CASCADE CORP

CIK:0000018061|SEC Filings

Earnings Per Share

9 Months Ended

Oct. 31, 2012

Note 8—Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended October 31				Nine Months Ended October 31
	2012		2011		2012		2011
Basic earnings per share:
Net income	$	13,291	$	19,575	$	41,138	$	49,850

Weighted average shares outstanding		11,124		11,016		11,090		10,979

	$	1.19	$	1.78	$	3.71	$	4.54

Diluted earnings per share:
Net income	$	13,291	$	19,575	$	41,138	$	49,850

Weighted average shares outstanding		11,124		11,016		11,090		10,979
Dilutive effect of stock awards		299		240		302		301

Diluted weighted average shares outstanding		11,423		11,256		11,392		11,280

	$	1.16	$	1.74	$	3.61	$	4.42

Basic earnings per share is based on the weighted average number of common shares outstanding for the period. Diluted weighted average common shares includes the incremental shares that would be issued upon the assumed exercise of stock options and SARS and the amount of unvested restricted stock. All unvested restricted stock was included in our calculation of incremental shares for the three and nine months ended October 31, 2012 because they were dilutive. The number of unexercised SARS that were not included in the calculation as the impact would be antidilutive are as follows (in thousands):

Three Months Ended October 31

Nine Months Ended October 31

2012

2011

2012

2011

Excluded Awards:

Unexercised SARS awards

259

231

259

188

Supplemental Cash Flow Information

9 Months Ended

Oct. 31, 2012

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 9—Supplemental Cash Flow Information

The following table presents information that supplements the consolidated statements of cash flows (in thousands):


	Three Months Ended October 31					Nine Months Ended October 31
	2012		2011			2012		2011
Cash paid during the period for:
Interest	$	109	$	225		$	468	$	851
Income taxes	$	6,938	$	(93	)	$	19,984	$	14,058

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Jan. 31, 2012
Current assets:
Cash and cash equivalents	$ 35,248	$ 24,928
Accounts receivable, less allowance for doubtful accounts of $1,149 and $1,211	84,048	77,752
Inventories	89,461	86,660
Deferred income taxes	4,470	3,822
Assets available for sale		7,572
Prepaid expenses and other	13,635	11,353
Total current assets	226,862	212,087
Property, plant and equipment, net	80,510	71,439
Goodwill	88,324	88,174
Deferred income taxes	22,231	18,964
Other assets	5,601	3,895
Total assets	423,528	394,559
Current liabilities:
Notes payable to banks		99
Current portion of long-term debt		590
Accounts payable	27,174	28,280
Accrued payroll and payroll taxes	10,042	9,473
Accrued incentive pay	2,119	2,496
Other accrued expenses	12,821	15,580
Total current liabilities	52,156	56,518
Long-term debt, net of current portion	3,200	4,950
Accrued environmental expenses	1,275	2,279
Deferred income taxes and other tax liabilities	11,608	8,626
Employee benefit obligations	8,384	8,228
Other liabilities	2,831	3,231
Total liabilities	79,454	83,832
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock, $.50 par value, 40,000 authorized shares; 11,199 and 11,088 shares issued and outstanding	5,600	5,544
Additional paid-in capital	17,753	13,252
Retained earnings	280,700	251,280
Accumulated other comprehensive income	40,021	40,651
Total shareholders' equity	344,074	310,727
Total liabilities and shareholders' equity	$ 423,528	$ 394,559