Shake Shack, Inc. Financial Ratios — 0L5R Stock

Profitability (USD)

	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	12/31/2012	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 (%)	- -	15.66	8.47	-15.5	9.85	-0.2	7.67	7.55	-11.94	-1.12	-5.17	4.74	2.23	9.19
Return on Assets (%)	- -	10.92	3.07	-3.79	2.71	-0.06	2.81	2.51	-3.99	-0.35	-1.43	1.3	0.62	2.55
Return on Capital (%)	- -	15.59	5.8	-20.29	1.68	-4.26	3.8	3.33	- -	- -	- -	- -	0.88	3.13
Return on Invested Capital (%)	- -	15.54	5.72	3.22	11.9	0.84	8.39	4.67	- -	- -	- -	- -	0.18	3.08
Gross Margin (%)	45.28	46.69	45.81	48.15	48.12	47.03	45.96	44.66	40.68	41.43	42.37	43.97	45.82	47.6
EBITDA Margin (%)	12.01	11.49	7.55	8.91	15.76	15.47	13.22	11.17	1.22	6	5.26	9.1	8.59	11.85
Operating Margin (%)	11.47	10.06	7.89	6.4	13.92	12.27	9.78	7.04	-4.81	-0.13	-1.05	2.59	4.07	5.93
Incremental Operating Margin (%)	- -	6.88	2.94	3.95	32.3	7.38	0.88	- -	93.53	11.16	- -	20.09	13.81	18.06
Pretax Margin (%)	7.94	7.13	2.35	3.37	10.61	44.67	6.71	4.63	-8.7	-2.34	-2.7	1.56	1.14	5.02
Profit Margin (%)	7.25	6.58	1.79	-4.6	4.64	-0.09	3.3	3.33	-8.06	-0.62	-2.36	1.86	0.81	3.16
Net Income to Common Margin (%)	7.25	6.58	1.79	-4.6	4.64	-0.09	3.3	3.33	-8.06	-0.62	-2.36	1.86	0.81	3.16
Effective Tax Rate (%)	8.76	7.82	23.81	51.4	22.28	94.46	28.76	12.31	- -	- -	- -	- -	24.04	31.54
Dvd Payout Ratio (%)	- -	- -	1,278.09	74.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	15.66	-99.83	-4.02	9.85	-0.2	7.67	7.55	-11.94	-1.12	-5.17	4.74	2.23	9.19

Credit (USD)

Credit Ratios API ChatGPT

	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	12/31/2012	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	- -	- -	32	- -	2	15	21	340	385	686	721	771	810	902
ST Debt	- -	- -	32	- -	- -	- -	- -	32	38	38	45	52	60	70
LT Debt	- -	- -	- -	- -	2	15	21	309	347	648	676	719	750	833
Total Debt/EBITDA	- -	0.03	3.61	0.02	0.05	0.26	0.34	5.13	60.45	15.46	15.2	7.79	7.52	5.27
Net Debt/EBITDA	-2.34	-1.35	3.31	-4.16	-0.27	-0.39	-0.41	-0.56	-23.06	-1.33	0.3	0.21	-0.69	-0.66
Total Debt/EBIT	- -	0.05	10.28	0.05	0.07	0.43	0.66	13.25	-8.77	-43.28	-26.79	130.27	266.5	14.43
Net Debt/EBIT	-3.42	-2.15	9.43	-10.45	-0.42	-0.64	-0.78	-1.44	3.35	3.71	-0.52	3.54	-24.37	-1.8
EBITDA to Interest Expense	- -	- -	24.53	51.13	113.12	33.79	25.14	152.97	7.81	28.14	31.23	57.64	52.64	79.34
EBITDA-CapEx/Interest Expense	- -	- -	-53.6	-45.61	-32.42	-3.66	-11.1	-92.44	-76.89	-36.22	-62.69	-27.49	-13.62	2.52
EBIT to Interest Expense	- -	- -	25.62	36.75	99.89	26.79	18.6	96.48	-30.85	-0.59	-6.2	16.4	24.92	39.72
Interest Expense	- -	- -	- -	- -	- -	2	2	- -	1	2	2	2	2	2
Common Equity/Total Assets	72.32	67.71	15.19	26.51	28.28	36.02	37.03	30.86	35.56	28.1	27.26	27.61	27.7	27.7
Long-Term Debt/Equity (%)	- -	0.84	2.48	0.2	1	6.47	7.62	95.83	79.94	148.75	154.69	153.16	151.9	150.36
Long-Term Debt/Capital (%)	- -	0.83	0.7	0.2	0.99	6.07	7.08	46.58	42.38	57.76	58.39	57.94	57.53	57.19
Long-Term Debt/Total Assets (%)	- -	0.57	0.38	0.08	0.37	3.08	3.41	31.87	30.32	44.45	44.69	44.77	44.18	43.91
Total Debt/Equity (%)	- -	0.84	256.45	0.2	1	6.47	7.62	105.73	88.6	157.53	164.94	164.33	164.02	162.91
Total Debt/Capital (%)	- -	0.83	71.95	0.2	0.99	6.07	7.08	51.39	46.98	61.17	62.26	62.17	62.12	61.96
Total Debt/Total Assets (%)	- -	0.57	38.95	0.08	0.37	3.08	3.41	35.16	33.61	47.08	47.65	48.03	47.71	47.58
Net Debt to Equity	-50.31	-34.14	235.21	-44.92	-5.76	-9.58	-9.05	-11.52	-33.8	-13.51	3.22	4.47	-15	-20.3
Net Debt/Capital (%)	-101.23	-51.83	70.17	-81.56	-6.05	-9.89	-9.18	-5.93	-21.84	-7.18	1.52	2.07	-7.53	-10.26
EBITDA	7	9	9	17	42	56	61	66	6	44	47	99	108	171
EBITDA-CapEx	-4	-7	-20	-15	-12	-6	-27	-40	-63	-57	-95	-47	-28	5
Operating Income (Loss)	7	8	9	12	37	44	45	42	-25	-1	-9	28	51	86

Liquidity (USD)

Liquidity Ratios API ChatGPT

	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	12/31/2012	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	2.88	1.81	0.06	2.96	2.32	2.48	1.45	0.74	1.68	3.15	2.11	1.79	1.71	1.47
Current Ratio	3.23	2.11	0.16	3.29	2.65	2.74	1.69	0.88	1.85	3.37	2.33	2.04	1.97	1.76
Quick Ratio	3.16	2.03	0.12	3.14	2.51	2.65	1.62	0.84	1.76	3.26	2.27	1.96	1.89	1.68
CFO/Avg Current Liab	- -	2.02	0.49	1.14	1.95	2.16	1.82	1.13	0.36	0.51	0.57	0.85	0.97	1.03
Common Equity/Total Assets	72.32	67.71	15.19	26.51	28.28	36.02	37.03	30.86	35.56	28.1	27.26	27.61	27.7	27.7
Long-Term Debt/Equity (%)	- -	0.84	2.48	0.2	1	6.47	7.62	95.83	79.94	148.75	154.69	153.16	151.9	150.36
Long-Term Debt/Capital (%)	- -	0.83	0.7	0.2	0.99	6.07	7.08	46.58	42.38	57.76	58.39	57.94	57.53	57.19
Long-Term Debt/Total Assets (%)	- -	0.57	0.38	0.08	0.37	3.08	3.41	31.87	30.32	44.45	44.69	44.77	44.18	43.91
Total Debt/Equity (%)	- -	0.84	256.45	0.2	1	6.47	7.62	105.73	88.6	157.53	164.94	164.33	164.02	162.91
Total Debt/Capital (%)	- -	0.83	71.95	0.2	0.99	6.07	7.08	51.39	46.98	61.17	62.26	62.17	62.12	61.96
Total Debt/Total Assets (%)	- -	0.57	38.95	0.08	0.37	3.08	3.41	35.16	33.61	47.08	47.65	48.03	47.71	47.58
CFO/Total Liabilities	95.74	72.48	19.31	18.54	16.12	28.8	25.33	13.9	5.25	5.71	7.14	11.63	14.22	16.56
CFO/CapEx	1.06	0.8	0.48	1.28	1	1.15	0.98	0.84	0.54	0.58	0.54	0.9	1.26	1.34
Altman's Z-Score	- -	- -	- -	- -	- -	- -	3.88	2.7	3.3	2.41	1.69	2.43	3.6	2.53

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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	12/31/2012	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	- -	62	91.56	91.32	96.59	113.78	108.52	86.96	63.32	79.93	78.75	82.93	84	81.08
Days Sales Outstanding	- -	5.89	3.99	4	3.78	3.21	3.36	4.2	5.76	4.57	4.63	4.4	4.35	4.5
Inventory Turnover	- -	153.17	149.39	184.39	206.51	184.18	165.07	165.74	121.41	128.64	129.19	127.1	118.88	114.79
Days Inventory Outstanding	- -	2.38	2.44	1.98	1.77	1.98	2.21	2.2	3.01	2.84	2.83	2.87	3.07	3.18
Accounts Payable Turnover	- -	24.7	14.59	14.95	20.36	25.18	24.05	24.62	16.45	20	25.74	28.61	29.61	31.37
Accounts Payable Turnover Days	- -	14.78	25.02	24.42	17.93	14.49	15.17	14.83	22.19	18.25	14.18	12.76	12.33	11.63
Cash Conversion Cycle	- -	-6.51	-18.59	-18.44	-12.38	-9.3	-9.6	-8.43	-13.42	-10.85	-6.72	-5.48	-4.91	-3.95
Inventory to Cash Days	- -	3.5	1.54	2.02	2.01	1.23	1.15	2	2.76	1.73	1.81	1.53	1.28	1.32
Inventories	- -	- -	1	1	1	1	2	2	3	4	4	5	6	7
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	1	1	1	1	2	2	3	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	4	5	6	7

Enterprise Value (USD)

Enterprise Value API ChatGPT

	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	12/31/2012	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	- -	- -	- -	- -	- -	- -	1,535	2,022	3,319	2,828	1,717	2,938	5,238	3,247
- Cash & Cash Equivalents	16	13	3	71	12	22	25	37	147	302	231	225	321	360
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	56	49	55	47	23	27	26	25	26	24	28
+ Total Debt	- -	- -	32	- -	2	15	21	340	385	686	721	771	810	902
Enterprise Value	- -	- -	- -	- -	- -	- -	1,516	2,312	3,547	3,158	2,151	3,442	5,751	3,818
Total Capital	32	38	45	157	203	239	294	662	819	1,122	1,157	1,241	1,303	1,456
Total Debt/Capital (%)	- -	0.83	71.95	0.2	0.99	6.07	7.08	51.39	46.98	61.17	62.26	62.17	62.12	61.96
Total Debt / EV	- -	- -	- -	- -	- -	- -	0.01	0.15	0.11	0.22	0.33	0.22	0.14	0.24
EV/Sales	- -	- -	- -	- -	- -	- -	3.3	3.89	6.78	4.27	2.39	3.16	4.59	2.64
EV/EBITDA	- -	- -	- -	- -	- -	- -	24.98	34.82	556.93	71.16	45.38	34.78	53.43	22.29
EV/EBIT	- -	- -	- -	- -	- -	- -	47.82	90	- -	- -	- -	581.28	1,893.03	61.08
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	17.41	25.62	- -	- -	- -	- -	33.3	17.06
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	154.56	65.84
Diluted Market Cap	- -	- -	- -	- -	- -	- -	1,517	1,894	3,183	2,824	1,715	3,267	5,779	3,376
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	1,499	2,184	3,411	3,154	2,149	3,771	6,292	3,946
EV per Share	- -	- -	- -	- -	- -	- -	51.37	67.17	91.61	80.69	54.76	87.19	143.53	94.84
TTM Sales	57	82	119	191	268	359	459	595	523	740	900	1,088	1,253	1,445
TTM EBITDA	7	9	9	17	42	56	61	66	6	44	47	99	108	171
TTM Operating Income	7	8	9	12	37	44	45	42	-25	-1	-9	28	51	86
TTM Cash Flow to Firm	12	13	14	41	55	71	87	90	- -	- -	- -	- -	173	224
TTM Free Cash Flow to Firm	1	-3	-15	9	- -	9	- -	-16	- -	- -	- -	- -	37	58

Multiples (USD)

Valuation Multiples API ChatGPT

	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	12/31/2012	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	- -	- -	- -	- -	- -	- -	-712.35	-113.78	-100.43	-65.54	-26.06	-232.89	162.08	59.74
EV/EBIT	- -	- -	- -	- -	- -	- -	47.82	90	- -	- -	- -	581.28	1,893.03	61.08
Enterprise Value	- -	- -	- -	- -	- -	- -	1,516	2,312	3,547	3,158	2,151	3,442	5,751	3,818
Low Price	- -	- -	- -	- -	- -	- -	37.29	49.63	30.5	67.5	38.58	42.57	64.8	73.19
EV/Sales	- -	- -	- -	- -	- -	- -	3.3	3.89	6.78	4.27	2.39	3.16	4.59	2.64
EV/EBITDA	- -	- -	- -	- -	- -	- -	24.98	34.82	556.93	71.16	45.38	34.78	53.43	22.29
Price/Earnings	- -	- -	- -	- -	- -	- -	96.95	92.97	- -	- -	- -	144.77	510.18	70.94
Price/Earnings Average	- -	- -	- -	- -	- -	- -	90.57	115.08	- -	- -	- -	124.19	395.08	92.79
Price/Earnings High	- -	- -	- -	- -	- -	- -	129.57	158.91	- -	- -	- -	156.22	565.78	125.93
Price/Earnings Low	- -	- -	- -	- -	- -	- -	69.52	78.55	- -	- -	- -	82.81	252.86	64.37
Price/Book Value	- -	- -	- -	- -	- -	- -	6.79	6.77	8.15	6.91	4.17	6.63	11.15	6.18
Price/Book Value Average	- -	- -	- -	- -	- -	- -	6.34	8.37	6.21	8.64	5.22	5.68	8.63	8.09
Price/Book Value High	- -	- -	- -	- -	- -	- -	9.08	11.56	8.25	12.9	7.49	7.15	12.36	10.97
Price/Book Value Low	- -	- -	- -	- -	- -	- -	4.87	5.72	2.9	6.45	3.68	3.79	5.52	5.61
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	6.79	6.77	8.15	6.91	4.17	6.63	11.15	6.18
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	6.34	8.37	6.21	8.64	5.22	5.68	8.63	8.09
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	9.08	11.56	8.25	12.9	7.49	7.15	12.36	10.97
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	4.87	5.72	2.9	6.45	3.68	3.79	5.52	5.61
Price/Sales	- -	- -	- -	- -	- -	- -	3.2	3.1	6.09	3.82	1.9	2.7	4.16	2.24
Price/Sales Average	- -	- -	- -	- -	- -	- -	2.99	3.84	4.64	4.78	2.39	2.31	3.22	2.94
Price/Sales High	- -	- -	- -	- -	- -	- -	4.28	5.3	6.16	7.13	3.42	2.91	4.61	3.98
Price/Sales Low	- -	- -	- -	- -	- -	- -	2.3	2.62	2.17	3.57	1.68	1.54	2.06	2.04
Price/Cash Flow	- -	- -	- -	- -	- -	- -	17.23	20.51	85.21	48.36	22.35	22.2	30.42	14.59
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	16.1	25.39	64.95	60.51	28.02	19.04	23.56	19.08
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	23.03	35.06	86.3	90.32	40.18	23.96	33.74	25.9
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	12.36	17.33	30.32	45.17	19.73	12.7	15.08	13.24
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	-665.47	-140.83	-76.56	-82.01	-32.67	-199.78	125.51	78.14
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	-952.08	-194.47	-101.72	-122.41	-46.85	-251.31	179.75	106.05
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	-510.84	-96.13	-35.74	-61.22	-23	-133.22	80.33	54.2
EV/Sales Average	- -	- -	- -	- -	- -	- -	3.08	4.7	5.28	5.23	2.87	2.78	3.65	3.33
EV/Sales High	- -	- -	- -	- -	- -	- -	4.43	6.3	6.86	7.59	3.91	3.38	5.05	4.38
EV/Sales Low	- -	- -	- -	- -	- -	- -	2.36	3.36	2.7	4.02	2.16	2.01	2.48	2.43
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	23.31	42.06	433.06	87.17	54.57	30.56	42.45	28.13
EV/EBITDA High	- -	- -	- -	- -	- -	- -	33.49	56.42	563.59	126.46	74.28	37.13	58.73	36.98
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	17.83	30.1	221.27	66.96	41.13	22.07	28.88	20.53
EV/EBIT Average	- -	- -	- -	- -	- -	- -	44.64	108.72	- -	- -	- -	510.74	1,504	77.08
EV/EBIT High	- -	- -	- -	- -	- -	- -	64.11	145.82	- -	- -	- -	620.51	2,080.97	101.34
EV/EBIT Low	- -	- -	- -	- -	- -	- -	34.13	77.79	- -	- -	- -	368.94	1,023.35	56.26
Last Price	- -	- -	- -	- -	- -	- -	52	58.74	85.71	72.26	43.71	74.42	130.74	80.67
High Price	- -	- -	- -	- -	- -	- -	69.5	100.4	86.81	134.96	78.58	80.31	144.99	143.2
Enterprise Value Average	- -	- -	- -	- -	- -	- -	1,415	2,792	2,758	3,869	2,587	3,024	4,569	4,818
Enterprise Value High	- -	- -	- -	- -	- -	- -	2,033	3,745	3,589	5,613	3,521	3,674	6,322	6,335
Enterprise Value Low	- -	- -	- -	- -	- -	- -	1,082	1,998	1,409	2,972	1,950	2,184	3,109	3,517

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	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	12/31/2012	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	11	11	11	20	25	27	30	34	39	39	39	39	40	40
Diluted Weighted Avg Shares	1	1	11	14	23	26	29	32	37	39	39	44	44	42
Basic Weighted Avg Shares	1	1	11	14	23	26	28	31	37	39	39	39	40	40
Revenue per Share	45.56	65.86	10.55	14.03	11.7	13.87	16.23	18.95	14.08	18.93	22.95	27.59	31.45	35.94
EBITDA per Share	5.47	7.57	0.8	1.25	1.84	2.15	2.15	2.12	0.17	1.14	1.21	2.51	2.7	4.26
Operating Income per Share	5.23	6.62	0.83	0.9	1.63	1.7	1.59	1.33	-0.68	-0.02	-0.24	0.71	1.28	2.13
Basic EPS, GAAP	3.3	4.33	0.19	-0.65	0.54	-0.01	0.54	0.63	-1.14	-0.12	-0.54	0.51	0.26	1.14
Basic EPS from Cont Ops	3.3	4.33	0.19	0.23	0.96	0.34	0.78	0.77	-1.23	-0.15	-0.59	0.53	0.27	1.24
Diluted EPS, GAAP	3.3	4.33	0.19	-0.65	0.53	-0.01	0.52	0.61	-1.14	-0.12	-0.54	0.46	0.23	1.09
Diluted EPS from Cont Ops	3.3	4.33	0.19	0.23	0.94	0.34	0.75	0.75	-1.23	-0.15	-0.59	0.48	0.24	1.19
Dividend per Share	- -	- -	2.41	0.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	9.33	10.32	1.21	3.04	2.36	2.74	3.02	2.86	1.01	1.49	1.96	3.35	4.3	5.53
Free Cash Flow per Basic Share	0.51	-2.61	-1.33	0.67	-0.01	0.36	-0.08	-0.53	-0.85	-1.1	-1.68	-0.36	0.9	1.41
Cash & Equivalents per Share	1.43	1.16	0.24	3.59	2.93	3.19	2.94	2.14	4.75	9.77	7.92	7.43	8	8.95
Book Value per Share	2.84	3.33	1.12	5.08	6.05	6.39	7.66	8.68	10.52	10.46	10.49	11.23	11.73	13.05
Tangible Book Value per Share	2.84	3.33	1.12	5.08	6.05	6.39	7.66	8.68	10.52	10.46	10.49	11.23	11.73	13.05