Investor Relations Agnico -Eagle Reports Solid First Quarter 2012 Operating and Financial Results
Stock Symbol: AEM (NYSE and TSX) For further information:
Investor Relations (416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO-EAGLE REPORTS SOLID FIRST QUARTER 2012 OPERATING AND FINANCIAL RESULTS
Toronto (April 26, 2012) – Agnico-Eagle Mines Limited (NYSE:AEM)(TSX:AEM) ("Agnico-Eagle" or the “Company”) today reported quarterly net income of $78.5 million, or $0.46 per share for the first quarter of 2012. This result includes a non-recurring tax benefit of $9.2 million, or $0.05 per share, non-cash foreign currency translation loss of $15.5 million, or $0.09 per share and stock option expense of $11.8 million, or $0.07 per share, and other non-recurring expense of $4.8 million or $0.03 per share. Excluding these items would result in adjusted net income of $101.4 million, or $0.59 per share. In the first quarter of 2011, the Company reported net income of $45.3 million, or $0.27 per share.
Cash flow generation was strong as first quarter 2012 cash provided by operating activities was $196.5 million ($181.3 million before changes in non-cash components of working capital), up from cash provided by operating activities of $174.8 million in the first quarter of 2011 ($150.7 million before changes in non-cash components of working capital).
The higher net income and cash provided by operating activities in 2012 was primarily due to a 20% higher realized gold price, partly offset by lower byproduct metal prices when compared to the first quarter of 2011.
“A strong first quarter from our five mines has set the Company up for a solid operating year. In fact, Agnico-Eagle produced more gold in the first quarter of 2012 than in the first quarter of 2011, which included production from the now suspended Goldex mine. While a scheduled 40-day maintenance shutdown of Kittila’s mill, beginning in May, will result in lower second quarter gold production than the first quarter, all of our operations are performing to expectations”, said Sean Boyd, President and Chief Executive Officer. “With an exploration update scheduled to be released in the second quarter, we look forward to further demonstrating the world-class nature of several of our assets”, added Mr. Boyd.
First quarter highlights include:
- Record Quarterly Recovery and Gold Output at Kittila – record quarterly recovery of 89% and gold production of 46,758 ounces
- Record Gold Output at Pinos Altos – record quarterly gold production of 57,016 ounces at total cash costs of $278 per ounce1.
1 Total cash costs per ounce is a non-GAAP measure. For a reconciliation to production costs, see footnote (ii) to the “Reconciliation of Production Costs to Total Cash Costs per Ounce and Minesite costs per tonne”
- Strong Cash Generation – quarterly cash provided by operating activities of $196.5 million, or $1.15 per share
Payable gold production2 in the first quarter of 2012 was 254,955 ounces compared to 252,362 ounces in the first quarter of 2011. Without considering past production from the Goldex mine (operations suspended October 2011), the 2012 result was a quarterly record from the other five operating mines. A description of the production and cost performance for each mine is set out further below.
The higher level of production in the 2012 period was due to increased production at each one of the Company’s five operations, year over year, as the mines mature and operating efficiencies continue to be achieved.
Total cash costs for the first quarter of 2012 were $594 per ounce. This compares with $531 per ounce in the first quarter of 2011. The higher cost in 2012 was largely attributable to lower byproduct revenue at LaRonde, higher costs at Meadowbank and the absence of production from the relatively lower cost Goldex mine. These factors more than offset the positive impact of higher gold production.
Agnico-Eagle is reiterating its production and cost guidance for 2012, which remains unchanged at 875,000 to 950,000 ounces of gold at total cash costs per ounce of $690 to $750.
First Quarter 2012 Results Conference Call and Webcast Tomorrow
The Company’s senior management will host a conference call on Friday, April 27, 2012 at 8:30 AM (E.D.T.) to discuss financial results and provide an update of the Company’s exploration and development activities.
Via Webcast:
A live audio webcast of the meeting will be available on the Company’s website homepage at www.agnico-eagle.com.
Via Telephone:
For those preferring to listen by telephone, please dial 416-644-3414 or Toll-free 800- 814-4859. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay archive:
Please dial 416-640-1917 or Toll-free 877-289-8525, access code 4507261#.
The conference call replay will expire on May 27, 2012.
The webcast along with presentation slides will be archived for 180 days on the website.
Annual and Special General Meeting ("AGM")
2 Payable production of a mineral means the quantity of mineral produced during a period contained in products that are sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.
The AGM will begin on Friday, April 27, 2012 at 11:00am (E.D.T). The meeting will be held at The Westin Harbour Castle Hotel, Harbour Ballroom located at 1 Harbour Square, Toronto, Canada, M5J 1A6. During the meeting we will provide an overview of our first quarter operating and financial results along with an update on our growth projects. For those unable to attend in person, the meeting will be accessible on the internet or by telephone, as set out below.
Via Webcast:
A live audio webcast of the meeting will be available on the Company’s website homepage at www.agnico-eagle.com.
Via Telephone:
For those preferring to listen by telephone, please dial 416-644-3416 or Toll-free 800-814- 4860. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay archive:
Please dial 416-640-1917 or Toll-free 877-289-8525, access code 4509200#.
The conference call replay will expire on May 27, 2012.
Cash Position Remains Strong After Debt Repayment
Cash and cash equivalents totaled $199.1 million at March 31, 2012, down slightly from the December 31, 2011 balance of $221.5 million, as strong operating cash flows enabled debt repayment of approximately $90 million on the Company’s bank facilities in the first quarter of 2012.
Capital expenditures in the first quarter of 2012 were $76.0 million, including $18.5 million at Meliadine, $17.9 million at LaRonde, $14.5 million at Kittila, $14.4 million at Meadowbank, $4.2 million at Pinos Altos and $3.8 million at Lapa.
Capital expenditures are expected to total approximately $418 million in 2012, up $36 million from previous guidance. The increase is primarily due to $10 million expected to be spent in 2012 to begin construction of a shaft at Pinos Altos, $8 million for the acceleration of ramp development and exploration drilling in the Rimpi zone at Kittila, and other new projects.
With its current cash balances, anticipated cash flows and available bank lines, management believes that Agnico-Eagle remains fully funded for the development and exploration of its current pipeline of gold projects in Canada, Finland, Mexico and the USA.
Available bank lines as of March 31, 2012 were approximately $970 million.
LaRonde – Increasing Gold Output and Mine Profit
The 100% owned LaRonde mine in northwestern Quebec, Canada, began operation in 1988. Current mine life is estimated to be through 2026.
The LaRonde mill processed an average of 7,087 tonnes per day (“tpd”) in the first quarter of 2012, compared with an average of 6,498 tpd in the corresponding period of 2011. The higher throughput in 2012 represents normal mill throughput. The lower throughput in the 2011 period was largely due to the extraction of a number of small stopes in the upper levels of the mine which could not be mined as efficiently as larger mining blocks.
Minesite costs per tonne3 were on budget at approximately C$90 in the first quarter of 2012. These costs are higher than the C$86 per tonne experienced in the first quarter of 2011. The increase is largely due to the fourth quarter 2011 transition into the deeper ore at LaRonde. Approximately 60% of the ore milled is now coming from the deeper, relatively higher grade, mine.
On a per ounce basis, net of byproduct credits, LaRonde’s total cash costs per ounce were $216 in the first quarter of 2012 on production of 43,281 ounces of gold. This compares with the first quarter of 2011 when total cash costs per ounce were minus $12 on production of 36,893 ounces of gold. The increase in total cash costs was mainly due to lower byproduct metal prices (for example, the realized zinc price was down approximately 15%, period over period) and higher unit costs as previously mentioned.
Gold production in 2012 at LaRonde is expected to be approximately 157,500 ounces at total cash costs of approximately $570 per ounce. However, the mine may continue to extract some lower grade (predominantly) zinc and silver ores which were not in the 2012 mine plan. This could extend the mine’s life, benefit the total cash cost per ounce and generate additional cash flow.
Post-2012, LaRonde is expected to ramp up production over the next several years to an average life of mine production of more than 300,000 ounces of gold per year, reflecting the higher gold grades expected at depth. As a result of the higher grades, the value of the ore expected to be processed over LaRonde’s remaining 15-year life is approximately 50% higher than the value of the ore mined in 2011 (assuming the same metals prices).
Kittila Mine – Record Quarterly Mill Recoveries and Gold Production
The 100% owned Kittila mine in northern Finland achieved commercial production in May 2009. Current mine life is estimated to be through 2044.
The Kittila mill processed an average of 3,180 tpd in the first quarter of 2012. In the first quarter of 2011, the Kittila mill processed 2,911 tpd. Kittila is now consistently achieving its design rate of 3,000 tpd.
Minesite costs per tonne at Kittila were approximately €67 in the first quarter of 2012, compared to €75 in the first quarter of 2011. The decrease in minesite costs was largely due to successful cost control measures, the higher throughput, as mentioned above, and a lower stripping ratio in the Suuri pit in the first quarter of 2012.
3 Minesite costs per tonne is a non-GAAP measure. For reconciliation to production costs, see footnote (v) to the “Reconciliation of production costs to Total Cash Costs per Ounce and Minesite Costs per Tonne”
First quarter 2012 gold production at Kittila was a record 46,758 ounces with a total cash cost per ounce of $565. In the first quarter of 2011 the mine produced 40,317 ounces at total cash costs per ounce of $687. The higher production and lower costs were largely the result of improved throughput, higher grades and lower minesite costs in the first quarter of 2012.
Due to a scheduled 40-day mill maintenance shutdown (expected to begin in mid-May), the second quarter performance at Kittila will not be as strong as the first quarter. Minesite costs per tonne and total cash costs per ounce are expected to be higher as a result of the shutdown. However, full year production and costs are expected to be consistent with prior Company guidance with estimated minesite costs of €71 per tonne, gold production of approximately 155,000 ounces at total cash costs of approximately $650 per ounce.
A study is underway examining the possibility of increasing the production rate at Kittila by approximately 25%. This relatively low-cost (expected to be less than $100 million) expansion is expected to be reviewed and presented to the Board of Directors in late 2012.
Additionally, considering the drilling success at Kittila on the Rimpi zone, a larger expansion is possible in the future. As previously mentioned, a program is now underway to accelerate the ramp development and exploration drilling towards the northern end of the Kittila orebody in 2012. Incorporating this new drilling, a study on a larger expansion is expected to be delivered in approximately two years.
Lapa – Consistent Performer
The 100% owned Lapa mine in northwestern Quebec achieved commercial production in May 2009. Current mine life is estimated to be through 2015.
The Lapa circuit, at the LaRonde mill, processed an average of 1,738 tpd in the first quarter of 2012. This compares with an average of 1,581 tpd in the first quarter of 2011 as the Lapa circuit now consistently exceeds its design rate of 1,500 tpd.
Minesite costs per tonne were C$120 in the first quarter of 2012, compared to C$117 in the first quarter of 2011. The slightly higher minesite cost is largely due to general cost pressure in the industry which more than offset the efficiencies realized from the higher throughput.
Payable production in the first quarter of 2012 was 28,499 ounces of gold at total cash costs per ounce of $664. This compares with the first quarter of 2011, when production was 26,914 ounces of gold at total cash cost per ounce of $630. The increase in gold production is largely due to the higher grades and throughput in the first quarter of 2012. These factors more than offset lower than expected mill recoveries in the first quarter of 2012 as abnormally high arsenic concentrations in the ore temporarily limited gold recoveries. The increase in cash costs is largely due to general cost pressure in the industry.
Payable production in 2012 is expected to be approximately 100,000 ounces of gold at total cash costs of approximately $750 per ounce.
Pinos Altos – Record Gold Production at Low Costs Generates Record Quarterly Mine Profit
The 100% owned Pinos Altos mine in northern Mexico achieved commercial production in November 2009. Current mine life is estimated to be through 2029.
The Pinos Altos mill processed an average of 4,967 tpd in the first quarter of 2012. This compares favourably with 4,475 tonnes per day in the first quarter of 2011.
Approximately 782,000 tonnes were stacked on the Pinos Altos and Creston Mascota leach pads during the first quarter of 2012. In the first quarter of 2011, approximately 630,000 tonnes were stacked on the leach pads. The increase in tonnes stacked was mainly a result of a full quarter of operation at Creston Mascota, which achieved commercial production in March 2011.
Minesite costs per tonne were $26 in the first quarter of 2012, compared to $28 in the first quarter of 2011. The lower costs in 2012 are largely a result of the higher proportion of ore from the low cost Creston Mascota heap leach operation.
Payable production in the first quarter of 2012 was a record 57,016 ounces of gold at total cash costs per ounce of $278, including the satellite Creston Mascota operation. This compares with production of 48,001 ounces at a total cash cost of $312 in the first quarter of 2011. The increase in production was largely due to the full quarter contribution from Creston Mascota and the decrease in the total cash costs per ounce was due to the higher byproduct silver production and higher credit from silver prices.
Payable production in 2012 at Pinos Altos is expected to be approximately 205,000 ounces of gold at total cash costs per ounce of approximately $415. The mine is also expected to produce approximately two million ounces of byproduct silver.
Today, Board approval was received for a four-year, $106 million dollar underground production shaft project at Pinos Altos which is expected to be completed in 2016. This project will allow better matching of the mill capacity with the future mining capacity at Pinos Altos when the open pit mining operation begins to wind up as planned in the next several years. When the project is completed, the maximum capacity of the underground mine at Pinos Altos will increase to 4,500 tonnes per day from the current 3,000 tonne per day design rate. As a result of the economies of scale, an associated reduction in total cash cost per ounce is also anticipated.
Agnico Eagle’s Mexican division received the “Great Place to Work” award Certification in February 2012 and has been listed as one of the 100 best companies to work for in Mexico. The Pinos Altos mine also received the “Empresa Socialmente Responsable” recognition as a socially responsible company in Mexico for the fifth consecutive year.
Meadowbank – Record Mill Throughput
The 100% owned Meadowbank mine is located in Nunavut, northern Canada. Current mine life is estimated to be through 2017.
The Meadowbank mill processed an average of 9,748 tpd in the first quarter of 2012, a quarterly record. This compares with 6,985 tpd in the first quarter of 2011. The higher throughput, period over period, is largely due to the July 2011 commissioning of the permanent secondary crushing unit and reduced operating time in the 2011 period due to the March kitchen fire.
Minesite costs per tonne were C$92 in the first quarter of 2012. Minesite costs per tonne were C$93 in the first quarter of 2011. These costs were essentially unchanged, however, the improved throughput in 2012 was largely offset by higher chemical consumption related to the higher mill throughput, accelerated waste stripping and ongoing cost pressures in the industry.
Payable production in the first quarter of 2012 was 79,401 ounces of gold at total cash costs per ounce of $1,020. This compares with payable production in the first quarter of 2011 of 61,737 ounces of gold at total cash costs per ounce of $943. As above, the improvement in gold production was offset by higher processing costs and overall cost pressures.
Payable production in 2012 is expected to be approximately 295,000 ounces of gold at total cash costs of approximately $1040 per ounce.
Goldex Mine – Assessment, Remediation and Exploration Program Ongoing
The 100% owned Goldex mine in northwestern Quebec began operation in 2008 but mining operations were suspended in October 2011 due to geotechnical concerns.
Since the shutdown, the work on site has focused on monitoring, assessment and remediation. Additionally, exploration has continued on several nearby mineralized zones on the property. A full risk assessment program is in progress and an update on Goldex is expected mid-year 2012.
Meliadine – Permitting and Permanent Road Building Underway
In July 2010, Agnico-Eagle completed the acquisition of the Meliadine project near Rankin Inlet, Nunavut.
Approximately $82 million is expected to be spent on Meliadine exploration and infrastructure in 2012. The main focus of the exploration program is conversion drilling in the main deposit which will be reflected in an updated feasibility study. Additionally, construction is underway on a permanent all-season road linking the project with the community of Rankin Inlet, 24 kilometres away.
Based on the exploration success and the growth in the deposit since it was acquired, the Company is evaluating the possibility of accelerating underground ramp development at Meliadine to facilitate further exploration and the eventual development of the growing deposit. The ramp study is expected to be completed in the third quarter of 2012.
The updated feasibility study is anticipated for completion and review in late 2013.
Dividend Record and Payment Dates for the Second Quarter of 2012
| Record Date | Payment Date |
| June 1 | June 15 |
Dividend Reinvestment Program
Please follow the link below for information on the Company’s dividend reinvestment program.
DividendReinvestmentPlan
About Agnico-Eagle
Agnico-Eagle is a long established, Canadian headquartered, gold producer with operations located in Canada, Finland and Mexico, and exploration and/or development activities in Canada, Finland, Mexico and the United States. The Company has full exposure to higher gold prices consistent with its policy of no forward gold sales and maintains a corporate strategy based on increasing shareholders exposure to gold, on a per share basis. It has declared a cash dividend for 30 consecutive years. www.agnico-eagle.com SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted, US GAAP basis)
Three months ended March 31, 2012 2011 Operating Margin (exclusive of amortization shown below) (Note 1)
| LaRonde ..................................................................................................... | $63,266 | $48,983 |
| Goldex ........................................................................................................ | - 40,333 | |
| Lapa ........................................................................................................... | 27,677 | 19,178 |
| Kittila .......................................................................................................... | 49,049 | 27,831 |
| Pinos Altos (Note 2) ..................................................................................... | 69,135 | 47,259 |
| Meadowbank ............................................................................................... | 48,772 | 29,917 |
| Total Operating Margin ................................................................................. | 257,899 | 213,501 |
| Amortization ................................................................................................ | 64,553 | 61,929 |
| Corporate .................................................................................................... | 85,836 | 74,210 |
| Income before income and mining taxes ........................................................ | 107,510 | 77,362 |
| Income and mining taxes .............................................................................. | 28,962 | 32,098 |
Net income for the period .................................................................... $78,548 $45,264 Net income per share - basic ............................................................... $0.46 $0.27 Cash provided by operating activities .................................................... $196,497 $174,766 Realized price per sales volume (US$):
| Gold (per ounce) .......................................................................................... | $1,684 | $1,400 |
| Silver (per ounce) ......................................................................................... | $34.46 | $36.10 |
| Zinc (per tonne) | $2,125 | $2,509 |
| Copper (per tonne) ....................................................................................... | $9,006 | $10,027 |
Payable production:
Gold (ounces)
| LaRonde .................................................................................................. | 43,281 | 36,893 |
| Goldex ..................................................................................................... | - 38,500 | |
| Lapa ....................................................................................................... | 28,499 | 26,914 |
| Kittila ....................................................................................................... | 46,758 | 40,317 |
| Pinos Altos (Note 2) ................................................................................. | 57,016 | 48,001 |
| Meadowbank ............................................................................................ | 79,401 | 61,737 |
| Total gold (ounces) | 254,955 | 252,362 |
Silver (000s ounces)
| LaRonde .................................................................................................. | 690 | 680 |
| Pinos Altos (Note 2) .................................................................................. | 507 | 406 |
| Meadowbank ............................................................................................ | 18 | 13 |
| Total silver (000s ounces) | 1,215 | 1,099 |
| Zinc (tonnes) ............................................................................................ | 12,978 | 11,941 |
| Copper (tonnes) ........................................................................................ | 1,326 | 817 |
Payable metal sold:
| Gold (ounces – LaRonde) .......................................................................... | 43,745 | 37,459 |
| Gold (ounces – Goldex) ............................................................................. | - | 41,895 |
| Gold (ounces – Lapa) ................................................................................ | 27,897 | 25,776 |
| Gold (ounces – Kittila) ............................................................................... | 44,227 | 40,698 |
| Gold (ounces – Pinos Altos) (Note 2) .......................................................... | 52,145 | 45,484 |
| Gold (ounces – Meadowbank) .................................................................... | 74,614 | 61,928 |
| Total gold (ounces) | 242,628 | 253,240 |
| Silver (000s ounces – LaRonde) ................................................................. | 718 | 679 |
| Silver (000s ounces – Pinos Altos) (Note 2) ................................................. | 493 | 409 |
| Silver (000s ounces – Meadowbank) .......................................................... | 18 | 21 |
| Total silver (ounces) | 1,229 | 1,109 |
| Zinc (tonnes) ............................................................................................ | 13,032 | 8,302 |
Copper (tonnes) ........................................................................................ 1,293 820
Total cash costs per ounce of gold (US$) (Note 3):
| LaRonde .................................................................................................. | $216 | $(12) |
| Goldex ..................................................................................................... | - | $431 |
| Lapa ....................................................................................................... | $664 | $630 |
| Kittila ....................................................................................................... | $565 | $687 |
| Pinos Altos .............................................................................................. | $278 | $312 |
| Meadowbank ........................................................................................... | $1,020 | $943 |
| Weighted average total cash costs per ounce .............................................. | $594 | $531 |
Note 1 Operating margin is calculated as total revenues from all metals, by mine, minus total production costs, by mine.
Note 2 Creston Mascota achieved commercial production as of March 1, 2011. All payable production ounces are post commercial production as they were sold after March 1, 2011.
Note 3 Total cash costs per ounce of gold is calculated net of silver, copper, zinc and other byproduct credits. The weighted average total cash cost per ounce is based on commercial production ounces. Total cash costs per ounce is a non-GAAP measure. See “Reconciliation of Production Costs to Total Cash Costs per Ounce and Minesite Costs per Tonne” contained herein for details.
AGNICO-EAGLE MINES LIMITED CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, US GAAP basis)
(Unaudited)
As at As at March 31, December 31, 2012 2011
ASSETS Current Cash and cash equivalents $ 199,075 $ 221,458 Trade receivables 90,892 75,899 Inventories:
| Ore stockpiles | 22,121 | 28,155 |
| Concentrates and dore bars | 66,742 | 57,528 |
| Supplies | 162,024 | 182,389 |
| Income taxes recoverable | - | 371 |
| Available-for-sale securities | 132,379 | 145,411 |
| Fair value of derivative financial instruments | 2,360 | - |
| Other current assets | 92,109 | 110,369 |
| Total current assets | 767,702 | 821,580 |
| Other assets | 94,357 | 88,048 |
| Goodwill | 229,279 | 229,279 |
| Property, plant and mine development | 3,907,085 | 3,895,355 |
$ 4,998,423 $ 5,034,262
LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities $ 173,695 $ 203,547
| Environmental remediation liability | 39,746 | 26,069 |
| Interest payable | 19,193 | 9,356 |
| Income taxes payable | 19,869 | - |
| Capital lease obligations | 11,409 | 11,068 |
| Fair value of derivative financial instruments | - | 4,404 |
| Total current liabilities | 263,912 | 254,444 |
| Long term debt | 830,000 | 920,095 |
| Reclamation provision and other liabilities | 127,493 | 145,988 |
| Deferred income and mining tax liabilities | 525,170 | 498,572 |
SHAREHOLDERS' EQUITY Common shares Authorized - unlimited
| Issued - 171,194,430 (December 31, 2011 - 170,859,604) | 3,182,923 | 3,181,381 |
| Stock options | 129,962 | 117,694 |
| Warrants | 24,858 | 24,858 |
| Contributed surplus | 15,665 | 15,166 |
| Deficit | (84,579) | (129,021) |
| Accumulated other comprehensive loss | (16,981) | (7,106) |
3,251,848 3,202,972 Non-controlling interest - 12,191 Total shareholders' equity 3,251,848 3,215,163 $ 4,998,423 $ 5,034,262 CONSOLIDATED STATEMENTS OF INCOME (thousands of United States dollars except share and per share amounts, US GAAP basis)
Three months ended March 31, 2012 2011
REVENUES Revenues from mining operations $ 472,934 $ 412,068 Interest and sundry income and other 1,164 1,599 Gain on sale of available-for-sale securities - 4,394 474,098 418,061
COSTS AND EXPENSES
| Production | 215,035 | 198,567 |
| Exploration and corporate development | 23,108 | 16,978 |
| Amortization of property, plant and mine development | 64,553 | 61,929 |
| General and administrative | 33,928 | 35,152 |
| Interest expense | 14,447 | 14,008 |
| Foreign currency translation loss | 15,517 | 14,065 |
| Income before income and mining taxes | 107,510 | 77,362 |
| Income and mining taxes | 28,962 | 32,098 |
Net income for the period $ 78,548 $ 45,264
Net income per share - basic $ 0.46 $ 0.27 Net income per share - diluted $ 0.46 $ 0.26
Weighted average number of common shares outstanding (in thousands)
Basic 170,837 168,853 Diluted 171,017 172,863