Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

v2.4.0.6
Consolidated Statements of Income (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenue:        
Energy efficiency revenue $ 119,819,117 $ 123,786,051 $ 233,201,787 $ 229,979,316
Renewable energy revenue 44,280,788 41,695,892 77,471,487 81,922,396
Total revenue 164,099,905 165,481,943 310,673,274 311,901,712
Direct expenses:        
Energy efficiency expenses 97,873,272 102,247,778 187,493,047 188,609,201
Renewable energy expenses 35,068,772 31,082,490 62,798,556 63,157,803
Total direct expenses 132,942,044 133,330,268 250,291,603 251,767,004
Gross profit 31,157,861 32,151,675 60,381,671 60,134,708
Operating expenses:        
Salaries and benefits 11,558,732 8,162,669 25,927,944 18,247,401
Project development costs 3,830,866 5,263,216 8,047,218 9,664,793
General, administrative and other 7,509,639 5,368,227 14,723,095 10,561,561
Total operating expenses 22,899,237 18,794,112 48,698,257 38,473,755
Operating income 8,258,624 13,357,563 11,683,414 21,660,953
Other expenses, net (Note 9) (1,063,126) (988,569) (2,400,731) (1,889,006)
Income before provision for income taxes 7,195,498 12,368,994 9,282,683 19,771,947
Income tax provision (2,026,630) (3,536,866) (2,608,517) (5,651,534)
Net income $ 5,168,868 $ 8,832,128 $ 6,674,166 $ 14,120,413
Net income per share attributable to common shareholders:        
Basic (in usd per share) $ 0.12 $ 0.21 $ 0.15 $ 0.34
Diluted (in usd per share) $ 0.11 $ 0.19 $ 0.14 $ 0.31
Weighted average common shares outstanding:        
Basic (in shares) 44,541,025 42,367,242 44,343,059 41,847,646
Diluted (in shares) 46,359,323 45,907,748 46,143,932 45,285,650