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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/23/2018
Entire Document
 

CINEMARK HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

Effective January 1, 2017, the Company adopted ASU 2016-09 on a prospective basis. In accordance with the amendments in ASU 2016-09, the Company’s diluted earnings per share calculation for the year ended December 31, 2017 excludes the estimated income tax benefits and deficiencies in the application of the treasury stock method. Excess income tax benefits or deficiencies related to share based awards are recognized as discrete items in the income statement during the period in which they occur. See Note 14 for a discussion of share based awards and related income tax benefits recognized during the years ended December 31, 2017 and 2016.

The following table presents computations of basic and diluted earnings per share under the two class method:

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Cinemark Holdings, Inc.

 

$

216,869

 

 

$

255,091

 

 

$

264,180

 

Earnings allocated to participating share-based awards (1)

 

 

(1,306

)

 

 

(1,187

)

 

 

(1,350

)

Net income attributable to common stockholders

 

$

215,563

 

 

$

253,904

 

 

$

262,830

 

Denominator (shares in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common stock outstanding

 

 

115,080

 

 

 

115,508

 

 

 

115,766

 

Common equivalent shares for restricted stock units

 

 

319

 

 

 

275

 

 

 

293

 

Diluted

 

 

115,399

 

 

 

115,783

 

 

 

116,059

 

Basic earnings per share attributable to common stockholders

 

$

1.87

 

 

$

2.19

 

 

$

2.26

 

Diluted earnings per share attributable to common stockholders

 

$

1.87

 

 

$

2.19

 

 

$

2.26

 

 

(1)

For the years ended December 31, 2015, 2016 and 2017, a weighted average of approximately 699 shares, 542 shares and 596 shares, of unvested restricted stock, respectively, are considered participating securities.

4.

DIVIDENDS

Below is a summary of dividends declared for the fiscal periods indicated.

 

 

 

 

 

 

 

Amount per

Share of

 

 

Total

 

Declaration Date

 

Record Date

 

Payable Date

 

Common Stock (1)

 

 

Dividends (2)

 

2/17/2015

 

3/4/2015

 

3/18/2015

 

$

0.25

 

 

$

29,025

 

5/18/2015

 

6/5/2015

 

6/19/2015

 

 

0.25

 

 

 

29,075

 

8/20/2015

 

8/31/2015

 

9/11/2015

 

 

0.25

 

 

 

29,080

 

11/13/2015

 

12/2/2015

 

12/16/2015

 

 

0.25

 

 

 

29,276

 

 

 

 

 

Total

 

$

1.00

 

 

$

116,456

 

2/24/2016

 

3/7/2016

 

3/18/2016

 

$

0.27

 

 

$

31,544

 

5/26/2016

 

6/8/2016

 

6/22/2016

 

 

0.27

 

 

 

31,459

 

8/18/2016

 

8/31/2016

 

9/13/2016

 

 

0.27

 

 

 

31,473

 

11/16/2016

 

12/2/2016

 

12/16/2016

 

 

0.27

 

 

 

31,568

 

 

 

 

 

Total

 

$

1.08

 

 

$

126,044

 

2/23/2017

 

3/8/2017

 

3/20/2017

 

$

0.29

 

 

$

33,912

 

5/25/2017

 

6/8/2017

 

6/22/2017

 

 

0.29

 

 

 

33,904

 

8/10/2017

 

8/31/2017

 

9/13/2017

 

 

0.29

 

 

 

33,911

 

11/17/2017

 

12/1/2017

 

12/15/2017

 

 

0.29

 

 

 

33,910

 

 

 

 

 

Total

 

$

1.16

 

 

$

135,637

 

 

(1)

Beginning with the dividend declared on February 24, 2016, the Company’s board of directors raised the quarterly dividend to $0.27 per common share.  Beginning with the dividend declared on February 23, 2017, the Company’s board of directors raised the quarterly dividend to $0.29 per common share.  

(2)

Of the dividends recorded during 2015, 2016 and 2017, $593, $554 and $558, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 14.

F-16