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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________ 
FORM 10-Q
___________________________________________ 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
or
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                      to                     
Commission File No. 0-22818
___________________________________________ 
https://cdn.kscope.io/827826e9b0bc0a6d34aac20a8ba4b1cb-hain-20220331_g1.jpg
THE HAIN CELESTIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
___________________________________________ 
Delaware22-3240619
(State or other jurisdiction
of incorporation)
(I.R.S. Employer Identification No.)

1111 Marcus Avenue, Lake Success, NY 11042
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (516587-5000
Former name, former address and former fiscal year, if changed since last report: N/A
___________________________________________ 


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Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareHAINThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     
Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filer¨
Non-accelerated filer¨Smaller reporting companyEmerging 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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  ý

As of April 29, 2022, there were 89,797,463 shares outstanding of the registrant’s Common Stock, par value $.01 per share.


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THE HAIN CELESTIAL GROUP, INC.
Index
  
Part I - Financial InformationPage
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Items 3 and 4 are not applicable
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.

 
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Forward-Looking Statements

This Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Form 10-Q”) contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of The Hain Celestial Group, Inc. (collectively with its subsidiaries, the “Company,” “Hain Celestial,” “we,” “us” or “our”) may differ materially from those expressed or implied by such forward-looking statements. The words “believe,” “expect,” “anticipate,” “may,” “should,” “plan,” “intend,” “potential,” “will” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, among other things, our beliefs or expectations relating to our future performance, results of operations and financial condition; our strategic initiatives, business strategy, supply chain, brand portfolio and product performance; the COVID-19 pandemic; the success of our pricing negotiations; current or future macroeconomic trends; and future corporate acquisitions or dispositions.

Risks and uncertainties that may cause actual results to differ materially from forward-looking statements include: challenges and uncertainty resulting from the impact of competition; challenges and uncertainty resulting from the COVID-19 pandemic; our ability to manage our supply chain effectively; supply chain disruptions, cybersecurity risks and other risks arising from the war in Ukraine; disruption of operations at our manufacturing facilities; reliance on independent contract manufacturers; changes to consumer preferences; customer concentration; reliance on independent distributors; the availability of organic ingredients; risks associated with our international sales and operations; risks associated with outsourcing arrangements; our ability to execute our cost reduction initiatives and related strategic initiatives; our ability to identify and complete acquisitions or divestitures and our level of success in integrating acquisitions; our reliance on independent certification for a number of our products; the reputation of our Company and our brands; our ability to use and protect trademarks; general economic conditions; input cost inflation; the United Kingdom’s exit from the European Union; cybersecurity incidents; disruptions to information technology systems; the impact of climate change; liabilities, claims or regulatory change with respect to environmental matters; potential liability if our products cause illness or physical harm; the highly regulated environment in which we operate; pending and future litigation; compliance with data privacy laws; compliance with our credit agreement; the discontinuation of LIBOR; our ability to issue preferred stock; the adequacy of our insurance coverage; impairments in the carrying value of goodwill or other intangible assets; and other risks and matters described in our most recent Annual Report on Form 10-K, this Form 10-Q and our other filings from time to time with the U.S. Securities and Exchange Commission.

We undertake no obligation to update forward-looking statements to reflect actual results or changes in assumptions or circumstances, except as required by applicable law.



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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 31, 2022 AND JUNE 30, 2021
(In thousands, except par values)
March 31,June 30,
20222021
ASSETS
Current assets:
Cash and cash equivalents$57,808 $75,871 
Accounts receivable, less allowance for doubtful accounts of $1,137 and $1,314, respectively
158,734 174,066 
Inventories294,428 285,410 
Prepaid expenses and other current assets45,308 39,834 
Assets held for sale3,313 1,874 
Total current assets559,591 577,055 
Property, plant and equipment, net312,819 312,777 
Goodwill950,820 871,067 
Trademarks and other intangible assets, net492,939 314,895 
Investments and joint ventures16,056 16,917 
Operating lease right-of-use assets, net88,636 92,010 
Other assets20,619 21,187 
Total assets$2,441,480 $2,205,908 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$176,699 $171,947 
Accrued expenses and other current liabilities98,181 117,957 
Current portion of long-term debt7,774 530 
Total current liabilities282,654 290,434 
Long-term debt, less current portion827,771 230,492 
Deferred income taxes86,120 42,639 
Operating lease liabilities, noncurrent portion81,379 85,929 
Other noncurrent liabilities19,512 33,531 
Total liabilities1,297,436 683,025 
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock - $.01 par value, authorized 5,000 shares; issued and outstanding: none
  
Common stock - $.01 par value, authorized 150,000 shares; issued: 111,087 and 109,507 shares, respectively; outstanding: 89,800 and 99,069 shares, respectively
1,111 1,096 
Additional paid-in capital1,199,804 1,187,530 
Retained earnings766,056 691,225 
Accumulated other comprehensive loss(110,350)(73,011)
1,856,621 1,806,840 
Less: Treasury stock, at cost, 21,287 and 10,438 shares, respectively
(712,577)(283,957)
Total stockholders’ equity1,144,044 1,522,883 
Total liabilities and stockholders’ equity$2,441,480 $2,205,908 
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021
(In thousands, except per share amounts) 
 Three Months Ended March 31,Nine Months Ended March 31,
 2022202120222021
Net sales$502,939 $492,604 $1,434,783 $1,519,649 
Cost of sales387,236 362,698 1,096,367 1,140,614 
Gross profit115,703 129,906 338,416 379,035 
Selling, general and administrative expenses75,750 74,325 229,875 238,471 
Amortization of acquired intangible assets3,110 2,145 7,254 6,771 
Productivity and transformation costs
1,679 4,451 8,448 10,895 
Proceeds from insurance claim
 (592)(196)(592)
Long-lived asset and intangibles impairment  303 57,676 
Operating income35,164 49,577 92,732 65,814 
Interest and other financing expense, net3,224 2,030 7,672 6,820 
Other (income) expense, net(712)1,566 (10,570)(852)
Income from continuing operations before income taxes and equity in net loss (income) of equity-method investees32,652 45,981 95,630 59,846 
Provision for income taxes7,738 11,797 19,425 33,197 
Equity in net loss (income) of equity-method investees383 (70)1,374 1,025 
Net income from continuing operations$24,531 $34,254 $74,831 $25,624 
Net income from discontinued operations, net of tax   11,255 
Net income$24,531 $34,254 $74,831 $36,879 
Net income per common share:
Basic net income per common share from continuing operations$0.27 $0.34 $0.80 $0.25 
Basic net income per common share from discontinued operations   0.11 
Basic net income per common share$0.27 $0.34 $0.80 $0.36 
Diluted net income per common share from continuing operations$0.27 $0.34 $0.79 $0.25 
Diluted net income per common share from discontinued operations   0.11 
Diluted net income per common share$0.27 $0.34 $0.79 $0.36 
Shares used in the calculation of net income per common share:
Basic91,139 99,831 94,099 100,502 
Diluted91,310 101,596 94,519 101,385 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021
(In thousands)
 Three Months Ended
March 31, 2022March 31, 2021
 
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Net income$24,531 $34,254 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$(18,701)$ (18,701)$1,672 $ 1,672 
Reclassification of currency translation adjustment included in net loss from discontinued operations, net of tax   14,725  14,725 
Change in deferred gains (losses) on cash flow hedging instruments
1,841 (387)1,454 322 (68)254 
Change in deferred gains (losses) on net investment hedging instruments
1,426 (299)1,127 3,810 (800)3,010 
Total other comprehensive (loss) income
$(15,434)$(686)$(16,120)$20,529 $(868)$19,661 
Total comprehensive income$8,411 $53,915 
 Nine Months Ended
March 31, 2022March 31, 2021
 Pre-tax
amount
Tax (expense) benefitAfter-tax amountPre-tax
amount
Tax (expense) benefitAfter-tax amount
Net income$74,831 $36,879 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$(43,649)$ (43,649)$80,491 $ 80,491 
Reclassification of currency translation adjustment included in net income   15,906  15,906 
Change in deferred gains (losses) on cash flow hedging instruments
2,567 (540)2,027 474 (100)374 
Change in deferred gains (losses) on net investment hedging instruments
5,423 (1,140)4,283 (3,875)814 (3,061)
Total other comprehensive (loss) income
$(35,659)$(1,680)$(37,339)$92,996 $714 $93,710 
Total comprehensive income$37,492 $130,589 
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022
(In thousands, except par values)
 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmountLoss Total
Balance at June 30, 2021109,507 $1,096 $1,187,530 $691,225 10,438 $(283,957)$(73,011)$1,522,883 
Net income19,411 19,411 
Other comprehensive loss(20,963)(20,963)
Issuance of common stock pursuant to stock-based compensation plans
61 — —  
Employee shares withheld for taxes
29 (1,175)(1,175)
Repurchases of common stock4,525 (175,687)(175,687)
Stock-based compensation expense4,287 4,287 
Balance at September 30, 2021109,568 $1,096 $1,191,817 $710,636 14,992 $(460,819)$(93,974)$1,348,756 
Net income30,889 30,889 
Other comprehensive loss (256)(256)
Issuance of common stock pursuant to stock-based compensation plans
1,436 14 (14) 
Employee shares withheld for taxes
654 (29,858)(29,858)
Repurchases of common stock2,027 (89,831)(89,831)
Stock-based compensation expense4,156 4,156 
Balance at December 31, 2021111,004 $1,110 $1,195,959 $741,525 17,673 $(580,508)$(94,230)$1,263,856 
Net income24,531 24,531 
Other comprehensive loss$(16,120)(16,120)
Issuance of common stock pursuant to stock-based compensation plans
83 1 (1) 
Employee shares withheld for taxes
40 (1,597)(1,597)
Repurchases of common stock3,574 (130,472)(130,472)
Stock-based compensation expense3,846 3,846 
Balance at March 31, 2022111,087 $1,111 $1,199,804 $766,056 21,287 $(712,577)$(110,350)$1,144,044 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2021
(In thousands, except par values)
 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmountIncome (Loss) Total
Balance at June 30, 2020109,123 $1,092 $1,171,875 $614,171 7,238 $(172,192)$(171,392)$1,443,554 
Net income485 485 
Cumulative effect of adoption of ASU 2016-02
(310)(310)
Other comprehensive income
31,005 31,005 
Issuance of common stock pursuant to stock-based compensation plans
54 1 (1) 
Employee shares withheld for taxes
20 (468)(468)
Repurchase of common stock1,281 (42,052)(42,052)
Stock-based compensation expense4,367 4,367 
Balance at September 30, 2020109,177 $1,093 $1,176,241 $614,346 8,539 $(214,712)$(140,387)$1,436,581 
Net income2,140 2,140 
Other comprehensive income43,044 43,044 
Issuance of common stock pursuant to stock-based compensation plans
162 2 (2) 
Employee shares withheld for taxes
38 (1,255)(1,255)
Repurchase of common stock923 (29,684)(29,684)
Stock-based compensation expense3,823 3,823 
Balance at December 31, 2020109,339 $1,095 $1,180,062 $616,486 9,500 $(245,651)$(97,343)$1,454,649 
Net income34,254 34,254 
Other comprehensive income19,661 19,661 
Issuance of common stock pursuant to stock-based compensation plans
127 1 (1) 
Employee shares withheld for taxes
49 (2,018)(2,018)
Repurchase of common stock204 (8,562)(8,562)
Stock-based compensation expense3,698 3,698 
Balance at March 31, 2021109,466 $1,096 $1,183,759 $650,740 9,753 $(256,231)$(77,682)$1,501,682 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2022 AND 2021
(In thousands)
 Nine Months Ended March 31,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$74,831 $36,879 
Net income from discontinued operations 11,255 
Net income from continuing operations74,831 25,624 
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization34,396 37,768 
Deferred income taxes7,374 3,216 
Equity in net loss of equity-method investees1,374 1,025 
Stock-based compensation, net12,289 11,888 
Long-lived asset and intangibles impairment303 57,676 
Gain on sale of assets(8,869) 
Loss on sale of businesses 1,217 
Other non-cash items, net(2,155)(723)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Accounts receivable14,150 (20,721)
Inventories(4,371)(60,304)
Other current assets(10,996)56,487 
Other assets and liabilities(2,705)(952)
Accounts payable and accrued expenses(16,435)34,316 
Net cash provided by operating activities from continuing operations99,186 146,517 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(33,939)(53,062)
Acquisitions of businesses, net of cash acquired(260,474) 
Investment in joint venture(614)(694)
Proceeds from sale of assets10,756  
Proceeds from sale of businesses, net and other 27,788 
Net cash used in investing activities from continuing operations
(284,271)(25,968)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under bank revolving credit facility678,000 206,000 
Repayments under bank revolving credit facility(370,000)(231,000)
Borrowings under term loan300,000  
Repayments under term loan(1,875) 
Payments of other debt, net(3,232)(1,917)
Share repurchases(397,405)(80,298)
Employee shares withheld for taxes
(32,630)(3,741)
Net cash provided by (used in) financing activities from continuing operations
172,858 (110,956)
Effect of exchange rate changes on cash from continuing operations(5,836)5,650 
Net (decrease) increase in cash and cash equivalents(18,063)15,243 
Cash and cash equivalents at beginning of period75,871 37,771 
Cash and cash equivalents at end of period$57,808 $53,014 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Amounts in thousands, except par values and per share data)

1.    BUSINESS

The Hain Celestial Group, Inc., a Delaware corporation (collectively with its subsidiaries, the “Company,” “Hain Celestial,” “we,” “us” or “our”), was founded in 1993 and is headquartered in Lake Success, New York. The Company’s mission has continued to evolve since its founding, with health and wellness being the core tenet. The Company continues to be a leading marketer, manufacturer and seller of organic and natural, “better-for-you” products by anticipating and exceeding consumer expectations in providing quality, innovation, value and convenience. The Company is committed to growing sustainably while continuing to implement environmentally sound business practices and manufacturing processes. Hain Celestial sells its products through specialty and natural food distributors, supermarkets, natural food stores, mass-market and e-commerce retailers, food service channels and club, drug and convenience stores in over 80 countries worldwide. The Company operates under two reportable segments: North America and International.

Acquisition
On December 28, 2021, the Company acquired all outstanding stock of Proven Brands, Inc. (and its subsidiary That's How We Roll LLC) and KTB Foods Inc., collectively doing business as "That's How We Roll" ("THWR"), the producer and marketer of ParmCrisps® and Thinsters®. See Note 4, Acquisitions and Dispositions, for details.
Discontinued Operations
The financial statements separately report discontinued operations and the results of continuing operations (see Note 4, Acquisitions and Dispositions). All footnotes exclude discontinued operations unless otherwise noted.

2.    BASIS OF PRESENTATION

The Company’s unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliated companies in which the Company exerts significant influence, but which it does not control, are accounted for under the equity method of accounting. As such, consolidated net income includes the Company's equity in the current earnings or losses of such companies.

The Company's unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP and should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the “Form 10-K”). The amounts as of and for the periods ended June 30, 2021 are derived from the Company’s audited annual financial statements. The unaudited consolidated financial statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair presentation for interim periods. Operating results for the nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. Please refer to the Notes to the Consolidated Financial Statements as of June 30, 2021 and for the fiscal year then ended included in the Form 10-K for information not included in these condensed notes.

All amounts in the unaudited consolidated financial statements, notes and tables have been rounded to the nearest thousand, except par values and per share amounts, unless otherwise indicated.

Significant Accounting Policies

The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Practices, in the Notes to the Consolidated Financial Statements in the Form 10-K. Included herein are certain updates to those policies.

Transfer of Financial Assets

The Company has non-recourse accounts receivable financing arrangements in which eligible receivables are sold to third-party buyers in exchange for cash. The Company transferred accounts receivable in their entirety to the buyers and satisfied all of the conditions to report the transfer of financial assets in their entirety as a sale. The principal amount of receivables sold under these arrangements was $112,607 and $59,871 during the nine months ended March 31, 2022 and 2021, respectively. The incremental cost
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of accounts receivable financing arrangements is included in Other (income) expense, net in the Company’s Consolidated Statements of Operations. The proceeds from the sale of receivables are included in cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows.
Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination on the acquisition date in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, as if it had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. The Company adopted ASU 2021-08 during the second quarter of fiscal year 2022, and the adoption did not have an impact on the Company's consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. ASU 2020-04 is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. During the first quarter of fiscal year 2022, the Company adopted the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.



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3.    EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net income per share:
 Three Months Ended March 31,Nine Months Ended March 31,
 2022202120222021
Numerator:
Net income from continuing operations$24,531 $34,254 $74,831 $25,624 
Net income from discontinued operations   11,255 
Net income$24,531 $34,254 $74,831 $36,879 
Denominator:
Basic weighted average shares outstanding
91,139 99,831 94,099 100,502 
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units
171 1,765 420 883 
Diluted weighted average shares outstanding
91,310 101,596 94,519 101,385 
Basic net income per common share:
Continuing operations$0.27 $0.34 $0.80 $0.25 
Discontinued operations   0.11 
Basic net income per common share$0.27 $0.34 $0.80 $0.36 
Diluted net income per common share:
Continuing operations$0.27 $0.34 $0.79 $0.25 
Discontinued operations   0.11 
Diluted net income per common share$0.27 $0.34