SEC Filings

10-Q
RELIANCE STEEL & ALUMINUM CO filed this Form 10-Q on 05/02/2019
Entire Document
 

 

Note 10.  Commitments and Contingencies

 

Environmental Contingencies

 

We are currently involved with an environmental remediation project related to activities at former manufacturing operations of Earle M. Jorgensen Company (“EMJ”), our wholly owned subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date, and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows.

 

Legal Matters

 

From time to time, we are named as a defendant in legal actions. Generally, these actions arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We expect that these matters will be resolved without having a material adverse effect on our results of operations, financial condition or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business.

 

Note 11.  Earnings Per Share

 

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

 

2019

  

2018

 

(in millions, except number of shares, which are reflected in thousands, and per share amounts)

Numerator:

 

 

   

 

 

Net income attributable to Reliance 

$

190.1

   

$

169.0

Denominator:

 

 

   

 

 

Weighted average shares outstanding

 

67,127

   

 

72,818

Dilutive effect of stock-based awards

 

799

   

 

632

Weighted average diluted shares outstanding

 

67,926

   

 

73,450

 

 

 

 

 

 

Earnings per share attributable to Reliance stockholders:

 

 

 

 

 

Diluted

$

2.80

 

$

2.30

Basic

$

2.83

 

$

2.32

 

Potentially dilutive securities whose effect would have been antidilutive were not significant for the first quarters of 2019 and 2018.

 

 

 

 

 

 

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