| Restatement to on the company's consolidated statements of income |
The following table details the effect of the restatement on the Company’s consolidated statements of income and comprehensive income for the years ended 2011 and 2010 and the consolidated balance sheets at December 31, 2011 and 2010:
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December 31, |
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2011 |
|
2010 |
|
Reported |
|
Adjustment |
|
Restated |
|
Reported |
|
Adjustment |
|
Restated |
Statements of Income Data: |
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Operating income |
$ |
50,685,824 |
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|
$ |
— |
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|
$ |
50,685,824 |
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|
$ |
45,992,297 |
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$ |
— |
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|
$ |
45,992,297 |
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Other expenses, net |
5,192,132 |
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|
1,313,587 |
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6,505,719 |
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|
5,080,546 |
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1,212,450 |
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|
6,292,996 |
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Income before provision for income taxes |
45,493,692 |
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(1,313,587 |
) |
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44,180,105 |
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40,911,751 |
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(1,212,450 |
) |
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39,699,301 |
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Income tax provision |
10,767,172 |
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— |
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10,767,172 |
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12,185,635 |
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— |
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12,185,635 |
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Net income |
$ |
34,726,520 |
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$ |
(1,313,587 |
) |
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$ |
33,412,933 |
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$ |
28,726,116 |
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$ |
(1,212,450 |
) |
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$ |
27,513,666 |
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Net income per share attributable to common shareholders: |
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Basic |
$ |
0.82 |
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$ |
(0.03 |
) |
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$ |
0.78 |
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$ |
1.12 |
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$ |
(0.05 |
) |
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$ |
1.07 |
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Diluted |
$ |
0.78 |
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$ |
(0.03 |
) |
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$ |
0.75 |
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$ |
0.69 |
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$ |
(0.03 |
) |
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$ |
0.66 |
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December 31, |
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2011 |
|
2010 |
|
Reported |
|
Adjustment |
|
Restated |
|
Reported |
|
Adjustment |
|
Restated |
Statements of Comprehensive Income Data: |
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Net income |
$ |
34,726,520 |
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$ |
(1,313,587 |
) |
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$ |
33,412,933 |
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$ |
28,726,116 |
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$ |
(1,212,450 |
) |
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$ |
27,513,666 |
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Other comprehensive income (loss): |
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Unrealized (loss) gain from interest rate hedge, net of tax |
(4,448,989 |
) |
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1,313,587 |
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(3,135,402 |
) |
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(933,879 |
) |
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1,212,450 |
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|
278,571 |
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Foreign currency translation adjustment |
(970,884 |
) |
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— |
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(970,884 |
) |
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1,653,430 |
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— |
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1,653,430 |
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Total other comprehensive income (loss) |
(5,419,873 |
) |
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1,313,587 |
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(4,106,286 |
) |
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719,551 |
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1,212,450 |
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1,932,001 |
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Comprehensive income |
$ |
29,306,647 |
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$ |
— |
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$ |
29,306,647 |
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$ |
29,445,667 |
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$ |
— |
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$ |
29,445,667 |
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December 31, |
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2011 |
|
2010 |
|
Reported |
|
Adjustment |
|
Restated |
|
Reported |
|
Adjustment |
|
Restated |
Balance Sheet Data: |
Stockholders’ equity: |
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Preferred stock |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Class A common stock |
3,071 |
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— |
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3,071 |
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2,793 |
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— |
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2,793 |
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Class B common stock |
1,800 |
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— |
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1,800 |
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1,800 |
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— |
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1,800 |
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Additional paid-in capital |
86,067,852 |
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— |
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86,067,852 |
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74,069,087 |
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— |
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74,069,087 |
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Retained earnings |
161,335,621 |
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(2,526,037 |
) |
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158,809,584 |
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126,609,101 |
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(1,212,450 |
) |
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125,396,651 |
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Accumulated other comprehensive (loss) income |
(1,868,352 |
) |
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2,526,037 |
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657,685 |
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3,551,521 |
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1,212,450 |
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4,763,971 |
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Non-controlling interest |
63,614 |
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— |
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63,614 |
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— |
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— |
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— |
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Less — treasury stock, at cost |
(9,182,571 |
) |
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— |
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(9,182,571 |
) |
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(9,182,571 |
) |
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— |
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(9,182,571 |
) |
Total stockholders’ equity |
$ |
236,421,035 |
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$ |
— |
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$ |
236,421,035 |
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$ |
195,051,731 |
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$ |
— |
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$ |
195,051,731 |
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| Estimated Useful Lives of Property and Equipment |
Depreciation and amortization of property and equipment are computed on a straight-line basis over the following estimated useful lives:
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Asset Classification |
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Estimated Useful Life |
Furniture and office equipment |
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Five years |
Computer equipment and software costs |
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Five years |
Leasehold improvements |
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Lesser of term of lease or five years |
Automobiles |
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Five years |
Land |
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Unlimited |
Property and equipment consisted of the following at December 31, 2012 and 2011:
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2012 |
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2011 |
Furniture and office equipment |
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$ |
3,899,585 |
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$ |
2,057,452 |
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Computer equipment and software costs |
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15,289,647 |
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13,900,718 |
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Leasehold improvements |
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2,460,314 |
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1,535,232 |
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Automobiles |
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952,438 |
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603,543 |
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Land |
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520,379 |
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520,379 |
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23,122,363 |
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18,617,324 |
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Less - accumulated depreciation |
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(13,735,145 |
) |
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(11,531,160 |
) |
Property and equipment, net |
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$ |
9,387,218 |
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$ |
7,086,164 |
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| Basic and Diluted Earnings Per Share Calculation, Numerator and Denominator |
When the effects are not anti-dilutive, diluted earnings per share is calculated using: the weighted-average outstanding common shares; the dilutive effect of convertible preferred stock, under the “if converted” method; and the treasury stock method with regard to warrants and stock options; all as determined under the treasury stock method.
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Years Ended December 31, |
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2012 |
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2011 |
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2010 |
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(Restated) |
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(Restated) |
Net income |
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$ |
18,360,133 |
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$ |
33,412,933 |
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$ |
27,513,666 |
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Basic weighted-average shares outstanding |
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44,649,275 |
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42,587,818 |
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25,728,314 |
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Effect of dilutive securities: |
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Preferred stock |
|
— |
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— |
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10,606,192 |
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Stock options |
|
1,346,188 |
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2,119,314 |
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4,994,730 |
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Warrants |
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— |
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— |
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|
184,246 |
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Diluted weighted-average shares outstanding |
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45,995,463 |
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44,707,132 |
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41,513,482 |
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