PACER INTERNATIONAL INC

CIK:0001091735|SEC Filings

Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2013

The following table sets forth the computation of earnings per share-basic and diluted (in millions, except share and per share amounts):



	Year Ended
	December 31, 2013		December 31, 2012		December 31, 2011
Numerator:
Net income (basic and diluted)	$	8.0	$	4.3	$	13.9
Denominator:
Denominator for earnings per share-basic:
Weighted average common shares outstanding	35,292,927		35,069,099		34,959,819
Effect of dilutive securities:
Stock options, restricted stock and performance stock units	364,983		269,239		106,598
Denominator for earnings per share-diluted	35,657,910		35,338,338		35,066,417
Earnings per share-basic	$	0.23	$	0.12	$	0.40
Earnings per share-diluted	$	0.23	$	0.12	$	0.40

Anti-dilutive shares (1)	1,258,677		707,900		190,500

(1) Reflects the weighted average common share equivalents attributable to outstanding stock options that were excluded from the computation of earnings per share because the impact would be anti-dilutive.

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities
Net income	$ 8.0	$ 4.3	$ 13.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8.6	7.9	7.2
Gain on sale of property and equipment	0	0	(0.1)
Gain on sale of railcar assets	0	0	(4.7)
Amortization of deferred gain on sale lease-back transactions	(0.7)	(0.8)	(0.7)
Deferred taxes	4.5	2.5	12.4
Stock based compensation expense	2.5	1.8	2.4
Change in operating assets and liabilities
Accounts receivable, net	22.7	0.8	19.0
Prepaid expenses and other	3.3	2.9	3.1
Accounts payable and other accrued liabilities	(16.6)	(14.4)	(20.7)
Other assets	1.7	2.0	1.8
Other liabilities	0	(0.9)	(0.2)
Net cash provided by operating activities	34.0	6.1	33.4
Cash flows from investing activities
Capital expenditures	(7.6)	(11.4)	(8.0)
Purchase of railcar assets	0	28.4	22.1
Net proceeds from sale of railcar assets	0	0	28.9
Net proceeds from sale lease-back transaction	0	30.2	0
Proceeds from sales of property and equipment	0	0.1	1.1
Net cash used in investing activities	(7.6)	(9.5)	(0.1)
Cash flows from financing activities
Net repayments under revolving line of credit agreement	0	0	(13.4)
Debt issuance costs paid to third parties	0	(0.2)	0
Repurchase and retirement of Pacer common stock	0	(0.1)	(0.1)
Withholding tax paid upon vesting of restricted and performance stock units	(0.3)	(0.1)	0
Net cash used in financing activities	(0.3)	(0.4)	(13.5)
Net increase (decrease) in cash and cash equivalents	26.1	(3.8)	19.8
Cash and cash equivalents at beginning of period	20.2	24.0	4.2
Cash and cash equivalents at end of period	46.3	20.2	24.0
Supplemental disclosures of cash flow information:
Cash paid for interest	0.7	1.1	1.6
Cash paid (refunded) for income taxes	0.3	(0.1)	(7.7)
Property and equipment purchases included in accounts payable and other accrued liabilities	$ 0.3	$ 0.7	$ 1.0

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 46.3	$ 20.2
Accounts receivable, net of allowances of $1.0 million	110.0	132.7
Prepaid expenses and other	6.1	9.4
Deferred income taxes	2.2	2.4
Total current assets	164.6	164.7
Property and equipment
Property and equipment, cost	106.6	108.8
Accumulated depreciation	(61.2)	(62.0)
Property and equipment, net	45.4	46.8
Other assets
Deferred income taxes	7.9	12.6
Other assets	8.2	9.9
Total other assets	16.1	22.5
Total assets	226.1	234.0
Current liabilities
Accounts payable and other accrued liabilities	95.1	112.5
Long-term liabilities
Other	1.0	1.3
Total liabilities	96.1	113.8
Stockholders’ equity
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; none issued and outstanding	0	0
Common stock, par value $0.01 per share; 150,000,000 shares authorized; 35,388,493 and 35,085,577 issued and outstanding	0.4	0.4
Additional paid-in capital	307.5	305.7
Accumulated deficit	(177.9)	(185.9)
Total stockholders’ equity	130.0	120.2
Total liabilities and stockholders’ equity	$ 226.1	$ 234.0