Preferred stock dividend -
Series A Convertible
Preferred Stock 5,254 5,670
Pro-forma net income
applicable to common stock $8,005 $11,570
Diluted Per Share Data:
Pro-forma net income per
diluted common share $0.25 $0.37
Shares used to compute
diluted per common share
amounts 24,208,631 24,121,834
Effects of conversion of
convertible preferred
stock (1) 7,308,730 7,308,730
Shares used to compute
diluted per common share
amounts, Pro-forma basis 31,517,361 31,430,564
(1) Assumes Preferred Stock dividend acceleration event occurred January
1, 2008. The Company believes the presentation of the pro-forma
results, adjusted for the effects of the acceleration of the Preferred
Stock dividend at the beginning of the period, is more reflective of
the Company's current diluted operating results and provides investors
with additional useful information to measure the Company's on-going
performance.
Three Months Ended Six Months Ended
June 30, June 30,
Income Statement as a % of Net Sales: 2008 2007 2008 2007
Net sales 100.0% 100.0% 100.0% 100.0%
Cost of goods sold (exclusive of
depreciation and amortization) 48.7% 49.2% 49.4% 49.8%
Selling, general and administrative 37.1% 37.2% 37.6% 37.8%
Depreciation and amortization 2.4% 2.5% 2.5% 2.5%
Income from operations 11.8% 11.1% 10.5%
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