METALS USA HOLDINGS CORP.

CIK:0001362491|SEC Filings

Earnings Per Share

12 Months Ended

Dec. 31, 2012

17. Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period, including the weighted average impact of any shares issued during the year. Diluted earnings per share calculations also include the dilutive effect of stock options and non-vested restricted stock.

The weighted average number of shares used to determine basic and diluted earnings per share was:


	Years Ended December 31,
	2012		2011		2010
Weighted average shares outstanding—basic		37,083,174		37,041,813		33,795,375
Effect of dilution:
Stock options		276,372		281,768		307,440
Restricted stock		3,261		1,391		—

Weighted average shares outstanding—diluted		37,362,807		37,324,972		34,102,815


Antidilutive stock options and restricted stock excluded from calculation		970,500		625,400		632,000

Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Cash flows from operating activities:

Net income

$ 52.7

$ 64.6

$ 11.5

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

(Gain) loss on sale of property and equipment

(0.2)

0.3

Provision for bad debts

2.0

2.9

2.4

Depreciation and amortization

24.9

^[1]

23.3

^[1]

19.8

^[1]

Loss on extinguishment of debt

6.3

3.5

Amortization of debt issuance costs and discounts on long-term debt

3.4

2.9

4.3

Deferred income taxes

4.4

15.4

1.1

Stock-based compensation

2.4

1.5

1.2

Excess tax benefit from stock-based compensation

(0.1)

Non-cash interest on PIK option

6.2

Cash payment of interest on PIK option

(23.2)

Advisory agreement termination charge

3.3

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

15.1

(48.6)

(13.8)

Inventories

(28.2)

(93.6)

(64.0)

Prepayments and other

4.5

0.5

(3.0)

Accounts payable and accrued liabilities

(15.2)

18.6

(6.5)

Other operating

(4.8)

0.2

0.1

Net cash provided by (used in) operating activities

67.2

(12.3)

(56.9)

Cash flows from investing activities:

Sales of assets

0.4

0.3

0.7

Purchases of assets

(20.1)

(21.8)

(4.0)

Acquisition costs, net of cash acquired

(17.0)

(88.1)

(28.0)

Net cash used in investing activities

(36.7)

(109.6)

(31.3)

Cash flows from financing activities:

Borrowings on credit facility

325.9

233.8

99.5

Repayments on credit facility

(337.3)

(112.1)

(68.5)

Repayments of long-term debt

(228.3)

(1.4)

(146.7)

Borrowings on term loan

222.7

Call premium on repayment of long-term debt

(4.2)

Deferred financing costs

(4.0)

(2.9)

(6.8)

Exercise of stock options

0.1

Excess tax benefit from stock-based compensation

0.1

Purchase of treasury stock

(0.1)

Net proceeds from initial public stock offering

221.2

Dividends paid

(2.2)

Net cash (used in) provided by financing activities

(27.3)

117.4

98.8

Net increase (decrease) in cash

3.2

(4.5)

10.6

Cash, beginning of period

12.1

16.6

6.0

Cash, end of period

15.3

12.1

16.6

Supplemental Cash Flow Information:

Cash paid for interest

34.2

36.0

59.2

Cash paid for income taxes

31.4

21.8

1.4

Cash received for income taxes

(0.9)

(0.4)

(16.4)

Investments in property and equipment not paid

$ 1.5

$ 0.7

$ 0.5

[1]	Includes depreciation expense reflected in cost of goods sold for the Building Products Group.

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash	$ 15.3	$ 12.1
Accounts receivable, net of allowance of $5.2 and $6.9, respectively	196.5	212.2
Inventories	432.3	402.5
Deferred income tax asset	5.3	7.9
Prepayments and other	4.9	9.4
Total current assets	654.3	644.1
Property and equipment, net	251.8	247.8
Intangible assets, net	30.1	26.6
Goodwill	54.6	52.8
Other assets	13.1	13.5
Total assets	1,003.9	984.8
Current liabilities:
Accounts payable	98.1	110.0
Accrued liabilities	27.6	29.7
Current portion of long-term debt	2.8	1.0
Total current liabilities	128.5	140.7
Long-term debt, less current portion	448.8	467.6
Deferred income tax liability	99.2	97.1
Other long-term liabilities	17.2	22.3
Total liabilities	693.7	727.7
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding at December 31, 2012 and 2011
Common stock, $0.01 par value, 140,000,000 shares authorized, 37,140,245 issued and 37,132,394 outstanding at December 31, 2012, and 37,059,236 issued and 37,058,507 outstanding at December 31, 2011	0.4	0.4
Additional paid-in capital	233.9	231.3
Retained earnings	75.6	25.1
Accumulated other comprehensive income	0.4	0.3
Treasury stock, at cost-7,851 shares at December 31, 2012 and 729 shares at December 31, 2011	(0.1)
Total stockholders' equity	310.2	257.1
Total liabilities and stockholders' equity	$ 1,003.9	$ 984.8