Tuesday, July 26, 2016

During the Obama Administration, the 2,649 Largest US Companies With Market Caps Above $300 Mil Generated Total Audited US GAAP Earnings of $931.0 Bil in 2015, Up $943.5 Bil From the Total Losses of $12.5 Bil in 2008, the Year Before Obama Took Office..... This Is Why the US Stock Market Has Been at an All-Time High in Most of the Past Two Weeks, Why US Job Creation Has Been Consistently Very Robust and Thus Why the US Unemployment Rate Has Declined By More Than Half Since 2009 ..... The Total Earnings of US Companies Improved More During the Obama Administration Than Under Any Other US Presidency and by a Long Shot ..... But 2015 Total Earnings of These 2,649 US Companies Were Down 19% From 2014, Due Mainly to the 1,672 Smallest of these 2,649 US Companies Generating Total Losses of $1.310 Bil in 2015, Down 102% From the Total Earnings of $84.739 Bil in 2014 ...... I Think It's Pretty Clear Why Donald Trump Is Now Making Major Inroads With Executives, Employees and Stockholders of Middle-sized and Smaller US Companies ..... He Thinks He Can Improve the Financial Status of These Smaller Companies Which Have Been Forgotten By the US Congress

From a review of the fine Google Finance Website and of company financial statements in the US SEC website, I found the 2,649 largest Companies headquartered in the US with Stock Market Capitalizations now of more than $300 Mil.

As you can see in the below chart, the Total US GAAP Audited Earnings of these largest US Companies dropped massively by 102% from 2007 to 2008, which was the US financial meltdown year and also the last year of the Bush/Cheney Presidency.  Then, these Total Earnings increased by an almost unbelievable 3,143% (yeah, that's up 31 Times) in 2009 over 2008 and increased by an additional 110% in 2010 over 2009, thereby much more than recouping in only two years the total earnings decline resulting from the disastrous 2008 financial meltdown.

The Democrats were in control of both the US House and US Senate in both 2009 and 2010 when this miraculous earnings recovery occurred ..... from Total Company Losses in 2008 of $12.467 Bil to Total Company Earnings in 2009 of $379.310 Bil and in 2010 of $798.431 Bil.

But on the downside, 2015 Total Earnings of these 2,649 largest US Companies were down 19% from 2014.  While the 113 Companies with Market Caps above $40 Bil generated 2015 Total Earnings which declined by only 0.1% from 2014, the 1,672 middle-sized and smaller of these US Companies, those with Market Cap Ranges from $300 Mil to $3 Bil, generated 2015 Total Losses of $1.310 Bil which were down 102% from 2014 Total Earnings of $84.739 Bil.

These above earnings numbers tell you that there is something seriously unfair with the US economy and points to why Income Inequality Expansion is such a serious problem in the US. 

Nearly all of the US House Republicans and also the Big Corporatist Democratic Wing in the US Senate, which now comprises a clear majority of US Senate Democrats, have both focused much more on the success of the very largest, most profitable US Companies than they have on the success of the middle-sized and smaller US C Corp Companies.  This Big Corporatist Democratic Wing is led by New York Senator Chuck Schumer and includes among others Virginia Senators Mark Warner and Tim Kaine, New Jersey Senators Bob Menendez and Cory Booker, Minnesota Senators Amy Klobachur and Al Franken and California Senators Dianne Feinstein and Barbara Boxer.  These US States are HQs to many very large, highly profitable Corporations that have been very effective in having their US State Senators consistently taking actions which economically benefited them, nothing more so than the PATH Act of 2015.  

As contrasted with the US Congress overwhelmingly being focused on the success of the very largest, powerful Corporations which ends up Expanding Income Inequality, they should be doing just the opposite and focusing more on improving the middle-sized and smaller US Companies which ends up Narrowing Income Inequality.

I think the single smartest initiative here is to allow, on a prospective basis, a current US Federal Income Tax Cash Benefit in the same year a Tax Loss is generated.  This would be so economically explosive to the majority of US Companies that I think it would yield US real annual GDP growth above 4% for many years.  And such a broad-based economic approach will Narrow Income Inequality significantly.  

First, below here are the total reported Audited US GAAP Earnings (Losses) From Continuing Operations of these 2,649 largest US Companies for all years where consistent earnings amounts were reported from 2007 through 2015 and the Annual Earnings Percentage Change from the prior year, with the Total Earnings amounts broken down by Company Stock Market Capitalization Range:


2015 2014 2013 2012 2011 2010 2009 2008 2007


US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP


Audited Audited Audited Audited Audited Audited Audited Audited Audited


Net Net Net Net Net Net Net Net Net
# of Income Income Income Income Income Income Income Income Income
Company Market Cap Range Companies (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)

 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils











Above $40 Bil 113   646,812     647,485     678,815   590,929   594,543   507,526   341,877   163,115   373,271
$30-40 Bil 37     56,327       69,062       52,892     40,872     46,630     38,726     27,332     10,971     44,619
$20-30 Bil 86     61,336       87,215       92,080     71,735     85,234     61,015     29,726     20,906     63,825
$10-20 Bil 180     67,550     110,192     107,529     87,041     90,470     75,685     34,094   (12,248)     50,945
$5-10 Bil 285     74,330     104,741     102,157     83,358     65,700     67,061     34,103   (30,363)     48,293
$3-5 Bil 276     25,994       39,502       43,012     37,251     28,626     32,726       9,488     (5,790)     21,146
$2-3 Bil 308     11,380       42,827     107,064     36,876       1,284       3,393   (75,462)   (64,054)     13,018
$1-2 Bil 522       2,088       31,939       70,086     34,277     15,124       3,397   (19,246)   (74,092)       8,331
$700 Mil-$1 Bil 236     (4,383)         8,551         8,021       4,529       4,609       4,155          159     (7,158)       3,125
$600-700 Mil 116     (1,485)            602            895          747       1,232       1,018        (405)     (1,681)            18
$500-600 Mil 117        (252)            982            385          612          503          214        (355)     (2,730)          657
$400-500 Mil 165     (4,295)           (326)         2,546       3,764       2,022       1,644            63     (1,848)     (1,647)
$300-400 Mil 208     (4,364)            163         1,026        (444)       1,396       1,870     (2,062)     (7,495)        (645)
Totals (All Above $300 Mil) 2649   931,039  1,142,936  1,266,508   991,547   937,373   798,431   379,310   (12,467)   624,956











Annual Earnings % Change vs Prior Year









Above $40 Bil 113 -0.1% -5% 15% -1% 17% 48% 110% -56%
$30-40 Bil 37 -18% 31% 29% -12% 20% 42% 149% -75%
$20-30 Bil 86 -30% -5% 28% -16% 40% 105% 42% -67%
$10-20 Bil 180 -39% 2% 24% -4% 20% 122% 378% -124%
$5-10 Bil 285 -29% 3% 23% 27% -2% 97% 212% -163%
$3-5 Bil 276 -34% -8% 15% 30% -13% 245% 264% -127%
$2-3 Bil 308 -73% -60% 190% 2772% -62% 104% -18% -592%
$1-2 Bil 522 -93% -54% 104% 127% 345% 118% 74% -989%
$700 Mil-$1 Bil 236 -151% 7% 77% -2% 11% 2518% 102% -329%
$600-700 Mil 116 -347% -33% 20% -39% 21% 351% 76% -9397%
$500-600 Mil 117 -126% 155% -37% 22% 134% 160% 87% -515%
$400-500 Mil 165 -1219% -113% -32% 86% 23% 2506% -103% -12%
$300-400 Mil 208 -2772% -84% 331% -132% -25% 191% 72% -1062%
Totals (All Above $300 Mil) 2649 -19% -10% 28% 6% 17% 110% 3143% -102%











2015 Total Earnings  % Above 









….. 2008 Total Earnings
7568%





….. 2007 Total Earnings
49%





























All Mkt Caps of $300 Mil to $3 Bil       1,672     (1,310)       84,739    





….. Total Earnings Decline 2015 vs 2014
-102%







In my most recent posts, I have shown the US GAAP Audited Earnings (Losses) for each of the 2,441 largest US Companies with stock market capitalizations of above $400 Mil.  Thus, below here are the reported Audited US GAAP Earnings (Losses) From Continuing Operations of each of the 208 US Companies with recent stock market caps of $300 Mil-400 Mil, for all years in which consistent earnings amounts were available from 2007 through 2015, with all companies presented in recent Stock Market Cap order:




2015 2014 2013 2012 2011 2010 2009 2008 2007



Most Audited Audited Audited Audited Audited Audited Audited Audited Audited



Recent Net Net Net Net Net Net Net Net Net
City State 2015 Income Income Income Income Income Income Income Income Income
Company HQs HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)



 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils













Forestar Group Inc Austin TX Dec15        (212)            17            35            18              9              6            62            14            31
Universal Logistics Holdings Warren MI Dec15            40            45            51            48            51            46            20            26
Petmed Express Inc Pompano Beach FL Mar16            21            17            18            17            17            21            26            23            20
Clayton Williams Energy Inc Midland TX Dec15          (98)            44          (25)            35            94            37        (116)          141            10
Exar Corporation Fremont CA Mar16          (16)          (45)              6              3          (28)          (36)          (28)          (73)        (196)
First Community Bancshares Inc Bluefield VA Dec15            25            25            23            29            20            22          (39)              2            30
Voyager Therapeutics Cambridge MA Dec15          (30)          (16)            (4)





Enanta Pharmaceuticals Watertown MA Sep15            79            34            10            21            23              8


TubeMogul Emeryville CA Dec15          (14)            (4)            (7)            (4)            (4)



Blue Hills Bancorp Inc Hyde Park MA Dec15              7            (0)              3              8              8            30              5

Cascade Bancorp Bend OR Dec15            21              4            51              6          (47)          (14)          (93)        (135)            30
Thompson Creek Metals Co Inc Littleton CO Dec15        (135)        (124)        (215)        (546)          292          114          (56)          173          140
Suffolk Bancorp Riverhead NY Dec15            18            15            13            (2)            (0)              6            23            25            22
Baldwin & Lyons Inc Carmel IN Dec15            23            30            37            32          (28)            25            45            (8)            55
Blackcraft Cult Anaheim CA Dec15              0              0              0    




NACCO Industries Inc Cleveland OH Dec15            22          (38)            44            42            79            47            52          (64)            90
Libbey Inc Toledo OH Dec15            66              5            28              7            24            70          (29)          (80)            (2)
Fogo De Chao Dallas TX Dec15            28            17            (1)          (18)




First Defiance Financial Defiance OH Dec15            26            24            22            19            16              8              7              7            14
Bellicum Pharmaceuticals Houston TX Dec15          (49)          (84)            (8)            (6)




Cytori Therapeutics San Diego CA Dec15          (19)          (37)          (26)          (32)          (32)          (27)          (23)          (30)          (29)
Financial Institutions Inc Warsaw NY Dec15            28            29            26            23            23            21            14          (26)            16
ChannelAdvisor Corp Morrisville NC Dec15          (21)          (35)          (21)            (5)            (4)            (5)            (3)

Covenant Transportation Group Inc Chattanooga TN Dec15            42            18              5              6          (14)              3          (25)          (53)          (17)
Cryolife Inc Kennesaw GA Dec15              4              7            16              8              7              4              9            32              7
Stein Mart Inc Jacksonville FL Jan16            24            27            26            25            20            57            24          (71)            (5)
Revance Therapeutics Newark CA Dec15          (73)          (63)          (52)          (58)          (45)



Seneca Foods Corp Marion NY Mar16            54            10            14            41            11            18            48            19              8
THL Credit Inc Boston MA Dec15            28            37            43            28            24              8            (0)

Landauer Inc Glenwood IL Sep15            15          (25)              3            19            24            24            23            23            19
Minerva Neurosciences Waltham MA Dec15          (27)          (57)            (3)





Pericom Semiconductor Milpitas CA Jun15            12              4          (22)            (2)            13            11              6            17              9
Heritage Insurance Holdings Clearwater FL Dec15            93            47            34            (5)




Cytokinetics Inc South San Francisco CA Dec15          (38)          (15)          (34)          (40)          (48)          (49)            25          (56)          (49)
Renewable Energy Group Inc Ames IA Dec15        (152)            83          186            22            89          (22)          (69)          (16)            32
Steel Partners Holdings LP New York NY Dec15            70          (18)            38            44            71            13          (62)        (757)            20
Unisys Corp Blue Bell PA Dec15        (103)            59          120          157          141          164          176        (118)          (53)
Century Communities Greenwood Village CO Dec15            40            20            12              7




Reva Medical Inc San Diego CA Dec15          (83)          (51)          (28)          (24)          (21)          (24)          (14)          (13)          (13)
Sanchez Energy Corp Houston TX Dec15     (1,455)          (22)            27          (16)              2            (3)              0            (1)
VSE Corp Alexandria VA Dec15            25            20            24            27            20            24            24            19            14
Natural Health Trends Cprp Rolling Hills Estates CA Dec15            47            20              4              3              2            (2)            (6)            (4)          (25)
Apigee San Jose CA Jul15          (50)          (61)          (26)            (8)




Southeastern Bank Financial Corp Augusta GA Dec15            19            17            16            14            11              7            (8)              8            12
Organovo Holdings San Diego CA Mar16          (39)          (30)          (26)          (44)            (4)



American Midstream Partners LP Denver CO Dec15        (127)          (97)          (31)            (6)          (12)            (9)          (12)              3            (9)
Impinj Seattle WA Dec15              1              0              0          (11)




QCR Holdings Inc Moline IL Dec15            17            15            15            13            10              7              2              5              7
Xactly San Jose CA Jan16          (25)          (19)          (15)            (9)            (8)



Actua Corp Radnor PA Dec15        (100)          (42)          (30)            11            10            37            (7)          (15)          (24)
Care.com Inc Waltham MA Dec15          (18)          (38)          (28)          (20)          (12)            (4)


DHI Group Inc New York NY Dec15          (11)            28            16            38            34            19            13            15            13
Calix Inc Petaluma CA Dec15          (26)          (21)          (17)          (28)          (53)          (19)          (22)          (13)          (25)
First Bancorp Troy NC Dec15            27            25            21          (23)            14            10            60            22            22
Exactech Inc Gainesville FL Dec15            15            16            15            13              9            10              8            11              8
Electro Rent Corporation Van Nuys CA May15            15            20            23            26            24            12            12            21            21
Servicesource Intl Inc San Francisco CA Dec15          (40)          (95)          (23)          (43)            15            (3)            10              5            10
Fly Leasing Ltd San Francisco CA Dec15            23            60            54            48              1            53            89            48    
Park-Ohio Holdings Corp Cleveland OH Dec15            49            47            41            34            32            20            (5)        (120)            21
First NBC Bank Holding Company New Orleans LA Dec15            67            56            41            29            20            10              4              2              1
CytomX Therapeutics South San Francisco CA Dec15          (35)          (30)          (15)





Bear State Financial Inc Little Rock AR Dec15            11            24              1              1          (19)            (4)          (45)              3              3
EXCO Resources Dallas TX Dec15     (1,193)          121            22     (1,393)            23          672        (497)     (1,733)            50
NMI Holdings Emeryville CA Dec15          (28)          (49)          (55)          (27)            (1)



Caslight Health San Francisco CA Dec15          (80)          (86)          (62)          (35)          (20)



Arbor Realty Trust Uniondale NY Dec15            53            93            21            16          (37)          114        (206)          (76)          102
Aerohive Trust Sunnyvale CA Dec15          (46)          (31)          (33)          (25)          (15)          (12)


First Foundation Inc Irvine CA Dec15            13              8              8              6              9            (1)


Telos Corp Ashburn VA Dec15          (14)          (11)            (1)              9              4              4              2            13              7
Guaranty Bancorp Denver CO Dec15            22            14            14            15              6          (31)          (29)        (257)        (138)
Oncomed Pharmaceuticals Redwood City CA Dec15          (85)          (50)          (26)          (22)          (15)          (27)          (21)          (20)          (22)
Casella Waste Systems Inc Rutland VT Dec15          (12)          (27)          (50)          (78)            (4)          (16)          (72)          (11)          (19)
Ares Commercial Real Estate New York NY Dec15            43            25            14              1            (0)



Ardelyx Fremont CA Dec15          (30)            (3)            (7)          (10)




Southwest Bancorp Stillwater OK Dec15            17            21            17            16          (68)            17            13            15            21
C1 Financial Inc St Petersburg FL Dec15            14              7            12            13              6            (1)


Orasure Technologies Bethlehem PA Dec15              8            (5)          (11)          (15)            (9)            (3)            (8)          (31)              2
Kimball Electronics Inc Jasper IN Jun15            26            25            22            24              4    


IXYS Corp Milpitas CA Mar16            15            24              6              8            30            37


Atlantic Capital Bancshares Atlanta GA Dec15            (1)              8              5              6              2



QAD Inc Santa Barbara CA Jan16              9            13              6              7            11              3              1          (24)              5
Culp Inc High Point NC Apr16            17            15            17            18            13            16            13          (39)              5
Model N Inc Redwood City CA Sep14          (20)          (21)            (1)            (6)              1              1


Green Bancorp Houston TX Dec15            15            15            13              9              1              2


Dorian LPP Ltd Stamford CT Mar16          130            25              7            (5)            (9)



Potbelly Corp Chicago IL Dec15              6              4              1            24              7            (1)          (11)          (22)            (7)
Orchids Paper Products Co Pryor OK Dec15            14              9            13              9              6              6            14              5              3
Boingo Wireless Inc Los Angeles CA Dec15          (22)          (19)            (3)              8              7            16              1            (6)            (3)
On Deck Capital New York NY Dec15            (2)          (19)          (24)          (17)




Green Brick Partners Inc Plano TX Dec15            26            61            44            21              4              2


Tuesday Morning Corp Dallas TX Jun15            10          (10)          (56)              4            10            11            (0)            14            30
Vocera Communications Inc San Jose CA Dec15          (17)          (28)          (10)              3            (2)              1            (1)            (6)            (4)
Preferred Apartment Communities Atlanta GA Dec15            (2)              2            (4)            (0)            (8)            (1)


IDT Corporation Newark NJ Jul15            86            21            18            31            21              7          (98)        (181)        (139)
United Insurance Holdings Corp St Petersburg FL Dec15            27            41            20            10              8            (1)              4            33            40
Iconix Brand Group Inc New York NY Dec15        (189)          118          117          124          131          110            76            63            60
Calumet Speciality Products Partners LP Indianapolis IN Dec15        (139)        (112)              4          206            43            17            62            44            83
Corenergy Infrastructure Trust Inc Kansas City MO Nov15            14              9              6            12              3            15              0          (24)              5
Cascade Microtech Inc Beavertown OR Dec15            12            10            13              6            (4)            (8)            (6)            (9)              3
Bank Mutual Corp Brown Deer WI Dec15            14            15            11              7          (48)          (73)            14            17            17
Heritage Commerce Corp San Jose CA Dec15            16            13            12            10            11          (56)          (12)              2            14
BP Prudhoe Bay Royalty Trust Dallas TX Dec15            16            48            41            54            63            64            38          111            68
Sagent Pharmaceuticals Inc Schaumburg IL Dec15          (22)            37            30          (17)          (26)          (25)          (31)          (30)          (13)
Omega Flex Exton PA Dec15            16            14            10              7              5              5              4              7              9
Bazaarvoice Inc Austin TX Apr15          (25)          (33)          (53)          (48)          (24)          (20)            (8)            (5)            (4)
Franklin Financial Network Franklin TN Dec15            16              8              5              4




Handy & Harman Ltd White Plains NY Dec15            17            15            21            14          128            (6)          (18)            12          (21)
Arrowhead Research Corp Pasadena CA Sep15          (92)          (59)          (32)          (22)            (9)            (4)          (19)          (34)          (36)
GP Strategies Corp Columbia MD Dec15            19            27            24            23            18            13            (1)              8            10
Perry Ellis Intl Inc Miami FL Jan16            (7)          (37)          (23)            15            26            25            14          (12)            29
Digimarc Beaverton OR Dec15          (18)          (16)            (1)              8              6              4            (3)              1              0
Marine Products Corp Atlanta GA Dec15            14              9              8              7              7              4          (11)              8            16
MidWestOne Financial Group Inc Iowa City IA Dec15            25            19            19            17            13            10              4          (25)              7
Trevena King of Prussia PA Dec15          (51)          (50)          (23)          (16)          (16)



United States Lime & Minerals Inc Dallas TX Dec15            13            19            15            16            22            18            14            14            10
America First Multifamily Investors LP Omaha NE Dec15            27            15            15              3            (2)            (0)            (3)            (2)              0
Hometrust Bancshares Inc Asheville NC Jun15              8            10              9              5          (15)              7              3            11            11
Entellus Medical Plymouth Mn Dec15          (18)            (7)          (13)          (19)




Hampton Roads Bankshares Virginia Beach VA Dec15            95            10              6          (22)          (97)        (210)        (201)              7              7
Systemax Inc Port Washington NY Dec15          (48)          (32)          (43)            18            18                
Park Electrochemical Corp Melville NY Feb16            18            20          (42)            17            23            33            25            19            35
FRP Holdings Inc Jacksonville FL Sep15              6              5              9              2              1                
Supreme Industries Inc Goshen IN Dec15            13              9            11            12              3          (10)            (6)            (2)              4
Dynex Capital Inc Glen Allen VA Dec15            17            28            68            74            40            29            18            15              9
Reata Pharmaceuticals Irving TX Dec15            (1)              1          (35)





Blue Nile Inc Seattle WA Dec15            11            10            11              8            11            14            13            12            17
Ring Energy Tulsa OK Dec15            (9)              8            (0)            (2)              0



Xcerra Corp Norwood MA Jul15            32              2          (12)          (20)            60            18        (137)            (1)          (11)
UMH Properties Inc Freehold NJ Dec15              2              4              6              6              4              7              4              2              3
Midland States Bancorp Effingham IL Dec15            24            11            15            14            11            13


Reading Intl Inc Los Angeles CA Dec15            23            26              9            (1)              9          (12)              6          (16)            (3)
Allegiance Bancshares Houston TX Dec15            16              9              7              5              3



Peapack-Gladstone Financial Corp Bedminster NJ Dec15            20            15              9            10            12              8              7          (22)            12
YRC Worldwide Inc Overland Park KS Dec15              1          (68)          (84)        (137)        (354)        (305)        (631)        (827)        (650)
Plug Power Inc Latham NY Dec15          (56)          (88)          (63)          (32)          (27)          (47)          (41)        (122)          (61)
Versartis Menlo Park CA Dec15          (82)          (58)          (18)          (13)            (7)



Genesis Healthcare Inc Kennett Square PA Dec15        (526)        (237)        (170)        (171)            96                
CSI Compressco LP Midland TX Dec15        (147)            11            18            16              7              2              7            11            10
Roadrunner Transportation Systems Inc Cudahy WI Dec15            48            52            49            38            26              4            (0)            (3)              1
KMG Chemicals Inc Houston TX Jul15            12            (1)              9            14              9            15            10              6              9
NewLink Genetics Corp Ames IA Dec15          (40)            96          (31)          (23)          (18)          (17)          (10)            (9)            (8)
TravelCenters of America LLC Westlake OH Dec15            28            61            32            32            24          (67)          (95)          (43)        (126)
Alpha and Omega Semiconductor Ltd Sunnyvale CA Jun15            (8)            (3)            (6)            13            38            38            (1)            11            10
Akebia Therapeutics Cambridge MA Dec15          (61)          (37)          (13)            (8)          (15)



Vivint Solar Lehi UT Dec15        (253)        (166)          (56)          (17)




Vectrus Inc Colorado Springs CO Dec15            31            23            84            75            54            22            39

Glu Mobile Inc San Francisco CA Dec15            (7)              8          (20)          (20)          (21)          (13)          (18)        (107)            (3)
JPEP Partners LP Irving TX Dec15          (44)          (44)          (28)          (12)            (1)            (3)


Heidrick & Struggles Intl Inc Chicago IL Dec15            17              7              6              6          (34)              7          (21)            39            56
Clean Energy Fuels Corp Newport Beach CA Dec15        (135)          (91)          (67)        (101)          (47)            (3)          (34)          (45)            (9)
Peoples Utah Bancorp American Fork UT Dec15            20            15            12              9              7              3


Independent Bank Corp (MI) Ionia MI Dec15            20            18            78            26          (20)          (17)          (90)          (92)            10
Primo Water Corp Winston-Salem NC Dec15              2          (13)            (9)          (94)          (11)          (13)            (8)          (14)          (12)
Spark Energy Houston TX Dec15            26            (4)            31            26




NV5 Global Hollywood FL Dec15              8              5              3              1              1



National Research Lincoln NE Dec15            18            18            15            15            12              8              8              7              7
IES Holdings Houston TX Sep15            17              6            (2)            (3)          (20)          (23)          (12)              0            (1)
CommunityOne Bancorp Charlotte NC Dec15              7          150            (1)          (40)        (132)        (130)        (103)          (58)            13
Comtech Telecommunications Corp Melville NY Jul15            23            25            18            32            68            61            48            74            63
Titan Intl Inc Quincy IL Dec15          (90)        (130)            30          106            58            (6)          (25)            13            (7)
Flexsteel Industries Inc Dubuque IA Jun15            22            15            13            13            10            11            (2)              4              9
Gain Capital Holdings Inc Bedminster NJ Dec15            10            25            28              3            16            37            28          231        (135)
Columbus McKinnon Amherst NY Mar16            20            27            30            78            26          (36)            (8)          (76)            47
Brightcove Inc Boston MA Dec15            (8)          (17)          (10)          (12)          (17)          (18)            (3)          (10)          (19)
BioTime Inc Alameda CA Dec15          (58)          (44)          (53)          (25)          (18)          (12)            (5)            (4)            (1)
SurModics Eden Prairie MN Sep15            12            12            15            10            11              2            41            14              3
Vitae Pharmaceuticals Fort Washington PA Dec15          (44)          (19)              1              0




United Community Financial Corp Youngstown OH Dec15            16            50            10          (20)              0          (37)          (22)          (37)              2
Bank of Marin Bancorp Novato CA Dec15            18            20            14            18            16            14            13            12            12
Triumph Bancorp Dallas TX Dec15            29            20            13            11




HCI Group Tampa FL Dec15            66            63            66            30            10              5            11            13              1
CECO Environmental Corp Cincinnati OH Dec15            (6)            13              7            11              8                
Quorum Health Franklin TN Dec15              5              7          (25)            (9)              2



Bridgepoint Education Inc San Diego CA Dec15          (70)            10            46          121          171          126            47            26              3
PHI Inc Lafayette LA Dec15            27            33            59            18              5              7            13            24            28
Cowen Group Inc New York NY Dec15            59          183            18          (24)          (79)          (32)          (39)        (256)          142
American Software Inc Atlanta GA Apr16            10              8            10            10            11              7              6              4              7
Freshpet Seacaucus NJ Dec15            (4)          (37)          (22)          (19)




Newcastle Investmemt Corp New York NY Dec15            21            68          141          404          304          622        (210)     (2,976)          (65)
Barrett Business Services Inc Vancouver WA Dec15            25          (26)            16            12            11              7            (4)              6            16
Natural Gas Services Group Inc Midland TX Dec15            10            14            14            13            10              7            11            16            12
Persian Basin Royalty Trust Dallas TX Dec15            16            47            41            54            63            64            38          111            68
Daily Journal Corp Los Angeles CA Sep15              1              1              4              6              8              8              8              7              5
pdvWireless Woodland Park NJ Mar16          (22)          (15)            (1)            (1)




Landec Corp Menlo Park CA May15            14            19            23            13              4              4              8            14            30
Natural Grocers by Vitamin Cottage Inc Lakewood CO Sep15            16            13            11              7              5              6              5

Audentes Therapeutics San Francisco CA Dec15          (26)          (11)            (3)





Horizon Bancorp Michigan City IN Dec15            21            18            20            20            13            10              9              9              8
Arlington Asset Investment Corp Arlington VA Dec15          (69)              8            53          189            15            27          131        (310)        (663)
West Bancorporation Inc West Des Moines IA Dec15            22            20            17            16            15            13            (5)              7            18
Atlantic Power Dedham MA Dec15          (84)        (153)          (24)        (116)          (70)            (4)          (38)            48          (31)
PHI Inc Lafayette LA Dec15            27            33            59            18              5              7            13            24            28
Axcelis Technologies Beverly MA Dec15            15          (11)          (17)          (34)              5          (18)          (77)        (197)          (11)
Carbonite Inc Boston MA Dec15          (22)            (9)          (11)          (19)          (24)          (26)          (19)          (17)          (11)
Senseonics Holdings Germantown MD Dec15          (30)          (19)






Valeritas Holdings Bridgewater NJ Dec15          (67)          (66)          (88)          (53)




Independence Holding Company Stamford CT Dec15            31            17            15            23            15            24            (7)          (25)              2
Community Healthcare Trust Franklin TN Dec15            (1)              0






TG Therapeutics Inc New York NY Dec15          (63)          (56)          (20)          (26)            (1)              1            (3)            (4)          (12)
MeetMe Inc New Hope PA Dec15              6            (4)          (11)            (7)            (8)            (7)          (11)            (7)          (13)
Pacific Continental Corp Eugene OR Dec15            19            16            14            13              5              5            (5)            13            13
Enzo Biochem Farmingdale NY Jul15            (2)          (10)          (18)          (39)          (13)          (22)          (24)          (11)          (13)
Nicolet Bankshares Inc Green Bay WI Dec15            12            10            16              3              2              1              1

Tesco Corp Houston TX Dec15        (134)            21            35            50            26              7            (5)            50            32
Arc Logistics Partners LP New York NY Dec15            11              1            13              5              5



Cohu Inc Poway CA Dec15              6            15          (29)          (11)            14            24          (28)            (5)              8
Adamas Pharmaceuticals Emeryville CA Dec15          (52)            10            51            18            (8)



AV Homes Inc Scottsdale AZ Dec15            12            (2)            (8)          (88)        (166)          (36)          (29)          110            21













Total all 208


    (4,364)          163       1,026        (444)       1,396       1,870     (2,062)     (7,495)        (645)
Annual Earnings % Change vs Prior Year

-2772% -84% 331% -132% -25% 191% 72% -1062%