离岸钻井：模型更新

1、Offshore DrillingModel UpdatesNorth America Equity Research17 January 2019We are updating our offshore driller models to reflect our revised base case macro assumptions following the 4Q18 oil price reset and recent fleet activity. Acknowledging the recent whipsaw movement in oil prices where the for

2、ward 2020 deliveries retrenched to a $5-handle, but since recovered to the $60s are marking-to-market our dayrate assumptions to reflect a flatter upward trajectory relative to our prior Whereas previously thought the short-term contracting “loss leader” environment could begin to subside as early a

3、s 2H19, we now believe that deepwater dayrates will remain structurally challenged into 2020. Although long-term “normalized” $300k earned drillship dayrate forecast is relatively unchanged (assuming the spot market oscillates in at least a $50-100k radius), recent tendering data provide anecdotal e

4、vidence that reinforces our that deepwater economics are unlikely to support a meaningful pricing ramp in near term. We shorter projects will remain in as onshore economics and capital conservativeness continue to challenge the prospects for regional greenfield activity. As a result, we remain UW de

5、epwater-levered stocks, and lower our PT for DO to $11 (from $14), RIG to $7 (from $8), while removing our PT for NE (from $5). We see scope for incremental tightening in the global jackup market to continue trending upwards in 2019, favoring (relative) constructive thesis on the cash profiles for p

6、remium jackups addition to more niche semi asset classes). We remain Neutral on ESV RDC, but lower our PTs to $6 (from $8) and $15 (from $19),respectively.Oil Services and Equipment Sean C Meakim, CFA AC(1-212) 622-6684 HYPERLINK mailto:sean.meakim sean.meakimBloomberg JPMA MEAKIM Justin W Hawkins(1

7、-212) 622-5248 HYPERLINK mailto:justin.w.hawkins justin.w.hawkinsAaron Rosenthal, CFA(1-212) 622-5828 HYPERLINK mailto:aaron.rosenthal aaron.rosenthalJ.P. Morgan Securities LLCEquity Ratings and Price TargetsCompanyTickerMkt Cap ($ mn)Price ($) Rat Curing PrevCur Price TargetEndDateEnd DateDiamond O

8、ffshore DrillingDO US1,557.1411.33UWn/c11.00Dec-1914.00Dec-19EnscoESV US1,900.964.36Nn/c6.00Dec-198.00Dec-19Noble CorpNE US821.823.33UWn/c5.00Dec-19Rowan CompaniesRDC US1,447.3211.39Nn/c15.00Dec-1919.00Dec-19TransoceanRIG US5,151.178.45UWn/c7.00Dec-198.00Dec-19Source: Company data, Bloomberg, J.P. M

9、organ estimates. n/c = no change. All prices as of 16 Jan 19.See page 22 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest

10、that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. HYPERLINK / Figure 1: Diamond FinancialsSummary2014201520161Q172Q173Q174Q1720171Q182Q183Q184Q18e2018e2019e2020eIncom e Statement ($ in millions)Revenue

11、Total Contract Drilling Revenue$2,737$2,360$1,490$364$392$358$338$1,451$288$265$281$234$1,068$1,034$1,096Total Revenue Companywide$2,815$2,419$1,565$374$399$366$346$1,486$296$269$286$240$1,090$1,056$1,119COGS($1,524)($1,228)($772)($204)($196)($198)($204)($802)($185)($189)($188)($168)($730)($760)($78

12、7)Contract Drilling Gross Margins44.3%48.0%48.2%44.0%50.0%44.6%39.6%44.7%35.9%28.6%32.9%28.3%31.6%26.5%28.2%Total Gross Margins45.9%49.3%50.6%45.6%50.9%45.9%41.0%46.0%37.5%29.6%34.2%30.0%33.0%28.1%29.6%SG&A($82)($67)($64)($17)($19)($18)($20)($75)($18)($18)($16)($16)($68)($70)($78)Total Costs & Expen

13、ses($1,682)($1,353)($894)($231)($222)($224)($233)($910)($211)($211)($210)($189)($821)($852)($887)Total D&A($456)($493)($382)($93)($86)($83)($86)($349)($82)($82)($82)($82)($327)($328)($328)EBITDA$1,133$1,066$671$143$177$142$114$575$85$58$76$50$270$204$231Total EBITDA Margins40.3%44.1%42.9%38.1%44.4%3

14、8.8%32.8%38.7%28.7%21.5%26.7%21.0%24.7%19.3%20.7%Total Operating Incom e$677$573$289$50$91$59$27$227$3($24)($5)($31)($58)($124)($97)Total Operating Margins24.0%23.7%18.5%13.2%22.9%16.0%7.9%15.3%1.0%-8.9%-1.9%-13.1%-5.3%-11.7%-8.6%Income Taxes($182)($65)($13)($1)($2)$2 ($6)($7)$1 $6 $2 $6 $15 $20 $21

15、Tax Rate30%14%8%4%3%-7%-462%6%6%5%10%10%9%9%10%Net Incom e$384($275)($451)$24$16$11($32)$18$19($70)($51)($53)($155)($213)($186)Diluted Shares (Avg)137137137137137137137137137137137137137137137EPS (Adjuste d, Diluted)$3.16$3.03$1.17$0.17$0.45$0.25($0.05)$0.82($0.16)($0.33)($0.26)($0.39)($1.13)($1.55)

16、($1.35)Dividend per Share$3.50$0.38$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Balance Sheet ($ in millions)Property, Plant, & Equip. (Net)6,9466,3795,7275,6165,4905,4335,2625,2625,2225,1975,1925,2375,2375,2135,188Total Assets$8,021$7,165$6,372$6,269$6,110$6,198$6,251$6,251$6,19

17、3$6,113$6,068$6,109$6,109$6,088$6,020Long-term Debt, Net of Curre nt1,9951,9951,9811,9811,9811,9721,9721,9721,9731,9731,9731,9721,9721,9721,972Stockholder Equity4,4524,1133,7073,7743,7923,8053,7743,7743,7803,7113,6613,7213,7213,6743,621Balance Sheet MetricsBook Value (per share)$32.38$29.98$27.02$27

18、.50$27.63$27.72$27.50$27.50$27.49$27.00$26.64$27.12$27.08$26.74$26.36Net Debt$2,000$2,151$1,929$1,858$1,820$1,695$1,596$1,596$1,543$1,554$1,497$1,521$1,521$1,545$1,519Total Debt/Capital33.6%35.7%36.0%34.4%34.3%34.1%34.3%34.3%34.3%34.7%35.0%34.6%34.6%34.9%35.3%Net Debt/Capital31.0%34.3%34.2%33.0%32.4

19、%30.8%29.7%29.7%29.0%29.5%29.0%29.0%29.0%29.6%29.6%Return on equity9.6%9.7%4.1%2.5%6.6%3.6%-0.8%3.0%-2.3%-4.9%-3.8%-5.7%-4.1%-5.8%-5.1%Return on capital (Net Debt)8.3%7.8%4.1%3.6%6.3%4.6%11.9%4.0%0.4%-1.3%-0.3%-2.0%-0.8%-1.9%-1.5%Source: Company reports and J.P. Morganestimates.Figure 2: Ensco Finan

20、cials Summary2014201520161Q172Q173Q174Q1720171Q182Q183Q184Q18e2018e2019e2020eIncom e Statem ent ($ in millions)RevenueFloater$2,781$2,355$1,566$285$264$292$303$1,144$259$285$242$205$991$939$945Jackup1,8181,445930172179153137640143159173185661838971Other92 152 7615 15 15 15 5915 15 16 16 61 63 63Tota

21、l Revenue$4,691$3,952$2,571$471$458$460$454$1,843$417$459$431$406$1,712$1,840$1,980COGS($2,142)($1,855)($1,297)($278)($281)($286)($327)($1,173)($317)($339)($325)($321)($1,302)($1,406)($1,472)SG&A($132)($118)($101)($26)($27)($30)($29)($111)($27)($25)($24)($22)($98)($113)($109)Total Costs & Expenses($

22、2,274)($1,973)($1,398)($304)($308)($316)($356)($1,284)($344)($364)($349)($343)($1,400)($1,519)($1,580)Total D&A($580)($573)($445)($109)($108)($108)($120)($445)($115)($121)($121)($120)($476)($515)($499)EBITDA$2,417$1,979$1,174$167$150$144$93$553$55$85$74$63$277$321$400Total Operating Income$1,838$1,4

23、07$728$58$42$36($21)$114($41)($26)($39)($57)($162)($194)($99)Total Operating Margins39%36%28%12%9%8%-5%6%-10%-6%-9%-14%-9%-11%-5%Income Taxes($137)($114)($77)($17)($18)($23)($23)($82)($27)($27)($31)($20)($106)($46)($47)Tax Rate8%10%15%270%-160%-509%-31%-98%-18%-18%-15%-15%-23%-9%-11%Net incom e$1,55

24、3$1,029$420($11)($30)($28)($97)($166)($139)($130)($141)($154)($563)($559)($472)Diluted Shares (A vg)232232256301301301426358434434434436435436436EPS (Adjusted, Diluted)$6.44$4.37$1.56($0.04)($0.10)($0.08)($0.23)($0.45)($0.32)($0.30)($0.33)($0.36)($1.31)($1.30)($1.10)Dividend per Share$3.00$0.60$0.04

25、$0.01$0.01$0.01$0.01$0.04$0.04$0.04$0.04$0.04$0.16$0.16$0.16Cash Flow Statem ent ($ in millions)Total Working Capital Changes(39)2,650(297)(12)(50)(7)1336562(54)(79)10(61)29(5)Cash from Operations$2,054$1,698$1,077$105$26$89$40$259$40($58)($64)($26)($109)($23)$13Capital expenditures($1,398)($1,620)(

26、$322)($283)($50)($142)($63)($537)($269)($63)($47)($70)($449)($255)($334)Cash from Investing($1,998)($1,512)($575)($645)$77$470($304)($403)($228)$84($219)($70)($433)($255)($334)Increase (decrease) in LT Debt$1,186($48)($38)($337)($200)$0$0($537)$212($0)$0$0$212$500$500Cash from Financing$443($225)$52

27、9($347)($205)($4)($14)($571)$209($6)($7)($4)$192$483$483Cash at End of Period$664$121$1,160$272$170$724$446$446$466$486$196$95$95$300$462Balance Sheet ($ in millions)Property, Plant, & Equip. (Net)12,53511,08810,91911,09311,05911,09612,87412,87412,83512,78412,73212,68212,68212,42112,257Total Assets$

28、16,060$13,637$14,375$13,608$13,724$13,683$14,626$14,626$14,534$14,341$14,219$14,048$14,048$13,984$14,027Long-term Debt, Net of Current5,8865,8954,9434,9064,7454,7484,7514,7514,9875,0035,0035,0035,0035,5036,003Stockholder Equity8,2236,5178,2558,2268,1908,1678,7308,7308,5918,4128,2908,1308,1307,5457,0

29、47Cash Flow MetricsFree Cash Flow$656$78$755($178)($24)($52)($23)($277)($230)($120)($111)($97)($558)($278)($321)FCF/share (diluted)$2.83$0.34$2.95($0.59)($0.08)($0.17)($0.05)($0.78)($0.53)($0.28)($0.26)($0.22)($1.28)($0.64)($0.74)Ope rating Free Cash Flow$857$2,905$492($137)$39($20)$144$26($176)($54

30、)($80)($14)($325)$64$29Balance Sheet MetricsBook Value (per share)$35.49$28.06$32.29$27.36$27.24$27.12$20.48$24.40$19.81$19.38$19.08$18.65$18.71$17.30$16.16Net Debt$5,256$4,595$2,672$3,524$2,895$2,954$3,865$3,865$4,123$4,262$4,373$4,473$4,473$4,769$5,107Total Debt/Capital41.9%47.5%39.0%38.9%36.7%36.

31、8%35.2%35.2%36.7%37.3%37.6%38.1%38.1%42.2%46.0%Net Debt/Capital37.2%41.4%24.5%30.0%26.1%26.6%30.7%30.7%32.4%33.6%34.5%35.5%35.5%38.7%42.0%Return on equity14.8%14.0%5.7%-0.5%-1.4%-1.4%-4.6%-1.9%-6.4%-6.1%-6.7%-7.5%-6.7%-7.1%-6.5%Return on capital (Net Debt)11.0%10.0%5.6%-3.9%4.5%9.5%-0.7%2.4%-1.9%-1.

32、3%-1.8%-2.0%-1.6%-1.5%-0.7%Source: Company reports and J.P. Morgan estimates.Figure 3: Noble Financials Summary2014201520161Q172Q173Q174Q1720171Q182Q183Q184Q18e2018e2019e2020eIncom e Statem ent ($ in millions)RevenueTotalRevenueCompanywide$4,125$3,071$1,893$363$278$266$294$1,201$235$258$279$294$1,06

33、7$1,186$1,327COGS($1,995)($1,313)($914)($166)($153)($155)($158)($631)($141)($160)($173)($184)($657)($773)($814)SG&A($107)($77)($69)($16)($19)($15)($22)($72)($22)($22)($15)($18)($77)($88)($94)Total Costs & Expenses($2,102)($1,390)($983)($181)($171)($170)($180)($702)($163)($181)($187)($202)($734)($860

34、)($908)Total D&A($829)($634)($611)($136)($137)($138)($138)($548)($129)($130)($114)($116)($488)($464)($464)EBITDA$2,023$1,681$909$182$107$96$114$499$72$77$92$93$334$326$419Total Operating Income$1,194$1,047$298$46($30)($41)($24)($49)($57)($53)($22)($23)($155)($138)($45)Total Ope rating Margins29%34%1

35、6%13%-11%-16%-8%-4%-24%-20%-8%-8%-15%-12%-3%Income Taxes($175)($125)($38)$3 $18 $24 $25 $69$4 $3 ($10)$5 $2 $0 $20Tax Rate17%15%51%10%18%21%26%26%10%5%5%5%5%0%6%Net Incom e$110$504$299($42)($93)($97)($72)($304)($135)($628)($82)($95)($940)($442)($406)Diluted Shares (Avg)253244243244245245245245246246

36、246246246246246EPS (Adjusted, Diluted)$3.03$2.60($0.06)($0.17)($0.32)($0.36)($0.29)($1.15)($0.55)($0.49)($0.43)($0.39)($1.86)($1.80)($1.65)Dividend per Share$1.84$1.28$0.19$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Cash Flow Statem ent ($ in millions)Total Working Capital Changes511

37、2789069444(20)5611(87)2349(33)Cash from Operations$1,778$1,762$1,156$142$112$45$155$492$55($1)($11)$44$88$31$25Capital expenditures($2,073)($398)($660)($19)($30)($25)($37)($111)($34)($42)($73)($60)($209)($240)($240)Cash from Investing($2,109)($433)($670)($19)($30)($25)($37)($156)($34)($38)($73)($60)

38、($205)($240)($240)Increase (decrease) in LT Debt$1,022($381)($106)($300)$0$0$0($300)($216)($1)($1)$0($218)$0$100Cash from Financing$285($886)($344)($310)$0$0$0($328)($222)($11)($1)$0($218)$0$500Cash at End of Period$68$512$654$520$397$486$540$662$461$411$326$311$327$118$403Balance Sheet ($ in millio

39、ns)Property, Plant, & Equip. (Net)12,11311,48410,0629,9449,8389,7129,4899,4899,3998,5218,5438,4878,4878,2638,039Total Assets$13,287$12,892$11,440$11,006$11,025$10,898$10,795$10,795$10,268$9,394$9,401$9,316$9,316$8,881$8,983Long-term Debt, Net of Current4,8694,1894,0403,7933,7943,7953,7963,7963,8413,

40、8433,9033,9033,9033,9034,003Stockholder Equity6,5656,6995,7595,4616,0725,9655,9515,9515,6594,7734,6924,5974,5974,1553,749Cash Flow Me tricsFree Cash Flow($295)$1,365$496$123$82$19$118$381$21($43)($84)($16)($122)($209)($215)FCF/share (diluted)($1.16)$5.60$2.04$0.50$0.34$0.08$0.48$1.56$0.09($0.17)($0.

41、34)($0.06)($0.49)($0.85)($0.87)Ope rating Free Cash Flow($329)$1,071$134$93$91$26$74$283$23($25)($152)($15)($169)($185)($121)Balance Sheet MetricsBook Value (per share)$25.95$27.51$23.69$22.36$24.82$24.37$24.29$24.32$22.99$19.39$19.06$18.69$18.69$16.89$15.24Net Debt$4,800$3,977$3,614$3,522$3,440$3,4

42、36$3,383$3,383$3,380$3,431$3,577$3,592$3,592$3,801$4,016Total Debt/Capital42.6%40.1%43.0%42.5%40.0%40.4%40.5%40.5%40.4%44.6%45.4%45.9%45.9%48.4%54.0%Net Debt/Capital42.2%37.2%38.6%39.2%36.2%36.6%36.2%36.2%37.4%41.8%43.3%43.9%43.9%47.8%51.7%Return on equity11.3%10.8%0.6%-1.7%-5.7%-6.0%-4.7%-4.6%-9.4%

43、-9.3%-8.7%-7.9%-34.3%-38.3%-31.6%Return on capital (Net Debt)7.7%8.1%1.5%1.8%-1.0%-1.4%-0.7%-0.5%-3.0%-2.3%-1.6%-1.0%-7.7%-6.8%-2.1%Source: Company reports and J.P. Morgan estimates.Figure 4: Rowan Financials Summary2014201520161Q172Q173Q174Q1720171Q182Q183Q184Q18e2018e2020eIncom e Statement ($ in m

44、illions)RevenueTotal Revenue Companywide$1,824$2,137$1,721$374$320$292$297$1,283$211$214$175$178$777$679$730COGS($991)($980)($778)($170)($168)($167)($180)($685)($157)($176)($164)($148)($646)($494)Gross Margins46%54%55%55%48%43%39%47%25%17%6%17%17%32%SG&A(133)(114)(104)(24)(22)(25)(34)(105)(26)(25)(2

45、7)(27)(105)(105)Total Costs & Expenses($1,124)($1,100)($885)($197)($193)($195)($214)($799)($183)($202)($191)($176)($751)($599)Total D&A($319)($391)($403)($99)($102)($103)($100)($404)($98)($97)($99)($94)($388)($376)EBITDA$700$1,037$836$177$128$96$83$484$28$12($16)$2$27$131EBITDA Margins38%49%49%47%40

46、%33%28%38%13%6%-9%1%3%18%Total Operating Income$381$645$434$78$26($7)($17)$80($70)($85)($115)($92)($362)($246)Total Operating Margins21%30%25%21%8%-2%-6%6%-33%-40%-66%-51%-47%-34%Income Taxes$24($47)($5)($30)($21)$22$8($21)($6)$4($4)($9)($15)($18)Tax Rate-9%10%2%74%-223%51%20%-19%-6%3%-2%20%4%30%33%

47、Net Income($122)$93$321$10($29)($21)($191)($231)($112)($111)($144)($131)($499)($384)Diluted Shares (Avg)125125126127126126128127127127127127127128EPS (Adjusted, Diluted)$2.41$3.53$2.12$0.08($0.25)($0.17)($0.31)($0.64)($0.89)($0.87)($1.13)($1.03)($3.93) ($4.05)($3.00)Dividend per Share$0.30$0.40$0.00

48、$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Cash Flow Statement ($ in millions)Total Working Capital Changes(11)(0)(0)5797256103579(21)0(68)00Cash from Operations$423$1,042$930$82$57$103$59$300($11)($35)($67)($37)($149)($4)Capital expenditures($1,958)($723)($118)($31)($26)($21)($22)($101)

49、($35)($42)($40)($58)($175)($194)Cash from Investing($1,936)($704)($111)($31)($50)($21)$55($48)($104)($40)($33)$30($148)($194)Increase (decrease) in LT Debt$793($98)($45)($128)($36)($7)$0($170)$0($6)($0)$0($6)$0$0Cash from Financing$760($148)($47)($133)($35)($7)($1)($176)($3)($6)($1)$0($10)$0$0Cash a

50、t End of Period$339$484$1,256$1,173$1,145$1,220$1,332$1,332$1,214$1,133$1,032$1,025$1,025$686$488Balance Sheet ($ in millions)Property, Plant, & Equip. (Net)7,4327,4067,0606,9846,9016,8166,5536,5536,5546,4986,4386,5536,5536,026Total Assets$8,411$8,347$8,676$8,553$8,456$8,373$8,458$8,458$8,328$8,231$

51、8,131$8,239$8,239 $7,374$7,175Long-term Debt, Net of Current2,8072,6922,5532,5532,5172,5102,5102,5102,5112,5112,3102,3102,3102,310Stockholder Equity4,6924,7735,1145,3325,3105,3395,3865,3865,2835,2305,0895,3975,3974,334Cash Flow MetricsFree Cash Flow($1,535)$319$812$51$31$81$37$199($47)($76)($107)($9

52、5)($324)($199)FCF/share (diluted)($12.31)$2.55$6.44$0.40$0.24$0.64$0.29$1.57($0.37)($0.60)($0.84)($0.75)($2.55) ($2.66)($1.55)Operating Free Cash Flow($1,379)$411$729$84$93$172$132$481($9)($62)($73)($61)($205)($66)Balance Sheet MetricsBook Value (per share)$38$38$41$42$42$42$42$42$42$41$40$42$43$34N

53、et Debt$2,468$2,208$1,425$1,379$1,371$1,290$1,178$1,178$1,296$1,378$1,478$1,284$1,284 $1,623$1,822Total Debt/Capital37.4%36.1%34.4%32.4%32.2%32.0%31.8%31.8%32.2%32.4%33.0%30.0%30.0%34.8%Net Debt/Capital34.5%31.6%21.8%20.6%20.5%19.5%17.9%17.9%19.7%20.9%22.5%19.2%19.2%29.6%Return on equity6.3%9.3%5.4%

54、0.8%-2.3%-1.6%-3.0%-1.5%-8.4%-8.5%-11.2%-10.0%-9.2% -10.4%-8.7%Return on capital (Net Debt)6.4%8.3%6.2%1.2%5.7%-0.1%-0.5%1.6%-4.4%-4.5%-6.3%-6.0%-5.3%-6.3%-4.5%Source: J.P. Morgan estimates, Company dataFigure 5: Transocean Financials Summary2014201520161Q172Q173Q174Q1720171Q182Q183Q184Q18e2018e2019

55、e2020eIncome Statement ($ in millions)RevenueUltra Deepw ater Floaters$4,496$3,366$2,317$505$497$511$404$1,917$378$433$482$376$1,669$1,533$1,616Deepw ater Floaters1,02164421435363537143353536010600Harsh Environment Floaters1,0998914841221041061054372042522652559761,0411,037Midw ater Floaters1,7221,3

56、59388131818176620181923804934High Spec Jackups59852628863502926 1682715141570 0Total Contract Drilling$8,952$6,802$3,705$738$705$699$589$2,731$664$728$736$656$2,784$2,623$2,687Total Revenue Companywide$9,165$7,019$3,992$747$711$709$604$2,771$645$783$808$721$2,957$2,820$2,884COGS($5,110)($3,743)($1,9

57、05)($351)($333)($323)($400)($1,407)($424)($431)($447)($452)($1,754)($1,606)($1,604)Gross Margin44%47%52%53%53%54%34%49%34%45%45%37%41%43%44%SG&A(234)(171)(160)(39)(31)(37)(43)(150)(42)(41)(36)(43)(162)(169)(170)Total Costs & Expenses($5,344)($3,914)($2,065)($390)($364)($360)($443)($1,557)($466)($472

58、)($483)($495)($1,916)($1,775)($1,773)Total D&A($1,139)($963)($868)($232)($219)($197)($184)($832)($202)($211)($201)($211)($825)($844)($844)EBITDA$3,821$3,105$1,927$357$347$349$161$1,214$179$311$341$226$1,057$1,045$1,111EBITDA Margins42%44%48%48%49%49%27%44%28%40%42%31%36%37%39%Total Operating Income$

59、2,682$2,142$1,059$125$128$152($23)$382($23)$100$140$15$232$201$267Total Operating Margins29%31%27%17%18%21%-4%14%-4%13%17%2%8%7%9%Income Taxes($328)($378)($152)($37)$10($90)$28($89)($63)$6$31$0($26)$103$126Tax Rate16%22%22%529%-167%148%19%0%-38%17%344%0%-5%-5%-5%Net Income($1,924)$423$621($34)($1,59

60、9)($1,411)($136)($3,180)($229)($1,142)($417)($130)($1,918)($277)($189)Diluted Shares (Avg)363364371390391391391391438462463464447465466EPS (Adjusted, Diluted)$4.95$3.77$1.29($0.09)$0.01($0.07)($0.30)($0.45)($0.52)($0.05)$0.05($0.28)($0.81)($0.60)($0.40)Dividend per Share$2.81$1.95$0.00$0.00$0.00$0.0