Torchmark Corporation Reports Second Quarter 2019 Results
July 24, 2019
McKinney, Texas
Torchmark Corporation (NYSE: TMK) reported today that for the quarter ended June 30, 2019, net income was $1.67 per diluted common share, compared with $1.59 per diluted common share for the year-ago quarter. Net operating income for the quarter was $1.67 per diluted common share, compared with $1.51 per diluted common share for the year-ago quarter.
Torchmark also announced today that its corporate name will be changed to Globe Life Inc. effective August 8, 2019. The NYSE ticker will be changed to GL on August 9, 2019. The name change is part of a brand alignment strategy which will enhance the Company's ability to build name recognition with potential customers and agent recruits through use of a single brand. The underwriting companies owned by the Parent Company will continue to exist as legal entities, but over a period of time will go to market under the Globe Life name to leverage branding initiatives implemented at Globe Life And Accident Insurance Company in recent years.
HIGHLIGHTS:
- Net income as an ROE was 12.3%. Net operating income as an ROE excluding net unrealized gains on fixed maturities was 14.6%.
- Life underwriting margin at American Income Exclusive Agency and Globe Life Direct Response both increased over the year-ago quarter by 9%.
- Health underwriting margin at Family Heritage Exclusive Agency increased over the year-ago quarter by 14%.
- Life premiums increased over the year-ago quarter by 7% at American Income Exclusive Agency and health premiums increased over the year-ago quarter by 8% at Family Heritage Exclusive Agency.
- Net health sales increased over the year-ago quarter by 14%.
- 979,215 shares of common stock were repurchased during the quarter.
RESULTS OF OPERATIONS
Net operating income, a non-GAAP(1) financial measure, has been used consistently by Torchmark’s management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.
The following table represents Torchmark's operating summary for the three months ended June 30, 2019 and 2018:
| Operating Summary |
| |
Per Share |
|
| |
Three Months Ended |
|
Three Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
| |
2019 |
|
2018 |
|
% Chg. |
|
2019 |
|
2018 |
|
% Chg. |
| Insurance underwriting income(2) |
|
$ 1.60 |
|
$ 1.46 |
|
10 |
|
$ 178,556 |
|
$ 168,446 |
|
6 |
| Excess investment income(2) |
|
0.58 |
|
0.52 |
|
12 |
|
64,678 |
|
59,949 |
|
8 |
| Parent company expense |
|
(0.03) |
|
(0.02) |
|
|
|
(2,872) |
|
(2,847) |
|
|
| Income tax |
|
(0.42) |
|
(0.38) |
|
11 |
|
(47,114) |
|
(44,251) |
|
6 |
| Stock compensation benefit (expense), net of tax |
|
(0.06) |
|
(0.05) |
|
|
|
(6,366) |
|
(6,237) |
|
|
| Net operating income |
|
$ 1.67 |
|
$ 1.51 |
|
11 |
|
$ 186,882 |
|
$ 175,060 |
|
7 |
| |
| Reconciling items, net of tax: |
|
| Realized Gain (Loss)—Investments |
|
0.04 |
|
0.08 |
|
|
|
4,072 |
|
9,333 |
|
|
| Part D adjustments—discontinued operations |
|
- |
|
- |
|
|
|
(43) |
|
32 |
|
|
| Legal proceedings |
|
(0.04) |
|
- |
|
|
|
(4,345) |
|
- |
|
|
| Net income(3) |
|
$ 1.67 |
|
$ 1.59 |
|
|
|
$ 186,566 |
|
$ 184,425 |
|
|
| |
| Weighted average diluted shares outstanding (000) |
|
111,586 |
|
115,651 |
|
| |
| (1) GAAP is defined as accounting principles generally accepted in the United States of America. |
| (2) Definitions included within this document. |
| (3) A GAAP-basis consolidated statement of operations is included in the appendix of this report. |
| Note: Tables in this news release may not sum due to rounding. |
| |
MANAGEMENT VS. GAAP MEASURES
Shareholders' equity, excluding net unrealized gains on fixed maturities, and book value per share, excluding net unrealized gains on fixed maturities, are non-GAAP measures that are utilized by management to view the business without the effect of unrealized gains or losses which are primarily attributable to fluctuation in interest rates associated with the available-for-sale portfolio. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can more easily be identified without the fluctuations. Shareholders' equity and book value per share are the most directly comparable GAAP measures.
| |
June 30, |
|
June 30, |
| |
2019 |
|
2018 |
| Net income as a ROE(1) |
|
12.3 % |
|
12.2 % |
| Net operating income as a ROE (excluding net unrealized gains on fixed maturities) |
|
14.6 % |
|
14.6 % |
| |
| Shareholders' equity |
|
$ 6,700,398 |
|
$ 5,571,609 |
| Impact of adjustment to exclude net unrealized gains on fixed maturities |
|
(1,533,945) |
|
(731,707) |
| Shareholders' equity, excluding net unrealized gains on fixed maturities |
|
$ 5,166,453 |
|
$ 4,839,902 |
| |
| Book value per share |
|
$ 60.22 |
|
$ 48.44 |
| Impact of adjustment to exclude net unrealized gains on fixed maturities |
|
(13.79) |
|
(6.36) |
| Book value per share, excluding net unrealized gains on fixed maturities |
|
$ 46.43 |
|
$ 42.08 |
| |
| (1) Calculated using average shareholders' equity for the measurement period. |
| |
INSURANCE OPERATIONS—comparing Q2 2019 with Q2 2018:
Life insurance accounted for 74% of the Company’s insurance underwriting margin for the quarter and 70% of total premium revenue.
Health insurance accounted for 25% of Torchmark’s insurance underwriting margin for the quarter and 30% of total premium revenue.
Net sales of life insurance increased 1%, while net health sales increased 14%.
The following table summarizes Torchmark's premium revenue by product type for the three months ended June 30, 2019 and 2018:
INSURANCE PREMIUM REVENUE
| |
|
Quarter Ended |
|
|
| |
|
June 30, |
|
June 30, |
|
| |
|
2019 |
|
2018 |
|
% Chg. |
| Life insurance |
|
$ 631,201 |
|
$ 602,534 |
|
5 |
| Health insurance |
|
266,282 |
|
251,440 |
|
6 |
| Annuity |
|
1 |
|
5 |
|
|
| Total |
|
$ 897,484 |
|
$ 853,979 |
|
5 |
| |
INSURANCE UNDERWRITING INCOME
Insurance underwriting margin is management’s measure of profitability of its life, health, and annuity segments’ underwriting performance, and consists of premiums less policy obligations, commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life, health, and annuity segments, plus other income, less insurance administrative expenses. It excludes the investment segment, Parent Company expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above.
The following table summarizes Torchmark's insurance underwriting income by segment for the three months ended June 30, 2019 and 2018:
| Insurance Underwriting Income |
| |
Quarter Ended |
|
Quarter Ended |
|
| |
|
June 30, |
|
% of |
|
June 30, |
|
% of |
|
% |
| |
|
2019 |
|
Premium |
|
2018 |
|
Premium |
|
Chg. |
| Insurance underwriting margins: |
|
| Life |
|
$ 175,050 |
|
28 |
|
$ 161,177 |
|
27 |
|
9 |
| Health |
|
60,159 |
|
23 |
|
59,538 |
|
24 |
|
1 |
| Annuity |
|
2,365 |
|
|
|
2,566 |
|
| |
237,574 |
|
|
|
223,281 |
|
6 |
| Other income |
|
398 |
|
441 |
|
| Administrative expenses |
|
(59,416) |
|
(55,276) |
|
7 |
| Insurance underwriting income |
|
$ 178,556 |
|
$ 168,446 |
|
6 |
| Per share |
|
$ 1.60 |
|
$ 1.46 |
|
10 |
| |
Administrative Expenses were $59 million, up 7% from the year-ago quarter. The ratio of administrative expenses to premium was in line with expectations at 6.6%, compared with 6.5% for the year-ago quarter.
LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at www.torchmarkcorp.com on the Investors page at "Financial Reports."
| Life Underwriting Margin |
| |
Quarter Ended |
| |
June 30, |
| |
|
2019 |
|
2018 |
|
|
| |
% of |
|
% of |
|
% |
| |
|
Amount |
|
Premium |
|
Amount |
|
Premium |
|
Chg. |
| American Income Exclusive Agency |
|
$ 97,006 |
|
34 |
|
$ 88,616 |
|
33 |
|
9 |
| Globe Life Direct Response |
|
39,042 |
|
18 |
|
35,735 |
|
17 |
|
9 |
| Liberty National Exclusive Agency |
|
18,136 |
|
25 |
|
17,045 |
|
25 |
|
6 |
| Other Agencies |
|
20,866 |
|
39 |
|
19,781 |
|
36 |
|
5 |
| Total |
|
175,050 |
|
28 |
|
161,177 |
|
27 |
|
9 |
| |
| Life Premium |
| |
|
Quarter Ended |
|
|
| |
|
June 30, |
|
|
| |
|
2019 |
|
2018 |
|
% Chg. |
| American Income Exclusive Agency |
|
$ 288,334 |
|
$ 269,658 |
|
7 |
| Globe Life Direct Response |
|
217,278 |
|
209,021 |
|
4 |
| Liberty National Exclusive Agency |
|
71,478 |
|
69,456 |
|
3 |
| Other Agencies |
|
54,111 |
|
54,399 |
|
(1) |
| Total |
|
$ 631,201 |
|
$ 602,534 |
|
5 |
| |
| Life Net Sales(1) |
| |
|
Quarter Ended |
|
|
| |
|
June 30, |
|
|
| |
|
2019 |
|
2018 |
|
% Chg. |
| American Income Exclusive Agency |
|
$ 61,048 |
|
$ 59,670 |
|
2 |
| Globe Life Direct Response |
|
34,456 |
|
35,040 |
|
(2) |
| Liberty National Exclusive Agency |
|
13,428 |
|
12,869 |
|
4 |
| Other Agencies |
|
3,207 |
|
3,678 |
|
(13) |
| Total |
|
$ 112,139 |
|
$ 111,257 |
|
1 |
| |
(1) Net sales is annualized premium issued (gross premium that would be received during the policies' first year in force and assuming that none of the policies lapsed or terminated), net of cancellations in the first thirty days after issue, except in the case of Globe Life Direct Response where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. We believe that net sales is a better indicator of the rate of premium growth than annualized premium issued.
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
| Health Underwriting Margin |
| |
Quarter Ended |
| |
June 30, |
| |
|
2019 |
|
2018 |
|
|
| |
% of |
|
% of |
|
% |
| |
|
Amount |
|
Premium |
|
Amount |
|
Premium |
|
Chg. |
| United American Independent Agency |
|
$ 14,390 |
|
14 |
|
$ 15,578 |
|
17 |
|
(8) |
| Family Heritage Exclusive Agency |
|
17,901 |
|
25 |
|
15,771 |
|
23 |
|
14 |
| Liberty National Exclusive Agency |
|
11,837 |
|
25 |
|
12,371 |
|
26 |
|
(4) |
| American Income Exclusive Agency |
|
13,040 |
|
53 |
|
12,682 |
|
54 |
|
3 |
| Direct Response |
|
2,991 |
|
16 |
|
3,136 |
|
17 |
|
(5) |
| Total |
|
60,159 |
|
23 |
|
59,538 |
|
24 |
|
1 |
| |
| Health Premium |
| |
|
Quarter Ended |
|
|
| |
|
June 30, |
|
|
| |
|
2019 |
|
2018 |
|
% Chg. |
| United American Independent Agency |
|
$ 102,254 |
|
$ 93,555 |
|
9 |
| Family Heritage Exclusive Agency |
|
73,037 |
|
67,635 |
|
8 |
| Liberty National Exclusive Agency |
|
47,292 |
|
47,879 |
|
(1) |
| American Income Exclusive Agency |
|
24,450 |
|
23,372 |
|
5 |
| Direct Response |
|
19,249 |
|
18,999 |
|
1 |
| Total |
|
$ 266,282 |
|
$ 251,440 |
|
6 |
| |
| Health Net Sales(1) |
| |
|
Quarter Ended |
|
|
| |
|
June 30, |
|
|
| |
|
2019 |
|
2018 |
|
% Chg. |
| United American Independent Agency |
|
$ 16,587 |
|
$ 13,410 |
|
24 |
| Family Heritage Exclusive Agency |
|
16,898 |
|
15,537 |
|
9 |
| Liberty National Exclusive Agency |
|
5,864 |
|
5,277 |
|
11 |
| American Income Exclusive Agency |
|
4,299 |
|
3,700 |
|
16 |
| Other Agencies |
|
582 |
|
986 |
|
(41) |
| Total |
|
$ 44,230 |
|
$ 38,910 |
|
14 |
| |
(1) Net sales is annualized premium issued (gross premium that would be received during the policies' first year in force and assuming that none of the policies lapsed or terminated), net of cancellations in the first thirty days after issue, except in the case of Globe Life Direct Response where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. We believe that net sales is a better indicator of the rate of premium growth than annualized premium issued.
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL
| |
Quarterly Average |
|
End of Quarter |
| |
Producing Agent Count(1) |
|
Agent Count |
| |
June 30, |
|
March 31, |
|
June 30, |
|
March 31, |
|
| |
2019 |
|
2018 |
|
% Chg. |
|
2019 |
|
% Chg. |
|
2019 |
|
2018 |
|
% Chg. |
|
2019 |
|
% Chg. |
|
| American Income Exclusive Agency |
|
7,364 |
|
7,064 |
|
4 |
|
6,865 |
|
7 |
|
7,477 |
|
7,143 |
|
5 |
|
7,233 |
|
3 |
|
| Liberty National Exclusive Agency |
|
2,290 |
|
2,185 |
|
5 |
|
2,179 |
|
5 |
|
2,390 |
|
2,198 |
|
9 |
|
2,297 |
|
4 |
|
| Family Heritage Exclusive Agency |
|
1,081 |
|
1,052 |
|
3 |
|
1,002 |
|
8 |
|
1,089 |
|
1,090 |
|
- |
|
1,020 |
|
7 |
|
(1) The quarterly average producing agent count is based on the actual count at the end of each week during the period.
INVESTMENTS
EXCESS INVESTMENT INCOME
Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net investment income less both the required interest attributable to net policy liabilities and the interest on debt. We also view excess investment income per diluted common share as an important and useful measure to evaluate performance of the investment segment, as it takes into consideration our stock repurchase program.
The following table summarizes Torchmark's investment income, excess investment income, and excess investment income per diluted common share.
| Excess Investment Income |
| |
Quarter Ended |
| |
June 30, |
| |
2019 |
|
2018 |
|
% Chg. |
| Net investment income |
|
$ 227,425 |
|
$ 218,568 |
|
4 |
| Required interest: |
|
| Interest on net policy liabilities(1) |
|
(141,315) |
|
(136,208) |
|
4 |
| Interest on debt |
|
(21,432) |
|
(22,411) |
|
(4) |
| Total required interest |
|
(162,747) |
|
(158,619) |
|
3 |
| Excess investment income |
|
$ 64,678 |
|
$ 59,949 |
|
8 |
| Per share |
|
$ 0.58 |
|
$ 0.52 |
|
12 |
| (1) Interest on net policy liabilities is a component of total policyholder benefits, a GAAP measure. |
Net investment income increased 4%, while average invested assets increased 5%. Required interest on net policy liabilities increased 4%, while average net policy liabilities increased 3%. The weighted average discount rate for the net policy liabilities was 5.6% and in line with the year-ago quarter.
The composition of the investment portfolio at book value at June 30, 2019 is as follows:
| Investment Portfolio |
| |
As of |
| |
June 30, 2019 |
| |
Amount |
|
% of Total |
| Fixed maturities at fair value(1) |
|
$ 17,934,274 |
|
95 % |
| Policy loans |
|
560,469 |
|
3 |
| Other long-term investments2 |
|
289,147 |
|
2 |
| Short-term investments |
|
74,116 |
|
- |
| Total |
|
$ 18,858,006 |
|
100 % |
(1) Fixed maturities at amortized cost as of June 30, 2019 were $16.0 billion.
(2) Includes $165 million of investments accounted for under the fair value option which have an amortized cost of $157 million as of June 30, 2019.
Fixed maturities at amortized cost by asset class as of June 30, 2019 are as follows:
| Fixed Maturity Portfolio by Sector |
| |
As of |
| |
June 30, 2019 |
| |
Below |
|
| |
Investment |
|
Investment |
|
| |
Grade |
|
Grade |
|
Total |
| Corporate bonds |
|
$ 13,430,284 |
|
$ 573,556 |
|
$ 14,003,840 |
| Municipal |
|
1,364,901 |
|
444 |
|
1,365,345 |
| Government-sponsored enterprises |
|
330,339 |
|
- |
|
330,339 |
| Government and agencies |
|
81,755 |
|
- |
|
81,755 |
| Collateralized debt obligations |
|
- |
|
57,172 |
|
57,172 |
| Other asset-backed securities |
|
131,421 |
|
14,400 |
|
145,821 |
| Total |
|
$ 15,338,700 |
|
$ 645,572 |
|
$ 15,984,272 |
The market value of Torchmark’s fixed maturity portfolio was $17.9 billion compared with amortized cost of $16.0 billion. Net unrealized gains were comprised of gross unrealized gains of $2.1 billion and gross unrealized losses of $109 million.
Torchmark is not a party to any derivatives contracts, including credit default swaps, and does not participate in securities lending.
At amortized cost, 96% of fixed maturities (97% at market value) were rated “investment grade.” The fixed maturity portfolio earned an annual effective yield of 5.50% during the second quarter of 2019, compared with 5.57% in the year-ago quarter.
Comparable information for acquisitions of fixed maturity investments is as follows:
| Fixed Maturity Acquisitions |
| |
Quarter Ended |
| |
June 30, |
| |
2019 |
|
2018 |
| Amount |
|
$ 252,742 |
|
$ 181,688 |
| Average annual effective yield |
|
5.0% |
|
5.2% |
| Average rating |
|
A- |
|
BBB+ |
| Average life (in years) to: |
|
| Next call |
|
23.7 |
|
16.0 |
| Maturity |
|
29.2 |
|
18.4 |
SHARE REPURCHASE:
During the quarter, the Company repurchased 979,215 shares of Torchmark Corporation common stock at a total cost of $85 million for an average share price of $87.18.
LIQUIDITY/CAPITAL:
Torchmark's operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. Capital at the insurance companies is sufficient to support operations.
EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2019:
Torchmark projects that net operating income per share will be in the range of $6.67 to $6.77 for the year ending December 31, 2019.
NON-GAAP MEASURES:
In this news release, Torchmark includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Torchmark's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information including various GAAP and non-GAAP measurements are located at www.torchmarkcorp.com on the Investors page under “Financial Reports."
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Accordingly, please refer to Torchmark’s cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company’s Form 10-K for the year ended December 31, 2018, and any subsequent Forms 10-Q on file with the Securities and Exchange Commission and on the Company’s website at www.torchmarkcorp.com on the Investors page. Torchmark specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
Torchmark will provide a live audio webcast of its second quarter 2019 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, July 25, 2019. Access to the live webcast and replay will be available at www.torchmarkcorp.com on the Investors/Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Torchmark website at “Financial Reports.”
| For additional information contact: |
Mike Majors, |
| |
Executive Vice President |
| |
Torchmark Corporation |
| |
3700 South Stonebridge Dr. |
| |
P. O. Box 8080 |
| |
McKinney, Texas 75070-8080 |
| |
Phone: 972/569-3627 |
| |
tmkir@torchmarkcorp.com |
| |
Website: www.torchmarkcorp.com |
APPENDIX
TORCHMARK CORPORATION
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| Revenue: |
|
| Life premium |
|
$ 631,201 |
|
$ 602,534 |
|
$ 1,255,490 |
|
$ 1,200,837 |
| Health premium |
|
266,282 |
|
251,440 |
|
532,966 |
|
503,238 |
| Other premium |
|
1 |
|
5 |
|
1 |
|
10 |
| Total premium |
|
897,484 |
|
853,979 |
|
1,788,457 |
|
1,704,085 |
| Net investment income |
|
227,425 |
|
218,568 |
|
454,098 |
|
436,652 |
| Realized gains (losses) |
|
5,154 |
|
11,813 |
|
6,483 |
|
13,764 |
| Other income |
|
398 |
|
416 |
|
639 |
|
711 |
| Total revenue |
|
1,130,461 |
|
1,084,776 |
|
2,249,677 |
|
2,155,212 |
| |
| Benefits and expenses: |
|
| Life policyholder benefits |
|
410,961 |
|
399,334 |
|
820,653 |
|
799,915 |
| Health policyholder benefits |
|
170,511 |
|
160,461 |
|
340,528 |
|
321,080 |
| Other policyholder benefits |
|
7,890 |
|
8,582 |
|
15,938 |
|
17,271 |
| Total policyholder benefits |
|
589,362 |
|
568,377 |
|
1,177,119 |
|
1,138,266 |
| Amortization of deferred acquisition costs |
|
138,165 |
|
129,077 |
|
273,987 |
|
258,697 |
| Commissions, premium taxes, and non-deferred acquisition costs |
|
73,698 |
|
69,427 |
|
147,163 |
|
139,066 |
| Other operating expense |
|
79,044 |
|
68,620 |
|
151,837 |
|
135,444 |
| Interest expense |
|
21,432 |
|
22,411 |
|
42,710 |
|
44,033 |
| Total benefits and expenses |
|
901,701 |
|
857,912 |
|
1,792,816 |
|
1,715,506 |
| |
| Income before income taxes |
|
228,760 |
|
226,864 |
|
456,861 |
|
439,706 |
| Income tax benefit (expense) |
|
(42,151) |
|
(42,471) |
|
(84,858) |
|
(81,602) |
| Income from continuing operations |
|
186,609 |
|
184,393 |
|
372,003 |
|
358,104 |
| |
| Discontinued operations: |
|
| Income (loss) from discontinued operations, net of tax |
|
(43) |
|
32 |
|
(92) |
|
(79) |
| Net income |
|
$ 186,566 |
|
$ 184,425 |
|
$ 371,911 |
|
$ 358,025 |
| |
| Total basic net income per common share |
|
$ 1.70 |
|
$ 1.63 |
|
$ 3.38 |
|
$ 3.15 |
| |
| Total diluted net income per common share |
|
$ 1.67 |
|
$ 1.59 |
|
$ 3.32 |
|
$ 3.08 |
| |