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10-Q
KOPPERS HOLDINGS INC. filed this Form 10-Q on 08/03/2017
Entire Document
 

 

The following tables present the change in equity (deficit) for the six months ended June 30, 2017 and 2016, respectively:

 

(Dollars in millions)

 

Total Koppers

Shareholders’

Equity

 

 

Noncontrolling

Interests

 

 

Total Equity

 

Balance at December 31, 2016

 

$

30.4

 

 

$

4.2

 

 

$

34.6

 

Net income

 

 

24.1

 

 

 

0.3

 

 

 

24.4

 

Issuance of common stock

 

 

1.9

 

 

 

0.0

 

 

 

1.9

 

Employee stock plans

 

 

5.3

 

 

 

0.0

 

 

 

5.3

 

Other comprehensive income

 

 

12.4

 

 

 

0.1

 

 

 

12.5

 

Repurchases of common stock

 

 

(5.2

)

 

 

0.0

 

 

 

(5.2

)

Balance at June 30, 2017

 

$

68.9

 

 

$

4.6

 

 

$

73.5

 

 

(Dollars in millions)

 

Total Koppers

Shareholders’

Equity (Deficit)

 

 

Noncontrolling

Interests

 

 

Total Equity (Deficit)

 

Balance at December 31, 2015

 

$

(18.5

)

 

$

6.1

 

 

$

(12.4

)

Net income (loss)

 

 

10.8

 

 

 

(1.3

)

 

 

9.5

 

Employee stock plans

 

 

3.4

 

 

 

0.0

 

 

 

3.4

 

Other comprehensive income (loss)

 

 

8.0

 

 

 

(0.2

)

 

 

7.8

 

Repurchases of common stock

 

 

(0.3

)

 

 

0.0

 

 

 

(0.3

)

Balance at June 30, 2016

 

$

3.4

 

 

$

4.6

 

 

$

8.0

 

 

 

7. Earnings per Common Share

The computation of basic earnings per common share for the periods presented is based upon the weighted average number of common shares outstanding during the periods. The computation of diluted earnings per common share includes the effect of non-vested nonqualified stock options and restricted stock units assuming such options and stock units were outstanding common shares at the beginning of the period. The effect of antidilutive securities is excluded from the computation of diluted loss per common share, if any.

The following table sets forth the computation of basic and diluted earnings per common share:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(Dollars in millions, except share amounts, in thousands, and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Koppers

 

$

19.7

 

 

$

12.1

 

 

$

24.1

 

 

$

10.8

 

Less: (Loss) income from discontinued operations

 

 

(1.1

)

 

 

0.0

 

 

 

(1.2

)

 

 

0.6

 

Income from continuing operations attributable to

   Koppers

 

$

20.8

 

 

$

12.1

 

 

$

25.3

 

 

$

10.2

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

20,782

 

 

 

20,640

 

 

 

20,752

 

 

 

20,611

 

Effect of dilutive securities

 

 

1,101

 

 

 

304

 

 

 

1,146

 

 

 

187

 

Diluted

 

 

21,883

 

 

 

20,944

 

 

 

21,898

 

 

 

20,798

 

Income per common share – continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

 

$

1.00

 

 

$

0.58

 

 

$

1.22

 

 

$

0.49

 

Diluted income per common share

 

 

0.95

 

 

 

0.57

 

 

 

1.15

 

 

 

0.49

 

Other data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive securities excluded from computation of

   diluted earnings per common share

 

 

509

 

 

 

424

 

 

 

344

 

 

 

572

 

 

8. Stock-based Compensation

The amended and restated 2005 Long-Term Incentive Plan (the “LTIP”) provides for the grant to eligible persons of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance awards, dividend equivalents and other stock-based awards, which are collectively referred to as the awards.

8