QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or Other Jurisdiction of |
(I.R.S. Employer | |
Incorporation or Organization) |
Identification No.) | |
Suite 400 |
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(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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☒ |
Accelerated filer |
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Non-accelerated filer |
☐ |
Smaller reporting company |
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Emerging growth company |
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40 |
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Item 1. |
Financial Statements |
June 30, 2019 (Unaudited) |
December 31, 2018 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | |
$ | |
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Commissions receivable |
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Prepaid expenses |
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Income tax receivable |
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Marketable securities, available-for-sale |
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Other assets, net |
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Total current assets |
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Prepaid rent |
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Property and equipment, net |
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Operating lease right-of-use assets, net |
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Marketable securities, available-for-sale |
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Assets held in rabbi trust |
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Deferred tax assets, net |
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Goodwill and other intangible assets, net |
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Other assets |
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Total assets |
$ | |
$ | |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and other liabilities |
$ | |
$ | |
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Notes payable to former stockholders |
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Deferred compensation and commissions |
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Income tax payable |
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Operating lease liabilities |
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Accrued bonuses and other employee related expenses |
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Total current liabilities |
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Deferred compensation and commissions |
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Notes payable to former stockholders |
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Operating lease liabilities |
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Deferred rent and other liabilities |
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Total liabilities |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $ |
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Authorized shares – |
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Common stock, $ |
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Authorized shares – |
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Additional paid-in capital |
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Stock notes receivable from employees |
( |
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Retained earnings |
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Accumulated other comprehensive income |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | |
$ | |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2019 |
2018 |
2019 |
2018 |
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Revenues: |
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Real estate brokerage commissions |
$ |
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$ |
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$ |
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$ |
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Financing fees |
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Other revenues |
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Total revenues |
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Operating expenses: |
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Cost of services |
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Selling, general and administrative expense |
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Depreciation and amortization expense |
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Total operating expenses |
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Operating income |
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Other income (expense), net |
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Interest expense |
( |
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Income before provision for income taxes |
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Provision for income taxes |
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Net income |
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Other comprehensive income (loss): |
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Marketable securities, available-for-sale: |
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Change in unrealized gains (losses) |
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Less: reclassification adjustment for net (gains) losses included in other income (expense), net |
( |
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( |
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Net change, net of tax of $ ( , $( for the three and six months ended June 30, 2019 and 2018, respectively |
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( |
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( |
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Foreign currency translation (loss) gain, net of tax of $ |
( |
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( |
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Total other comprehensive income (loss) |
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( |
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( |
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Comprehensive income |
$ | |
$ | |
$ | |
$ | |
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Earnings per share: |
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Basic |
$ | |
$ | |
$ | |
$ | |
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Diluted |
$ | |
$ | |
$ | |
$ | |
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Weighted average common shares outstanding: |
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Basic |
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Diluted |
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Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||
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Preferred Stock |
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Common Stock |
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Additional Paid-In |
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Stock Notes Receivable From |
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Retained |
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Accumulated Other Comprehensive |
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Shares |
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Amount |
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Shares |
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Amount |
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Capital |
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Employees |
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Earnings |
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Income |
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Total |
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Balance at March 31, 2019 |
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$ | |
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$ | |
$ | |
$ | ( |
) | $ |
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$ | |
$ |
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Net and comprehensive income |
— |
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— |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee stock purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
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( |
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( |
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( |
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Balance as of June 30, 2019 |
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$ | |
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$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
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Three Months Ended June 30, 2018 |
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Preferred Stock |
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Common Stock |
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Additional Paid-In |
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Stock Notes Receivable From |
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Retained |
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Accumulated Other Comprehensive |
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Shares |
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Amount |
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Shares |
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Amount |
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Capital |
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Employees |
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Earnings |
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Income (Loss) |
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Total |
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Balance at March 31, 2018 |
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$ | |
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$ | |
$ | |
$ | ( |
) | $ |
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$ | |
$ |
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Net and comprehensive income |
— |
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— |
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( |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee stock purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
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( |
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( |
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( |
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Balance as of June 30, 2018 |
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$ | |
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$ | |
$ | |
$ | ( |
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$ | |
$ | |
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Six Months Ended June 30, 2019 |
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Preferred Stock |
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Common Stock |
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Additional Paid-In |
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Stock Notes Receivable From |
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Retained |
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Accumulated Other Comprehensive |
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Shares |
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Amount |
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Shares |
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Amount |
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Capital |
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Employees |
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Earnings |
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Income |
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Total |
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Balance at December 31, 2018 |
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$ | |
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$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
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Net and comprehensive income |
— |
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— |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee stock purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
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( |
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( |
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( |
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Balance as of June 30, 2019 |
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$ | |
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$ | |
$ |
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$ | ( |
) | $ | |
$ | |
$ |
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Six Months Ended June 30, 2018 |
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Preferred Stock |
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Common Stock |
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Additional Paid-In |
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Stock Notes Receivable From |
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Retained |
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Accumulated Other Comprehensive |
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Shares |
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Amount |
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Shares |
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Amount |
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Capital |
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Employees |
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Earnings |
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Income (Loss) |
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Total |
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Balance at December 31, 2017 |
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$ | |
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$ | |
$ |
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$ | ( |
) | $ |
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$ | |
$ |
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Cumulative effect of a change in accounting principle |
— |
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— |
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( |
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Balance at January 1, 2018, as adjusted |
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( |
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Net and comprehensive income |
— |
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— |
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( |
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Stock-based award activity |