che-20230331x10q
false--12-31Q120230000019584YesYesP5YP5YP3YP3YP3YP3Y00000195842021-11-3000000195842021-05-310000019584us-gaap:CommonStockMember2023-01-012023-03-310000019584us-gaap:CommonStockMember2022-01-012022-03-310000019584us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2023-01-012023-03-310000019584us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000019584us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2022-01-012022-03-310000019584us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000019584us-gaap:TreasuryStockCommonMember2023-03-310000019584us-gaap:RetainedEarningsMember2023-03-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2023-03-310000019584us-gaap:CommonStockMember2023-03-310000019584us-gaap:AdditionalPaidInCapitalMember2023-03-310000019584us-gaap:TreasuryStockCommonMember2022-12-310000019584us-gaap:RetainedEarningsMember2022-12-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2022-12-310000019584us-gaap:CommonStockMember2022-12-310000019584us-gaap:AdditionalPaidInCapitalMember2022-12-310000019584us-gaap:TreasuryStockCommonMember2022-03-310000019584us-gaap:RetainedEarningsMember2022-03-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2022-03-310000019584us-gaap:CommonStockMember2022-03-310000019584us-gaap:AdditionalPaidInCapitalMember2022-03-310000019584us-gaap:TreasuryStockCommonMember2021-12-310000019584us-gaap:RetainedEarningsMember2021-12-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2021-12-310000019584us-gaap:CommonStockMember2021-12-310000019584us-gaap:AdditionalPaidInCapitalMember2021-12-310000019584che:CompensationIncentiveCommitteeMemberche:PerformanceBasedTotalShareholderReturnTargetsMember2023-02-172023-02-170000019584che:PerformanceBasedTotalShareholderReturnTargetsMember2023-01-012023-03-310000019584che:PerformanceBasedEarningsPerShareTargetsMember2023-01-012023-03-310000019584che:RotoRooterMemberche:FranchiseFeesMemberche:AnnualizedMemberus-gaap:FranchiseRightsMember2023-01-012023-03-310000019584che:RotoRooterMemberche:FranchiseFeesMemberus-gaap:FranchiseRightsMember2023-01-012023-03-310000019584che:WaterRestorationMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:ShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:RoutineHomeCareMemberche:MedicareMember2023-01-012023-03-310000019584che:RoutineHomeCareMemberche:MedicaidMember2023-01-012023-03-310000019584che:RoutineHomeCareMemberche:CommercialInsuranceMember2023-01-012023-03-310000019584che:PlumbingMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:OtherShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:InpatientCareMemberche:MedicareMember2023-01-012023-03-310000019584che:InpatientCareMemberche:MedicaidMember2023-01-012023-03-310000019584che:InpatientCareMemberche:CommercialInsuranceMember2023-01-012023-03-310000019584che:FranchiseFeesMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:ExcavationMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:DrainCleaningMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:ContractorRevenueMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:ContinuousCareMemberche:MedicareMember2023-01-012023-03-310000019584che:ContinuousCareMemberche:MedicaidMember2023-01-012023-03-310000019584che:ContinuousCareMemberche:CommercialInsuranceMember2023-01-012023-03-310000019584che:CareServicesTotalMemberche:MedicareMember2023-01-012023-03-310000019584che:CareServicesTotalMemberche:MedicaidMember2023-01-012023-03-310000019584che:CareServicesTotalMemberche:CommercialInsuranceMember2023-01-012023-03-310000019584che:AllOtherMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:RoutineHomeCareMember2023-01-012023-03-310000019584che:InpatientCareMember2023-01-012023-03-310000019584che:ContinuousCareMember2023-01-012023-03-310000019584che:CareServicesTotalMember2023-01-012023-03-310000019584che:AllOtherRevenueSelfPayRespiteCareEct.Member2023-01-012023-03-310000019584che:WaterRestorationMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:ShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:RoutineHomeCareMemberche:MedicareMember2022-01-012022-03-310000019584che:RoutineHomeCareMemberche:MedicaidMember2022-01-012022-03-310000019584che:RoutineHomeCareMemberche:CommercialInsuranceMember2022-01-012022-03-310000019584che:PlumbingMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:OtherShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:InpatientCareMemberche:MedicareMember2022-01-012022-03-310000019584che:InpatientCareMemberche:MedicaidMember2022-01-012022-03-310000019584che:InpatientCareMemberche:CommercialInsuranceMember2022-01-012022-03-310000019584che:FranchiseFeesMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:ExcavationMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:DrainCleaningMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:ContractorRevenueMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:ContinuousCareMemberche:MedicareMember2022-01-012022-03-310000019584che:ContinuousCareMemberche:MedicaidMember2022-01-012022-03-310000019584che:ContinuousCareMemberche:CommercialInsuranceMember2022-01-012022-03-310000019584che:CareServicesTotalMemberche:MedicareMember2022-01-012022-03-310000019584che:CareServicesTotalMemberche:MedicaidMember2022-01-012022-03-310000019584che:CareServicesTotalMemberche:CommercialInsuranceMember2022-01-012022-03-310000019584che:AllOtherMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584che:RoutineHomeCareMember2022-01-012022-03-310000019584che:InpatientCareMember2022-01-012022-03-310000019584che:ContinuousCareMember2022-01-012022-03-310000019584che:CareServicesTotalMember2022-01-012022-03-310000019584che:AllOtherRevenueSelfPayRespiteCareEct.Member2022-01-012022-03-310000019584srt:ScenarioForecastMemberche:TwoThousandTwentyTwoCreditAgreementMemberus-gaap:MediumTermNotesMember2023-04-282023-04-280000019584che:FloridaProviderMember2022-01-012022-12-310000019584che:FranchisesNewJerseyMember2022-01-012022-12-310000019584us-gaap:OperatingSegmentsMemberche:SegmentVitasMember2023-01-012023-03-310000019584us-gaap:OperatingSegmentsMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584us-gaap:OperatingSegmentsMember2023-01-012023-03-310000019584us-gaap:CorporateMember2023-01-012023-03-310000019584us-gaap:OperatingSegmentsMemberche:SegmentVitasMember2022-01-012022-03-310000019584us-gaap:OperatingSegmentsMemberche:SegmentRotoRooterMember2022-01-012022-03-310000019584us-gaap:OperatingSegmentsMember2022-01-012022-03-310000019584us-gaap:CorporateMember2022-01-012022-03-310000019584che:AuditOfProvisionOfElevatedLevelOfCareHospiceServicesMember2022-08-290000019584che:AuditOfProvisionOfElevatedLevelOfCareHospiceServicesMember2023-01-012023-03-310000019584che:AuditOfProvisionOfElevatedLevelOfCareHospiceServicesMember2022-08-292022-08-290000019584us-gaap:MediumTermNotesMember2023-03-310000019584srt:ScenarioForecastMemberche:TwoThousandTwentyTwoCreditAgreementMember2023-04-280000019584che:TwoThousandTwentyTwoCreditAgreementMemberche:ExpansionFeatureMember2022-06-280000019584che:TwoThousandTwentyTwoCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-03-310000019584che:TwoThousandTwentyTwoCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-280000019584che:TwoThousandTwentyTwoCreditAgreementMemberus-gaap:MediumTermNotesMember2022-06-280000019584srt:MinimumMember2023-03-310000019584srt:MaximumMember2023-03-310000019584us-gaap:FairValueInputsLevel1Member2023-03-310000019584us-gaap:FairValueInputsLevel1Member2022-12-310000019584che:RotoRooterMember2023-01-012023-03-310000019584che:SegmentVitasMember2023-03-310000019584che:RotoRooterMember2023-03-310000019584che:SegmentVitasMember2022-12-310000019584che:RotoRooterMember2022-12-310000019584che:PerformanceBasedTotalShareholderReturnTargetsMember2023-02-170000019584che:PerformanceBasedEarningsPerShareTargetsMember2023-02-170000019584us-gaap:RetainedEarningsMember2023-01-012023-03-310000019584us-gaap:RetainedEarningsMember2022-01-012022-03-310000019584che:TwoThousandTwentyTwoCreditAgreementMemberus-gaap:MediumTermNotesMember2023-03-310000019584che:TwoThousandTwentyTwoCreditAgreementMember2023-03-310000019584che:TwoThousandTwentyTwoCreditAgreementMemberus-gaap:MediumTermNotesMember2023-01-012023-03-310000019584us-gaap:FairValueInputsLevel2Member2023-03-310000019584us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000019584us-gaap:FairValueInputsLevel2Member2022-12-310000019584us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000019584us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310000019584che:MedicareMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2023-01-012023-03-310000019584che:MedicareAndMedicaidMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2023-01-012023-03-310000019584che:MedicaidMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2023-01-012023-03-310000019584che:MedicareMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2022-01-012022-12-310000019584che:MedicaidMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2022-01-012022-12-310000019584che:SegmentVitasMember2022-01-012022-03-3100000195842022-03-3100000195842021-12-310000019584che:VitasMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-03-310000019584che:VitasMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-01-012023-03-310000019584che:VitasMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-01-012022-03-310000019584che:RotoRooterMemberus-gaap:FranchiseRightsMember2019-12-310000019584che:RotoRooterMember2019-01-012019-12-310000019584che:RotoRooterMemberche:AnnualizedThrough2026Memberus-gaap:FranchiseRightsMember2023-01-012023-03-310000019584che:RotoRooterMemberus-gaap:FranchiseRightsMember2023-01-012023-03-310000019584che:VitasMember2023-01-012023-03-310000019584che:RoomAndBoardMember2023-01-012023-03-310000019584che:RoomAndBoardMember2022-01-012022-03-310000019584che:AuditOfProvisionOfElevatedLevelOfCareHospiceServicesMember2022-07-140000019584che:VitasMember2022-08-292022-08-290000019584che:AdoptionOfAsc606Memberche:SegmentVitasMember2023-01-012023-03-310000019584che:SegmentVitasMember2013-01-012013-12-310000019584che:VitasMember2020-10-162020-10-160000019584che:SegmentVitasMember2023-01-012023-03-310000019584srt:MaximumMemberche:SegmentVitasMember2023-01-012023-03-310000019584che:TwoProgramProjectedMeasurmentPeriodLiabilityMemberche:SegmentVitasMember2023-01-012023-03-310000019584che:MedicareCapServiceMember2023-01-012023-03-310000019584che:FourProgramsProjectedMeasurementPeriodLiabilityMemberche:SegmentVitasMember2022-01-012022-03-310000019584che:MedicareCapServiceMember2022-01-012022-03-3100000195842022-01-012022-03-310000019584che:SegmentRotoRooterMember2022-01-012022-03-310000019584che:ImplicitPriceConcessionsMember2023-01-012023-03-310000019584che:ImplicitPriceConcessionsMember2022-01-012022-03-310000019584srt:MinimumMember2023-01-012023-03-310000019584srt:MaximumMember2023-01-012023-03-310000019584srt:MinimumMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584srt:MaximumMemberche:SegmentRotoRooterMember2023-01-012023-03-310000019584che:SegmentRotoRooterMember2023-01-012023-03-3100000195842023-03-3100000195842022-12-3100000195842023-01-012023-03-310000019584che:AuditOfProvisionOfElevatedLevelOfCareHospiceServicesMember2022-07-142022-07-140000019584che:ThreeProgramProjectedMeasurementPeriodLiabilityMemberche:SegmentVitasMember2013-01-012013-12-31iso4217:USDxbrli:sharesxbrli:sharesche:itemxbrli:pureiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x    Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2023

o    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 1-8351

CHEMED CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

31-0791746

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

255 E. Fifth Street, Suite 2600, Cincinnati, Ohio

45202

(Address of principal executive offices)

(Zip code)

(513) 762-6690

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  

x

No  

o  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  

x

No  

o  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Large Accelerated Filer

x

Accelerated Filer

o

Non-accelerated Filer

o

Smaller Reporting Company

o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  

 o 

No  

x  

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange

on which Registered

Amount

Date

Capital Stock $1 Par Value

CHE

New York Stock Exchange

15,019,778 Shares

March 31, 2023

 


-1-


CHEMED CORPORATION AND

SUBSIDIARY COMPANIES

Index

Page No.

PART I. FINANCIAL INFORMATION:

Item 1. Financial Statements

Unaudited Consolidated Balance Sheets -

March 31, 2023 and December 31, 2022

3

Unaudited Consolidated Statements of Income -

Three months ended March 31, 2023 and 2022

4

Unaudited Consolidated Statements of Cash Flows -

Three months ended March 31, 2023 and 2022

5

Unaudited Consolidated Statements of Changes in Stockholders’ Equity-

Three months ended March 31, 2023 and 2022

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3. Quantitative and Qualitative Disclosures about Market Risk

30

Item 4. Controls and Procedures

30

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

30

Item 1A. Risk Factors

30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

31

Item 3. Defaults Upon Senior Securities

31

Item 4. Mine Safety Disclosures

31

Item 5. Other Information

31

Item 6. Exhibits

32

EX – 31.1

EX – 31.2

EX – 31.3

EX – 32.1

EX – 32.2

EX – 32.3

EX – 101

EX – 104

SIGNATURES

33


-2-


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

March 31, 2023

December 31, 2022

ASSETS

Current assets

Cash and cash equivalents

$

58,054 

$

74,126 

Accounts receivable

153,816 

139,408 

Inventories

10,663 

10,272 

Prepaid income taxes

10,633 

18,515 

Prepaid expenses

29,055 

30,291 

Total current assets

262,221 

272,612 

Investments of deferred compensation plans

97,436 

93,196 

Properties and equipment, at cost, less accumulated depreciation of $338,416 (2022- $335,920)

204,164 

199,714 

Lease right of use asset

131,219 

135,662 

Identifiable intangible assets less accumulated amortization of $70,229 (2022 - $67,716)

97,348 

99,726 

Goodwill

581,286 

581,295 

Other assets

57,511 

59,807 

Total Assets

$

1,431,185 

$

1,442,012 

LIABILITIES

Current liabilities

Accounts payable

$

40,279 

$

41,884 

Current portion of long-term debt

5,000 

5,000 

Income taxes

11,223 

-

Accrued insurance

63,150 

58,515 

Accrued compensation

50,152 

87,350 

Accrued legal

6,061 

4,456 

Short-term lease liability

38,291 

38,996 

Other current liabilities

69,304 

61,004 

Total current liabilities

283,460 

297,205 

Deferred income taxes

35,418 

38,613 

Long-term debt

16,250 

92,500 

Deferred compensation liabilities

97,285 

92,330 

Long-term lease liability

106,212 

110,513 

Other liabilities

12,507 

12,136 

Total Liabilities

551,132 

643,297 

Commitments and contingencies (Note 10)

 

 

STOCKHOLDERS' EQUITY

Capital stock - authorized 80,000,000 shares $1 par; issued 36,884,382 shares (2022 - 36,795,792 shares)

36,884 

36,796 

Paid-in capital

1,186,119 

1,149,899 

Retained earnings

2,246,354 

2,197,918 

Treasury stock - 21,927,705 shares (2022 - 21,920,993 shares)

(2,591,588)

(2,588,145)

Deferred compensation payable in Company stock

2,284 

2,247 

Total Stockholders' Equity

880,053 

798,715 

Total Liabilities and Stockholders' Equity

$

1,431,185 

$

1,442,012 

See Accompanying Notes to Unaudited Consolidated Financial Statements.

 


-3-


 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

Three Months Ended March 31,

2023

2022

Service revenues and sales

$

560,157 

$

530,549 

Cost of services provided and goods sold (excluding depreciation)

370,705 

336,552 

Selling, general and administrative expenses

100,095 

89,954 

Depreciation

12,286 

12,138 

Amortization

2,513 

2,518 

Other operating expense

1,739 

13 

Total costs and expenses

487,338 

441,175 

Income from operations

72,819 

89,374 

Interest expense

(1,551)

(810)

Other expense - net

(103)

(3,862)

Income before income taxes

71,165 

84,702 

Income taxes

(17,044)

(20,533)

Net income

$

54,121 

$

64,169 

Earnings Per Share:

Net income

$

3.62 

$

4.28 

Average number of shares outstanding

14,966 

14,986 

Diluted Earnings Per Share:

Net income

$

3.58 

$

4.22 

Average number of shares outstanding

15,110 

15,192 

Cash Dividends Per Share

$

0.38 

$

0.36 

See Accompanying Notes to Unaudited Consolidated Financial Statements.

 


-4-


 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended March 31,

2023

2022

Cash Flows from Operating Activities

Net income

$

54,121 

$

64,169 

Adjustments to reconcile net income to net cash provided

by operating activities:

Depreciation and amortization

14,799 

14,656 

Stock option expense

8,482 

7,451 

Benefit for deferred income taxes

(3,195)

(4,047)

Noncash long-term incentive compensation

2,024 

1,185 

Amortization of debt issuance costs

95 

76 

Changes in operating assets and liabilities:

(Increase)/decrease in accounts receivable

(14,318)

19,610 

Increase in inventories

(391)

(431)

Decrease in prepaid expenses

1,236 

3,099 

Decrease in accounts payable and other current liabilities

(24,109)

(30,332)

Change in current income taxes

19,118 

23,530 

Net change in lease assets and liabilities

(632)

743 

Increase in other assets

(2,173)

(1,562)

Increase in other liabilities

5,313 

2,958 

Other sources/(uses)

122 

(15)

Net cash provided by operating activities

60,492 

101,090 

Cash Flows from Investing Activities

Capital expenditures

(17,020)

(12,649)

Proceeds from sale of fixed assets

146 

485 

Business combinations, net of cash acquired

-

(1,650)

Other uses

(139)

(134)

Net cash used by investing activities

(17,013)

(13,948)

Cash Flows from Financing Activities

Payments on long-term debt

(76,250)

-

Proceeds from exercise of stock options

25,680 

7,692 

Dividends paid

(5,685)

(5,322)

Capital stock surrendered to pay taxes on stock-based compensation

(3,166)

(4,893)

Payments on revolving line of credit

-

(86,500)

Purchases of treasury stock

-

(27,794)

Proceeds from revolving line of credit

-

21,500 

Change in cash overdrafts payable

-

(7,051)

Other (uses)/sources

(130)

491 

Net cash used by financing activities

(59,551)

(101,877)

Decrease in Cash and Cash Equivalents

(16,072)

(14,735)

Cash and cash equivalents at beginning of period

74,126 

32,895 

Cash and cash equivalents at end of period

$

58,054 

$

18,160 

See Accompanying Notes to Unaudited Consolidated Financial Statements.

 


-5-


 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(in thousands, except per share data)

For the three months ended March 31, 2023 and 2022:

Deferred

Compensation

Treasury

Payable in

Capital

Paid-in

Retained

Stock-

Company

Stock

Capital

Earnings

at Cost

Stock

Total

Balance at December 31, 2022

36,796 

1,149,899 

2,197,918 

(2,588,145)

2,247 

$

798,715 

Net income

-

-

54,121 

-

-

54,121 

Dividends paid ($0.38 per share)

-

-

(5,685)

-

-

(5,685)

Stock awards and exercise of stock options

88 

36,338 

-

(3,406)

-

33,020 

Purchases of treasury stock

-

-

-

-

-

-

Other

-

(118)

-

(37)

37 

(118)

Balance at March 31, 2023

$

36,884 

$

1,186,119 

$

2,246,354 

$

(2,591,588)

$

2,284 

$

880,053 

Deferred

Compensation

`

Treasury

Payable in

Capital

Paid-in

Retained

Stock-

Company

Stock

Capital

Earnings