20.10.2010 21:01:00

Cypress Sharpridge Investments, Inc. Announces Third Quarter 2010 Financial Results

Cypress Sharpridge Investments, Inc. (NYSE: CYS) ("CYS” or the "Company”) today announced financial results for the quarter ended September 30, 2010.

Third Quarter 2010 Highlights

  • Raised approximately $184.7 million of net proceeds through a public offering of common stock that closed on September 24, 2010.
  • GAAP net income of $1.9 million, or $0.05 per diluted share.
  • Core Earnings of $7.7 million, or $0.24 per diluted share.
  • A component of the Company’s net income for the quarter was $11.3 million, or $0.38 per diluted share, of appreciation on forward purchases that are accounted for as unrealized appreciation on our statement of operations and therefore excluded from our Core Earnings.
  • September 30, 2010 net asset value of $12.53 per share after declaring a $0.60 dividend per share on September 9, 2010.
  • Interest rate spread net of hedge of 1.91.
  • Weighted–average amortized cost of Agency RMBS of $102.5.
  • Non-investment expenses as a percentage of net assets of 2.64%.

Public Offering

On September 24, 2010, the Company successfully completed a public offering of 14,950,000 shares of common stock, raising approximately $184.7 million of net proceeds, bringing the total number of shares of common stock outstanding to 44,659,508 at September 30, 2010. As part of the Company’s plan to invest the net proceeds of the offering, the Company entered into several forward settling purchases. In addition to forward purchases made with the September 24, 2010 offering, as of September 30, 2010 the Company also had forward purchases from the June 30, 2010 public offering and forward purchases made in the ordinary course of business. As of September 30, 2010 the Company had the following forward settling purchases:

     
Forward Settling Purchases Settle Date Par Amount Payable
Fannie Mae - 20 Year 4% Fixed 10/13/2010 $ 200,000,000 $ 203,515,625
Fannie Mae - 20 Year 4.5% Fixed 10/13/2010 50,000,000 52,125,000
Fannie Mae - 15 Year 4% Fixed 10/18/2010 30,270,193 31,741,556
Freddie Mac - 15 Year 4% Fixed 10/18/2010 75,456,763 79,124,538
Fannie Mae - 30 Year 3.405% Hybrid ARM 10/21/2010 138,000,000 140,872,125
Fannie Mae - 30 Year 3.55% Hybrid ARM 10/21/2010 25,000,000 25,542,969
Fannie Mae - 30 Year 3.55% Hybrid ARM 10/21/2010 25,000,000 25,550,781
Fannie Mae - 30 Year 3.583% Hybrid ARM 10/21/2010 50,329,870 51,656,845
Fannie Mae - 30 Year 3.6% Hybrid ARM 10/21/2010 25,074,329 25,747,418
Fannie Mae - 30 Year 3.615% Hybrid ARM 10/21/2010 50,000,000 51,187,500
Fannie Mae - 30 Year 3.69% Hybrid ARM 10/21/2010 50,162,472 51,672,206
Fannie Mae - 30 Year 3.7% Hybrid ARM 10/21/2010 25,000,000 25,718,750
Fannie Mae - 30 Year 3.779% Hybrid ARM 10/21/2010 $ 14,919,856 $ 15,390,033
Fannie Mae - 30 Year 3.69% Hybrid ARM 10/22/2010 49,809,516 51,142,512
Fannie Mae - 30 Year 3.63% Hybrid ARM 10/29/2010 60,000,000 61,490,625
Fannie Mae - 20 Year 4.5% Fixed 11/10/2010 50,000,000 52,064,063
Fannie Mae - 30 Year 4.5% Fixed 11/10/2010 175,000,000 182,087,500
Fannie Mae - 15 Year 4% Fixed 11/16/2010 225,000,000 235,335,938
Fannie Mae - 30 Year 3.01% Hybrid ARM 11/22/2010 60,000,000 62,167,850
Fannie Mae - 30 Year 3.2% Hybrid ARM 11/22/2010 50,000,000 51,905,833
Fannie Mae - 30 Year 3.338% Hybrid ARM 11/22/2010 58,837,734 61,315,004
Fannie Mae - 20 Year 4% Fixed 12/13/2010 75,000,000 76,541,016
Fannie Mae - 30 Year 3.25% Hybrid ARM 12/14/2010 50,000,000 51,715,071
Fannie Mae - 15 Year 3.5% Fixed 12/16/2010 400,000,000 408,786,456
Fannie Mae - 15 Year 4% Fixed 12/16/2010 50,000,000 52,263,021
Fannie Mae - 30 Year 3.05% Hybrid ARM 12/21/2010 50,000,000 51,768,372
Fannie Mae - 30 Year 3.1% Hybrid ARM 12/21/2010 45,000,000 46,578,115
Fannie Mae - 30 Year 3.3% Hybrid ARM 12/21/2010 50,000,000 52,068,229
Fannie Mae - 30 Year 3.084% Hybrid ARM 12/22/2010 195,000,000 202,053,474
Fannie Mae - 30 Year 3.2% Hybrid ARM 12/23/2010 100,000,000 103,633,056
Fannie Mae - 30 Year 3.25% Hybrid ARM 1/25/2011   50,000,000   51,873,958
 
Total $ 2,552,860,733 $ 2,634,635,439
 

Third Quarter 2010 Results

The Company had net income of $1.9 million during the third quarter of 2010, or $0.05 per diluted share, compared to $27.6 million, or $1.46 per diluted share, in the second quarter of 2010. During the third quarter of 2010, the Company had Core Earnings of $7.7 million, or $0.24 per diluted share, compared to $11.0 million, or $0.58 per diluted share, in the second quarter of 2010. Core Earnings represents a non-GAAP financial measure and is defined as net income (loss) excluding (i) net realized gain (loss) on investments and termination of swap contracts and (ii) net unrealized appreciation (depreciation) on investments and swap and cap contracts. The quarter-over-quarter decrease in Core Earnings was generally the result of an increase in interest expense on interest rate swap and cap contracts entered into to hedge forward settling purchases which are not yet generating interest income. At September 30, 2010 we had $2,190.0 million of interest rate swaps and $200.0 million interest rate caps compared to $1,140.0 million of interest rate swaps at June 30, 2010.

During the second and third quarters of 2010, the Company utilized forward settling purchases to deploy the majority of the proceeds from its June and September 2010 public offerings. The benefit of purchasing assets in forward settling transactions is that the Company can obtain an asset at a discount (also referred to as "drop”) to its current market value; however, the Company does not receive any interest income on the asset until the forward transaction settles. Obtaining the asset at a discount to market value reduces the impact of prepayments and is accretive to net asset value.

Appreciation on forward purchases is a component of our net income accounted for as unrealized appreciation on our statement of operations and therefore excluded from our Core Earnings. During the third quarter of 2010 the Company generated income of approximately $11.3 million, or $0.38 per diluted share, in appreciation on forward purchases compared to approximately $0.9 million, or $0.05 per diluted share, during the second quarter of 2010. During the third quarter of 2010 the Company made forward purchases of approximately $2.6 billion with a weighted average drop of approximately 0.24 points per month compared to approximately $0.6 billion with a weighted average drop of approximately 0.23 points per month during the second quarter of 2010.

The Company’s interest rate spread net of hedge decreased to 1.91% for the third quarter of 2010 from 2.83% in the second quarter of 2010. This decrease is due to hedging forward settling purchases described above. During the third of 2010 quarter the average cost basis of the Company’s settled Agency RMBS was $1,736.6 million, average unsettled Agency RMBS was $1,544.3 million and average total Agency RMBS was $3,280.9 million. By applying total net swap and cap interest expense of $4.8 million for the third quarter of 2010 pro rata over settled and unsettled positions, swap and cap interest expense was $2.5 million relating to our settled Agency RMBS. The result is an adjusted interest rate spread net of hedge of 2.55%. We believe that this spread is generally more reflective of the economic return of our assets as well as what we expect our interest rate spread net of hedge to be once the forward purchases settle.

The Company received $1.4 million of distributions from CLOs of which $0.8 million were accounted for as a reduction of their cost basis and thereby excluded from our interest income and Core Earnings. This compared to distributions from CLOs of $1.8 million of which $1.1 million were accounted for as a reduction of their cost basis for the second quarter of 2010.

The Company’s net asset value per share on September 30, 2010 was $12.53 after declaring a $0.60 dividend per share on September 9, 2010, compared with $13.15 at June 30, 2010.

The Company’s non-investment expenses as a percentage of net assets was 2.64% for the quarter, compared to 3.21% in the second quarter of 2010. This change was primarily the result of the impact of the increase in net assets. During the third quarter of 2010 average net assets were $409.0 million compared to $260.7 million for the second quarter of 2010.

   
 
Three Months Ended
Key Portfolio Statistics* September 30, 2010 June 30, 2010
Average Agency RMBS(1) $ 1,736,623,107 $ 1,661,529,971
Average repurchase agreements 1,406,199,944 1,473,952,875
Average net assets 409,020,468 260,661,753
Average yield on Agency RMBS (2) 3.58 % 3.98 %
Average cost of funds and hedge (3) 1.67 % 1.15 %
Interest rate spread net of hedge (4) 1.91 % 2.83 %
Non-Investment expense ratio 2.64 % 3.21 %
Leverage ratio (at period end) (5) 7.5:1 5.3:1
 

(1) Our average Agency RMBS for the period was calculated by averaging the cost basis of our settled Agency RMBS during the period.

(2) Our average yield on Agency RMBS for the period was calculated by dividing our interest income from Agency RMBS by our average Agency RMBS.

(3) Our average cost of funds and hedge for the period was calculated by dividing our total interest expense, including our net swap and cap interest income (expense), by our average repurchase agreements.

(4) Our interest rate spread net of hedge for the period was calculated by subtracting our average cost of funds and hedge from our average yield on Agency RMBS.

(5) Our leverage ratio was calculated by dividing total liabilities by net assets.

* All percentages are annualized.

Prepayments

The portfolio recorded $114.9 million in scheduled and unscheduled principal repayments and prepayments, and net amortization of premium (including paydown losses) of $2.0 million for the quarter ended September 30, 2010. This compared to $118.5 million in scheduled and unscheduled principal repayments and prepayments, and net amortization of premium (including paydown losses) of $1.2 million for the quarter ended June 30, 2010. While prepayments were lower in the third quarter compared to the second quarter, the net amortization of premium actually increased in the third quarter due to securities with a higher cost basis paying down faster in the third quarter as compared to the second quarter.

Dividend

The Company declared a common dividend of $0.60 per share with respect to the quarter ended September 30, 2010, the same as the $0.60 per share for the quarter ended June 30, 2010. Using the closing share price of $13.35 on September 30, 2010, the third quarter dividend equates to an annualized dividend yield of 18.0%.

Portfolio

At September 30, 2010, the Company’s $4.5 billion portfolio of Agency RMBS was backed by hybrid adjustable-rate mortgages ("ARMs”) with 0 to 84 months to reset ("Hybrid ARMs”) and fixed-rate mortgages. Additional information about our Agency RMBS portfolio at September 30, 2010 is summarized below:

             
Par Value Fair Value Weighted Average
Asset Type   (in thousands) Cost/Par

Fair
Value/Par

MTR(1) Coupon CPR(2)
Hybrid ARMs 1,974,360 2,059,576 102.65 104.32 64.6 3.46 % 21.6 %
15-Year Fixed Rate 1,694,148 1,768,505 102.47 104.39 NA 4.11 % 15.4 %
20-Year Fixed Rate 654,609 682,084 102.40 104.20 NA 4.14 % 1.7 %
30-Year Fixed Rate   25,094   26,949   100.94   107.39 NA 6.00 % 18.3 %
 
Total/Weighted-Average $ 4,348,211 $ 4,537,114 $ 102.53 $ 104.34

64.6 (3

)

3.83 % 16.1 %
 

 

(1) "Months to Reset” is the number of months remaining before the fixed rate on a hybrid ARM becomes a variable rate. At the end of the fixed period, the variable rate will be determined by the margin and the pre-specified caps of the ARM.

(2) "Constant Prepayment Rate” is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year. Specifically, the constant prepayment rate is an annualized version of the prior three month prepayment rate. Securities with no prepayment history are excluded from this calculation.

(3) Weighted average months to reset of our Hybrid ARM portfolio.

 

Financing, Leverage & Liquidity

At September 30, 2010, the Company had financed its portfolio with approximately $1.5 billion of borrowings under repurchase agreements with a weighted-average interest rate of 0.29% and a weighted-average maturity of approximately 29.71 days. In addition, the Company had payable for securities purchased of $2,634.6 million. The Company’s leverage ratio at September 30, 2010 was 7.5 to 1. At September 30, 2010, the Company’s liquidity position was approximately $432.6 million, consisting of unpledged Agency RMBS, cash and cash equivalents. Below is a list of outstanding repurchase agreements at September 30, 2010.

       
Counterparty Total
Outstanding
Borrowings 		% of
Total 		Amount at
Risk (1) 		Weighted
Average Maturity
in Days
Bank of America Securities LLC $ 68,643,000 4.6 % $ 4,621,816 13
Barclays Capital, Inc. 66,080,889 4.4 % 3,611,484 9
BNP Paribas 91,392,000 6.1 % 4,903,096 77
Cantor Fitzgerald & Co. 123,214,000 8.2 % 6,871,961 18
Credit Suisse First Boston 210,798,173 14.1 % 8,972,584 15
Daiwa Securities America, Inc. 59,362,000 4.0 % 3,436,558 13
Deutsche Bank Securities, Inc. 138,053,000 9.2 % 9,073,270 8
Goldman Sachs Group, Inc. 154,317,000 10.3 % 8,425,656 67
Greenwich Capital Markets, Inc. 119,172,193 7.9 % 8,298,767 12
Guggenheim Liquidity Services, LLC 107,267,000 7.2 % 5,935,690 53
ING Financial Markets LLC 37,974,000 2.5 % 2,050,509 76
Jefferies & Company, Inc. 22,959,000 1.5 % 1,272,159 12
LBBW Securities LLC 46,984,000 3.1 % 2,315,404 12
MF Global, Ltd 92,922,000 6.2 % 5,018,730 42
Mizuho Securities USA, Inc. 41,245,000 2.8 % 2,333,874 20
Nomura Securities International, Inc. 51,710,000 3.5 % 3,300,934 27
South Street Securities LLC   66,612,000 4.4 %   3,485,498 20
 
$ 1,498,705,255 100.0 % $ 83,927,990
 

(1) Equal to the fair value of pledged securities plus accrued interest income, minus the sum of repurchase agreement liabilities and accrued interest expense.

 

Hedging

The Company utilizes interest rate swap and cap contracts to hedge the interest rate risk associated with the financed portion of its Agency RMBS portfolio. At September 30, 2010, the Company had entered into nine interest rate swap contracts with an aggregate notional amount of $2.2 billion, a weighted average fixed rate of 1.507% and a weighted average expiration of 3.4 years. At September 30, 2010, the Company had entered into one interest rate cap contract with a notional amount of $0.2 billion, a cap rate of 2.0725% and an expiration of 4.3 years. These interest rate swap and cap contracts are described below:

                     

Interest Rate Swaps

Expiration

Counterparty

     

Date

   

Pay Rate

   

Receive Rate

   

Notional Amount

   

Fair Value

Deutsche Bank Group May, 2013 1.7050 % 3-Month LIBOR $ 240,000,000 $ (5,866,739 )
The Royal Bank of Scotland plc May, 2013 1.6000 % 3-Month LIBOR 100,000,000 (2,182,866 )
The Royal Bank of Scotland plc June, 2013 1.3775 % 3-Month LIBOR 300,000,000 (4,782,672 )
The Royal Bank of Scotland plc July, 2013 1.3650 % 3-Month LIBOR 300,000,000 (4,601,723 )
The Royal Bank of Scotland plc May, 2014 1.8825 % 3-Month LIBOR 200,000,000 (5,836,343 )
The Royal Bank of Scotland plc July, 2014 1.7200 % 3-Month LIBOR 100,000,000 (2,286,547 )
Nomura Global Financial Products, Inc. July, 2014 1.7325 % 3-Month LIBOR 250,000,000 (5,762,904 )
Deutsche Bank Group August, 2014 1.3530 % 3-Month LIBOR 200,000,000 (1,612,150 )
Goldman Sachs September, 2014 1.3120 % 3-Month LIBOR   500,000,000   (2,641,265 )
$ 2,190,000,000 $ (35,573,209 )
       
Interest Rate Caps

Counterparty

Expiration
Date 		Cap Rate Notional
Amount 		Fair
Value
The Royal Bank of Scotland plc December, 2014 2.0725 % $ 200,000,000 $ 2,809,839
 

Conference Call

The Company will host a conference call at 9:00 AM Eastern Time on Thursday, October, 21, 2010, to discuss its financial results for the quarter ended September 30, 2010. To participate in the event by telephone, please dial 888.396.2384 at least 10 minutes prior to the start time and reference the conference passcode 86346959. International callers should dial 617.847.8711 and reference the same passcode. The conference call will also be webcast live over the Internet and can be accessed at the Company’s Web site at www.cysinv.com. To listen to the live webcast, please visit www.cysinv.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. A dial-in replay will be available on Thursday, October 21, 2010, at approximately 12:00 PM Eastern Time through Thursday, November 4, 2010, at approximately 11:00 AM Eastern Time. To access this replay, please dial 888.286.8010 and enter the conference ID number 55947717. International callers should dial 617.801.6888 and enter the same conference ID number. A replay of the conference call will also be archived on the Company’s website at www.cysinv.com.

About Cypress Sharpridge Investments, Inc.

Cypress Sharpridge Investments, Inc. is a specialty finance company that invests on a leveraged basis in residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. The Company refers to these securities as Agency RMBS. Cypress Sharpridge Investments, Inc. has elected to be taxed as a real estate investment trust for federal income tax purposes.

Forward Looking Statements Disclaimer

This press release contains statements that are "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. These forward-looking statements relate to our interest rate spread, net of hedge. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us, including those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2010, each of which has been filed with the Securities and Exchange Commission. If a change occurs, these forward-looking statements may vary materially from those expressed in this release. All forward-looking statements speak only as of the date on which they are made. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

   

 

CYPRESS SHARPRIDGE INVESTMENTS, INC.

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

 
September 30, 2010 June 30, 2010
ASSETS:
Investments in securities, at fair value (cost, $4,481,112,543 and $2,242,981,687 respectively) $ 4,554,195,328 $ 2,297,490,481
Interest rate cap, at fair value (cost, $4,344,623 and $— , respectively) 2,809,839 —
Cash and cash equivalents 2,101,437 140,625,097
Receivable for securities sold 184,169,565 2,125,012
Interest receivable 10,292,915 6,620,928
Prepaid insurance   593,001     815,377  
 
Total assets   4,754,162,085     2,447,676,895  
 
 
LIABILITIES:
Repurchase agreements 1,498,705,255 1,447,600,123
Interest rate swap contracts, at fair value (cost, $0) 35,573,209 9,056,666
Payable for securities purchased and termination of swap contract 2,634,635,439 586,461,254
Distribution payable 17,825,705 11,260,592
Accrued interest payable (including accrued interest on repurchase agreements of $201,282 and $260,523, respectively) 6,274,292 1,772,724
Related party management fee payable 684,735 416,323
Accrued offering costs 192,553 219,242
Accrued expenses and other liabilities   556,815     338,207  
 
Total liabilities   4,194,448,003     2,057,125,131  
 
NET ASSETS $ 559,714,082   $ 390,551,764  
 
 
Net Assets consist of:
Common Stock, $0.01 par value, 500,000,000 shares authorized (44,659,508 and 29,692,654 shares issued and outstanding, respectively) $ 446,595 $ 296,927
Additional paid in capital 624,283,275 439,354,081
Accumulated deficit   (65,015,788 )   (49,099,244 )
 
NET ASSETS $ 559,714,082   $ 390,551,764  
 
NET ASSET VALUE PER SHARE $ 12.53   $ 13.15  
 
   

CYPRESS SHARPRIDGE INVESTMENTS, INC.

STATEMENTS OF OPERATIONS (UNAUDITED)

 
Three Months Ended
September 30, 2010 June 30, 2010
INVESTMENT INCOME - Interest income $ 16,311,419   $ 17,265,278  
 
EXPENSES:
Interest 1,108,985 1,081,011
Management fees 1,695,256 1,151,973
Related party management compensation 389,349 314,872
General, administrative and other   632,473     619,250  
 
Total expenses   3,826,063     3,167,106  
 
Net investment income   12,485,356     14,098,172  
 
GAINS AND (LOSSES) FROM INVESTMENTS:
Net realized gain (loss) on investments 9,909,103 (2,167,600 )
Net unrealized appreciation (depreciation) on investments   18,666,913     34,535,276  
 
Net gain (loss) from investments   28,576,016     32,367,676  
 
GAINS AND (LOSSES) FROM SWAP AND CAP CONTRACTS:
Net swap and cap interest income (expense) (4,808,635 ) (3,137,823 )
Net gain (loss) on termination of swap contracts (6,292,250 ) (17,205,497 )
Net unrealized appreciation (depreciation) on swap and cap contracts   (28,051,326 )   1,482,962  
 
Net gain (loss) from swap and cap contracts   (39,152,211 )   (18,860,358 )
 
NET INCOME $ 1,909,161   $ 27,605,490  
 
NET INCOME PER COMMON SHARE - DILUTED $ 0.05   $ 1.46  

Core Earnings:

Core Earnings represents a non-GAAP financial measure and is defined as net income (loss) excluding net realized gain (loss) on investments, net unrealized appreciation (depreciation) on investments, net realized gain (loss) on termination of swap contracts and unrealized appreciation (depreciation) on swap and cap contracts. In order to evaluate the effective yield of the portfolio, management uses Core Earnings to reflect the net investment income of our portfolio as adjusted to include the net swap and cap interest income (expense). Core Earnings allows management to isolate the interest income (expense) associated with our swaps and caps in order to monitor and project our borrowing costs and interest rate spread. In addition, management utilizes Core Earnings as a key metric in conjunction with other portfolio and market factors to determine the appropriate leverage and hedging ratios, as well as the overall structure of the portfolio.

The Company adopted Accounting Standards Codification ("ASC”) 946, Clarification of the Scope of Audit and Accounting Guide Investment Companies ("ASC 946”), prior to its deferral in February 2008, while most, if not all, other public companies that invest only in Agency RMBS have not adopted ASC 946. Under ASC 946, the Company uses financial reporting specified for investment companies, and accordingly, its investments are carried at fair value with changes in fair value included in earnings. Most other public companies that invest only in Agency RMBS include most changes in the fair value of their investments within shareholders’ equity, not in earnings. As a result, investors are not able to readily compare the Company’s results of operations to those of most of its competitors. The Company believes that the presentation of its Core Earnings is useful to investors because it provides a means of comparing its Core Earnings to those of its competitors. In addition, because Core Earnings isolates the net swap and cap interest income (expense) it provides investors with an additional metric to identify trends in the Company’s portfolio as they relate to the interest rate environment.

The primary limitation associated with Core Earnings as a measure of the Company’s financial performance over any period is that it excludes the effects of net realized gain (loss) from investments. In addition, the Company’s presentation of Core Earnings may not be comparable to similarly-titled measures of other companies, who may use different calculations. As a result, Core Earnings should not be considered as a substitute for the Company’s GAAP net income (loss) as a measure of our financial performance or any measure of our liquidity under GAAP.

   
Three Months Ended
Non-GAAP Reconciliation: September 30, 2010 June 30, 2010
NET INCOME $ 1,909,161 $ 27,605,490
Net (gain) loss from investments (28,576,016 ) (32,367,676 )
Net (gain) loss on termination of swap contracts 6,292,250 17,205,497
Net unrealized (appreciation) depreciation on swap and cap contracts   28,051,326     (1,482,962 )
 
Core Earnings $ 7,676,721   $ 10,960,349  
 

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