United States
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
July 25, 2007
Fidelity National Financial, Inc.
001-32630
(Commission File Number)
Delaware | 16-1725106 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) |
601 Riverside Avenue
Jacksonville, Florida 32204
(904) 854-8100
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURE | ||||||||
EXHIBIT INDEX | ||||||||
EXHIBIT 99.1 |
Item 2.02. Results of Operations and Financial Condition
On July 25, 2007, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the three-month and six-month periods ended June 30, 2007. The information in this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
A copy of the earnings release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Financial, Inc. Reports Second Quarter 2007 EPS of $0.38. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Fidelity National Financial, Inc. |
||||
Date: July 27, 2007 | By: | /s/ Anthony J. Park | ||
Name: Anthony J. Park Title: Chief Financial Officer |
||||
EXHIBIT INDEX
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Financial, Inc. Reports Second Quarter 2007 EPS of $0.38. |
Pro Forma | ||||||
Three Months | Three Months Ended | Three Months Ended | ||||
Ended June 30, 2007 | June 30, 2006* | June 30, 2006** | ||||
Total revenue |
$1.49 billion | $2.64 billion | $1.66 billion | |||
Pre-tax margin |
8.4% | 11.2% | 11.8% | |||
Net earnings |
$84.8 million | $132.6 million | $125.1 million | |||
Net earnings per diluted share |
$0.38 | $0.76 | $0.56 | |||
Cash flow from operations |
$144.6 million | $324.8 million | N/A | |||
Return on average equity |
9.6% | 12.4% | N/A |
Pro Forma | ||||||
Six Months Ended | Six Months Ended | Six Months Ended | ||||
June 30, 2007 | June 30, 2006* | June 30, 2006** | ||||
Total revenue |
$2.86 billion | $5.00 billion | $3.17 billion | |||
Pre-tax margin |
8.8% | 10.3% | 11.1% | |||
Net earnings |
$168.2 million | $239.0 million | $223.9 million | |||
Net earnings per diluted share |
$0.75 | $1.38 | $1.01 | |||
Cash flow from operations |
$229.7 million | $332.8 million | N/A | |||
Return on average equity |
9.6% | 12.5% | N/A |
* | The three-month and six-month periods ended June 30, 2006, include the results of Fidelity National Information Services, Inc. (FIS), which was a majority-owned subsidiary of FNF during those periods in 2006. | |
** | A complete pro forma summary of earnings excluding FIS and the minority interest expense related to Fidelity National Title Group, Inc. (FNT) for the three-month and six month periods ended June 30, 2006, is included later in this press release. |
Three Months Ended | Three Months Ended, | |||
June 30, 2007 | June 30, 2006 | |||
Total revenue |
$1.36 billion | $1.56 billion | ||
Pre-tax earnings |
$131.1 million | $191.5 million | ||
Pre-tax margin |
9.6% | 12.3% |
Six Months Ended | Six Months Ended | |||
June 30, 2007 | June 30, 2006 | |||
Total revenue |
$2.61 billion | $2.95 billion | ||
Pre-tax earnings |
$245.9 million | $324.0 million | ||
Pre-tax margin |
9.4% | 11.0% |
Month | Direct Orders Opened | Direct Orders Closed | Closing % | |||||||||
April 2007 |
211,100 | 136,000 | 64 | % | ||||||||
May 2007 |
215,700 | 141,200 | 65 | % | ||||||||
June 2007 |
195,300 | 131,500 | 67 | % | ||||||||
Second Quarter 2007 |
622,100 | 408,700 | 66 | % | ||||||||
Month | Direct Orders Opened | Direct Orders Closed | Closing % | |||||||||
April 2006 |
217,700 | 146,400 | 67 | % | ||||||||
May 2006 |
243,000 | 161,800 | 67 | % | ||||||||
June 2006 |
236,500 | 165,600 | 70 | % | ||||||||
Second Quarter 2006 |
697,200 | 473,800 | 68 | % | ||||||||
Open | Closed | Commercial | ||||||
Commercial | Commercial | Revenue | Commercial | |||||
Orders | Orders | (In thousands) | Fee Per File | |||||
2nd Quarter 2007 |
14,694 | 8,726 | $86,942 | $9,964 | ||||
2nd Quarter 2006 |
14,240 | 9,064 | $68,936 | $7,605 |
Three Months Ended | Three Months Ended | |||
June 30, 2007 | June 30, 2006 | |||
Total revenue |
$103.8 million | $101.4 million | ||
Pre-tax earnings |
$13.9 million | $15.5 million | ||
Pre-tax margin |
13.4% | 15.3% |
Six Months Ended | Six Months Ended | |||
June 30, 2007 | June 30, 2006 | |||
Total revenue |
$202.8 million | $211.8 million | ||
Pre-tax earnings |
$39.3 million | $47.9 million | ||
Pre-tax margin |
19.4% | 22.6% |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Direct title premiums |
$ | 448,504 | $ | 525,450 | $ | 867,101 | $ | 994,372 | ||||||||
Agency title premiums |
597,862 | 690,530 | 1,140,008 | 1,296,584 | ||||||||||||
Total title premiums |
1,046,366 | 1,215,980 | 2,007,109 | 2,290,956 | ||||||||||||
Escrow and other title-related fees |
283,308 | 287,197 | 528,114 | 540,724 | ||||||||||||
Total title and escrow |
1,329,674 | 1,503,177 | 2,535,223 | 2,831,680 | ||||||||||||
Transaction processing services |
| 976,067 | | 1,819,266 | ||||||||||||
Specialty insurance |
99,731 | 97,708 | 194,729 | 204,451 | ||||||||||||
Interest and investment income |
45,205 | 48,152 | 95,164 | 99,515 | ||||||||||||
Realized gains and losses |
3,899 | 5,625 | 10,281 | 17,555 | ||||||||||||
Other |
16,168 | 14,040 | 28,342 | 26,801 | ||||||||||||
Total revenue |
1,494,677 | 2,644,769 | 2,863,739 | 4,999,268 | ||||||||||||
Personnel costs |
452,752 | 891,841 | 888,012 | 1,769,772 | ||||||||||||
Other operating expenses |
296,221 | 602,061 | 530,662 | 1,095,405 | ||||||||||||
Agent commissions |
462,876 | 529,082 | 883,033 | 998,789 | ||||||||||||
Depreciation and amortization |
31,192 | 137,969 | 60,546 | 262,600 | ||||||||||||
Claim loss expense |
113,083 | 124,075 | 224,069 | 238,567 | ||||||||||||
Interest expense |
12,435 | 62,960 | 24,412 | 117,605 | ||||||||||||
Total expenses |
1,368,559 | 2,347,988 | 2,610,734 | 4,482,738 | ||||||||||||
Earnings before income taxes |
126,118 | 296,781 | 253,005 | 516,530 | ||||||||||||
Income tax expense |
40,471 | 110,402 | 85,516 | 192,149 | ||||||||||||
Minority interest |
812 | 53,758 | (745 | ) | 85,389 | |||||||||||
Net earnings |
$ | 84,835 | $ | 132,621 | $ | 168,234 | $ | 238,992 | ||||||||
Net earnings per share basic |
$ | 0.39 | $ | 0.76 | $ | 0.77 | $ | 1.38 | ||||||||
Net earnings per share diluted |
$ | 0.38 | $ | 0.76 | $ | 0.75 | $ | 1.38 | ||||||||
Weighted average shares basic |
218,707 | 173,475 | 218,860 | 173,475 | ||||||||||||
Weighted average shares diluted |
222,969 | 173,647 | 222,940 | 173,651 | ||||||||||||
Direct operations orders opened |
622,100 | 847,900 | 1,274,500 | 1,679,300 | ||||||||||||
Direct operations orders closed |
408,700 | 554,100 | 799,100 | 1,080,800 |
Three Months Ended | Specialty | Corporate | ||||||||||||||
June 30, 2007 | Consolidated | FNT | Insurance | and Other | ||||||||||||
Gross operating revenue |
$ | 1,445,573 | $ | 1,320,761 | $ | 99,731 | 25,081 | |||||||||
Interest and investment income |
45,205 | 42,459 | 4,071 | (1,325 | ) | |||||||||||
Realized gains and losses |
3,899 | 137 | 3 | 3,759 | ||||||||||||
Total revenue |
1,494,677 | 1,363,357 | 103,805 | 27,515 | ||||||||||||
Personnel costs |
452,752 | 425,707 | 11,814 | 15,231 | ||||||||||||
Other operating expenses |
296,221 | 233,324 | 41,565 | 21,332 | ||||||||||||
Agent commissions |
462,876 | 462,852 | | 24 | ||||||||||||
Depreciation and amortization |
31,192 | 28,172 | 1,512 | 1,508 | ||||||||||||
Claim loss expense |
113,083 | 78,478 | 34,605 | | ||||||||||||
Interest expense |
12,435 | 3,723 | 449 | 8,263 | ||||||||||||
Total expenses |
1,368,559 | 1,232,256 | 89,945 | 46,358 | ||||||||||||
Pretax earnings |
126,118 | 131,101 | 13,860 | (18,843 | ) | |||||||||||
Pretax margin |
8.4 | % | 9.6 | % | 13.4 | % | | |||||||||
Open orders |
622,100 | 622,100 | | | ||||||||||||
Closed orders |
408,700 | 408,700 | | |
Six Months Ended | Specialty | Corporate | ||||||||||||||
June 30, 2007 | Consolidated | FNT | Insurance | and Other | ||||||||||||
Gross operating revenue |
$ | 2,758,294 | $ | 2,521,677 | $ | 194,729 | 41,888 | |||||||||
Interest and investment income |
95,164 | 84,468 | 8,074 | 2,622 | ||||||||||||
Realized gains and losses |
10,281 | 3,298 | (28 | ) | 7,011 | |||||||||||
Total revenue |
2,863,739 | 2,609,443 | 202,775 | 51,521 | ||||||||||||
Personnel costs |
888,012 | 836,280 | 23,413 | 28,319 | ||||||||||||
Other operating expenses |
530,662 | 431,732 | 62,617 | 36,313 | ||||||||||||
Agent commissions |
883,033 | 882,903 | | 130 | ||||||||||||
Depreciation and amortization |
60,546 | 55,089 | 3,070 | 2,387 | ||||||||||||
Claim loss expense |
224,069 | 150,534 | 73,535 | | ||||||||||||
Interest expense |
24,412 | 7,032 | 854 | 16,526 | ||||||||||||
Total expenses |
2,610,734 | 2,363,570 | 163,489 | 83,675 | ||||||||||||
Pretax earnings |
253,005 | 245,873 | 39,286 | (32,154 | ) | |||||||||||
Pretax margin |
8.8 | % | 9.4 | % | 19.4 | % | | |||||||||
Open orders |
1,274,500 | 1,274,500 | | | ||||||||||||
Closed orders |
799,100 | 799,100 | | |
Three Months Ended | Specialty | Corporate | ||||||||||||||||||||||
June 30, 2006 | Consolidated | Eliminations | FNT | FIS | Insurance | and Other | ||||||||||||||||||
Gross operating revenue |
$ | 2,590,992 | ($45,428 | ) | $ | 1,512,775 | $ | 1,021,947 | $ | 97,708 | $ | 3,990 | ||||||||||||
Interest and investment income |
48,152 | | 39,228 | 1,430 | 3,793 | 3,701 | ||||||||||||||||||
Realized gains and losses |
5,625 | | 4,558 | 1,016 | (52 | ) | 103 | |||||||||||||||||
Total revenue |
2,644,769 | (45,428 | ) | 1,556,561 | 1,024,393 | 101,449 | 7,794 | |||||||||||||||||
Personnel costs |
891,841 | (6,697 | ) | 466,221 | 415,992 | 11,067 | 5,258 | |||||||||||||||||
Other operating expenses |
602,061 | (20,478 | ) | 233,607 | 342,541 | 40,000 | 6,391 | |||||||||||||||||
Agent commissions |
529,082 | (18,253 | ) | 544,169 | | | 3,166 | |||||||||||||||||
Depreciation and amortization |
137,969 | | 27,194 | 110,374 | 1,502 | (1,101 | ) | |||||||||||||||||
Claim loss expense |
124,075 | | 91,017 | 120 | 33,082 | (144 | ) | |||||||||||||||||
Interest expense |
62,960 | | 2,872 | 49,033 | 325 | 10,730 | ||||||||||||||||||
Total expenses |
2,347,988 | (45,428 | ) | 1,365,080 | 918,060 | 85,976 | 24,300 | |||||||||||||||||
Pretax earnings |
296,781 | | 191,481 | 106,333 | 15,473 | (16,506 | ) | |||||||||||||||||
Pretax margin |
11.2 | % | | 12.3 | % | 10.4 | % | 15.3 | % | | ||||||||||||||
Open orders |
847,900 | | 697,200 | 150,700 | | | ||||||||||||||||||
Closed orders |
554,100 | | 473,800 | 80,300 | | |
Six Months Ended | Specialty | Corporate | ||||||||||||||||||||||
June 30, 2006 | Consolidated | Eliminations | FNT | FIS | Insurance | and Other | ||||||||||||||||||
Gross operating revenue |
$ | 4,882,198 | ($103,164 | ) | $ | 2,853,521 | $ | 1,922,882 | $ | 204,451 | $ | 4,508 | ||||||||||||
Interest and investment income |
99,515 | | 77,845 | 3,139 | 7,449 | 11,082 | ||||||||||||||||||
Realized gains and losses |
17,555 | | 17,187 | 2,039 | (56 | ) | (1,615 | ) | ||||||||||||||||
Total revenue |
4,999,268 | (103,164 | ) | 2,948,553 | 1,928,060 | 211,844 | 13,975 | |||||||||||||||||
Personnel costs |
1,769,772 | (11,932 | ) | 918,656 | 829,212 | 22,382 | 11,454 | |||||||||||||||||
Other operating expenses |
1,095,405 | (54,364 | ) | 443,228 | 628,605 | 71,027 | 6,909 | |||||||||||||||||
Agent commissions |
998,789 | (36,868 | ) | 1,032,537 | | | 3,120 | |||||||||||||||||
Depreciation and amortization |
262,600 | | 53,431 | 207,169 | 2,972 | (972 | ) | |||||||||||||||||
Claim loss expense |
238,567 | | 171,738 | 185 | 66,951 | (307 | ) | |||||||||||||||||
Interest expense |
117,605 | | 4,954 | 92,301 | 581 | 19,769 | ||||||||||||||||||
Total expenses |
4,482,738 | (103,164 | ) | 2,624,544 | 1,757,472 | 163,913 | 39,973 | |||||||||||||||||
Pretax earnings |
516,530 | | 324,009 | 170,588 | 47,931 | (25,998 | ) | |||||||||||||||||
Pretax margin |
10.3 | % | | 11.0 | % | 8.8 | % | 22.6 | % | | ||||||||||||||
Open orders |
1,679,300 | | 1,381,000 | 298,300 | | | ||||||||||||||||||
Closed orders |
1,080,800 | | 910,100 | 170,700 | | |
June 30, | December 31, | |||||||
2007 | 2006 | |||||||
(Unaudited) | ||||||||
Cash and investment portfolio |
$ | 4,830,915 | $ | 4,798,195 | ||||
Goodwill |
1,195,133 | 1,154,298 | ||||||
Title Plant |
330,934 | 324,155 | ||||||
Total assets |
7,365,920 | 7,259,559 | ||||||
Notes payable |
505,230 | 491,167 | ||||||
Reserve for claim losses |
1,229,104 | 1,220,636 | ||||||
Secured trust deposits |
871,161 | 905,461 | ||||||
Total stockholders equity |
3,554,426 | 3,474,368 | ||||||
Book value per share |
16.09 | 15.75 |
FNF Capital | ||||||||||||||||||||||||
pro forma | Other Pro | |||||||||||||||||||||||
Historical | FIS pro forma | adjustments | Forma | FNF | ||||||||||||||||||||
FNF | adjustments(1) | (2) | Adjustments | Notes | Pro Forma | |||||||||||||||||||
Total title and escrow |
$ | 1,503,177 | ($18,488 | ) | | $ | 18,253 | (3 | ) | $ | 1,502,942 | |||||||||||||
Transaction processing |
976,067 | (1,003,459 | ) | | 27,392 | (3 | ) | | ||||||||||||||||
Specialty insurance |
97,708 | | | | 97,708 | |||||||||||||||||||
Interest and investments income |
48,152 | (1,430 | ) | (39 | ) | | 46,683 | |||||||||||||||||
Realized gains and losses |
5,625 | (1,016 | ) | | | 4,609 | ||||||||||||||||||
Other income |
14,040 | | (2,108 | ) | | 11,932 | ||||||||||||||||||
Total revenue |
$ | 2,644,769 | ($1,024,393 | ) | (2,147 | ) | $ | 45,645 | $ | 1,663,874 | ||||||||||||||
Personnel costs |
891,841 | (415,992 | ) | (666 | ) | 6,697 | (4 | ) | 481,880 | |||||||||||||||
Other operating expenses |
602,061 | (342,541 | ) | (234 | ) | 20,695 | (4 | ) | 273,281 | |||||||||||||||
(6,700 | ) | (5 | ) | |||||||||||||||||||||
Agent commissions |
529,082 | | | 18,253 | (6 | ) | 547,335 | |||||||||||||||||
Depreciation and amortization |
137,969 | (110,374 | ) | (6 | ) | | 27,589 | |||||||||||||||||
Provision for claim losses |
124,075 | (120 | ) | | | 123,955 | ||||||||||||||||||
Interest expense |
62,960 | (49,033 | ) | (915 | ) | 198 | (7 | ) | 13,210 | |||||||||||||||
Total expenses |
2,347,988 | (918,060 | ) | (1,821 | ) | 39,143 | 1,467,250 | |||||||||||||||||
Earnings before income taxes |
296,781 | (106,333 | ) | (326 | ) | 6,502 | 196,624 | |||||||||||||||||
Income tax expense |
110,402 | (40,621 | ) | 378 | (357 | ) | 69,802 | |||||||||||||||||
Minority interest |
53,758 | 317 | | (52,304 | ) | (8 | ) | 1,771 | ||||||||||||||||
Net income |
$ | 132,621 | ($66,029 | ) | (704 | ) | $ | 59,163 | $ | 125,051 | ||||||||||||||
Net income per share-basic |
$ | 0.57 | ||||||||||||||||||||||
Pro forma weighted average
shares-basic |
219,000 | (9) | ||||||||||||||||||||||
Net income per share-diluted |
$ | 0.56 | ||||||||||||||||||||||
Pro forma weighted average
shares-diluted |
222,000 | (9) | ||||||||||||||||||||||
FNF Capital | ||||||||||||||||||||||||
pro forma | Other Pro | |||||||||||||||||||||||
Historical | FIS pro forma | adjustments | Forma | FNF | ||||||||||||||||||||
FNF | adjustments(1) | (2) | Adjustments | Notes | Pro Forma | |||||||||||||||||||
Total title and escrow |
$ | 2,831,680 | ($37,103 | ) | | $ | 36,868 | (3) | $ | 2,831,445 | ||||||||||||||
Transaction processing |
1,819,266 | (1,885,779 | ) | | 66,513 | (3) | | |||||||||||||||||
Specialty insurance |
204,451 | | | | 204,451 | |||||||||||||||||||
Interest and investments income |
99,515 | (3,139 | ) | (58 | ) | | 96,318 | |||||||||||||||||
Realized gains and losses |
17,555 | (2,039 | ) | | | 15,516 | ||||||||||||||||||
Other income |
26,801 | | (4,371 | ) | | 22,430 | ||||||||||||||||||
Total revenue |
$ | 4,999,268 | ($1,928,060 | ) | (4,429 | ) | $ | 103,381 | $ | 3,170,160 | ||||||||||||||
Personnel costs |
1,769,772 | (829,212 | ) | (1,536 | ) | 11,932 | (4) | 950,956 | ||||||||||||||||
Other operating expenses |
1,095,405 | (628,605 | ) | (397 | ) | 54,581 | (4) | 514,284 | ||||||||||||||||
(6,700 | ) | (5) | ||||||||||||||||||||||
Agent commissions |
998,789 | | | 36,868 | (6) | 1,035,657 | ||||||||||||||||||
Depreciation and amortization |
262,600 | (207,169 | ) | (13 | ) | | 55,418 | |||||||||||||||||
Provision for claim losses |
238,567 | (185 | ) | | | 238,382 | ||||||||||||||||||
Interest expense |
117,605 | (92,301 | ) | (1,758 | ) | 357 | (7) | 23,903 | ||||||||||||||||
Total expenses |
4,482,738 | (1,757,472 | ) | (3,704 | ) | 97,038 | 2,818,600 | |||||||||||||||||
Earnings before income taxes |
516,530 | (170,588 | ) | (725 | ) | 6,343 | 351,560 | |||||||||||||||||
Income tax expense |
192,149 | (65,207 | ) | 206 | (2,344 | ) | 124,804 | |||||||||||||||||
Minority interest |
85,389 | 6 | | (82,518 | ) | (8) | 2,877 | |||||||||||||||||
Net income |
$ | 238,992 | ($105,387 | ) | (931 | ) | $ | 91,205 | $ | 223,879 | ||||||||||||||
Net income per share-basic |
$ | 1.02 | ||||||||||||||||||||||
Pro forma weighted average
shares-basic |
219,000 | (9) | ||||||||||||||||||||||
Net income per share-diluted |
$ | 1.01 | ||||||||||||||||||||||
Pro forma weighted average
shares-diluted |
222,000 | (9) | ||||||||||||||||||||||
(1) | This column represents the historical results of operations of FIS as included in FNFs consolidated results of operations for the periods presented. | |
(2) | This column represents the historical results of operations of FNF Capital as included in FNFs consolidated results of operations for the periods presented. | |
(3) | This represents the intercompany revenues relating to various agreements recorded on FIS income statement that had already been eliminated from the consolidated results of operations of FNF. These revenues amounted to $45.6 million and $103.4 million, respectively, for the three-month and six-month periods ended June 30, 2006. | |
(4) | This represents the intercompany expenses related to various agreements that were eliminated in the consolidated results of operations of FNF, but are third-party expenses subsequent to the reorganization transaction. These expenses amounted to $27.4 million and $66.5 million, respectively, for the three-month and six-month periods ended June 30, 2006. | |
(5) | This represents transaction costs related to the reorganization, all of which have been excluded from the pro forma summary of earnings. These costs amounted to $6.7 million for the three-month and six-month periods ended June 30, 2006. | |
(6) | This represents the additional agent commissions paid by FNF to FIS that were previously eliminated in the consolidated results of FNF, but are a third-party expense subsequent to the reorganization transaction. These commissions amounted to $18.3 million and $36.9 million, respectively, for the three-month and six-month periods ended June 30, 2006. | |
(7) | This represents intercompany interest expense that is a third-party expense subsequent to the reorganization transaction. These expenses amounted to $0.2 million and $0.4 million, respectively, for the three-month and six-month periods ended June 30, 2006. | |
(8) | This represents the elimination of the minority interest expense recorded by FNF relating to its earnings in FIS and FNT. Minority interest expense relating to FIS was $31.9 million and $48.3 million, respectively, for the three-month and six-month periods ended June 30, 2006. Minority interest relating to FNT was $20.4 million and $34.2 million, respectively, for the three-month and six-month periods ended June 30, 2006. | |
(9) | Amounts presented approximate the actual number of basic and diluted weighted average shares outstanding subsequent to the reorganization transaction. |