Maryland
|
36-4150422
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
200
East Randolph Drive, Chicago, IL
|
60601
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer x
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Part
I
|
Financial
Information
|
||
Item
1.
|
3
|
||
|
|||
3
|
|||
|
|||
4
|
|||
|
|||
5
|
|||
|
|||
6
|
|||
|
|||
7
|
|||
|
|||
Item
2.
|
19
|
||
|
|||
Item
3.
|
29
|
||
|
|||
Item
4.
|
30
|
||
|
|||
Part
II
|
Other
Information
|
|
|
|
|||
Item
1.
|
31
|
||
|
|
||
Item
1A.
|
31
|
||
|
|||
Item
2.
|
31
|
||
|
|||
Item
4.
|
32
|
||
|
|||
Item
5.
|
32
|
||
Item
6.
|
36
|
Part
I
|
Financial
Information
|
Item
1.
|
Financial
Statements
|
June
30, 2007
|
December
31,
|
|||||||
Assets
|
(unaudited)
|
2006
|
||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ |
37,513
|
50,612
|
|||||
Trade
receivables, net of allowances of $13,088 and $7,845
|
581,272
|
630,121
|
||||||
Notes
and other receivables
|
60,408
|
30,079
|
||||||
Prepaid
expenses
|
30,319
|
28,040
|
||||||
Deferred
tax assets
|
48,034
|
49,230
|
||||||
Other
assets
|
22,346
|
19,363
|
||||||
Total
current assets
|
779,892
|
807,445
|
||||||
|
||||||||
Property
and equipment, net of accumulated depreciation of $189,851 and
$181,959
|
146,926
|
120,376
|
||||||
Goodwill,
with indefinite useful lives, net of accumulated amortization of
$39,183
and $38,701
|
580,237
|
520,478
|
||||||
Identified
intangibles, with finite useful lives, net of accumulated amortization
of
$63,073 and $58,594
|
38,822
|
37,583
|
||||||
Investments
in real estate ventures
|
130,698
|
131,789
|
||||||
Long-term
receivables, net
|
30,744
|
29,781
|
||||||
Deferred
tax assets
|
40,967
|
37,465
|
||||||
Other
assets, net
|
47,607
|
45,031
|
||||||
|
$ |
1,795,893
|
1,729,948
|
|||||
|
||||||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable and accrued liabilities
|
$ |
192,377
|
221,356
|
|||||
Accrued
compensation
|
365,679
|
514,586
|
||||||
Short-term
borrowings
|
30,239
|
17,738
|
||||||
Deferred
tax liabilities
|
2,027
|
1,426
|
||||||
Deferred
income
|
22,796
|
31,896
|
||||||
Other
current liabilities
|
39,593
|
43,444
|
||||||
Total
current liabilities
|
652,711
|
830,446
|
||||||
|
||||||||
Noncurrent
liabilities:
|
||||||||
Credit
facilities
|
117,710
|
32,398
|
||||||
Deferred
tax liabilities
|
1,289
|
648
|
||||||
Deferred
compensation
|
47,267
|
30,668
|
||||||
Pension
liability
|
20,152
|
19,252
|
||||||
Deferred
business acquisition obligations
|
45,439
|
34,178
|
||||||
Other
noncurrent liabilities
|
41,266
|
31,978
|
||||||
Total
liabilities
|
925,834
|
979,568
|
||||||
|
||||||||
Commitments
and contingencies
|
||||||||
Shareholders’
equity:
|
||||||||
Common
stock, $.01 par value per share, 100,000,000 shares authorized;
36,821,901
and 36,592,864 shares issued and outstanding
|
368
|
366
|
||||||
Additional
paid-in capital
|
706,050
|
676,270
|
||||||
Retained
earnings
|
349,705
|
255,914
|
||||||
Shares
held by subsidiary
|
(219,359 | ) | (197,543 | ) | ||||
Shares
held in trust
|
(1,427 | ) | (1,427 | ) | ||||
Accumulated
other comprehensive income
|
34,722
|
16,800
|
||||||
Total
shareholders’ equity
|
870,059
|
750,380
|
||||||
|
$ |
1,795,893
|
1,729,948
|
Three
Months
|
Three
Months
|
Six
Months
|
Six
Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenue
|
$ |
676,086
|
509,789
|
1,166,139
|
846,887
|
|||||||||||
Operating
expenses:
|
||||||||||||||||
Compensation
and benefits
|
436,265
|
318,369
|
761,922
|
549,615
|
||||||||||||
Operating,
administrative and other
|
126,517
|
96,894
|
242,253
|
184,557
|
||||||||||||
Depreciation
and amortization
|
12,309
|
10,378
|
24,935
|
20,354
|
||||||||||||
Restructuring
credits
|
—
|
(169 | ) | (411 | ) | (670 | ) | |||||||||
Operating
expenses
|
575,091
|
425,472
|
1,028,699
|
753,856
|
||||||||||||
Operating
income
|
100,995
|
84,317
|
137,440
|
93,031
|
||||||||||||
Interest
expense, net of interest income
|
3,830
|
4,478
|
5,668
|
7,687
|
||||||||||||
Gain
on sale of investments
|
3,703
|
—
|
6,129
|
—
|
||||||||||||
Equity
in earnings from real estate ventures
|
6,368
|
9,593
|
6,502
|
8,649
|
||||||||||||
Income
before provision for income taxes
|
107,236
|
89,432
|
144,403
|
93,993
|
||||||||||||
Provision
for income taxes
|
28,632
|
23,216
|
38,556
|
24,397
|
||||||||||||
Net
income before cumulative effect of change in accounting
principle
|
78,604
|
66,216
|
105,847
|
69,596
|
||||||||||||
Cumulative
effect of change in accounting principle, net of tax
|
—
|
—
|
—
|
1,180
|
||||||||||||
Net
income
|
$ |
78,604
|
66,216
|
105,847
|
70,776
|
|||||||||||
Net
income available to common shareholders (Note 10)
|
$ |
77,932
|
65,694
|
105,175
|
70,254
|
|||||||||||
Basic
earnings per common share
|
$ |
2.45
|
2.07
|
3.30
|
2.22
|
|||||||||||
Basic
weighted average shares outstanding
|
31,828,364
|
31,688,327
|
31,878,811
|
31,600,591
|
||||||||||||
Diluted
earnings per common share
|
$ |
2.32
|
1.94
|
3.12
|
2.08
|
|||||||||||
Diluted
weighted average shares outstanding
|
33,655,359
|
33,821,945
|
33,664,471
|
33,796,465
|
Common
Stock
|
Additional
Paid-In
|
Retained
|
Shares
Held
by
|
Shares
Held
in
|
Accumulated
Other
Comprehensive
|
|||||||||||||||||||||||||||
Shares
(1)
|
Amount
|
Capital
|
Earnings
|
Subsidiary
|
Trust
|
Income
|
Total
|
|||||||||||||||||||||||||
Balances
at December 31,
2006
|
36,592,864
|
$ |
366
|
676,270
|
255,914
|
(197,543 | ) | (1,427 | ) |
16,800
|
$ |
750,380
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net
income
|
—
|
—
|
—
|
105,847
|
—
|
—
|
—
|
105,847
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Shares
issued under stock compensation programs
|
229,037
|
2
|
5,275
|
—
|
—
|
—
|
—
|
5,277
|
||||||||||||||||||||||||
Tax
benefits of vestings and exercises
|
—
|
—
|
3,754
|
—
|
—
|
—
|
—
|
3,754
|
||||||||||||||||||||||||
Amortization
of stock compensation
|
—
|
—
|
20,751
|
—
|
—
|
—
|
—
|
20,751
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Shares
acquired by subsidiary (1)
|
—
|
—
|
—
|
—
|
(21,816 | ) |
—
|
—
|
(21,816 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Dividends
declared
|
—
|
—
|
—
|
(12,056 | ) |
—
|
—
|
—
|
(12,056 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Reclassification
adjustment for gain on sale of available-for-sale securities realized
in
net income
|
—
|
—
|
—
|
—
|
—
|
—
|
(2,256 | ) | (2,256 | ) | ||||||||||||||||||||||
Foreign
currency translation adjustments
|
—
|
—
|
—
|
—
|
—
|
—
|
20,178
|
20,178
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balances
at June 30, 2007
|
36,821,901
|
$ |
368
|
706,050
|
349,705
|
(219,359 | ) | (1,427 | ) |
34,722
|
$ |
870,059
|
Six
|
Six
|
|||||||
Months
Ended
|
Months
Ended
|
|||||||
June
30, 2007
|
June
30, 2006
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ |
105,847
|
70,776
|
|||||
Reconciling
net income to net cash from operating activities:
|
||||||||
Cumulative
effect of change in accounting principle, net of tax
|
—
|
(1,180 | ) | |||||
Depreciation
and amortization
|
24,935
|
20,354
|
||||||
Equity
in earnings from real estate ventures
|
(6,502 | ) | (8,649 | ) | ||||
Gain
on sale of investments
|
(3,703 | ) |
—
|
|||||
Operating
distributions from real estate ventures
|
8,147
|
12,631
|
||||||
Provision
for loss on receivables and other assets
|
6,518
|
4,514
|
||||||
Amortization
of deferred compensation
|
22,686
|
16,977
|
||||||
Amortization
of debt issuance costs
|
296
|
365
|
||||||
Change
in:
|
||||||||
Receivables
|
27,124
|
(119,799 | ) | |||||
Prepaid
expenses and other assets
|
(7,652 | ) | (6,867 | ) | ||||
Deferred
tax assets, net
|
(1,064 | ) |
3,015
|
|||||
Excess
tax benefits from share-based payment arrangements
|
(3,754 | ) | (8,024 | ) | ||||
Accounts
payable, accrued liabilities and accrued compensation
|
(152,575 | ) | (16,154 | ) | ||||
Net
cash provided by (used in) operating activities
|
20,303
|
(32,041 | ) | |||||
Cash
flows from investing activities:
|
||||||||
Net
capital additions – property and equipment
|
(45,396 | ) | (28,535 | ) | ||||
Business
acquisitions
|
(66,697 | ) | (168,448 | ) | ||||
Capital
contributions and advances to real estate ventures
|
(20,663 | ) | (35,393 | ) | ||||
Distributions,
repayments of advances and sale of investments
|
24,075
|
9,365
|
||||||
Net
cash used in investing activities
|
(108,681 | ) | (223,011 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from borrowings under credit facilities
|
609,179
|
584,090
|
||||||
Repayments
of borrowings under credit facilities
|
(509,119 | ) | (330,353 | ) | ||||
Shares
repurchased for payment of employee taxes on stock awards
|
(857 | ) | (148 | ) | ||||
Shares
repurchased under share repurchase program
|
(21,815 | ) | (20,362 | ) | ||||
Excess
tax benefits from share-based payment arrangements
|
3,754
|
8,024
|
||||||
Common
stock issued under stock option plan and stock purchase
programs
|
6,193
|
17,658
|
||||||
Payment
of dividends
|
(12,056 | ) | (8,636 | ) | ||||
Net
cash provided by financing activities
|
75,279
|
250,273
|
||||||
Net
decrease in cash and cash equivalents
|
(13,099 | ) | (4,779 | ) | ||||
Cash
and cash equivalents, January 1
|
50,612
|
28,658
|
||||||
Cash
and cash equivalents, June 30
|
$ |
37,513
|
23,879
|
|||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ |
8,097
|
6,847
|
|||||
Income
taxes, net of refunds
|
28,246
|
18,753
|
||||||
Non-cash
financing activities:
|
||||||||
Deferred
business acquisition obligations
|
11,261
|
32,854
|
|
·
|
The
property owner, with ultimate approval rights relating to the employment
and compensation of on-site personnel, and bearing all of the economic
costs of such personnel, is determined to be the primary obligor
in the
arrangement;
|
|
·
|
Reimbursement
to Jones Lang LaSalle is generally completed simultaneously with
payment
of payroll or soon thereafter;
|
|
·
|
Because
the property owner is contractually obligated to fund all operating
costs
of the property from existing cash flow or direct funding from
its
building operating account, Jones Lang LaSalle bears little or
no credit
risk; and
|
|
·
|
Jones
Lang LaSalle generally earns no margin in the reimbursement aspect
of the
arrangement, obtaining reimbursement only for actual costs
incurred.
|
|
(i)
|
Investment
Management, which offers money management services on a global
basis,
and
|
|
The
three geographic regions of Investor and Occupier Services
("IOS"):
|
|
(ii)
|
Americas,
|
|
(iii)
|
Europe,
Middle East and Africa (“EMEA”) and
|
|
(iv)
|
Asia
Pacific.
|
Three
Months
|
Three
Months
|
Six
Months
|
Six
Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
Investor
and Occupier Services
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Americas
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Transaction
services
|
$ |
85,070
|
66,535
|
157,759
|
114,747
|
|||||||||||
Management
services
|
86,021
|
64,801
|
156,952
|
127,062
|
||||||||||||
Equity
earnings
|
270
|
135
|
420
|
284
|
||||||||||||
Other
services
|
7,638
|
2,891
|
12,134
|
5,432
|
||||||||||||
178,999
|
134,362
|
327,265
|
247,525
|
|||||||||||||
Operating
expenses:
|
||||||||||||||||
Compensation,
operating and administrative services
|
153,792
|
121,332
|
289,675
|
229,936
|
||||||||||||
Depreciation
and amortization
|
6,084
|
5,281
|
12,006
|
10,583
|
||||||||||||
Operating
income
|
$ |
19,123
|
7,749
|
25,584
|
7,006
|
|||||||||||
EMEA
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Transaction
services
|
$ |
157,903
|
109,110
|
300,041
|
188,485
|
|||||||||||
Management
services
|
35,181
|
22,561
|
67,264
|
43,782
|
||||||||||||
Equity
earnings (losses)
|
172
|
(85 | ) | (195 | ) | (305 | ) | |||||||||
Other
services
|
3,730
|
4,396
|
6,767
|
7,365
|
||||||||||||
196,986
|
135,982
|
373,877
|
239,327
|
|||||||||||||
Operating
expenses:
|
||||||||||||||||
Compensation,
operating and administrative services
|
177,830
|
127,877
|
335,555
|
233,596
|
||||||||||||
Depreciation
and amortization
|
3,931
|
2,840
|
8,447
|
5,348
|
||||||||||||
Operating
income
|
$ |
15,225
|
5,265
|
29,875
|
383
|
|||||||||||
Asia
Pacific
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Transaction
services
|
$ |
162,312
|
45,189
|
201,908
|
73,837
|
|||||||||||
Management
services
|
47,018
|
28,041
|
92,077
|
55,881
|
||||||||||||
Equity
earnings
|
210
|
1,633
|
231
|
1,850
|
||||||||||||
Other
services
|
1,691
|
1,529
|
3,410
|
2,697
|
||||||||||||
211,231
|
76,392
|
297,626
|
134,265
|
|||||||||||||
Operating
expenses:
|
||||||||||||||||
Compensation,
operating and administrative services
|
165,194
|
71,556
|
252,715
|
128,301
|
||||||||||||
Depreciation
and amortization
|
1,857
|
1,938
|
3,630
|
3,760
|
||||||||||||
Operating
income
|
$ |
44,180
|
2,898
|
41,281
|
2,204
|
|||||||||||
Investment
Management
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Transaction
and other services
|
$ |
5,411
|
3,886
|
7,930
|
14,936
|
|||||||||||
Advisory
fees
|
54,295
|
43,084
|
108,214
|
81,353
|
||||||||||||
Incentive
fees
|
29,817
|
117,766
|
51,683
|
131,310
|
||||||||||||
Equity
earnings
|
5,716
|
7,910
|
6,046
|
6,820
|
||||||||||||
95,239
|
172,646
|
173,873
|
234,419
|
|||||||||||||
Operating
expenses:
|
||||||||||||||||
Compensation,
operating and administrative services
|
65,966
|
94,498
|
126,230
|
142,339
|
||||||||||||
Depreciation
and amortization
|
437
|
319
|
852
|
663
|
||||||||||||
Operating
income
|
$ |
28,836
|
77,829
|
46,791
|
91,417
|
|||||||||||
Segment
Reconciling Items:
|
||||||||||||||||
Total
segment revenue
|
$ |
682,454
|
519,382
|
1,172,641
|
855,536
|
|||||||||||
Reclassification
of equity earnings
|
(6,368 | ) | (9,593 | ) | (6,502 | ) | (8,649 | ) | ||||||||
Total
revenue
|
676,086
|
509,789
|
1,166,139
|
846,887
|
||||||||||||
Total
segment operating expenses
|
575,091
|
425,641
|
1,029,110
|
754,526
|
||||||||||||
Restructuring
credits
|
—
|
(169 | ) | (411 | ) | (670 | ) | |||||||||
Operating
income
|
$ |
100,995
|
84,317
|
137,440
|
93,031
|
Investor
and Occupier Services
|
||||||||||||||||||||
|
Asia
|
Investment
|
||||||||||||||||||
Americas
|
EMEA
|
Pacific
|
Management
|
Consolidated
|
||||||||||||||||
Gross
Carrying Amount
|
||||||||||||||||||||
Balance
as of January 1, 2007
|
$ |
328,628
|
104,494
|
95,563
|
30,494
|
559,179
|
||||||||||||||
Additions
|
418
|
50,646
|
2,917
|
—
|
53,981
|
|||||||||||||||
Impact
of exchange rate movements
|
—
|
2,508
|
3,179
|
573
|
6,260
|
|||||||||||||||
Balance
as of June 30, 2007
|
329,046
|
157,648
|
101,659
|
31,067
|
619,420
|
|||||||||||||||
Accumulated
Amortization
|
||||||||||||||||||||
Balance
as of January 1, 2007
|
$ | (15,457 | ) | (6,429 | ) | (7,038 | ) | (9,777 | ) | (38,701 | ) | |||||||||
Impact
of exchange rate movements
|
—
|
(160 | ) | (234 | ) | (88 | ) | (482 | ) | |||||||||||
Balance
as of June 30, 2007
|
(15,457 | ) | (6,589 | ) | (7,272 | ) | (9,865 | ) | (39,183 | ) | ||||||||||
Net
book value as of June 30, 2007
|
$ |
313,589
|
151,059
|
94,387
|
21,202
|
580,237
|
Investor
and Occupier Services
|
||||||||||||||||||||
Asia
|
Investment
|
|||||||||||||||||||
Americas
|
EMEA
|
Pacific
|
Management
|
Consolidated
|
||||||||||||||||
Gross
Carrying Amount
|
||||||||||||||||||||
Balance
as of January 1, 2007
|
$ |
82,929
|
4,449
|
2,965
|
5,834
|
96,177
|
||||||||||||||
Additions
|
—
|
3,207
|
1,773
|
—
|
4,980
|
|||||||||||||||
Impact
of exchange rate movements
|
—
|
471
|
118
|
149
|
738
|
|||||||||||||||
Balance
as of June 30, 2007
|
82,929
|
8,127
|
4,856
|
5,983
|
101,895
|
|||||||||||||||
Accumulated
Amortization
|
||||||||||||||||||||
Balance
as of January 1, 2007
|
$ | (47,127 | ) | (2,668 | ) | (2,965 | ) | (5,834 | ) | (58,594 | ) | |||||||||
Amortization
expense
|
(3,352 | ) | (544 | ) | (252 | ) |
—
|
(4,148 | ) | |||||||||||
Impact
of exchange rate movements
|
—
|
(62 | ) | (120 | ) | (149 | ) | (331 | ) | |||||||||||
Balance
as of June 30, 2007
|
(50,479 | ) | (3,274 | ) | (3,337 | ) | (5,983 | ) | (63,073 | ) | ||||||||||
Net
book value as of June 30, 2007
|
$ |
32,450
|
4,853
|
1,519
|
—
|
38,822
|
2007
(remaining six months)
|
$ |
4.5
|
||
2008
|
8.3
|
|||
2009
|
5.4
|
|||
2010
|
4.2
|
|||
2011
|
3.5
|
|||
Thereafter
|
12.9
|
|||
Total
|
$ |
38.8
|
Weighted
Average
|
Weighted
Average
|
Aggregate
|
||||||||||||||
Shares
|
Grant
Date
|
Remaining
|
Intrinsic
Value
|
|||||||||||||
(thousands)
|
Fair
Value
|
Contractual
Life
|
($
in millions)
|
|||||||||||||
Unvested
at March 31, 2007
|
2,601.6
|
$ |
51.57
|
|||||||||||||
Granted
|
63.9
|
106.49
|
||||||||||||||
Vested
|
—
|
—
|
||||||||||||||
Forfeited
|
(17.7 | ) |
42.47
|
|||||||||||||
Unvested
at June 30, 2007
|
2,647.8
|
$ |
52.96
|
1.28
years
|
$ |
160.3
|
Weighted
Average
|
Weighted
Average
|
Aggregate
|
||||||||||||||
Shares
|
Grant
Date
|
Remaining
|
Intrinsic
Value
|
|||||||||||||
(thousands)
|
Fair
Value
|
Contractual
Life
|
($
in millions)
|
|||||||||||||
Unvested
at January 1, 2007
|
2,116.5
|
$ |
40.29
|
|||||||||||||
Granted
|
597.8
|
95.97
|
||||||||||||||
Vested
|
(34.1 | ) |
30.02
|
|||||||||||||
Forfeited
|
(32.4 | ) |
42.62
|
|||||||||||||
Unvested
at June 30, 2007
|
2,647.8
|
$ |
52.96
|
1.28
years
|
$ |
160.3
|
||||||||||
Unvested
shares expected to vest
|
2,516.0
|
$ |
51.96
|
1.21
years
|
$ |
154.8
|
Weighted
Average
|
Aggregate
|
|||||||||||||||
Options
|
Weighted
Average
|
Remaining
|
Intrinsic
Value
|
|||||||||||||
(thousands)
|
Exercise
Price
|
Contractual
Life
|
($
in millions)
|
|||||||||||||
Outstanding
at March 31, 2007
|
235.8
|
$ |
19.50
|
|||||||||||||
Granted
|
—
|
—
|
||||||||||||||
Exercised
|
(21.7 | ) |
19.33
|
|||||||||||||
Forfeited
|
—
|
—
|
||||||||||||||
Outstanding
at June 30, 2007
|
214.1
|
$ |
19.52
|
2.55
years
|
$ |
20.1
|
Weighted
Average
|
Aggregate
|
|||||||||||||||
Options
|
Weighted
Average
|
Remaining
|
Intrinsic
Value
|
|||||||||||||
(thousands)
|
Exercise
Price
|
Contractual
Life
|
($
in millions)
|
|||||||||||||
Outstanding
at January 1, 2007
|
311.3
|
$ |
18.28
|
|||||||||||||
Granted
|
—
|
—
|
||||||||||||||
Exercised
|
(96.2 | ) |
15.59
|
|||||||||||||
Forfeited
|
(1.0 | ) |
12.25
|
|||||||||||||
Outstanding
at June 30, 2007
|
214.1
|
$ |
19.52
|
2.55
years
|
$ |
20.1
|
||||||||||
Exercisable
at June 30, 2007
|
210.9
|
$ |
19.57
|
2.50
years
|
$ |
19.8
|
Three
Months
|
Three
Months
|
Six
Months
|
Six
Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Number
of options exercised
|
21,697
|
71,196
|
96,197
|
589,379
|
||||||||||||
Intrinsic
value
|
$ |
2.0
|
4.5
|
8.6
|
27.2
|
|||||||||||
Cash
received from options exercised
|
1.1
|
1.3
|
4.1
|
12.3
|
||||||||||||
Tax
benefit realized from option exercises
|
0.7
|
1.7
|
2.9
|
10.3
|
Three
Months
|
Three
Months
|
Six
Months
|
Six
Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Employer
service cost - benefits earned during the year
|
$ |
1,010
|
996
|
2,000
|
1,745
|
|||||||||||
Interest
cost on projected benefit obligation
|
2,624
|
2,258
|
5,204
|
4,427
|
||||||||||||
Expected
return on plan assets
|
(3,138 | ) | (2,606 | ) | (6,224 | ) | (5,109 | ) | ||||||||
Net
amortization/deferrals
|
495
|
524
|
981
|
1,028
|
||||||||||||
Recognized
actual loss
|
19
|
57
|
37
|
111
|
||||||||||||
Net
periodic pension cost
|
$ |
1,010
|
1,229
|
1,998
|
2,202
|