Form 8-KA__

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 8-K/A



CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934





8



Date of Report (Date of earliest event reported)

November 27, 2018



GREEN PLAINS INC.

(Exact name of registrant as specified in its charter)



Iowa

(State or other jurisdiction of incorporation)





 



 

001-32924

84-1652107

(Commission file number)

(IRS employer identification no.)

 

 

1811 Aksarben Drive, Omaha, Nebraska

68106

(Address of principal executive offices)

(Zip code)





(402) 884-8700

(Registrant’s telephone number, including area code)





Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


 

 

EXPLANATORY NOTE



On November 15, 2018, Green Plains Inc. (the Company”) filed with the Securities and Exchange Commission a Current Report on Form 8-K to disclose that it had closed on its previously announced sale of three ethanol plants located in Bluffton, Indiana, Lakota, Iowa, and Riga, Michigan to Valero Renewable Fuels Company, LLC (the “Valero Transaction”). Correspondingly, the Company also announced it had closed on the acquisition of storage assets and assignment of rail transportation assets from Green Plains Partners LP (the “Partnership Transaction”) which were then disposed of in the Valero Transaction. On November 21, 2018, the Company filed with the Securities and Exchange Commission a Current Report on Form 8-K/A to provide pro forma financials for the Valero Transaction and the Partnership Transaction.



On November 28, 2018, the Company filed with the Securities and Exchange Commission a Current Report on Form 8-K (the “Initial 8-K”) to disclose that it had closed on its previously announced sale of Fleischmann’s Vinegar Company to Kerry Holding Co. (the “Kerry Transaction”).



This Form 8-K/A amends the Initial 8-K to provide pro forma financial information for the Kerry Transaction, in addition to the previously reported Valero Transaction and the Partnership Transaction as described in Item 9.01 below. Except as otherwise provided in this Form 8-K/A, the Initial 8-K remains unchanged.



Item 9.01.  Financial Statements and Exhibits.



(b) Pro Forma Financial Information.



The unaudited pro forma condensed consolidated balance sheet of Green Plains Inc. as of September 30, 2018, and the unaudited pro forma condensed consolidated statements of operations for the nine months ended September 30, 2018, and for the fiscal year ended December 31, 2017, and notes thereto, are attached as Exhibit 99.1 to this Form 8-K/A and incorporated in this Item 9.01(b) by reference.



(d) Exhibits. The following exhibits are filed as part of this report.





 

Number

Description

99.1

Unaudited Pro Forma Condensed Consolidated Financial Statements.











 


 

 

SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





 



 

Date: December 3, 2018

 

Green Plains Inc.

 

 

By: /s/ John W. Neppl                  

John W. Neppl
Chief Financial Officer

(Principal Financial Officer)



 


Exhibit - 99.1_

Exhibit 99.1

GREEN PLAINS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AND RELATED NOTES THERETO



Introduction and Basis of Presentation



On October 8, 2018, Green Plains Inc. (the “Company”) entered into an asset purchase agreement for the sale of three ethanol plants located in Bluffton, Indiana, Lakota, Iowa, and Riga, Michigan, and certain related assets from subsidiaries, to Valero Renewable Fuels Company, LLC (“Valero”) for the sale price of $319.8 million, including net working capital and other adjustments (the “Valero Transaction”). Correspondingly, the Company entered into a separate asset purchase agreement with Green Plains Partners LP (the “Partnership”) for $120.9 million (the “Partnership Transaction”) to acquire the related storage assets to be disposed of in the sale to Valero and convey 460 of the 3,500 railcars leased by the Partnership to the Company. The Company received as consideration from Valero approximately $319.8 million, while the Partnership received as consideration from the Company 8.7 million Partnership units and a portion of the general partner interest equating to 0.2 million hypothetical limited partner units to maintain the general partner’s 2% interest. In addition, the Partnership also received as additional consideration approximately $2.6 million in cash related to the present value gain on railcars transferred, subject to certain post-closing adjustments. On November 15, 2018, the Company closed on both the Partnership Transaction and the Valero Transaction. The transactions were previously described in a Current Report of the Company on Form 8-K filed with the United States Securities and Exchange Commission on October 10, 2018 and a Current Report of the Company on Form 8-K/A filed with the United States Securities and Exchange Commission on November 21, 2018.



On October 23, 2018, the Company and Green Plains II LLC (“GP II”), an indirect wholly-owned subsidiary of the Company, entered into a stock purchase agreement with Kerry Holding Co. (“Kerry”) for GP II to sell all of the issued and outstanding capital stock of Fleischmann’s Vinegar Company, Inc. (the “Kerry Transaction”). On November 27, 2018, the Company closed on the Kerry Transaction. The Company received as consideration from Kerry $353.9 million in cash and restricted cash, including net working capital adjustments. The transaction was previously described in Current Reports of the Company on Form 8-K filed with the United States Securities and Exchange Commission on October 25, 2018 and November 28, 2018. 



The following unaudited pro forma condensed consolidated balance sheet as of September 30, 2018, of the Company is presented as if the Valero Transaction, the Partnership Transaction and the Kerry Transaction had occurred on September 30, 2018. The unaudited pro forma condensed consolidated statements of operations for the nine months ended September 30, 2018, and for the year ended December 31, 2017, are presented as if such events had occurred on January 1, 2017.



The unaudited pro forma condensed consolidated balance sheet and statements of operations included herein are for informational purposes only and are not necessarily indicative of the results that might have occurred had the Valero Transaction, the Partnership Transaction and the Kerry Transaction taken place on the respective dates assumed. Actual results may differ significantly from those reflected in the unaudited condensed consolidated pro forma financial statements for various reasons, including but not limited to, the differences between the assumptions used to prepare the unaudited pro forma condensed consolidated financial statements and actual results. The pro forma adjustments in the unaudited pro forma condensed consolidated balance sheet and the statements of operations included herein include the use of estimates and assumptions as described in the accompanying notes. The pro forma adjustments are based on information available to the Company at the time these unaudited pro forma condensed consolidated financial statements were prepared. The Company believes its current estimates provide a reasonable basis of presenting the significant effects of the Valero Transaction, the Partnership Transaction and the Kerry Transaction.



The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the accompanying notes in addition to the following:



the historical financial statements of the Company as of and for the year ended December 31, 2017, and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017;



the historical unaudited financial statements of the Company as of and for the nine months ended September 30, 2018, and the related notes included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.



 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

GREEN PLAINS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF SEPTEMBER 30, 2018

(in thousands)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pro Forma

 

 



Green

 

Disposition of

 

Disposition of

 

Adjustments

 

Pro Forma



Plains Inc.

 

Ethanol Plants

 

Vinegar Plants

 

(Note 2)

 

Consolidated



 

 

 

 

 

 

 

 

 

 

ASSETS

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

171,674 

 

$

(3,622)

 

$

958 

 

$

666,758 

(a)

$

325,822 



 

 

 

 

 

 

 

 

 

 

(516,023)

(b)

 

 



 

 

 

 

 

 

 

 

 

 

749 

(c)

 

 

Restricted cash

 

62,797 

 

 

8,252 

 

 

 -

 

 

7,000 

(a)

 

61,545 

Accounts receivable, net

 

134,950 

 

 

4,314 

 

 

17,411 

 

 

 -

 

 

113,225 

Income taxes receivable

 

13,211 

 

 

 -

 

 

 -

 

 

(15)

(d)

 

13,196 

Inventories

 

765,198 

 

 

30,514 

 

 

16,965 

 

 

 -

 

 

717,719 

Prepaid expenses and other

 

15,529 

 

 

1,076 

 

 

444 

 

 

 -

 

 

14,009 

Derivative financial instruments

 

24,254 

 

 

4,649 

 

 

 -

 

 

 -

 

 

19,605 

Total current assets

 

1,187,613 

 

 

45,183 

 

 

35,778 

 

 

158,469 

 

 

1,265,121 

Property and equipment, net

 

1,143,551 

 

 

184,476 

 

 

62,789 

 

 

 -

 

 

896,286 

Goodwill

 

182,879 

 

 

6,188 

 

 

142,002 

 

 

 -

 

 

34,689 

Deferred income taxes

 

 -

 

 

 -

 

 

 -

 

 

24,698 

(d)

 

24,698 

Other assets

 

170,791 

 

 

4,897 

 

 

79,833 

 

 

 -

 

 

86,061 

Total assets

$

2,684,834 

 

$

240,744 

 

$

320,402 

 

$

183,167 

 

$

2,306,855 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

155,663 

 

$

8,012 

 

$

6,268 

 

$

 -

 

$

141,383 

Accrued and other liabilities

 

47,955 

 

 

5,437 

 

 

1,207 

 

 

 -

 

 

41,311 

Derivative financial instruments

 

41,725 

 

 

3,841 

 

 

 -

 

 

 -

 

 

37,884 

Short-term notes payable and other borrowings

 

556,566 

 

 

 -

 

 

 -

 

 

(21,023)

(b)

 

535,543 

Current maturities of long-term debt

 

65,614 

 

 

 -

 

 

 -

 

 

 -

 

 

65,614 

Total current liabilities

 

867,523 

 

 

17,290 

 

 

7,475 

 

 

(21,023)

 

 

821,735 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

767,177 

 

 

 -

 

 

 -

 

 

(495,000)

(b)

 

285,553 



 

 

 

 

 

 

 

 

 

 

13,376 

(e)

 

 

Deferred income taxes

 

21,764 

 

 

25,272 

 

 

25,947 

 

 

29,455 

(d)

 

 -

Other liabilities

 

14,235 

 

 

4,662 

 

 

 -

 

 

 -

 

 

9,573 

Total liabilities

 

1,670,699 

 

 

47,224 

 

 

33,422 

 

 

(473,192)

 

 

1,116,861 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

47 

 

 

 -

 

 

 -

 

 

 -

 

 

47 

Additional paid-in capital

 

695,143 

 

 

 -

 

 

 -

 

 

 -

 

 

695,143 

Retained earnings

 

276,083 

 

 

193,520 

 

 

287,023 

 

 

656,359 

(f)

 

451,899 

Accumulated other comprehensive loss

 

(17,176)

 

 

 -

 

 

(43)

 

 

 -

 

 

(17,133)

Treasury stock

 

(55,184)

 

 

 -

 

 

 -

 

 

 -

 

 

(55,184)

Total Green Plains stockholders' equity

 

898,913 

 

 

193,520 

 

 

286,980 

 

 

656,359 

 

 

1,074,772 

Noncontrolling interests

 

115,222 

 

 

 -

 

 

 -

 

 

 -

 

 

115,222 

Total stockholders' equity

 

1,014,135 

 

 

193,520 

 

 

286,980 

 

 

656,359 

 

 

1,189,994 

Total liabilities and stockholders' equity

$

2,684,834 

 

$

240,744 

 

$

320,402 

 

$

183,167 

 

$

2,306,855 



 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREEN PLAINS INC. AND SUBSIDIARIES

 

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

FOR THE YEAR ENDED DECEMBER 31, 2017

 

(in thousands, except per share amounts)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pro Forma

 

 

 

 



Green

 

Disposition of

 

Disposition of

 

Adjustments

 

Pro Forma

 



Plains Inc.

 

Ethanol Plants

 

Vinegar Plants

 

(Note 2)

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

$

3,589,981 

 

$

421,866 

 

$

116,006 

 

$

 -

 

$

3,052,109 

 

Service revenues

 

6,185 

 

 

 -

 

 

 -

 

 

 -

 

 

6,185 

 

Total revenues

 

3,596,166 

 

 

421,866 

 

 

116,006 

 

 

 -

 

 

3,058,294 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

 

3,301,587 

 

 

401,165 

 

 

82,785 

 

 

 -

 

 

2,817,637 

 

Operations and maintenance expenses

 

33,448 

 

 

3,915 

 

 

 -

 

 

 -

 

 

29,533 

 

Selling, general and administrative expenses

 

112,024 

 

 

6,084 

 

 

6,277 

 

 

 -

 

 

99,663 

 

Depreciation and amortization expenses

 

107,361 

 

 

21,056 

 

 

9,325 

 

 

 -

 

 

76,980 

 

Total costs and expenses

 

3,554,420 

 

 

432,220 

 

 

98,387 

 

 

 -

 

 

3,023,813 

 

Operating income (loss)

 

41,746 

 

 

(10,354)

 

 

17,619 

 

 

 -

 

 

34,481 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

1,597 

 

 

11 

 

 

 -

 

 

 -

 

 

1,586 

 

Interest expense

 

(90,160)

 

 

 -

 

 

(16,728)

 

 

26,276 

(g)

 

(47,156)

 

Other, net

 

3,666 

 

 

2,759 

 

 

 -

 

 

 -

 

 

907 

 

Total other income (expense)

 

(84,897)

 

 

2,770 

 

 

(16,728)

 

 

26,276 

 

 

(44,663)

 

Income (loss) before income taxes

 

(43,151)

 

 

(7,584)

 

 

891 

 

 

26,276 

 

 

(10,182)

 

Income tax benefit (expense)

 

124,782 

 

 

29,305 

 

 

17,523 

 

 

(9,906)

(d)

 

68,048 

 

Net income

 

81,631 

 

 

21,721 

 

 

18,414 

 

 

16,370 

 

 

57,866 

 

Net income attributable to noncontrolling interests

 

20,570 

 

 

305 

 

 

 -

 

 

 -

 

 

20,265 

 

Net income attributable to Green Plains

$

61,061 

 

$

21,416 

 

$

18,414 

 

$

16,370 

 

$

37,601 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Green Plains - basic

$

1.56 

 

 

 

 

 

 

 

 

 

 

$

0.96 

 

Net income attributable to Green Plains - diluted

$

1.47 

(h)

 

 

 

 

 

 

 

 

$

0.94 

(h)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

39,247 

 

 

 

 

 

 

 

 

 

 

 

39,247 

 

Diluted

 

50,240 

(h)

 

 

 

 

 

 

 

 

 

39,960 

(h)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



















 

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREEN PLAINS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(in thousands, except per share amounts)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pro Forma

 

 

 



Green

 

Disposition of

 

Disposition of

 

Adjustments

 

Pro Forma



Plains Inc.

 

Ethanol Plants

 

Vinegar Plants

 

(Note 2)

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

$

3,027,678 

 

$

330,850 

 

$

90,228 

 

$

 -

 

$

2,606,600 

Service revenues

 

4,546 

 

 

 -

 

 

 -

 

 

 -

 

 

4,546 

Total revenues

 

3,032,224 

 

 

330,850 

 

 

90,228 

 

 

 -

 

 

2,611,146 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

 

2,835,344 

 

 

310,765 

 

 

67,433 

 

 

 -

 

 

2,457,146 

Operations and maintenance expenses

 

23,564 

 

 

2,562 

 

 

 -

 

 

 -

 

 

21,002 

Selling, general and administrative expenses

 

80,817 

 

 

4,138 

 

 

3,170 

 

 

(749)

(c)

 

72,760 

Depreciation and amortization expenses

 

84,010 

 

 

16,890 

 

 

6,788 

 

 

 -

 

 

60,332 

Total costs and expenses

 

3,023,735 

 

 

334,355 

 

 

77,391 

 

 

(749)

 

 

2,611,240 

Operating income (loss)

 

8,489 

 

 

(3,505)

 

 

12,837 

 

 

749 

 

 

(94)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

2,136 

 

 

 

 

 -

 

 

 -

 

 

2,127 

Interest expense

 

(67,548)

 

 

 -

 

 

(9,412)

 

 

18,750 

(g)

 

(39,386)

Other, net

 

2,362 

 

 

 

 

 -

 

 

 -

 

 

2,361 

Total other income (expense)

 

(63,050)

 

 

10 

 

 

(9,412)

 

 

18,750 

 

 

(34,898)

Loss before income taxes

 

(54,561)

 

 

(3,495)

 

 

3,425 

 

 

19,499 

 

 

(34,992)

Income tax benefit (expense)

 

31,438 

 

 

5,429 

 

 

(1,191)

 

 

(4,771)

(d)

 

22,429 

Net income (loss)

 

(23,123)

 

 

1,934 

 

 

2,234 

 

 

14,728 

 

 

(12,563)

Net income attributable to noncontrolling interests

 

14,457 

 

 

238 

 

 

 -

 

 

 -

 

 

14,219 

Net income (loss) attributable to Green Plains

$

(37,580)

 

$

1,696 

 

$

2,234 

 

$

14,728 

 

$

(26,782)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Green Plains - basic

$

(0.94)

 

 

 

 

 

 

 

 

 

 

$

(0.67)

Net loss attributable to Green Plains - diluted

$

(0.94)

 

 

 

 

 

 

 

 

 

 

$

(0.67)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

40,189 

 

 

 

 

 

 

 

 

 

 

 

40,189 

Diluted

 

40,189 

 

 

 

 

 

 

 

 

 

 

 

40,189 



 

 

 

 

 

 

 

 

 

 

 

 

 

 







































 

 


 

GREEN PLAINS INC. AND SUBSIDIARIES

NOTES TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.

BASIS OF PRESENTATION

See “Introduction” for more information regarding the basis of presentation for our unaudited pro forma condensed consolidated financial statements. For the purposes of this pro forma analysis, the sale price, including estimated working capital adjustments, have been allocated. Finalization of working capital adjustments is not expected to materially impact the adjustments shown above. 



2.

PRO FORMA ADJUSTMENTS

Adjustments under the heading “Pro Forma Adjustment” in the accompanying pro forma condensed consolidated financial statements represent the following:



(a)

Reflects cash received at closing on the sale of ethanol plants of $319.8 million and the vinegar plants of $346.9 milllion, including working capital considerations. The Company also received $7.0 million of restricted cash on the sale of the vinegar plants.

(b)

Reflects the actual repayment of debt that occurred following the sale of the ethanol plants of $271.0 million, which included the repayment of short-term debt, and the vinegar plants of $245.0 milion.

(c)

Reflects the reversal of transaction costs incurred through September 30, 2018 of $0.2 million associated with the sale of the ethanol plants and $0.5 million associated with the sale of the vinegar plants.

(d)

Reflects the income tax impact related to interest savings as a result of repayment of debt of $516.0 million, and the reclassification of net deferred tax assets as an asset as a result of the transactions.

(e)

Reflects the write-off of debt issuance costs as a result of debt extinguishment, which is not presented in the pro forma condensed consolidated statement of operations as it is nonrecurring in nature and will not have a continuing impact on the Company.

(f)

Reflects the impact on equity related to the cash received at closing on the sale of the ethanol and vinegar plants, the gain on the sale of the ethanol plants of $96.6 million and the vinegar plants of $60.1 million, the write-off of debt issuance costs and the reversal of transaction costs incurred through September 30, 2018. The gain on the sale of the ethanol and vinegar plants is not presented in the pro forma condensed consolidated statement of operations as it is nonrecurring in nature and will not have a continuing impact on the Company.

(g)

Reflects the interest foregone as a result of repayment of debt. For the periods ended December 31, 2017 and September 30, 2018, the weighted average interest rate on the outstanding debt was approximately 6.9% and 7.3%, respectively. During the period ended December 31, 2017, Fleischmann Vinegar’s senior secured term loan was extinguished in full on August 29, 2017 with proceeds from the new $500.0 million secured term loan facility, and the Company wrote off deferred financing fees of $3.5 million and paid a prepayment penalty of $2.9 million.

(h)

The Company computed diluted earnings per share (“EPS”) for 2017 by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. If the impact of the convertible debt instruments are antidilutive, the impact is excluded from the diluted EPS calculation. For additional information related to EPS, see Note 13 – Earnings Per Share in the notes to consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2017.