8 unchanged sentences
Our peer group consists of the following real estate companies:
−Removed: Joe Company, Tejon Ranch Co, Consolidated-Tomoka Land Co., Five Points Holding, LLC (Class A), and Alexander & Baldwin, Inc.
−Removed: HomeFed Corporation was included in our peer group in previous filings, but was removed because its equity is no longer publicly traded.
+Added: Joe Company, Tejon Ranch Co, Five Points Holding, LLC (Class A), and Alexander & Baldwin, Inc.
+Added: Consolidated-Tomoka Land Co.
+Added: (now CTO Realty Growth, Inc.) was removed from the peer group presented in fiscal 2019 as it is no longer substantially in the same line of business as the Company.
Pursuant to SEC rules, returns of each of the companies in the Peer Index are weighted according to the respective company’s stock market capitalization at the beginning of each period for which a return is indicated.
1 unchanged sentence
The graph and related disclosure in no way reflect our forecast of future financial performance.
−Removed: Year Ended December 31,
−Removed: Nine Months Ended
−Removed: September 30, 2018
−Removed: September 30, 2019
+Added: Year Ended December 31, Nine Months Ended
+Added: September 30, 2018 Year Ended September 30,
+Added: 2015 2016 2017 2019 2020
Forestar Group Inc.
+Added: $ 100.00 $ 121.57 $ 201.09 $ 193.78 $ 167.09 $ 161.79
Russell 2000 Index 100.00 121.31 139.08 155.10 141.31 141.86
−Removed: This performance graph shall not be deemed to be incorporated by reference into our SEC filings and should not constitute soliciting material or otherwise be considered filed under the Securities Act or the Securities Exchange Act of 1934, as amended.
+Added: Peer Group 100.00 118.44 111.22 89.94 85.79 60.04
+Added: This performance graph shall not be deemed to be incorporated by reference into our SEC filings and should not constitute soliciting material or otherwise be considered filed under the Securities Act of 1933, as amended (Securities Act) or the Exchange Act.
Selected Financial Data.
1 unchanged sentence
These historical results are not necessarily indicative of the results to be expected in the future.
−Removed: September 30, 2019
−Removed: Nine Months Ended
−Removed: September 30, 2018
−Removed: Year Ended December 31,
+Added: Year Ended September 30, Nine Months Ended
+Added: September 30, 2018 Year Ended December 31,
+Added: 2020 2019 2017 2016
(In millions, except per share amounts)
Consolidated Operating Data:
+Added: Revenues $ 931.8 $ 428.3 $ 78.3 $ 114.3 $ 197.3
Cost of sales (1) 813.7 362.7 49.5 112.6 175.1
6 unchanged sentences
Income from continuing operations before taxes
+Added: 78.1 45.7 44.7 52.1 92.3
Income tax expense (benefit) (5) 16.4 9.4 (25.3) 45.8 15.3
−Removed: Net income (loss) from continuing operations
+Added: Net income from continuing operations 61.7 36.3 70.0 6.3 77.0
Income (loss) from discontinued operations, net of taxes (6)
−Removed: Net income (loss)
+Added: — — — 46.0 (16.8)
+Added: Net income 61.7 36.3 70.0 52.3 60.2
Net income attributable to noncontrolling interests
−Removed: Net income (loss) attributable to Forestar Group Inc.
+Added: 0.9 3.3 1.2 2.0 1.6
+Added: Net income attributable to Forestar Group Inc.
+Added: $ 60.8 $ 33.0 $ 68.8 $ 50.3 $ 58.6
Net Income (Loss) per Basic Share:
1 unchanged sentence
Discontinued operations $ — $ — $ — $ 1.09 $ (0.40)
−Removed: Net income (loss) per basic share
+Added: Net income per basic share $ 1.26 $ 0.79 $ 1.64 $ 1.19 $ 1.40
Net Income (Loss) per Diluted Share:
1 unchanged sentence
Discontinued operations $ — $ — $ — $ 1.09 $ (0.40)
−Removed: Net income (loss) per diluted share
−Removed: September 30,
+Added: Net income per diluted share $ 1.26 $ 0.79 $ 1.64 $ 1.19 $ 1.38
+Added: September 30, December 31,
+Added: 2020 2019 2018 2017 2016
(In millions)
2 unchanged sentences
Restricted cash — — 16.2 40.0 0.3
+Added: Real estate 1,309.7 1,028.9 498.0 130.4 293.0
+Added: Total assets 1,739.9 1,455.7 893.1 761.9 733.2
+Added: Debt 641.1 460.5 111.7 108.4 110.4
Forestar Group Inc.
1 unchanged sentence
_____________________
−Removed: Cost of sales in fiscal 2017 includes impairment charges of $37.9 million associated with the mineral resources reporting unit goodwill and $5.8 million primarily related to our central Texas water assets.
−Removed: Selling, general and administrative expense in fiscal 2017 includes merger related transaction costs of $37.2 million .
−Removed: Gains on sales of assets in the nine months ended September 30, 2018 and in fiscal 2017 and 2016 represent gains in accordance with our initiatives to divest non-core assets.
−Removed: Loss on extinguishment of debt in fiscal 2017 and 2016 is related to the early retirement of a total of $230.5 million principal amount of our 8.50% senior notes and $6.1 million principal amount of our convertible senior notes during those years.
+Added: (1) Cost of sales in fiscal 2017 included impairment charges of $37.9 million associated with the mineral resources reporting unit goodwill and $5.8 million primarily related to our central Texas water assets.
+Added: (2) Selling, general and administrative expense in fiscal 2017 included merger related transaction costs of $37.2 million.
+Added: (3) Gains on sales of assets in the nine months ended September 30, 2018 and in fiscal 2017 and 2016 represent gains recognized on the sale of non-core assets.
+Added: (4) Loss on extinguishment of debt in fiscal 2017 and 2016 is related to the early retirement of a total of $230.5 million principal amount of our 8.50% senior notes and $6.1 million principal amount of our convertible senior notes.
(5) Income tax benefit in the nine months ended September 30, 2018 reflects the release of our federal valuation allowance and a portion of our state valuation allowance.
−Removed: Fiscal 2017 income tax expense was impacted by non-deductible merger transaction costs and goodwill impairment.
−Removed: Fiscal 2015 income tax expense (reflected in both continuing and discontinued operations), includes an expense of $97.1 million to record a valuation allowance on a portion of our deferred tax asset that was determined to be more likely than not to be unrealizable.
+Added: Income tax expense in fiscal 2017 was impacted by nondeductible merger transaction costs and goodwill impairment.
(6) Income from discontinued operations in fiscal 2017 reflects an income tax benefit of $46.0 million.
−Removed: Loss from discontinued operations in fiscal 2016 and 2015 includes impairment charges of $0.6 million and $163.0 million , respectively, related to non-core oil and gas working interests and losses of $13.7 million and $0.7 million , respectively, associated with the sale of working interest oil and gas properties.
+Added: Loss from discontinued operations in fiscal 2016 included an impairment charge of $0.6 million related to non-core oil and gas working interests and a loss of $13.7 million associated with the sale of working interest oil and gas properties.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.