the non-prime consumer market, could adversely affect our financial position, liquidity and results of operations and our ability to enter into future financing transactions. * Litigation we are involved in from time to time may adversely affect our financial condition, results of operations and cash flows. * We are dependent on our senior management and the loss of any of these individuals or an inability to hire additional personnel could adversely affect our ability to operate profitably. * Our inability to properly safeguard confidential consumer information. * Our operations could suffer from telecommunications or technology downtime or increased costs. * Natural disasters, acts of war, terrorist attacks and threats or the escalation of military activity in response to such attacks or otherwise may negatively affect our business, financial condition and results of operations.
Other factors not currently anticipated by management may also materially and adversely affect our results of operations. We do not undertake, and expressly disclaim any obligation, to update or alter our statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Description of Credit Acceptance Corporation --------------------------------------------
Since 1972, Credit Acceptance has provided auto loans to consumers, regardless of their credit history. Our product is offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our product, but who actually end up qualifying for traditional financing.
Without our product, consumers are often unable to purchase a vehicle or they purchase an unreliable one and are not provided the opportunity to improve their credit standing. As we report to the three national credit reporting agencies, a significant number of our consumers improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC. For more information, visit creditacceptance.com.
CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands,
except per share data) Three Months Ended
March 31,
----------------------------
(Unaudited)
2008 2007
------------ ------------
Revenue:
Finance charges $ 63,675 $ 51,413
License fees 65 82
Other income 7,038 5,856
------------ ------------
Total revenue 70,778 57,351
------------ ------------
Costs and expenses:
Salaries and wages 17,740 11,861
General and administrative 7,124 5,917
Sales and marketing 4,642 4,472
Provision for credit losses 2,649 3,873
Interest 10,864 8,288
Other expense 34 25
------------ ------------
Total costs and expenses 43,053 34,436
------------ ------------
Operating income 27,725 22,915
Foreign currency (loss) gain (13) 4
------------ ------------
Income from continuing operations
before provision for income taxes 27,712 22,919
Provision for income taxes 10,131 7,532
------------ ------------
Income from continuing operations 17,581 15,387
------------ ------------
Discontinued operations
Gain (loss) from discontinued United
Kingdom operations 56 (38)
Provision (benefit) for income taxes 17 (11)
------------ ------------
Gain (loss) on discontinued
operations 39 (27)
------------ ------------
Net income $ 17,620 $ 15,360
============ ============
Net income per common share:
Basic $ 0.59 $ 0.51
============ ============
Diluted $ 0.57 $ 0.49
============ ============
Income from continuing operations
per common share:
Basic $ 0.58 $ 0.51
============ ============
Diluted $ 0.57 $ 0.49
============ ============
Gain (loss) from discontinued
operations per common share:
Basic $ -- $ --
============ ============
Diluted $ -- $ --
============ ============
Weighted average shares outstanding:
Basic 30,106,881 30,054,349
Diluted 30,891,227 31,283,695
CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands,
except per share data) As of
---------------------------
March 31 December 31,
2008 2007
------------ ------------
(Unaudited)
ASSETS:
Cash and cash equivalents $ 60 $ 712
Restricted cash and cash equivalents 82,456 74,102
Restricted securities available for sale 3,036 3,290
Loans receivable (including $16,644 and
$16,125 from affiliates as of March 31,
2008 and December 31, 2007,
respectively) 1,048,393 944,698
Allowance for credit losses (113,825) (134,145)
------------ ------------
Loans receivable, net 934,568 810,553
------------ ------------
Property and equipment, net 21,283 20,124
Income taxes receivable 18,058 20,712
Other assets 20,317 12,689
------------ ------------
Total Assets $ 1,079,778 $ 942,182
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
Accounts payable and accrued
liabilities $ 83,739 $ 79,834
Line of credit 87,400 36,300
Secured financing 544,027 488,065
Mortgage note and capital lease
obligations 7,387 7,765
Deferred income taxes, net 71,330 64,768
------------ ------------
Total Liabilities 793,883 676,732
------------ ------------
Shareholders' Equity:
Preferred stock, $.01 par value,
1,000,000 shares authorized, none
issued -- --
Common stock, $.01 par value,
80,000,000 shares authorized,
30,493,423 and 30,240,859 shares
issued and outstanding as of March
31, 2008 and December 31, 2007,
respectively 305 302
Paid-in capital 6,913 4,134
Retained earnings 278,621 261,001
Accumulated other comprehensive
income, net of tax of $(30) and $(7)
at March 31, 2008 and December 31,
2007, respectively 56 13
------------ ------------
Total Shareholders' Equity 285,895 265,450
------------ ------------
Total Liabilities and
Shareholders' Equity $ 1,079,778 $ 942,182
============ ============