This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q3 2023				https://www.annualreports.com/Company/bird-construction
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			9/30/24
Bird Construction Inc						TSX:	BDT	OTC:	BIRDF	http://www.bird.ca/		Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules		IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Day	12-Apr-11																				Split Day
Split	3																				Split
Cost of Constructions	$894.18	$1,311.91	$1,260.22	$1,252.85	$1,324.16	$1,498.21	$1,343.99	$1,324.33	$1,305.46	$1,378.13	$2,033.34	$2,175.79	$2,558.25	$2,947.2	<-12 mths	15.21%		103.00%	<-Total Growth	10	Cost of Constructions
Increase	13.81%	46.72%	-3.94%	-0.59%	5.69%	13.14%	-10.29%	-1.46%	-1.42%	5.57%	47.54%	7.01%	17.58%	15.21%	<-12 mths	-13.50%		5.63%	<-Median->	10	Increase
Cost/Revenue Ratio	0.92	0.90	0.95	0.92	0.92	0.94	0.95	0.96	0.95	0.92	0.92	0.92	0.91	0.91	<-12 mths	-0.87%		0.92	<-Median->	10	Cost/Revenue Ratio
General & Admin	$36.7	$41.9	$55.8	$64.0	$60.5	$58.8	$59.3	$58.9	$58.7	$78.8	$127.0	$132.4	$142.8	$175.8	<-12 mths	23.09%		155.77%	<-Total Growth	10	General & Admin
Change		14.29%	33.22%	14.68%	-5.51%	-2.85%	0.91%	-0.63%	-0.36%	34.15%	61.23%	4.23%	7.85%	23.09%	<-12 mths	194.12%		2.57%	<-Median->	10	Change
Ratio	0.04	0.03	0.04	0.05	0.04	0.04	0.04	0.04	0.04	0.05	0.06	0.06	0.05	0.05	<-12 mths	5.91%		0.04	<-Median->	10	Ratio
Total	$930.8	$1,353.8	$1,316.0	$1,316.9	$1,384.7	$1,557.0	$1,403.3	$1,383.3	$1,364.2	$1,456.9	$2,160.4	$2,308.2	$2,701.0	$3,123.0	<-12 mths	15.62%		105.24%	<-Total Growth	10	Total
Change		45.44%	-2.79%	0.06%	5.15%	12.45%	-9.87%	-1.43%	-1.38%	6.80%	48.28%	6.84%	17.02%	15.62%	<-12 mths	-8.21%		5.97%	<-Median->	10	Change
Ratio	0.96	0.93	0.99	0.97	0.96	0.98	0.99	1.00	0.99	0.97	0.97	0.97	0.97	0.96	<-12 mths	-0.51%		0.97	<-Median->	10	Ratio
														$3,253	<-12 mths
Revenue*	$974.5	$1,454.9	$1,331.7	$1,364.5	$1,444.8	$1,589.9	$1,418.4	$1,381.8	$1,376.4	$1,504.4	$2,220.03	$2,377.55	$2,798.79	$3,404	$3,940	$4,319		110.17%	<-Total Growth	10	Revenue
Increase	15.20%	49.30%	-8.47%	2.46%	5.89%	10.04%	-10.78%	-2.58%	-0.39%	9.30%	47.57%	7.10%	17.72%	21.62%	15.75%	9.62%		7.71%	<-IRR #YR->	10	Revenue	110.17%
5 year Running Average	$899.9	$1,039.5	$1,098.0	$1,194	$1,314	$1,437	$1,430	$1,440	$1,442	$1,454	$1,580	$1,772	$2,055	$2,461.0	$2,948.1	$3,367.9		15.16%	<-IRR #YR->	5	Revenue	102.55%
Revenue per Share	$23.12	$34.51	$31.59	$32.09	$33.98	$37.39	$33.36	$32.50	$32.37	$28.36	$41.34	$44.28	$52.05	$61.46	$71.14	$77.98		6.47%	<-IRR #YR->	10	5 yr Running Average	87.20%
Increase	15.20%	49.30%	-8.47%	1.59%	5.89%	10.04%	-10.78%	-2.58%	-0.39%	-12.38%	45.76%	7.10%	17.54%	18.09%	15.75%	9.62%		7.38%	<-IRR #YR->	5	5 yr Running Average	42.75%
5 year Running Average	$21.42	$24.66	$26.05	$28.28	$31.06	$33.91	$33.68	$33.87	$33.92	$32.80	$33.59	$35.77	$39.68	$45.50	$54.05	$61.38		5.12%	<-IRR #YR->	10	Revenue per Share	64.75%
P/S (Price/Sales) Med	0.47	0.40	0.42	0.42	0.35	0.31	0.28	0.24	0.20	0.21	0.22	0.18	0.22	0.37	0.00	0.00		9.88%	<-IRR #YR->	5	Revenue per Share	60.14%
P/S (Price/Sales) Close	0.50	0.38	0.42	0.37	0.38	0.24	0.30	0.19	0.22	0.28	0.24	0.18	0.28	0.44	0.38	0.35		4.30%	<-IRR #YR->	10	5 yr Running Average	52.35%
*Revenue in M CDN$ Construction Revenue					P/S Med	20 yr	0.33	15 yr	0.31	10 yr	0.23	5 yr	0.21		92.33%	Diff M/C		3.22%	<-IRR #YR->	5	5 yr Running Average	17.17%
			-$1,331.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,798.8
								-$1,381.8	$0.0	$0.0	$0.0	$0.0	$2,798.8
			-$1,098.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,055.4
								-$1,439.9	$0.0	$0.0	$0.0	$0.0	$2,055.4
			-$31.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$52.05
								-$32.50	$0.00	$0.00	$0.00	$0.00	$52.05
			-$26.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.68
								-$33.87	$0.00	$0.00	$0.00	$0.00	$39.68
														$95.3	<-12 mths	28.34%
														$1.76	<-12 mths	27.54%
Adjusted Earnings	$32.1	$62.0	$14.6	$36.2	$41.8	$27.7	$8.8	-$1.0	$9.5	$41.6	$51.0	$46.0	$74.2					410.17%	<-Total Growth	10	Adjusted Profit CDN$
Return on Equity ROE	19.74%	32.34%	8.21%	19.96%	24.46%	16.96%	5.57%	-0.74%	7.43%	19.56%	20.93%	16.86%	23.02%					18.26%	<-Median->	10	Return on Equity ROE
5Yr Median	42.05%	32.34%	29.05%	19.96%	19.96%	19.96%	16.96%	16.96%	7.43%	7.43%	7.43%	16.86%	19.56%					16.96%	<-Median->	10	5Yr Median
Basic	$0.76	$1.47	$0.34	$0.85	$0.98	$0.65	$0.21	-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38					305.88%	<-Total Growth	10	AEPS
AEPS* Dilued	$0.76	$1.47	$0.34	$0.85	$0.98	$0.65	$0.21	-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$1.99	$2.71	$3.28		305.88%	<-Total Growth	10	AEPS
Increase	-32.34%	93.42%	-76.87%	150.00%	15.29%	-33.67%	-67.69%	-109.52%	1200.00%	318.18%	4.35%	-10.42%	60.47%	44.20%	36.18%	21.03%		9	1	10	Years of Data, EPS P or N	90.00%
5 year Running Average	$1.10	$1.23	$1.01	$0.91	$0.88	$0.86	$0.61	$0.53	$0.41	$0.40	$0.46	$0.59	$0.87	$1.22	$1.58	$2.04		15.04%	<-IRR #YR->	10	AEPS	305.88%
AEPS Yield	6.59%	11.12%	2.56%	7.12%	7.54%	7.17%	2.07%	-0.33%	3.08%	11.50%	9.78%	10.59%	9.58%	7.32%	9.97%	12.07%		#NUM!	<-IRR #YR->	5	AEPS	7000.00%
Payout Ratio	86.18%	47.96%	220.50%	89.36%	77.51%	116.86%	200.38%	0.00%	177.27%	42.39%	40.63%	45.35%	30.41%	27.69%	31.00%	25.61%		-1.49%	<-IRR #YR->	10	5 yr Running Average	-13.95%
5 year Running Average	53.36%	52.46%	89.64%	99.48%	104.30%	110.44%	140.92%	96.82%	114.41%	107.38%	92.13%	61.13%	67.21%	37.29%	35.01%	32.01%		10.20%	<-IRR #YR->	5	5 yr Running Average	62.55%
Price/AEPS Median	14.34	9.33	38.65	15.71	12.19	17.58	43.79	-385.00	29.89	6.61	9.59	9.07	8.22	11.58	0.00	0.00		10.89	<-Median->	10	Price/AEPS Median
Price/AEPS High	17.03	10.53	44.35	18.05	14.81	21.63	50.57	-507.00	36.82	8.82	11.02	11.41	10.63	16.36	0.00	0.00		13.11	<-Median->	10	Price/AEPS High
Price/AEPS Low	11.66	8.12	32.94	13.36	9.57	13.54	37.00	-263.00	22.95	4.41	8.17	6.73	5.80	6.80	0.00	0.00		8.87	<-Median->	10	Price/AEPS Low
Price/AEPS Close	15.17	8.99	39.12	14.04	13.27	13.94	48.29	-305.50	32.50	8.70	10.23	9.44	10.43	13.65	10.03	8.28		11.85	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	10.26	17.39	9.05	35.09	15.29	9.24	15.60	29.10	-357.50	36.36	10.67	8.46	16.74	19.69	13.65	10.03		15.45	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	61.43%	5 Yrs	42.39%	P/CF	5 Yrs	in order	9.07	11.02	6.73	10.23		50.54%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$0.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.38
								$0.02	$0.00	$0.00	$0.00	$0.00	$1.38
			-$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.87
								-$0.53	$0.00	$0.00	$0.00	$0.00	$0.87
														$1.69	<-12 mths	27.07%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	0	Difference Basic and Diluted
Comments
Pre-Split 2006										Yes --->	Same
Pre-Split 2011
EPS Basic	$0.70	$1.38	$0.28	$0.85	$0.51	$0.59	$0.27	-$0.02	$0.22	$0.80	$0.80	$0.93	$1.33					375.00%	<-Total Growth	10	EPS Basic
Pre-Split 2006
Pre-Split 2011
EPS Diluted*	$0.70	$1.38	$0.28	$0.85	$0.51	$0.59	$0.27	-$0.02	$0.22	$0.80	$0.80	$0.93	$1.33	$1.90	$2.73	$3.38		375.00%	<-Total Growth	10	EPS Diluted
Increase	-37.69%	97.14%	-79.71%	203.57%	-40.00%	15.69%	-54.24%	-107.41%	1200.00%	263.64%	0.00%	16.25%	43.01%	42.78%	43.81%	23.73%		9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	6.07%	10.44%	2.11%	7.12%	3.92%	6.51%	2.66%	-0.33%	3.08%	10.00%	8.15%	11.45%	9.24%	6.99%	10.05%	12.44%		16.86%	<-IRR #YR->	10	Earnings per Share	375.00%
5 year Running Average	$1.09	$1.20	$0.97	$0.87	$0.74	$0.72	$0.50	$0.44	$0.31	$0.37	$0.41	$0.55	$0.82	$1.15	$1.54	$2.05		#NUM!	<-IRR #YR->	5	Earnings per Share	6750.00%
10 year Running Average	$0.74	$0.85	$0.85	$0.89	$0.90	$0.90	$0.85	$0.70	$0.59	$0.56	$0.57	$0.52	$0.63	$0.73	$0.96	$1.23		-1.68%	<-IRR #YR->	10	5 yr Running Average	-15.59%
* Diluted ESP per share									E/P	10 Yrs	6.82%	5Yrs	9.24%					13.15%	<-IRR #YR->	5	5 yr Running Average	85.45%
			-$0.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.33
								$0.02	$0.00	$0.00	$0.00	$0.00	$1.33
			-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.82
								-$0.44	$0.00	$0.00	$0.00	$0.00	$0.82
														$26.73	<-12 mths	18.46%
Dividends paid Cash in M$	$27.61	$29.72	$31.85	$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$17.61	$20.75	$20.94	$22.56					-29.16%	<-Total Growth	10	Dividends paid in M$
Increase	9.17%	7.63%	7.18%	1.39%	0.00%	0.00%	-44.60%	-7.32%	0.00%	6.18%	17.85%	0.93%	7.75%					0.46%	<-Median->	10	Increase
Percentage of Net Income	93.30%	51.02%	263.47%	89.13%	150.34%	129.18%	153.99%	-1636.92%	174.84%	48.77%	48.50%	48.95%	31.54%					69.04%	<-Median->	10	Percentage of Net Income
Dividends Calc	$27.61	$29.72	$31.60	$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$20.69	$20.94	$20.94	$22.57					-28.58%	<-Total Growth	10	Dividends Calc
Difference from paid?	$0.00	$0.00	-$0.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.08	$0.19	$0.00	$0.01								Difference from paid?
Difference in %	0.00%	0.00%	-0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.88%	0.92%	0.00%	0.02%					0.00%	<-Median->	10	Difference in %
Dividend*														$0.57	$0.77	$1.11			Estimates		Dividend*
Increase														36.43%	33.90%	44.39%			Estimates		Increase
Payout Ratio EPS														30.15%	28.07%	32.76%			Estimates		Payout Ratio EPS
Pre-Split 2006
Pre-Split 2011
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-Split 2011
Dividend*	$0.66	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.3900	$0.4197	$0.5510	$0.8400	$0.8400		-44.02%	<-Total Growth	10	Dividends
Increase	9.17%	7.63%	6.34%	1.32%	0.00%	0.00%	-44.60%	-7.32%	0.00%	0.00%	0.00%	0.00%	7.62%	31.28%	52.45%	0.00%		12	4	23	Years of data, Count P, N	52.17%
Average Increases 5 Year Running	15.3%	12.9%	9.2%	7.0%	4.9%	3.1%	-7.4%	-10.1%	-10.4%	-10.4%	-10.4%	-1.5%	1.5%	7.8%	18.3%	18.3%		-4.43%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.39	$1.22	$0.98	$0.69	$0.73	$0.75	$0.69	$0.62	$0.54	$0.47	$0.40	$0.39	$0.40	$0.43	$0.52	$0.61		-59.61%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	6.01%	5.14%	5.71%	5.69%	6.36%	6.65%	4.58%	5.06%	5.93%	6.41%	4.23%	5.00%	3.70%	2.39%				5.38%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	5.06%	4.55%	4.97%	4.95%	5.24%	5.40%	3.96%	3.85%	4.81%	4.81%	3.69%	3.98%	2.86%	1.69%				4.39%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	7.39%	5.90%	6.69%	6.69%	8.10%	8.63%	5.42%	7.41%	7.72%	9.61%	4.97%	6.74%	5.24%	4.07%				7.08%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	5.68%	5.33%	5.64%	6.37%	5.84%	8.38%	4.15%	6.38%	5.45%	4.88%	3.97%	4.80%	2.91%	2.03%	3.09%	3.09%		5.16%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	93.57%	51.09%	267.75%	89.36%	148.94%	128.75%	155.85%	0.00%	177.27%	48.75%	48.75%	41.94%	31.56%	29.02%	30.76%	24.86%		69.06%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	127.67%	101.44%	101.41%	80.06%	97.55%	103.42%	84.16%	140.44%	173.25%	126.37%	95.69%	71.43%	48.52%	37.17%	33.69%	29.61%		96.62%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	173.00%	49.26%	192.71%	37.08%	43.19%	74.37%	0.00%	16.35%	0.00%	16.04%	58.45%	48.25%	29.77%	17.01%	20.79%	#DIV/0!		33.43%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	98.57%	81.99%	81.98%	61.39%	60.42%	56.16%	112.20%	60.93%	127.86%	83.95%	81.00%	36.13%	44.78%	25.02%	25.49%	#DIV/0!		61.16%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	53.73%	27.34%	97.80%	49.76%	42.89%	67.01%	60.40%	136.08%	54.90%	28.85%	20.41%	18.31%	15.63%	17.01%	20.79%	#DIV/0!		46.33%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	51.09%	43.91%	52.24%	52.61%	48.31%	48.84%	35.70%	36.02%	42.41%	46.66%	39.34%	30.52%	23.88%	24.34%	29.99%	#DIV/0!		40.88%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	5.38%	5.16%	5 Yr Med	5 Yr Cl	5.00%	4.80%	5 Yr Med	Payout	48.75%	29.77%	20.41%					1.48%	<-IRR #YR->	5	Dividends
* Dividends per share	10 Yr Med	and Cur.	-42.51%	-40.14%	5 Yr Med	and Cur.	-38.17%	-35.63%	Last Div Inc --->		$0.0467	$0.0700	49.89%					-5.64%	<-IRR #YR->	10	Dividends
Dividends Growth 15																		-0.94%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		2.09%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		6.23%	<-IRR #YR->	22	Dividends
Dividends Growth 5								-$0.39	$0.00	$0.00	$0.00	$0.00	$0.42								Dividends Growth 5
Dividends Growth 10			-$0.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.42								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.42								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.42								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.42								Dividends Growth 25
Historical Dividends	Historical	High Div	19.27%	Low Div	3.13%	10 Yr High	9.51%	10 Yr Low	2.94%	Med Div	5.71%	Close Div	5.68%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-83.96%	Exp	-1.23%	Exp.	-67.49%		5.16%	Exp.	-45.86%	Exp.	-45.58%								High/Ave/Median
Future Dividend Yield					Div Yield	3.33%	earning in	5	Years	at IRR of	1.48%	Div Inc.	7.62%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.58%	earning in	10	Years	at IRR of	1.48%	Div Inc.	15.81%								Future Dividend Yield
Future Dividend Yield					Div Yield	3.85%	earning in	15	Years	at IRR of	1.48%	Div Inc.	24.63%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.90	earning in	5	Years	at IRR of	1.48%	Div Inc.	7.62%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.97	earning in	10	Years	at IRR of	1.48%	Div Inc.	15.81%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.05	earning in	15	Years	at IRR of	1.48%	Div Inc.	24.63%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.33	over	5	Years	at IRR of	1.48%	Div Cov.	15.92%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$8.08	over	10	Years	at IRR of	1.48%	Div Cov.	29.73%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$12.11	over	15	Years	at IRR of	1.48%	Div Cov.	44.59%								Dividend Covering Cost
Yield if held 5 years	13.81%	8.11%	7.76%	8.95%	6.74%	6.97%	3.07%	2.97%	2.92%	3.26%	3.41%	4.24%	5.45%	8.38%	13.80%	9.12%		3.83%	<-Median->	10	Paid Median Price
Yield if held 10 years	31.04%	45.00%	42.17%	33.76%	22.79%	16.02%	4.84%	4.04%	4.60%	3.46%	3.58%	2.84%	3.19%	4.13%	7.03%	7.35%		4.32%	<-Median->	10	Paid Median Price
Yield if held 15 years		391.67%	319.02%	155.02%	128.85%	36.00%	26.86%	21.94%	17.33%	11.70%	8.22%	4.49%	4.35%	6.50%	7.46%	7.71%		19.64%	<-Median->	10	Paid Median Price
Yield if held 20 years							233.78%	165.96%	79.59%	66.16%	18.48%	24.89%	23.61%	24.49%	25.20%	17.72%		66.16%	<-Median->	7	Paid Median Price
Yield if held 25 years												216.67%	178.60%	112.45%	142.49%	39.81%		197.63%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	57.37%	34.55%	33.67%	40.90%	32.21%	34.25%	25.16%	23.51%	20.37%	19.68%	17.33%	21.21%	25.71%	32.56%	42.58%	33.02%		24.34%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	243.26%	366.24%	349.29%	295.37%	208.36%	136.11%	74.24%	65.65%	72.96%	53.07%	52.42%	39.38%	38.58%	36.41%	41.37%	43.93%		69.31%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		3341.93%	2878.79%	1535.67%	1394.01%	420.20%	586.40%	523.08%	416.26%	278.88%	177.89%	96.68%	86.15%	98.19%	76.07%	80.32%		418.23%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							5258.20%	4193.52%	2090.77%	1792.72%	514.08%	710.87%	634.44%	511.40%	356.60%	242.01%		1792.72%	<-Median->	7	Paid Median Price
Cost covered if held 25 years												$13.15	$10.40	$5.62	$5.56	$1.55		1177.35%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,381.8	$1,376.4	$1,504.4	$2,220.0	$2,377.5	$2,798.8	$3,252.7	<-12 mths	16.22%		102.55%	<-Total Growth	5	Revenue Growth	102.55%
AEPS Growth								-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$1.99	<-12 mths	44.20%		7000.00%	<-Total Growth	5	AEPS Growth	7000.00%
Net Income Growth								-$1.0	$9.5	$36.1	$42.8	$42.8	$71.5	$91.5	<-12 mths	27.87%		7162.09%	<-Total Growth	5	Net Income Growth	7162.09%
Cash Flow Growth								$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$81.2	<-12 mths	7.17%		-25.28%	<-Total Growth	5	Cash Flow Growth	-25.28%
Dividend Growth								$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$0.55	<-12 mths	31.28%		7.62%	<-Total Growth	5	Dividend Growth	7.62%
Stock Price Growth								$6.11	$7.15	$8.00	$9.82	$8.12	$14.40	$27.17	<-12 mths	88.68%		135.68%	<-Total Growth	5	Stock Price Growth	135.68%
Revenue Growth			$1,331.7	$1,364.5	$1,444.8	$1,589.9	$1,418.4	$1,381.8	$1,376.4	$1,504.4	$2,220.0	$2,377.5	$2,798.8	$3,404.0	<-this year	21.62%		110.17%	<-Total Growth	10	Revenue Growth	110.17%
AEPS Growth			$0.34	$0.85	$0.98	$0.65	$0.21	-$0.02	$0.22	$0.92	$0.96	$0.86	$1.38	$1.99	<-this year	44.20%		305.88%	<-Total Growth	10	AEPS Growth	305.88%
Net Income Growth			$12.1	$36.2	$21.5	$25.0	$11.6	-$1.0	$9.5	$36.1	$42.8	$42.8	$71.5	$104.3	<-this year	45.79%		491.72%	<-Total Growth	10	Net Income Growth	491.72%
Cash Flow Growth			$16.4	$87.1	$74.8	$43.4	-$91.1	$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$179.4	<-this year	136.73%		362.22%	<-Total Growth	10	Cash Flow Growth	362.22%
Dividend Growth			$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$0.42	$0.6	<-this year	36.43%		-44.02%	<-Total Growth	10	Dividend Growth	-44.02%
Stock Price Growth			$13.30	$11.93	$13.00	$9.06	$10.14	$6.11	$7.15	$8.00	$9.82	$8.12	$14.40	$27.17	<-this year	88.68%		8.27%	<-Total Growth	10	Stock Price Growth	8.27%
Dividends on Shares				$57.73	$57.73	$57.73	$31.98	$29.64	$29.64	$29.64	$29.64	$29.64	$31.90	$41.88	$63.84	$63.84		$385.27	No of Years	10	Total Dividends	12/31/13
Paid			$1,010.80	$906.68	$988.00	$688.56	$770.64	$464.36	$543.40	$608.00	$746.32	$617.12	$1,094.40	$2,064.92	$2,064.92	$2,064.92		$1,094.40	No of Years	10	Worth	$13.30
Total																		$1,479.67
Graham Number Based AEPS	$8.12	$12.26	$5.67	$9.04	$9.41	$7.50	$4.20	$3.89	$3.86	$9.11	$9.90	$9.92	$13.65	$18.18	$21.21	$23.34		140.57%	<-Total Growth	10	Graham Number
Price/GP Ratio Med	1.34	1.12	2.32	1.48	1.27	1.52	2.19	1.98	1.71	0.67	0.93	0.79	0.83	1.27	0.00	0.00		1.37	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.59	1.26	2.66	1.70	1.54	1.87	2.53	2.61	2.10	0.89	1.07	0.99	1.08	1.79	0.00	0.00		1.62	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.09	0.97	1.97	1.26	1.00	1.17	1.85	1.35	1.31	0.45	0.79	0.58	0.59	0.74	0.00	0.00		1.08	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.42	1.08	2.34	1.32	1.38	1.21	2.42	1.57	1.85	0.88	0.99	0.82	1.06	1.49	1.28	1.16		1.26	<-Median->	10	Price/GP Ratio
Prem/Disc Close	42.05%	7.83%	134.47%	32.00%	38.09%	20.79%	141.51%	57.03%	85.42%	-12.18%	-0.78%	-18.13%	5.53%	49.46%	28.08%	16.42%		26.39%	<-Median->	10	Graham Price
Graham Number Based EPS	$7.79	$11.88	$5.15	$9.04	$6.79	$7.15	$4.76	$3.98	$3.86	$8.49	$9.03	$10.31	$13.40	$17.76	$21.30	$23.69		160.25%	<-Total Growth	10	Graham Number
Price/GP Ratio Med	1.40	1.15	2.55	1.48	1.76	1.60	1.93	1.93	1.71	0.72	1.02	0.76	0.85	1.30				1.54	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.66	1.30	2.93	1.70	2.14	1.97	2.23	2.55	2.10	0.95	1.17	0.95	1.10	1.83				1.83	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.14	1.01	2.18	1.26	1.38	1.23	1.63	1.32	1.31	0.48	0.87	0.56	0.60	0.76				1.24	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.48	1.11	2.58	1.32	1.91	1.27	2.13	1.53	1.85	0.94	1.09	0.79	1.07	1.53	1.28	1.15		1.29	<-Median->	10	Price/GP Ratio
Prem/Disc Close	48.01%	11.29%	158.38%	32.00%	91.42%	26.78%	112.99%	53.42%	85.42%	-5.82%	8.69%	-21.27%	7.49%	53.00%	27.58%	14.70%		29.39%	<-Median->	10	Graham Price
Month, Year	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		26.00	<Count Years>		Month, Year
Pre-Split 2006
Pre-Split 2011
Price Close	$11.53	$13.22	$13.30	$11.93	$13.00	$9.06	$10.14	$6.11	$7.15	$8.00	$9.82	$8.12	$14.40	$27.17	$27.17	$27.17		8.27%	<-Total Growth	10	Stock Price
Increase	-7.09%	14.66%	0.61%	-10.30%	8.97%	-30.31%	11.92%	-39.74%	17.02%	11.89%	22.75%	-17.31%	77.34%	88.68%	0.00%	0.00%		15.75	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	16.47	9.58	47.50	14.04	25.49	15.36	37.56	-305.50	32.50	10.00	12.28	8.73	10.83	14.31	9.95	8.04		18.70%	<-IRR #YR->	5	Stock Price	135.68%
Trailing P/E Ratio	10.26	18.89	9.64	42.61	15.29	17.76	17.19	22.63	-357.50	36.36	12.28	10.15	15.48	20.43	14.31	9.95		0.80%	<-IRR #YR->	10	Stock Price	8.27%
CAPE (10 Yr P/E)	9.53	9.58	10.89	11.46	12.34	12.75	13.26	15.95	18.27	18.54	17.91	18.48	15.56	15.41	13.31	11.77		23.48%	<-IRR #YR->	5	Price & Dividend	174.46%
Median 10, 5 Yrs		D.  per yr	3.82%	4.77%	% Tot Ret	82.71%	20.33%		Price Inc	17.02%	P/E:	13.16	10.83					4.61%	<-IRR #YR->	10	Price & Dividend	52.02%
Price 15		D.  per yr	6.80%		% Tot Ret	56.34%						CAPE Diff	-9.19%					5.27%	<-IRR #YR->	15	Stock Price	116.00%
Price  20		D.  per yr	17.60%		% Tot Ret	64.24%												9.79%	<-IRR #YR->	20	Stock Price	548.00%
Price  25		D.  per yr	30.93%		% Tot Ret	64.66%												16.91%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	31.22%		% Tot Ret	62.98%												18.36%	<-IRR #YR->	26	Stock Price
Price & Dividend 15																		12.07%	<-IRR #YR->	15	Price & Dividend	203.29%
Price & Dividend 20																		27.39%	<-IRR #YR->	20	Price & Dividend	1012.43%
Price & Dividend 25																		47.84%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		49.58%	<-IRR #YR->	26	Price & Dividend
Price  5								-$6.11	$0.00	$0.00	$0.00	$0.00	$14.40								Price  5
Price 10			-$13.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.40								Price 10
Price & Dividend 5								-$6.11	$0.39	$0.39	$0.39	$0.39	$14.82								Price & Dividend 5
Price & Dividend 10			-$13.30	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$14.82								Price & Dividend 10
Price  15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.40								Price  15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.40								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.40								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.40
Price & Dividend 15	$0.66	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$14.82								Price & Dividend 15
Price & Dividend 20	$0.66	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$14.82								Price & Dividend 20
Price & Dividend 25	$0.66	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$14.82								Price & Dividend 25
Price & Dividend 30	$0.66	$0.71	$0.75	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$14.82
Price H/L Median	$10.90	$13.71	$13.14	$13.35	$11.95	$11.43	$9.20	$7.70	$6.58	$6.09	$9.21	$7.80	$11.34	$23.05				-13.70%	<-Total Growth	10	Stock Price
Increase	-3.25%	25.78%	-4.16%	1.60%	-10.52%	-4.31%	-19.55%	-16.26%	-14.61%	-7.45%	51.36%	-15.31%	45.38%	103.22%				-1.46%	<-IRR #YR->	10	Stock Price	-13.70%
P/E Ratio	15.57	9.93	46.93	15.71	23.42	19.37	34.06	-385.00	29.89	7.61	11.51	8.39	8.53	12.14				8.05%	<-IRR #YR->	5	Stock Price	47.27%
Trailing P/E Ratio	9.70	19.59	9.52	47.68	14.05	22.41	15.58	28.52	-328.75	27.66	11.51	9.75	12.19	17.33				2.73%	<-IRR #YR->	10	Price & Dividend	30.59%
P/E on Run. 5 yr Ave	10.04	11.43	13.59	15.40	16.06	15.83	18.39	17.50	20.94	16.36	22.25	14.29	13.90	20.01				12.49%	<-IRR #YR->	5	Price & Dividend	78.05%
P/E on Run. 10 yr Ave	14.83	16.08	15.42	14.94	13.28	12.65	10.82	10.95	11.14	10.91	16.21	14.91	18.06	31.44				9.93	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.19%	4.44%	% Tot Ret	153.63%	35.57%	T P/E	14.82	11.51	P/E:	13.61	8.53						Count	26	Years of data
			-$13.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.34
								-$7.70	$0.00	$0.00	$0.00	$0.00	$11.34
			-$13.14	$0.76	$0.76	$0.76	$0.42	$0.39	$0.39	$0.39	$0.39	$0.39	$11.76
								-$7.70	$0.39	$0.39	$0.39	$0.39	$11.76
High Months	Mar	May	Jan	Aug	Nov	Jun	Apr	Jan	Apr	Dec	Nov	Feb	Dec	Oct
Pre-Split 2006
Pre-Split 2011
Price High	$12.94	$15.48	$15.08	$15.34	$14.51	$14.06	$10.62	$10.14	$8.10	$8.11	$10.58	$9.81	$14.67	$32.55				-2.72%	<-Total Growth	10	Stock Price
Increase	1.23%	19.63%	-2.58%	1.72%	-5.41%	-3.10%	-24.47%	-4.52%	-20.12%	0.12%	30.46%	-7.28%	49.54%	121.88%				-0.28%	<-IRR #YR->	10	Stock Price	-2.72%
P/E Ratio	18.49	11.22	53.86	18.05	28.45	23.83	39.33	-507.00	36.82	10.14	13.23	10.55	11.03	17.14				7.67%	<-IRR #YR->	5	Stock Price	44.67%
Trailing P/E Ratio	11.52	22.11	10.93	54.79	17.07	27.57	18.00	37.56	-405.00	36.86	13.23	12.26	15.77	24.47				11.22	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.54	13.23	P/E:	15.64	11.03					24.75	P/E Ratio		Historical High
			-$15.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.67
								-$10.14	$0.00	$0.00	$0.00	$0.00	$14.67
Low Months	Oct	Jan	Aug	Dec	Apr	Nov	Jun	Dec	Aug	Apr	Jan	Oct	Jun	Jan
Pre-Split 2006
Pre-Split 2011
Price Low	$8.86	$11.94	$11.20	$11.36	$9.38	$8.80	$7.77	$5.26	$5.05	$4.06	$7.84	$5.79	$8.01	$13.54				-28.48%	<-Total Growth	10	Stock Price
Increase	-9.13%	34.76%	-6.20%	1.43%	-17.43%	-6.18%	-11.70%	-32.30%	-3.99%	-19.60%	93.10%	-26.15%	38.34%	69.04%				-3.30%	<-IRR #YR->	10	Stock Price	-28.48%
P/E Ratio	12.66	8.65	40.00	13.36	18.39	14.92	28.78	-263.00	22.95	5.08	9.80	6.23	6.02	7.13				8.78%	<-IRR #YR->	5	Stock Price	52.28%
Trailing P/E Ratio	7.89	17.06	8.12	40.57	11.04	17.25	13.17	19.48	-252.50	18.45	9.80	7.24	8.61	10.18				6.70	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.10	8.61	P/E:	11.58	6.23					4.57	P/E Ratio		Historical Low
			-$11.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.01
								-$5.26	$0.00	$0.00	$0.00	$0.00	$8.01
														$300	<-12 mths	200.49%						Mk Sc
Free Cash Flow MS old				$70.47	$69.21	$38.08	-$105.69	$86.83	-$52.51	$114.72	$24.07	$15.63
Change					-1.78%	-44.98%	-377.56%	182.15%	-160.47%	318.49%	-79.02%	-35.06%
Free Cash Flow MS	$7.02	$34.68	-$0.43	$50.00	$50.00	$40.00	-$10.00	-$10.00	$20.00	$50.00	$60.00	$70.00	$100.00	$76.0	$82.5	$119.0		23301.86%	<-Total Growth	10	Free Cash Flow	Disagrees
Change	-87.50%	394.34%	-101.24%	11701%	0.00%	-20.00%	-125.00%	0.00%	300.00%	150.00%	20.00%	16.67%	42.86%	-24.00%	8.55%	44.24%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	1100.00%
FCF/CF from Op Ratio	0.44	0.57	-0.03	0.57	0.67	0.92	0.11	-0.10	-0.53	0.39	1.67	1.61	1.32	0.42	0.37	#DIV/0!		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	23301.86%
Dividends paid	$27.61	$29.72	$31.85	$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$17.61	$20.75	$20.94	$22.56	$22.56	$22.56	$22.56		-29.16%	<-Total Growth	10	Dividends paid
Percentage paid	393.56%	85.68%	-7390%	64.59%	64.59%	80.74%	-178.91%	-165.82%	82.91%	35.21%	34.58%	29.92%	22.56%	29.69%	27.35%	18.96%		$0.35	<-Median->	10	Percentage paid
5 Year Coverage				99.59%	108.85%	90.94%	113.17%	109.47%	128.50%	112.18%	81.28%	48.66%	32.81%	29.33%	28.15%	24.85%		104.22%	<-Median->	10	5 Year Coverage
Dividend Coverage Ratio	0.25	1.17	-0.01	1.55	1.55	1.24	-0.56	-0.60	1.21	2.84	2.89	3.34	4.43	3.37	3.66	5.27		1.55	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage				1.00	0.92	1.10	0.88	0.91	0.78	0.89	1.23	2.05	3.05	3.41	3.55	4.02		0.96	<-Median->	10	5 Year of Coverage
								$10	$0	$0	$0	$0	$100
			$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$100
														$57	<-12 mths	-6.50%
Free Cash Flow WSJ				$71.06	$69.62	$38.41	-$104.63	$25.87	-$49.88	$120.24	$26.26	$27.50	$60.64	$76.0	$82.5	$119.0		-14.66%	<-Total Growth	9	Free Cash Flow	Mk Sc
Change					-2.04%	-44.83%	-372.41%	124.72%	-292.84%	341.07%	-78.16%	4.73%	120.49%	25.32%	8.55%	44.24%		18.58%	<-IRR #YR->	5	Free Cash Flow MS	134.46%
FCF/CF from Op Ratio				0.82	0.93	0.88	1.15	0.25	1.31	0.93	0.73	0.63	0.80	0.42	0.37	#DIV/0!		-1.75%	<-IRR #YR->	9	Free Cash Flow MS	#DIV/0!
Dividends paid				$32.30	$32.30	$32.30	$17.89	$16.58	$16.58	$17.61	$20.75	$20.94	$22.56	$22.56	$22.56	$22.56		-30.14%	<-Total Growth	9	Dividends paid
Percentage paid				45.45%	46.39%	84.09%	-17.10%	64.11%	-33.24%	14.64%	79.00%	76.14%	37.21%	29.69%	27.35%	18.96%		45.92%	<-Median->	10	Percentage paid
5 Year Coverage								130.94%	-560.86%	336.44%	500.54%	61.64%	53.28%	33.61%	40.08%	30.41%		96.29%	<-Median->	6	5 Year Coverage
Dividend Coverage Ratio				2.20	2.16	1.19	-5.85	1.56	-3.01	6.83	1.27	1.31	2.69	3.37	3.66	5.27		1.44	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								0.76	-0.18	0.30	0.20	1.62	1.88	2.97	2.50	3.29		0.53	<-Median->	6	5 Year of Coverage
								-$26	$0	$0	$0	$0	$61
				-$71	$0	$0	$0	$0	$0	$0	$0	$0	$61
Market Cap	$486.0	$557.3	$560.6	$507.2	$552.7	$385.2	$431.1	$259.8	$304.0	$424.3	$527.3	$436.0	$774.4	$1,504.8	$1,504.8	$1,504.8		38.12%	<-Total Growth	10	Market Cap
Pre-Split 2011
Diluted # of Shares in Million	42.154	42.154	42.501	42.517	42.517	42.517	42.517	42.517	42.517	45.334	53.258	53.695	53.768	54.216				26.51%	<-Total Growth	10	Diluted
Change	0.00%	0.00%	0.82%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	6.63%	17.48%	0.82%	0.14%	0.83%				0.02%	<-Median->	10	Change
Difference Diluted/Basic	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%				0.00%	<-Median->	10	Difference Diluted/Basic
Pre-Split 2011
Basic # of Shares in Millions	42.154	42.154	42.501	42.517	42.517	42.517	42.517	42.517	42.517	45.334	53.258	53.695	53.768	54.216				26.51%	<-Total Growth	10	Average
Change	0.00%	0.00%	0.82%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	6.63%	17.48%	0.82%	0.14%	0.83%				0.02%	<-Median->	10	Change
Difference Basic/Outstanding	0.00%	0.00%	-0.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.00%	0.82%	0.00%	0.01%	2.15%				0.00%	<-Median->	10	Difference Basic/Outstanding
														$81.2	<-12 mths	7.17%
Pre-Split 2006
Pre-Split 2011
# of Share in Millions	42.154	42.154	42.154	42.517	42.517	42.517	42.517	42.517	42.517	53.039	53.695	53.695	53.775	55.383	55.383	55.383		2.46%	<-IRR #YR->	10	Shares	27.57%
Change	0.00%	0.00%	0.00%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	24.75%	1.24%	0.00%	0.15%	2.99%	0.00%	0.00%		4.81%	<-IRR #YR->	5	Shares	26.48%
Cash Flow from Operations $Millon	$16.0	$60.3	$16.4	$87.1	$74.8	$43.4	-$91.1	$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8	$179.4	$223.7			362.22%	<-Total Growth	10	Cash Flow
Increase	-73.04%	277.98%	-72.82%	431.05%	-14.14%	-41.92%	-309.83%	211.33%	-137.54%	438.66%	-72.22%	21.14%	74.66%	136.73%	24.69%			Share Issue
5 year Running Average	$59.1	$62.6	$50.4	$47.8	$50.9	$56.4	$26.1	$43.1	$18.1	$28.9	$27.4	$54.3	$49.2	$92.7	$111.6			88.33%	<-Total Growth	10	CF 5 Yr Running
CFPS	$0.38	$1.43	$0.39	$2.05	$1.76	$1.02	-$2.14	$2.39	-$0.90	$2.43	$0.67	$0.81	$1.41	$3.24	$4.04			262.34%	<-Total Growth	10	Cash Flow per Share
Increase	-73.04%	277.98%	-72.82%	426.52%	-14.14%	-41.92%	-309.83%	211.33%	-137.54%	371.47%	-72.56%	21.14%	74.40%	129.85%	24.69%			16.54%	<-IRR #YR->	10	Cash Flow	362.22%
5 year Running Average	$1.41	$1.48	$1.20	$1.13	$1.20	$1.33	$0.61	$1.01	$0.43	$0.56	$0.49	$1.08	$0.88	$1.71	$2.03			-5.66%	<-IRR #YR->	5	Cash Flow	-25.28%
P/CF on Med Price	28.79	9.58	33.78	6.52	6.79	11.19	-4.29	3.23	-7.34	2.50	13.80	9.65	8.04	7.11	0.00			13.74%	<-IRR #YR->	10	Cash Flow per Share	262.34%
P/CF on Closing Price	30.45	9.24	34.19	5.82	7.39	8.87	-4.73	2.56	-7.98	3.29	14.72	10.05	10.22	8.39	6.73			-9.99%	<-IRR #YR->	5	Cash Flow per Share	-40.92%
															26.01%	Diff M/C		-2.97%	<-IRR #YR->	10	CFPS 5 yr Running	-26.07%
														$198.6	<-12 mths	37.49%
Excl.Working Capital CF	$35.4	$48.4	$15.9	-$22.2	$0.5	$4.8	$120.7	-$89.3	$68.3	-$57.3	$66.8	$71.0	$68.6	$0.0	$0.0			-2.71%	<-IRR #YR->	5	CFPS 5 yr Running	-12.83%
CF fr Op $M WC	$51.4	$108.7	$32.3	$64.9	$75.3	$48.2	$29.6	$12.2	$30.2	$71.7	$102.6	$114.4	$144.4	$179.4	$223.7			346.89%	<-Total Growth	10	Cash Flow less WC
Increase	7.99%	111.52%	-70.27%	100.84%	16.01%	-35.99%	-38.54%	-58.86%	147.85%	137.40%	43.14%	11.45%	26.26%	24.26%	24.69%			16.15%	<-IRR #YR->	10	Cash Flow less WC	346.89%
5 year Running Average	$53.9	$67.7	$60.5	$61.0	$66.5	$65.9	$50.1	$46.0	$39.1	$38.4	$49.3	$66.2	$92.7	$122.5	$152.9			63.97%	<-IRR #YR->	5	Cash Flow less WC	1085.12%
CFPS Excl. WC	$1.22	$2.58	$0.77	$1.53	$1.77	$1.13	$0.70	$0.29	$0.71	$1.35	$1.91	$2.13	$2.69	$3.24	$4.04			4.36%	<-IRR #YR->	10	CF less WC 5 Yr Run	53.18%
Increase	7.99%	111.52%	-70.27%	99.12%	16.01%	-35.99%	-38.54%	-58.86%	147.85%	90.30%	41.39%	11.45%	26.08%	20.65%	24.69%			15.02%	<-IRR #YR->	5	CF less WC 5 Yr Run	101.27%
5 year Running Average	$1.28	$1.61	$1.43	$1.44	$1.57	$1.56	$1.18	$1.08	$0.92	$0.84	$0.99	$1.28	$1.76	$2.26	$2.80			13.36%	<-IRR #YR->	10	CFPS - Less WC	250.31%
P/CF on Median Price	8.94	5.32	17.14	8.75	6.75	10.08	13.20	26.87	9.26	4.50	4.82	3.66	4.22	7.11	0.00			56.44%	<-IRR #YR->	5	CFPS - Less WC	837.01%
P/CF on Closing Price	9.46	5.13	17.35	7.82	7.34	7.99	14.56	21.32	10.07	5.92	5.14	3.81	5.36	8.39	6.73			2.05%	<-IRR #YR->	10	CFPS 5 yr Running	22.49%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	6.65	5 yr	8.04	P/CF Med	10 yr	7.75	5 yr	4.50		8.27%	Diff M/C		10.17%	<-IRR #YR->	5	CFPS 5 yr Running	62.33%
			-42.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	53.8								Shares
								-42.5	0.0	0.0	0.0	0.0	53.8								Shares
			-$16.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$75.8								Cash Flow
								-$101.4	$0.0	$0.0	$0.0	$0.0	$75.8								Cash Flow
			-$0.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.41								Cash Flow per Share
								-$2.39	$0.00	$0.00	$0.00	$0.00	$1.41								Cash Flow per Share
			-$1.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88								CFPS 5 yr Running
								-$1.01	$0.00	$0.00	$0.00	$0.00	$0.88								CFPS 5 yr Running
			-$32.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$144.4								Cash Flow less WC
								-$12.2	$0.0	$0.0	$0.0	$0.0	$144.4								Cash Flow less WC
			-$60.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$92.7								CF less WC 5 Yr Run
								-$46.0	$0.0	$0.0	$0.0	$0.0	$92.7								CF less WC 5 Yr Run
			-$0.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.69								CFPS - Less WC
								-$0.29	$0.00	$0.00	$0.00	$0.00	$2.69								CFPS - Less WC
			-$1.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.76								CFPS 5 yr Running
								-$1.08	$0.00	$0.00	$0.00	$0.00	$1.76								CFPS 5 yr Running
Changes in working capital relating to operating activities	-$21.551	-$40.001	$3.09	$23.63																	Chge in non-cash WC
Accts Rec					-$73.52	$10.452	$19.760	$18.902	-$75.911	$153.398	-$60.944	-$111.409	-$137.295
Contract Assets								$6.550	-$2.606	$4.521	$4.132	-$0.989	-$42.624
Contracts Assets Alternative F. P								$66.825	-$68.054	$75.067	$0.113	$0.000
Other Assets										$5.971	$0.053	-$0.092	$0.124
Costs, estimates earnings in excess of billings					-$5.63	-$4.415	-$19.553
Costs, estimates earnings in excess of billings Alternative Fin projcts					$11.15	-$51.756	-$7.508
prepaid expenses and other assets					-$0.20	-$0.499	$0.169	-$0.047	-$0.065
Inventory					$0.09	-$0.158	$0.053	-$0.326	$0.291	-$1.260	-$1.294	-$0.979	-$1.446
Accts Pay					$43.81	$66.078	-$72.189	$10.346	$36.563	-$119.903	$21.444	$58.349	$66.160
Deferred Contract Revenue					$50.63	-$16.427	-$18.890	-$2.373	$52.123
Contract Liab										-$48.388	$7.768	$16.671	$59.356
Provisions					-$2.64	-$0.035	$1.179	-$2.110	-$0.830	$1.173	-$0.253	-$8.773	-$3.853
Medium Term Incentive Plan EIP					-$4.28	-$0.831	-$2.270	-$2.235	-$7.780	-$1.486	-$2.554	-$12.095	$4.024
Income Tax
OCF Discontinued Operations
Dividends and interest received	$2.589	$2.539	$2.11	$1.54	$1.34	$1.374	$1.224	$1.349	$2.521	$2.037	$1.321	$4.559	$4.185								Dividends & int rec
Interest paid	-$0.326	-$2.184	-$1.87	-$1.35	-$2.26	-$1.374	-$1.832	-$4.360	-$3.930	-$7.815	-$7.243	-$9.272	-$12.511								Interest paid
Income taxes paid	-$16.141	-$8.727	-$19.25	-$1.64	-$19.01	-$7.176	-$20.883	-$3.265	-$0.599	-$6.064	-$29.340	-$6.941	-$4.727								Inc tax Paid/refunds
Sum	-$35.429	-$48.37	-$15.92	$22.19	-$0.52	-$4.767	-$120.740	$89.256	-$68.277	$57.251	-$66.797	-$70.971	-$68.607
Google --TD Bank	-$34.080	-$48.37	-$15.91	$22.19	-$0.52	-$4.77	-$121	$89	-$68	$57	-$67	-$71	-$69
Difference	-$1.349	$0.00	-$0.01	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD Bank			-$16	$22	-$1	-$5		$89	-$68	$57	-$67
Difference			$0	$0	$0	$0
WSJ								$95.532	-$66.269	$69.093	-$31.535	-$59.317	excluded the last 3 items
								$95.532	-$66.269	$69.093	-$31.535
Difference
Year
OPM Ratio	1.64%	4.15%	1.23%	6.38%	5.18%	2.73%	-6.42%	7.34%	-2.77%	8.57%	1.61%	1.83%	2.71%	5.27%				119.93%	<-Total Growth	10	OPM
Increase	-76.60%	153.17%	-70.30%	418.30%	-18.91%	-47.22%	-335.19%	214.28%	-137.68%	409.84%	-81.17%	13.11%	48.37%	94.64%					Should increase		or be stable.
Diff from Median	-39.8%	52.5%	-54.7%	134.7%	90.3%	0.4%	-336.2%	169.9%	-201.7%	215.1%	-40.7%	-32.9%	-0.4%	93.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	2.72%	5 Yrs	1.83%					should be	zero, it is a		check on calculations
														$185	<-12 mths	33.13%
Adjusted EBITDA							$25.68	$10.91	$32.29	$81.94	$108.14	$101.19	$138.75	$208.7	$273.6	$318.3		440.38%	<-Total Growth	6	Adjusted EBITDA
Change								-57.49%	195.88%	153.74%	31.97%	-6.43%	37.12%	50.42%	31.10%	16.34%		34.55%	<-Median->	6	Change
Margin							1.81%	0.79%	2.35%	5.45%	4.87%	4.26%	4.96%	6.13%	6.94%	7.37%		4.26%	<-Median->	7	Margin
Accounts Payable.	313.411	369.037	$348.68	345.636	$390.76	$458.67	$388.53	$383.61	$419.92	$490.47	$514.33	$573.22	$639.96	$674.49				83.54%	<-Total Growth	10	Debt
Change	23.17%	17.75%	-5.52%	-0.87%	13.06%	17.38%	-15.29%	-1.27%	9.47%	16.80%	4.86%	11.45%	11.64%	5.39%				10.46%	<-Median->	10	Change
Debt/Market Cap Ratio	0.64	0.66	0.62	0.68	0.71	1.19	0.90	1.48	1.38	1.16	0.98	1.31	0.83	0.45				1.07	<-Median->	10	Debt/Market Cap Ratio
Long Term Debt	$33.70	$34.22	$23.97	$11.99	$10.67	$8.62	$13.84	$24.75	$34.74	$64.90	$71.21	$68.01	$64.62	$139.95				169.65%	<-Total Growth	10	Debt	Type
Change					-11.01%	-19.15%	60.54%	78.81%	40.34%	86.84%	9.72%	-4.50%	-4.98%	116.57%				9.72%	<-Median->	9	Change	Lg Term R
Debt/Market Cap Ratio	0.07	0.06	0.04	0.02	0.02	0.02	0.03	0.10	0.11	0.15	0.14	0.16	0.08	0.09				0.09	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	1.52	1.55	1.52	1.49	1.40	1.31	1.36	1.37	1.32	1.55	1.58	1.56	1.56	1.69				1.45	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.66	0.65	0.66	0.67	0.72	0.76	0.74	0.73	0.76	0.64	0.63	0.64	0.64	0.59				0.69	<-Median->	10	Current Liabilities/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	2.11	0.57	1.46	0.14	0.14	0.20	-0.15	0.24	-0.91	0.50	1.99	1.57	0.85	0.78				0.22	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
Debt to Cash Flow WC  (Years)	0.66	0.31	0.74	0.18	0.14	0.18	0.47	2.03	1.15	0.91	0.69	0.59	0.45	0.78								Leverage
																						D/E Ratio
Intangibles	$18.97	$14.76	$12.83	$11.42	$2.08	$1.74	$1.53	$2.58	$2.48	$27.53	$27.53	$34.74	$46.39	$107.23				261.66%	<-Total Growth	10	Intangibles
Goodwill	$23.45	$23.45	$30.54	$30.54	$16.39	$16.39	$16.39	$16.39	$16.19	$33.05	$33.05	$55.74	$55.99	$121.20				83.34%	<-Total Growth	10	Goodwill
Total	$42.42	$38.21	$43.37	$41.96	$18.47	$18.12	$17.92	$18.96	$18.67	$60.58	$60.58	$90.48	$102.39	$228.43				136.09%	<-Total Growth	10	Total
Change	253.12%	-9.93%	13.51%	-3.24%	-55.99%	-1.85%	-1.13%	5.83%	-1.53%	224.43%	0.00%	49.36%	13.16%	123.10%				-0.57%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.09	0.07	0.08	0.08	0.03	0.05	0.04	0.07	0.06	0.14	0.11	0.21	0.13	0.15				0.08	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$539.0	$618.4	$546.7	$530.5	$652.9	$743.3	$621.0	$546.6	$729.4	$820.1	$873.1	$970.3	$1,148.5	$1,329.7				Liquidity ratio of 1.5 and up, best
Current Liabilities	$416.1	$464.0	$426.3	$426.5	$525.5	$625.3	$530.4	$476.3	$648.9	$684.6	$721.3	$785.7	$914.5	$1,059.9				1.20	<-Median->	10	Ratio
Liquidity Ratio	1.30	1.33	1.28	1.24	1.24	1.19	1.17	1.15	1.12	1.20	1.21	1.23	1.26	1.25				1.21	<-Median->	5	Ratio
Liq. with CF after div	1.27	1.40	1.25	1.37	1.32	1.21	1.13	1.33	1.10	1.36	1.23	1.26	1.31	1.40				1.26	<-Median->	5	Ratio
Liq. with CF after div WC	1.21	1.45	1.21	1.34	1.32	1.21	1.13	1.17	1.10	1.29	1.27	1.31	1.37	1.40				1.29	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.11	1.33	1.25	1.32	1.32	1.20	1.09	1.28	1.08	1.26	1.19	1.24	1.28	1.40				1.24	<-Median->	5	Ratio
Curr Long Term Debt	$0.0	$14.0	$15.4	$16.2	$8.7	$2.8	$4.8	$5.2	$5.9	$8.0	$7.5	$7.1	$8.3	$60.9				$7.5	<-Median->	5	Ratio
Liquidity Less CLTD	1.30	1.37	1.33	1.29	1.26	1.19	1.18	1.16	1.13	1.21	1.22	1.25	1.27	1.33				1.22	<-Median->	5	Ratio
Liq. with CF after div	1.27	1.44	1.29	1.43	1.35	1.21	1.14	1.34	1.11	1.37	1.24	1.28	1.33	1.48				1.28	<-Median->	5	Ratio
Liq. with CF after div WC	1.21	1.50	1.26	1.39	1.35	1.21	1.14	1.18	1.11	1.30	1.28	1.32	1.38	1.48				1.30	<-Median->	5	Ratio
Assets	$632.5	$718.1	$648.1	$637.3	$734.0	$817.4	$719.8	$652.0	$856.8	$1,061.8	$1,137.1	$1,229.3	$1,424.4	$1,789.0				Debt Ratio of 1.5 and up, best
Liabilities	$470.1	$526.6	$470.8	$455.7	$563.1	$653.8	$561.2	$515.8	$729.1	$849.2	$893.7	$956.3	$1,101.9	$1,380.3				1.28	<-Median->	10	Ratio
Debt Ratio	1.35	1.36	1.38	1.40	1.30	1.25	1.28	1.26	1.18	1.25	1.27	1.29	1.29	1.30				1.27	<-Median->	5	Ratio
Book Value	$162.4	$191.6	$177.3	$181.6	$170.9	$163.6	$158.6	$136.2	$127.7	$212.6	$243.5	$273.0	$322.5	$408.8	$408.8	$408.8		81.90%	<-Total Growth	10	Book Value
Book Value per share	$3.85	$4.54	$4.21	$4.27	$4.02	$3.85	$3.73	$3.20	$3.00	$4.01	$4.53	$5.08	$6.00	$7.38	$7.38	$7.38		42.59%	<-Total Growth	10	Book Value per Share
Change	-0.27%	17.95%	-7.45%	1.55%	-5.89%	-4.29%	-3.02%	-14.12%	-6.25%	33.44%	13.12%	12.12%	17.96%	23.07%	0.00%	0.00%		60.34%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	2.83	3.02	3.12	3.13	2.97	2.97	2.46	2.40	2.19	1.52	2.03	1.53	1.89	3.12	0.00	0.00		2.83	P/B Ratio		Historical Median
P/B Ratio (Close)	2.99	2.91	3.16	2.79	3.23	2.36	2.72	1.91	2.38	2.00	2.17	1.60	2.40	3.68	3.68	3.68		3.61%	<-IRR #YR->	10	Book Value per Share	42.59%
Change	-6.84%	-2.79%	8.70%	-11.67%	15.79%	-27.19%	15.41%	-29.84%	24.82%	-16.15%	8.51%	-26.25%	50.34%	53.31%	0.00%	0.00%		13.36%	<-IRR #YR->	5	Book Value per Share	87.17%
Leverage (A/BK)	3.89	3.75	3.66	3.51	4.30	5.00	4.54	4.79	6.71	4.99	4.67	4.50	4.42	4.38				4.67	<-Median->	5	A/BV
Debt/Equity Ratio	2.89	2.75	2.66	2.51	3.30	4.00	3.54	3.79	5.71	3.99	3.67	3.50	3.42	3.38				3.67	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	2.30	5 yr Med	1.89		60.34%	Diff M/C		4.52	Historical		Leverage (A/BK)
			-$4.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.00
								-$3.20	$0.00	$0.00	$0.00	$0.00	$6.00
														$92.03	<-12 mths	28.58%
Comprehensive Income	$29.60	$58.25	$12.09	$36.24	$21.48	$25.00	$11.62	-$1.01	$9.52	$37.30	$45.13	$50.44	$71.57					491.97%	<-Total Growth	10	Comprehensive Income
Increase	-37.45%	96.81%	-79.24%	199.73%	-40.72%	16.39%	-53.52%	-108.71%	1040.81%	291.79%	20.98%	11.77%	41.89%					41.89%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$43.67	$50.59	$40.83	$36.70	$31.53	$30.61	$21.29	$18.67	$13.32	$16.49	$20.51	$28.28	$42.79					19.46%	<-IRR #YR->	10	Comprehensive Income	491.97%
ROE	18.2%	30.4%	6.8%	20.0%	12.6%	15.3%	7.3%	-0.7%	7.5%	17.5%	18.5%	18.5%	22.2%					#NUM!	<-IRR #YR->	5	Comprehensive Income	7172.04%
5Yr Median	42.0%	30.4%	29.1%	20.0%	18.2%	15.3%	12.6%	12.6%	7.5%	7.5%	7.5%	17.5%	18.5%					0.47%	<-IRR #YR->	10	5 Yr Running Average	4.80%
% Difference from NI	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.10%	0.39%	3.32%	5.48%	17.90%	0.04%					18.05%	<-IRR #YR->	5	5 Yr Running Average	129.25%
Median Values										Diff	5, 10 yr	0.1%	3.3%					18.5%	<-Median->	5	Return on Equity
			-$12.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$71.6
								$1.0	$0.0	$0.0	$0.0	$0.0	$71.6
			-$40.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$42.8
								-$18.7	$0.0	$0.0	$0.0	$0.0	$42.8
Current Liability Coverage Ratio	0.12	0.23	0.08	0.15	0.14	0.08	0.06	0.03	0.05	0.10	0.14	0.15	0.16	0.17							CFO / Current Liabilities
5 year Median	0.15	0.16	0.15	0.15	0.14	0.14	0.08	0.08	0.06	0.06	0.06	0.10	0.14	0.15				0.14	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	8.13%	15.14%	4.99%	10.18%	10.26%	5.90%	4.12%	1.87%	3.52%	6.75%	9.02%	9.30%	10.14%	10.03%							CFO / Total Assets
5 year Median	11.63%	12.93%	9.86%	9.86%	10.18%	10.18%	5.90%	5.90%	4.12%	4.12%	4.12%	6.75%	9.02%	9.30%				9.0%	<-Median->	5	Return on Assets
Return on Assets ROA	4.68%	8.11%	1.87%	5.69%	2.93%	3.06%	1.61%	-0.16%	1.11%	3.40%	3.76%	3.48%	5.02%	5.83%				Net	Income/Assets		Return on Assets
5Yr Median	9.80%	9.80%	8.11%	5.69%	4.68%	3.06%	2.93%	2.93%	1.61%	1.61%	1.61%	3.40%	3.48%	3.76%				3.5%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	18.22%	30.40%	6.82%	19.96%	12.57%	15.29%	7.32%	-0.74%	7.43%	16.98%	17.57%	15.67%	22.18%	25.52%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	42.05%	30.40%	29.05%	19.96%	18.22%	15.29%	12.57%	12.57%	7.43%	7.43%	7.43%	15.67%	16.98%	17.57%				17.0%	<-Median->	5	Return on Equity
														$91.48	<-12 mths	27.87%
Net Income	$29.6	$58.2	$12.1	$36.2	$21.5	$25.0	$11.6	-$1.0	$9.5	$36.1	$42.8	$42.8	$71.5	$104.3	$152.0	$188.2		491.72%	<-Total Growth	10	Net Income
Increase	-37.45%	96.81%	-79.24%	199.73%	-40.72%	16.39%	-53.53%	-108.72%	1036.23%	280.67%	18.50%	0.00%	67.21%	45.79%	45.73%	23.82%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$43.7	$50.6	$40.8	$37	$32	$31	$21	$19	$13	$16	$20	$26	$41	$59.5	$82.7	$111.8		19.46%	<-IRR #YR->	10	Net Income	491.72%
Operating Cash Flow	$16.0	$60.3	$16.4	$87.1	$74.8	$43.4	-$91.1	$101.4	-$38.1	$128.9	$35.8	$43.4	$75.8					#NUM!	<-IRR #YR->	5	Net Income	7162.09%
Investment Cash Flow	-$60.9	-$24.1	$0.0	-$17.4	$7.7	-$4.0	-$21.1	-$16.0	-$8.2	-$53.9	-$23.3	-$14.8	-$27.5					-0.07%	<-IRR #YR->	10	5 Yr Running Average	-0.72%
Total Accruals	$74.5	$22.0	-$4.3	-$33.5	-$61.0	-$14.4	$123.8	-$86.4	$55.8	-$38.9	$30.3	$14.2	$23.2					16.78%	<-IRR #YR->	5	5 Yr Running Average	117.19%
Total Assets	$632.5	$718.1	$648.1	$637.3	$734.0	$817.4	$719.8	$652.0	$856.8	$1,061.8	$1,137.1	$1,229.3	$1,424.4						Balance Sheet		Assets
Accruals Ratio	11.78%	3.06%	-0.66%	-5.26%	-8.31%	-1.76%	17.20%	-13.26%	6.51%	-3.67%	2.66%	1.15%	1.63%					1.63%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.57	0.54	0.37	0.56	0.29	0.52	0.39	-0.07	0.31	0.59	0.42	0.44	0.50					0.43	<-Median->	10	EPS/CF Ratio
			-$12.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$71.5
								$1.0	$0.0	$0.0	$0.0	$0.0	$71.5
			-$40.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$40.5
								-$18.7	$0.0	$0.0	$0.0	$0.0	$40.5
Change in Close	-7.09%	14.66%	0.61%	-10.30%	8.97%	-30.31%	11.92%	-39.74%	17.02%	11.89%	22.75%	-17.31%	77.34%	88.68%	0.00%	0.00%			Count	27	Years of data
up/down		down			up	up		down	up	down									Count	9	33.33%
Meet Prediction?					yes			yes	yes									% right	Count	5	55.56%
Financial Cash Flow	$0.9	-$26.6	$0.0	$44.1	-$27.7	$3.5	-$15.4	-$60.8	$68.1	-$43.3	-$34.2	-$44.3	-$45.4						C F Statement		Financial Cash Flow
Total Accruals	$73.6	$48.6	-$4.3	-$77.6	-$33.2	-$17.9	$139.2	-$25.6	-$12.3	$4.3	$64.5	$58.5	$68.6								Accruals
Accruals Ratio	11.64%	6.76%	-0.66%	-12.17%	-4.53%	-2.19%	19.34%	-3.93%	-1.43%	0.41%	5.67%	4.76%	4.82%					4.76%	<-Median->	5	Ratio
Cash	$173.4	$183.1	$138.4	$164.0	$218.8	$261.9	$133.1	$158.9	$180.3	$212.1	$190.2	$174.6	$177.5	$177.2							Cash
Change	-20.25%	5.58%	-24.43%	18.56%	33.36%	19.71%	-49.19%	19.44%	13.47%	17.60%	-10.32%	-8.19%	1.67%	-0.17%				1.67%	<-Median->	5	Change
Cash per Share	$4.11	$4.34	$3.28	$3.86	$5.15	$6.16	$3.13	$3.74	$4.24	$4.00	$3.54	$3.25	$3.30	$3.20				354.20%	<-Median->	5	Cash per Share
Change	-20.25%	5.58%	-24.43%	17.55%	33.36%	19.71%	-49.19%	19.44%	13.47%	-5.73%	-11.41%	-8.19%	1.52%	-3.07%				-5.73%	<-Median->	5	Change
Percentage of Stock Price	35.68%	32.85%	24.68%	32.34%	39.58%	67.98%	30.86%	61.18%	59.32%	49.98%	36.07%	40.05%	22.93%	11.78%				40.05%	<-Median->	5	% of Stock Price
Notes
December 7, 2024.  Last estimates were for 2023, 2024 and 2025 of $2731M, $2923M, $3152M Revenue, $1.32, $1.60, $1.88 AEPS, $1.29, $1.61, $1.81 EPS,
$0.42, $0.53, $0.52 Dividends, $70M, $86M, $112M FCF, $93M, $108M 2023/4 CF, $134M, $162M, $180M EBITDA, $69M, $86M, $112M Net Income.
December 9, 2023.  Last estimates were for 2022, 2023 and 2024 of $2360M, $2501M and $2590M for Revenue, $0.81, $0.91 and $1.04 for AEPS,
$1.05, $1.24 and $1.24 for EPS, $0.39, $0.39 and $0.39 for dividends, $60.3M, $66.6M and $76.6M for FCF, $57.5M and $74.3M for CF 2022/3, and $47.3M, $49.8M and $56.3M for Net Income.
December 11, 2022.  Last estimates were for 2021, 2022 and 2023 of $2254M, $2528M and $2615M for Revenue, $0.86, $1.05 and $1.24 for EPS,
$0.39, $0.39 and $0.39 for dividends, $56.8M, $87.7M and $86.3M for FCF, $1.97, $1.92 and $1.98 for CFPS, $45.6M, $57.4M and $66.8M for Net Income.
December 18, 2021.  Last estimates were for 2020, 2021 and 2022 of $1520M, $2392M and $2646M, $057, $0.85 and $1.21 for EPS,
$0.39, $0.39 and $0.39 for Dividends, $40.9M, $62.2M and $84.4M for FCF and $26.9M, $47.3M and $75M for Net Income.
December 24, 2020.  Last estimates were for 2019, 2020 and 2021 of $1358M, $1484M and $1675M for Revenue, $0.21, $0.58 and $0.70 for EPS,
$0.14 and $1.53 for 2019 and 2020 for CFPS and $9.4M, $24.8M and $29.6M for Net Income.
December 21, 2019.  Last estimates were for 1374M, $1558M and $1635M for Revenue, -$0.04, $0.59 and $0.65 for EPS,
$0.22 and $1.62 for CFPS for 2018 and 2019 and -$14M, $25M and $27M for Net Income.
December 23, 2018.  Last estimates were for  for 2017, 2018 and 2019 1453M, $1546M and $1635M for Revene, $0.36, $0.60 and $0.74 for EPS,
$1.58 for CFPS for 2017 and $1.1M, $25.6M abd $31.5M for Net Income.
December 24, 2017.  Last estimates were for 2016, 2017 and 2018 of $1575M, $1455M and $1473M for Revenue, $0.60, $0.63 and $0.43 for EPS,
$1.58 and $1.62 for CFPS for 2016 and 2017 and $25.6M and $19.1M for Net Income for 2016 and 2017.
January 1, 2017.  Last estimates are for 2015, 2016 and 2017 of 1431M, $1641M and $1495M for Revemue, $0.80, $0.78 and $0.74 for EPS,
$1.58 and $1.41 for CFPS for 2015 and 2016 and $35.6, $31.7 amd $31 for Net Income.
On January 1, 2011 this stock changed from an income to a corporation.
The conversion from a corporation listed on the TSX Venture Exchange to an income trust listed on the TSX Bird Construction Income Fund  (symbol
BDT.UN) was completed on February 27, 2006.
Bird construction became an income trust in 2006, then changed back to a corporation on January 1, 2011
Bird Construction was founded in 1920 and incorporated in 1930.  It issues stock on the Winnipeg Stock Exchange in 1949.
Sector:
Construction, Industrial
What should this stock accomplish?
You would buy this stock for diversification purposes.  Since this is an industrial stock, expect volatility in the short term, but expect to earn both capital gains and rising dividend income in the longer term.
You should expect volatility especially concerning Earnings and Cash Flow.
Would I buy this company and Why.
I did consider this company when looking at something to buy for 2016.   However, I preferred the companies I bought instead.
This dones not mean I think it is a poor investment choice, it is just not my choice at the period in time.
Why am I following this stock.
This was listed as a top stock in ETF of iShares S&P TSX Canadian Dividend Aristocrats Index.
I had not heard of it before, so I decided to do a spreadsheet on this stock in 2016.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
Dividends
Dividends are paid monthly.  Dividends are declared in one month for shareholders of record of the following month and paid in the next month.
For example, the dividends declared on November 9, 2016  was for shareholders of record of January 31, 2016 and paid on February 17, 2017.
How they make their money.
Bird Construction Inc is a construction company operating from coast-to-coast and servicing all of Canada's major markets.
Industrial, commercial, and institutional sector is the ICI sector.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Dec 24	2017	Dec 23	2018	Dec 21	2019	Dec 24	2020	Dec 18	2021	Dec 11	2022	Dec 9	2023			Dec 7	2024
McKibbon, Terrance Lloyd						0.108	0.25%	0.152	0.29%	0.161	0.30%	0.216	0.40%	0.219	0.41%			0.223	0.40%		Shown office 2019	1.47%
CEO - Shares - Amount							$0.774		$1.219		$1.585		$1.755		$3.159				$6.048
Options - percentage						0.185	0.44%	0.318	0.60%	0.382	0.71%	0.403	0.75%	0.355	0.66%			0.304	0.55%			-14.50%
Options - amount							$1.325		$2.543		$3.755		$3.272		$5.117				$8.254
Boyd, Ian Jeffrey	0.16%	0.070	0.16%	0.088	0.21%
CEO - Shares - Amount	$0.634		$0.710		$0.536
Options - percentage	0.46%	0.259	0.61%	0.310	0.73%
Options - amount	$1.790		$2.630		$1.892
Gingrich, Wayne Richard	0.04%	0.018	0.04%	0.024	0.06%	0.029	0.07%	0.044	0.08%	0.050	0.09%	0.053	0.10%	0.057	0.11%			0.060	0.11%			5.50%
CFO - Shares - Amount	$0.163		$0.183		$0.149		$0.204		$0.351		$0.487		$0.431		$0.816				$1.625
Options - percentage	0.00%	0.044	0.10%	0.000	0.00%	0.129	0.30%	0.167	0.31%	1.016	1.89%	0.174	0.32%	0.156	0.29%			0.132	0.24%			-15.66%
Options - amount	$0.000		$0.445		$0.000		$0.926		$1.335		$9.981		$1.415		$2.250				$3.581
Entwistle, Stephen Robert	0.00%																				Ink Still listed as CFO
CFO - Shares - Amount	$0.000																				In 2016
Options - percentage	0.00%																				Ceased to be insider Apr 2017
Options - amount	$0.000
Bergman, J. Paul						0.055	0.13%	0.067	0.13%	0.077	0.14%	0.082	0.15%	0.087	0.16%			0.090	0.16%			4.41%
Officer - Shares - Amount							$0.396		$0.539		$0.752		$0.662		$1.247				$2.457
Options - percentage						0.110	0.26%	0.151	0.28%	0.157	0.29%	0.142	0.26%	0.119	0.22%			0.105	0.19%			-12.25%
Options - amount							$0.790		$1.207		$1.542		$1.151		$1.717				$2.842
Boyd, Ian Jeffrey	0.16%	0.070	0.16%	0.088	0.21%	0.092	0.22%	0.097	0.18%
Officer - Shares - Amount	$0.634		$0.710		$0.536		$0.659		$0.779
Options - percentage	0.46%	0.259	0.61%	0.310	0.73%	0.437	1.03%	0.375	0.71%
Options - amount	$1.790		$2.630		$1.892		$3.124		$3.000
Royer, Gilles Gerald												0.429	0.80%	0.435	0.81%			0.437	0.79%			0.37%
Officer - Shares - Amount													$3.487		$6.268				$11.870
Options - percentage												0.213	0.40%	0.219	0.41%			0.202	0.36%			-8.07%
Options - amount													$1.728		$3.159				$5.479
Caza, Charles Joseph												0.023	0.04%	0.029	0.05%			0.031	0.06%			7.45%
Officer - Shares - Amount													$0.189		$0.417				$0.846
Options - percentage												0.085	0.16%	0.075	0.14%			0.063	0.11%			-15.66%
Options - amount													$0.687		$1.076				$1.713
Bird, John Richard	1.93%	0.821	1.93%	0.821	1.93%	0.821	1.93%	0.821	1.55%	0.821	1.53%	1.100	2.05%	1.100	2.05%			1.100	1.99%			0.00%
Director - Shares - Amount	$7.438		$8.325		$5.016		$5.870		$6.568		$8.062		$8.932		$15.840				$29.887
Options - percentage	0.00%	0.000	0.00%	0.005	0.01%	0.017	0.04%	0.031	0.06%	0.040	0.07%	0.054	0.10%	0.068	0.13%			0.075	0.14%			10.23%
Options - amount	$0.000		$0.000		$0.032		$0.122		$0.246		$0.395		$0.439		$0.979				$2.036
Brooks, Karyn Anne												0.020	0.04%	0.020	0.04%						Ceased insider Jul 24
Director - Shares - Amt													$0.162		$0.288
Options - percentage												0.095	0.18%	0.112	0.21%
Options - amount													$0.774		$1.609
Edwards, Steve														0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amt															$0.000				$0.000
Options - percentage														0.026	0.05%			0.036	0.06%			38.83%
Options - amount															$0.371				$0.971
Raboud, Paul Robert								0.211	0.40%	0.211	0.39%	0.211	0.39%	0.211	0.39%			0.211	0.38%			0.00%
Chairman - Shares - Amt									$1.685		$2.069		$1.710		$3.033				$5.723
Options - percentage								0.028	0.05%	0.039	0.07%	0.058	0.11%	0.076	0.14%			0.085	0.15%			12.06%
Options - amount									$0.222		$0.381		$0.467		$1.088				$2.301
Increase in O/S Shares	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.294	0.55%	1.171	2.18%	1.070	1.99%			1.031	1.92%		Yes 0, but there are sometimes
due to SO	$0.000		$0.000		$0.000		$0.000		$0.000		$2.349		$11.495		$8.687				$14.841		o/s stock options
Book Value	$0.119		$0.000		$1.726		$0.917		$0.000		$1.795		$10.630		$8.181				$9.729		Stock Based expense
Insider Buying	-$0.225		-$0.063		-$0.602		-$1.918		-$0.440	Yes	$0.000		-$2.470		-$0.109				-$0.570		Share-based compensation
Insider Selling	$0.000		$0.000		$0.000		$0.000		$0.000	Yes	$0.000		$0.057		$0.000				$0.099
Net Insider Selling	-$0.225		-$0.063		-$0.602		-$1.918		-$0.440		$0.000		-$2.413		-$0.109				-$0.470
Net Selling % of Market Cap	-0.06%		-0.01%		-0.23%		-0.63%		-0.10%		0.00%		-0.55%		-0.01%				-0.03%
Directors		10		10		10		10		10		12		10				10
Women	13%	2	20%	2	20%	2	20%	2	20%	2	20%	3	25%	3	30%			3	30%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	21.82%	44	35.42%	25	41.77%	20	28.61%	20	31.96%	20	27.09%	20	20.95%	20	20.95%			20	22.76%
Total Shares Held	21.82%	15.058	35.42%	17.761	41.77%	12.166	28.61%	16.952	39.87%	14.545	27.09%	11.249	20.95%	12.127	22.55%			12.607	22.76%
Increase/Decrease 3 Mths	-2.00%	-0.591	-3.77%	0.133	0.76%	-0.388	-3.09%	3.688	27.80%	0.023	0.16%	-0.374	-3.22%	-0.145	-1.18%			-222.163	-94.63%
Starting No. of Shares		15.649		17.627		12.554		13.264		14.522		11.623		12.272				234.770
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