Horace Mann Educators Corporation Financial Ratios — HM9

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	7.29	9.03	9.46	8.56	7.19	6.55	12.12	1.31	12.9	7.94	9.47	1.36	3.96	8.35	11.7
Return on Assets (%)	0.98	1.33	1.31	1.12	0.94	0.81	1.56	0.17	1.57	1.03	1.22	0.14	0.33	0.72	1.09
Return on Capital (%)	6.71	8.2	8.59	7.86	6.67	6.05	- -	1.8	10.96	6.91	8.01	- -	4.22	7.34	9.79
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	9.51	14.76	14.94	13.78	11.98	10.12	7.57	1.66	16.83	12.38	16.8	1.23	3.72	8.29	12.38
Profit Margin (%)	7.06	10.28	10.75	9.83	8.65	7.42	14.46	1.56	13.13	10.34	13.63	1.48	3.14	6.63	9.98
Net Income to Common Margin (%)	7.06	10.28	10.75	9.83	8.65	7.42	14.46	1.56	13.13	10.34	13.63	1.48	3.14	6.63	9.98
Effective Tax Rate (%)	25.72	30.37	28.02	28.66	27.79	26.67	- -	6.11	22	16.48	18.9	- -	15.57	20.06	19.43
Dvd Payout Ratio (%)	26.93	21.7	29.35	37.64	45.49	52.9	27.21	254.53	25.65	37.21	30.16	265.66	119.78	53.99	35.23
Sustainable Growth Rate (%)	5.32	7.07	6.68	5.34	3.92	3.08	8.82	-2.03	9.59	4.99	6.62	-2.26	-0.78	3.84	7.58

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	238	238	238	238	247	247	297	298	433	437	503	498	546	547	593
ST Debt	38	38	38	38	- -	- -	- -	- -	135	135	249	249	- -	- -	- -
LT Debt	200	200	200	200	247	247	297	298	298	302	254	249	546	547	593
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	14	14	14	14	13	12	12	13	16	15	14	19	30	35	36
Common Equity/Total Assets	14.19	15.25	12.45	13.68	12.57	12.23	13.41	11.7	12.56	13.29	12.57	8.25	8.37	8.89	9.71
Long-Term Debt/Equity (%)	18.93	16.04	18.18	14.96	19.53	19.1	19.81	23.07	19.02	16.89	14.03	22.67	46.46	42.49	40.02
Long-Term Debt/Capital (%)	15.45	13.47	14.95	12.7	16.34	16.04	16.53	18.75	14.9	13.57	10.98	15.6	31.72	29.82	28.58
Long-Term Debt/Total Assets (%)	2.69	2.45	2.26	2.05	2.46	2.34	2.66	2.7	2.39	2.24	1.76	1.87	3.89	3.78	3.89
Total Debt/Equity (%)	22.53	19.09	21.64	17.8	19.53	19.1	19.81	23.07	27.63	24.43	27.81	45.34	46.46	42.49	40.02
Total Debt/Capital (%)	18.39	16.03	17.79	15.11	16.34	16.04	16.53	18.75	21.65	19.63	21.76	31.2	31.72	29.82	28.58
Total Debt/Total Assets (%)	3.2	2.91	2.69	2.44	2.46	2.34	2.66	2.7	3.47	3.25	3.49	3.74	3.89	3.78	3.89
Net Debt to Equity	21.82	17.87	19.98	16.93	18.3	17.82	19.3	22.15	26	23.21	20.45	41.5	43.99	39.91	38.25
Net Debt/Capital (%)	17.91	15.16	16.66	14.48	15.47	15.12	16.18	18.13	20.64	18.84	16.98	29.33	30.55	28.53	27.67
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.19	15.25	12.45	13.68	12.57	12.23	13.41	11.7	12.56	13.29	12.57	8.25	8.37	8.89	9.71
Long-Term Debt/Equity (%)	18.93	16.04	18.18	14.96	19.53	19.1	19.81	23.07	19.02	16.89	14.03	22.67	46.46	42.49	40.02
Long-Term Debt/Capital (%)	15.45	13.47	14.95	12.7	16.34	16.04	16.53	18.75	14.9	13.57	10.98	15.6	31.72	29.82	28.58
Long-Term Debt/Total Assets (%)	2.69	2.45	2.26	2.05	2.46	2.34	2.66	2.7	2.39	2.24	1.76	1.87	3.89	3.78	3.89
Total Debt/Equity (%)	22.53	19.09	21.64	17.8	19.53	19.1	19.81	23.07	27.63	24.43	27.81	45.34	46.46	42.49	40.02
Total Debt/Capital (%)	18.39	16.03	17.79	15.11	16.34	16.04	16.53	18.75	21.65	19.63	21.76	31.2	31.72	29.82	28.58
Total Debt/Total Assets (%)	3.2	2.91	2.69	2.44	2.46	2.34	2.66	2.7	3.47	3.25	3.49	3.74	3.89	3.78	3.89
CFO/Total Liabilities	1.82	- -	- -	- -	- -	- -	2.65	2.06	1.17	2.22	1.63	1.4	2.35	3.42	4.01
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.32	3.02	3.43	3.85
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	84.53	120.81	106.56	94.77
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,352	1,557	1,873
- Cash & Cash Equivalents	7	15	18	12	16	17	8	12	26	22	133	42	29	33	26
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	238	238	238	238	247	247	297	298	433	437	503	498	546	547	593
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3,595	-3,517	1,832
Total Capital	1,293	1,484	1,337	1,574	1,512	1,541	1,799	1,588	2,000	2,227	2,310	1,596	1,721	1,835	2,076
Total Debt/Capital (%)	18.39	16.03	17.79	15.11	16.34	16.04	16.53	18.75	21.65	19.63	21.76	31.2	31.72	29.82	28.58
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.15	-0.16	0.32
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.13
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.14
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.14
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,371	1,581	1,916
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3,576	-3,493	1,875
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	45.05
TTM Sales	998	1,011	1,031	1,061	1,080	1,129	1,172	1,176	1,405	1,290	1,250	1,341	1,433	1,550	1,625
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	126	- -	- -	- -	- -	- -	- -	213	140	272	216	- -	327	480	583
TTM Free Cash Flow to Firm	126	- -	- -	- -	- -	- -	- -	213	140	272	216	- -	327	480	583

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.54	3.5	3.46
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3,595	-3,517	1,832
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.85	32.06	34.42
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.13
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30.39	15.31	11.71
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30.35	14.41	10.89
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.68	17.25	12.16
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.24	12.88	8.75
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.15	1.21	1.26
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.15	1.14	1.18
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.2	1.36	1.31
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.11	1.02	0.94
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.42	1.45	1.44
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.42	1.36	1.34
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.48	1.63	1.5
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.37	1.22	1.08
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.95	1.01	1.17
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.95	0.96	1.09
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1.14	1.21
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.92	0.85	0.87
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.53	3.48	3.43
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.52	3.28	3.19
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.72	3.92	3.56
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.35	2.93	2.56
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.53	3.29	3.22
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.73	3.94	3.6
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.37	2.94	2.59
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.05
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.17
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.84
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	33.12	38.1	46.06
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34.52	42.93	47.83
Enterprise Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3,597	-3,608	1,701
Enterprise Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3,537	-3,320	1,904
Enterprise Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3,646	-3,764	1,359

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	40	39	41	41	41	40	41	41	41	41	41	41	41	41	41
Diluted Weighted Avg Shares	41	41	42	42	42	42	42	42	42	42	42	42	41	42	42
Basic Weighted Avg Shares	40	39	41	41	41	40	41	41	41	41	41	42	41	41	41
Revenue per Share	25.02	25.68	25.46	25.91	26.63	28.05	28.77	28.71	34.07	31.14	30.21	32.24	34.69	37.54	39.44
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.77	2.64	2.74	2.55	2.3	2.08	4.16	0.45	4.47	3.22	4.12	0.48	1.09	2.49	3.93
Basic EPS from Cont Ops	1.77	2.64	2.74	2.55	2.3	2.08	4.16	0.45	4.47	3.22	4.12	0.48	1.09	2.49	3.93
Diluted EPS, GAAP	1.7	2.51	2.67	2.47	2.2	2.02	4.07	0.44	4.4	3.17	4.04	0.47	1.09	2.48	3.9
Diluted EPS from Cont Ops	1.7	2.51	2.67	2.47	2.2	2.02	4.07	0.44	4.4	3.17	4.04	0.47	1.09	2.48	3.9
Dividend per Share	0.48	0.57	0.8	0.96	1.05	1.1	1.13	1.14	1.15	1.2	1.24	1.26	1.31	1.34	1.39
Cash Flow per Share	2.9	- -	- -	- -	- -	- -	6.3	4.9	3.09	6.27	4.95	4.12	7.31	10.95	13.43
Free Cash Flow per Basic Share	2.9	- -	- -	- -	- -	- -	6.3	4.9	3.09	6.27	4.95	4.12	7.31	10.95	13.43
Cash & Equivalents per Share	142.93	160.21	161.87	181.14	188.92	199.18	199.24	190.93	149.84	162.1	162.4	132.19	134.51	137.55	15.61
Book Value per Share	26.53	31.65	27.14	32.65	31.18	32.15	36.88	31.5	38.01	43.22	43.66	26.85	28.78	31.51	36.47
Tangible Book Value per Share	25.34	30.44	25.97	31.49	30.01	30.98	35.71	30.34	32.52	38.35	39.1	21	23.28	26.36	31.98