Thursday, October 27, 2016

The 228 Texas Non-Oil&Gas Companies With Market Caps Above $100 Mil Generated Total Audited US GAAP Earnings in 2015 of $45.784 Bil, Up 24% From 2014 Total Audited Earnings of $36.867 Bil, Up 77% From 2011 Total Audited Earnings of $25.871 Bil, Up 194% From 2009 Total Earnings of $15.573 Bil and Up 772%, or an Earnings Improvement of $52.593 Bil From Total Losses of $6.809 Bil in 2008, the Year Before President Obama Took Office

Given that the State of Texas is classified as a Tossup in the US Presidential Race based on the average of recent political polls by the excellent Real Clear Politics, I think it might be helpful to research how Texas Non-Oil and Gas Headquartered Companies have performed on the earnings front during the Obama Administration.

From a review of the very fine Google Finance Website and of company financial statements in the US SEC website, I found the 228 Non-Oil and Gas Companies headquartered in Texas, all with Stock Market Capitalizations now of more than $100 Mil and which also have filed their fiscal year 2015 annual financial statements with the SEC.  Tradition Regulated Utilities were excluded.

Below here are the reported Audited US GAAP Earnings (Losses) From Continuing Operations of each of these 228 Texas Non-Oil and Gas Companies with Stock Market Caps above $100 Mil for all years reported from 2007 through 2015 where the amounts were presented and in a consistent manner:



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 ST 2015 Income Income Income Income Income Income Income Income Income
Texas Company HQs HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)



 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils
Non-Oil and Gas Companies











AT&T Dallas TX Dec15   13,687     6,736   18,722     7,574     4,359   19,400   12,447   (2,364)   17,228
American Airlines Group Fort Worth TX Dec15     7,610     2,882        821        332   (1,861)      (471)   (1,468)   (2,118)        456
LyondellBasell Houston TX Dec15     4,479     4,172     3,860     2,858     2,140     1,380   (2,871)   (7,343)        661
Texas Instruments Dallas TX Dec15     2,986     2,821     2,162     1,759     2,236     3,228     1,470     1,920     2,641
Southwest Airlines Dallas TX Dec15     2,181     1,136        754        421        178        459          99        178        645
Crown Castle Intl Houston TX Dec15     1,524        399          94        201        171      (311)      (114)        (49)      (223)
Kimberly-Clark Dallas TX Dec15     1,066     1,545     2,018     1,627     1,684     1,943     1,994     1,829     1,951
Sysco Houston TX Jun16        950        687        932        992     1,122     1,152     1,180     1,056     1,106
Santander Consumer USA Holdings Dallas TX Dec15        827        724        709        778        809        438        210        174    
Trinity Industries Inc Dallas TX Dec15        826        709        386        252        147          69      (138)        282        290
Dr Pepper Snapple Group Plano TX Dec15        764        703        624        629        606        528        555      (312)        497
Waste Management Houston TX Dec15        752     1,338        130        860     1,009     1,002     1,060     1,128     1,209
D.R. Horton Fort Worth TX Sep15        751        534        463        956          72        245      (550)   (2,634)      (713)
Westlake Chemical Houston TX Dec15        665        685        610        386        259        221          53        (30)        115
Alliance Data Systems Plano TX Dec15        605        516        496        422        315        196        177        233        214
Whole Foods Market Austin TX Sep15        536        579        551        466        343        246        147        115        183
Comerica Dallas TX Dec15        521        593        541        521        393        260          16        212        682
Torchmark Corp McKinney TX Dec15        516        528        507        509        483        504        386        430        489
Fluor Corp Irving TX Dec15        481        852        823        571        698        441        733        749        547
GameStop Grapevine TX Jan16        403        393        354      (270)        339        407        376        398        288
FMC Technologies Houston TX Dec15        395        705        507        435        404        378        363        354        262
Michaels Companies Irving TX Jan16        363        217        243        200        158        103        103          (7)
Ashford Hospitality Trust Inc Dallas TX Dec15        306        (42)        (48)        (59)            7        (27)      (188)          98            1
Celanese Irving TX Dec15        287        627     1,101        376        426        361        494        370        327
Prosperity Bancshares Houston TX Dec15        287        297        221        168        142        128        112          85          84
Cullen/Frost Bankers San Antonio TX Dec15        279        278        238        238        218        209        179        207        212
Flowserve Corp Irving TX Dec15        273        525        488        451        429        389        428        445        258
Copart Inc Dallas TX Jul16        270        220        179        180        182        166        152        140        157
Camden Property Trust Houston TX Dec15        258        301        156        161          24            8        (66)          (7)          53
Calpine Houston TX Dec15        249        961          18        199      (189)      (162)        110        (27)     2,693
American National Insurance Co Galveston TX Dec15        242        247        270        193        190        144          15      (173)        245
Sabre Corp Southlake TX Dec15        235        111          52      (215)        113          82            
Service Corporation Intl Houston TX Dec15        235        177        152        155        146        127        123          98        243
Sally Beauty Holdings Denton TX Sep15        235        246        261        233        214        144          99          78          44
Fossil Group Inc Richardson TX Dec15        230        387        388        354        307        265        144        142        128
Kirby Corp Houston TX Dec15        228        285        256        213        185        117        128        158        124
KBR Inc Houston TX Dec15        226   (1,198)        171        202        540        395        364        356        204
Cinemark Holdings Plano TX Dec15        219        194        151        171        133        150        101        (44)          90
Hilltop Holdings Dallas TX Dec15        213        113        127          (5)          (7)          (1)          (2)        (23)          15
Brinker Intl Dallas TX Jun16        201        197        154        163        151        141        104          72          46
Six Flags Entertainment Grand Prairie TX Dec15        193        113        156        396          12      (195)        (58)        (58)      (189)
Lennox Intl Richardson TX Dec15        187        208        180        135        112        126          62        124        166
Commercial Metals Company Irving TX Aug15        161        109        105        211          19        (99)            1        232        368
Eagle Materials Inc Dallas TX Mar16        153        187        124          58          19          15          29          42          98
Texas Capital Bancshares Dallas TX Dec15        145        136        121        121          76          37          24          24          29
CST Brands San Antonio TX Dec15        139        180        139        208        218        196        152        225        139
International Bancshares Corp Laredo TX Dec15        137        153        126        108        127        130        143        132        121
Quanta Services Houston TX Dec15        131        288        391        276        103        145        156        158        122
Huntsman Corp The Woodlands TX Dec15        130        353        154        378        251          (9)        125        512          61
Howard Hughes Corp Dallas TX Dec15        127        (24)        (74)      (128)        148        (69)      (703)        (18)          (4)
Summit Hotel Properties Inc Austin TX Dec15        125          20            7          (7)          (9)        (20)        (18)            4            4
Cirrus Logic Inc Austin TX Mar16        124          55        108        137          88        204          38            3          (6)
Weingarten Realty Investors Houston TX Dec15        122        116        133          57        (14)            5          85          64        125
Rackspace Hosting San Antonio TX Dec15        122        107          85        105          76          46          30          22          18
Match Group Dallas TX Dec15        120        148        127          90




American Campus Communities Austin TX Dec15        118          61          47          48          34          18            0          (9)          (1)
Capstead Mortgage Corp Dallas TX Dec15        108        141        126        164        160        127        129        126          25
Main Street Capital  Corp Houston TX Dec15        104        101          97        104          64          40          12          11            3
Helen of Troy Ltd El Paso TX Feb16        101        131          86        116        110          93          72        (57)          62
First Financial Bankshares Abilene TX Dec15        100          90          79          74          68          60          54          53          49
National Western Life Group Austin TX Dec15          98        106          96          93          56



National Instruments Corp Austin TX Dec15          95        126          81          90          94        109          17          85        107
Benchmark Electronics Inc Angleton TX Dec15          95          82        111          57          52          80          53      (136)          92
Group 1 Automotive Houston TX Dec15          94          93        114        100          82          50          35        (46)          65
Farmer Brothers Co Fort Worth TX Jun16          90            1          12          (8)        (27)        (52)        (24)        (33)          (8)
Darling Ingredients Inc Irving TX Dec15          85          68        109        131        169          44          42          55          46
AZZ Inc Fort Worth TX Feb16          77          65          60          60          41          35          38          42          28
Tenet Healthcare Corp Dallas TX Dec15          76          98        (93)        209        103     1,135        228          79        (35)
Nexstar Broadcasting Group Irving TX Dec15          76          65          (2)        177        (12)          (2)        (13)        (78)        (20)
NuStar GP Holdings LLC San Antonio TX Dec15          72          61        (11)            2          70          72          68          66          43
LegacyTexas Financial Group Inc Plano TX Dec15          71          31          32          35          26          18            3          (3)            5
Monogram Residential Trust Plano TX Dec15          67            0        (18)        (41)          95        (33)          (8)            3          (0)
Cardtronics PLC Houston TX Dec15          66          35          21          43          70          41            6        (72)        (28)
Rush Enterprises Inc New Braunfels TX Dec15          66          80          49          62          55          25            5          25          46
Tyler Technologies Plano TX Dec15          65          59          39          33          28          25          27          15          18
Mattress Firm Holding Corp Houston TX Jan16          65          44          53          40          34            0          (5)      (125)        (42)
TPG Specialty Lending Inc  Fort Worth  TX Dec15          64          85          67          40            1    


Nobilis Health Houston TX Dec15          64          16            7            5




CVR Partners LP Sugar Land TX Dec15          62          76        119        112        132          33          58        119          24
Firstcash Arlington TX Dec15          61          85          84          81          70          51          38          34          26
Dave & Busters Entertainment Dallas TX Jan16          60            8            2            9          (7)          (7)          (0)            2          (9)
Comfort Systems USA Inc Houston TX Dec15          57          29          29          11        (32)          21          35          50          32
LGI Homes The Woodlands TX Dec15          53          28          22          10            5



OCI Partners Nederland TX Dec15          52        119        154          52            0



Texas Pacific Land Trust Dallas TX Dec15          50          35          27          20          21          11            7          11            8
Encore Wire Corp McKinney  TX Dec15          48          37          47          20          50          15            4          40          31
Dynegy Houston TX Dec15          47      (267)      (359)          17      (431)      (259)      (920)        203        105
State National Companies Bedford TX Dec15          45          11          23          16          28          26          21

Southside Bancshares Inc Tyler TX Dec15          44          21          41          35          39          39          44          31          17
Nationstar Mortgage Holdings Inc Coppell TX Dec15          43        221        217        205          21        (10)        (81)      (158)      (284)
Hines Real Estate Investment Trust Houston TX Dec15          43          48          44        (90)        (65)        (62)            1      (162)        (86)
Alamo Group Inc Seguin TX Dec15          43          41          36          29          33          21          19          11          12
Team Inc Sugar Land TX May15          40          30          32          33          27          12          23          24          16
Westlake Chemicals Partners Houston TX Dec15          40          13






Pier 1 Imports Fort Worth TX Feb16          40          75        108        129        169        100          87      (129)        (96)
Insperity Inc Kingwood TX Dec15          39          28          32          40          30          22          17          46          47
Independent Bank Group Inc McKinney TX Dec15          39          29          20          17          14          13            8

Fiesta Restaurant Group Dallas TX Dec15          39          36            9            8          10            7            8            1            8
Francesca's Holdings Houston TX Jan16          38          32          45          47          23          17          11            5            4
Primoris Services Corp Dallas TX Dec15          37          64          75          59          59          34          30          37          29
Luminex Corp Austin TX Dec15          37          39            7          12          14            5          18            3          (3)
Ennis Inc Midlothian TX Feb16          36        (45)          13          25          31          45          35        (33)          45
Adeptus Health  Lewisville  TX Dec15          33        (17)          (3)            3            6



US Physical Therapy Inc Houston TX Dec15          32          30          26          27          27          24          20          17          15
CONN's Inc Woodlands TX Jan16          31          59          93          53          (4)          (1)            4          38          40
Silicon Laboratories Austin TX Dec15          30          38          50          64          35          73          73          33          40
Atrion Corp Allen TX Dec15          29          28          27          24          26          21          17          16          14
Triumph Bancorp Dallas TX Dec15          29          20          13          11




CSH America Intl Inc  Fort Worth  TX Dec15          28        (10)          59          35        135        115          98          81          79
Cash America Intl Fort Worth TX Dec15          28        (10)          59          41          88          81


HI-Crush Partners LP Houston TX Dec15          28        124          60          42            9          (0)


Fogo de Chao Dallas TX Dec15          28          17          (1)        (18)




La Quinta Holdings Irving TX Dec15          27      (333)            5          17          59          78          30          20  
Diodes Inc Plano TX Dec15          27          66          24          26          54          80          10          31          56
Westwood Holdings Group Inc Dallas TX Dec15          27          27          18          12          14          11            8          11            8
US Concrete Inc Euless TX Dec15          26          22        (18)        (24)          (8)          43        (95)      (136)        (65)
Green Brick Partners Inc Plano TX Dec15          26          61          44          21            4            2


Spark Energy Houston TX Dec15          26          (4)          31          26




HMS Holdings Corp  Irving  TX Dec15          25          14          40          51          48          40          30          21          15
CSW Industrials Inc Dallas TX Mar16          25          30          25          23          17          14


Thermon Group Holdings Inc San Marcos TX Mar16          24          49          26          27          12        (15)          19          26        (21)
Omega Protein Corp Houston TX Dec15          24          18          31            4          34          18          (6)          13          12
Hallmark Financial Services Inc Fort Worth TX Dec15          22          13            8            4        (11)            8          25          13          28
Carriage Services Inc Houston TX Dec15          21          15          15          10            6            7            7            2            7
InfraREIT  Dallas  TX Dec15          20          30          42          17




KMG Chemicals Inc Fort Worth TX Jul16          19          12          (1)            9          14            9          15          10            6
NCI Building Systems Inc  Houston  TX Oct15          18          11        (13)            5        (10)        (27)      (751)          73          59
USD Partners LP Houston TX Dec15          18          (8)          (2)            1




IES Holdings Houston TX Sep15          17            6          (2)          (3)        (20)        (23)        (12)            0          (1)
Quanex Building Products Corp Houston TX Oct15          16            8        (12)          (7)          (0)            8      (136)          16          57
Del Frisco's Restaurant Group Inc Southlake TX Dec15          16          17          12          15          10            9            9            7          10
Allegiance Bancshares Houston TX Dec15          16            9            7            5            3



Green Bancorp Houston TX Dec15          15          15          13            9            1            2


Stratus Properties Inc Austin TX Dec15          14          18            6          (9)          (5)        (18)          (6)          (4)            3
Chuy's Holdings Inc Austin TX Dec15          13          11          11            5            3            3            3            0          (1)
United States Lime & Minerals Inc Dallas TX Dec15          13          19          15          16          22          18          14          14          10
RetailMeNot Austin TX Dec15          12          27          32          26          17            2        
Applied Optoelectronics Inc Sugar Land TX Dec15          11            4          (1)          (1)          (5)          (3)        (13)        (19)
Amplify Snack Brands  Austin  TX Dec15          10          35          25





Wingstop Dallas TX Dec15          10            9            8            4




Powell Industries Inc Houston TX Sep15            9          20          40          29          (4)          24          40          26          10
Veritex Holdings Dallas TX Dec15            9            5            3            1            0          (2)


CompX Intl Inc Dallas TX Dec15            9            9            6            4            4            3          (2)          (3)            9
RCI Hospitality Holdings Inc Houston TX Sep15            9          11            9            8            8          (8)            8            8            3
USMD Holdings Irving TX Dec15            8        (23)          11          14          (0)



Era Group Inc Houston TX Dec15            8          17          18            8            2          (4)            2          (2)          (0)
Stellus Capital Investment Corp Houston TX Dec15            8          10          18            1




Whitestone REIT Houston TX Dec15            7            5            4          (0)            0            1            2          (2)          (1)
Container Store Group Inc Coppell TX Feb16            5          23            8          (0)        (31)        (45)          (4)      (143)
Zix Corp Dallas TX Dec15            5            4          10          11          23          41            2            2          (1)
BG Staffing Inc Plano TX Dec15            5          (0)            8          (2)          (0)          (3)          (2)

CIM Commercial Trust Corp Dallas TX Dec15            4          12          15          20            6            6            6            9          12
Stewart Information Services Corp  Houston  TX Dec15            4          38          73        119            9          (5)        (42)      (242)        (28)
Tuesday Morning Corp Dallas TX Jun16            4          10        (10)        (56)            4          10          11          (0)          14
Stage Stores Houston TX Jan16            4          38          25          42          32          38          29        (66)          53
At Home Group Plano TX Jan16            4          (0)        (22)





Zoe's Kitchen Inc Plano TX Dec15            1        (10)          (4)          (0)          (0)          (2)          (3)

Nexeo Solutions The Woodlands TX Dec15          (0)          (1)






Reata Pharmaceuticals Irving TX Dec15          (1)            1        (35)





Cambium Learning Group Inc Dallas TX Dec15          (1)        (10)        (14)      (133)        (49)        (16)        (36)        (70)        (26)
Luby's Inc Houston TX Aug15          (1)          (2)            5            7            3          (1)        (14)            3          10
Orthofix Intl NV Dallas TX Dec15          (2)          (4)        (18)          45        (16)          31          10      (239)          11
Citizens Inc Austin TX Dec15          (4)          (7)            5            5            8          15          17        (16)          17
SWK Holdings Corp Dallas TX Dec15          (4)          24          14          (1)          (1)          (1)          35          (4)          (8)
American Realty Investors Dallas TX Dec15          (4)            2        (11)          (6)        (23)      (104)        (80)        (36)        (11)
Lexicon Pharmaceuticals Woodlands TX Dec15          (5)      (100)      (104)      (110)      (116)      (102)        (93)        (97)        (71)
Ashford Hospitality Prime Inc Dallas TX Dec15          (5)            4        (18)          (4)          (0)        (19)        (21)          (4)
Capital Southwest Corp Dallas TX Mar16          (5)          53        112        108          93          78          74      (138)      (139)
Bio-Path Holdings Inc Bellaire TX Dec15          (5)          (5)          (3)          (3)          (2)          (2)          (2)          (3)            0
Dean Foods Co Dallas TX Dec15          (8)        (20)        325          24   (1,728)        (20)        145        169        127
Integer Holdings Frisco TX Jan16          (8)          55          36          (5)          33          33          (9)          14          12
PFSweb Inc Allen TX Dec15          (8)          (5)          (6)          (2)          (4)          (3)          (5)        (16)          (1)
Orion Group Holdings Houston TX Dec15          (8)            7            0        (12)        (13)          22          20          14          17
PMFG Inc Dallas TX Jun16          (8)        (38)          (1)          (1)            6          (4)            3            8            6
Transcontinental Realty Investors Inc Dallas TX Dec15          (8)            4          (2)          (6)        (46)        (66)        (74)        (13)        (10)
RealPage Inc Richardson TX Dec15          (9)        (10)          21            5          (1)            0          28          (3)          (3)
McDermott Intl Houston TX Dec15          (9)        (65)      (490)        202        228        262        206          61        385
Emerge Energy Services LP Southlake TX Dec15          (9)          89          35          17          (1)



ClubCorp Holdings Dallas TX Dec15        (10)          13        (41)        (16)        (35)        261


Exterran Corp Houston TX Dec15        (10)          79          87          53      (222)



RMG Networks Holding Corp Addison TX Dec15        (10)        (41)        (16)            3




NexPoint Residential Trust Dallas TX Dec15        (11)        (18)          (0)





CEC Entertainment Inc Irving TX Dec15        (13)        (61)          48          44          55          54          61          56          56
Kraton Corp Houston TX Dec15        (13)            1          (1)        (16)          91          97          (0)          28        (44)
Flotek Industries Inc Houston TX Dec15        (13)          54          36          50          31        (43)        (50)        (34)          17
Capital Senior Living Corp Dallas TX Dec15        (14)        (24)        (17)          (3)            3            4            3            4            4
Upland Software Austin TX Dec15        (14)        (20)          (9)          (4)




Abeona Therapeutics Dallas TX Dec15        (15)        (27)            4        (11)          (3)          (8)        (17)        (31)        (22)
LDR Holding Corp  Austin  TX Dec15        (16)        (11)        (28)        (10)          (2)            2


Biglari Holdings Inc San Antonio TX Sep15        (16)          29        142          25          34          29            6        (23)          12
RigNet Inc Houston TX Dec15        (17)          16          17          12          10        (15)        (20)          10          (2)
Sterling Construction Woodlands TX Dec15        (17)          (5)        (70)          18        (35)          26          26          19          15
A. H. Belo Corp Dallas TX Dec15        (18)          86            2            5          (8)      (131)      (108)        (50)      (347)
CyrusOne Inc Carrollton TX Dec15        (20)        (15)        (36)        (20)            2            4            6            4            2
Builders FirstSource Inc Dallas TX Dec15        (23)          19        (42)        (54)        (65)        (94)        (57)      (121)          (3)
NL Industries Inc Dallas TX Dec15        (23)          30        (55)          79          83          71        (12)          33            1
FelCor Lodging Trust Inc Irving TX Dec15        (24)          28        (84)      (187)      (134)      (100)        (96)        (44)          50
Q2 Holdings  Austin  TX Dec15        (25)        (20)        (18)          (8)          (2)



Bazaarvoice Inc Austin TX Apr16        (25)        (33)        (53)        (48)        (24)        (20)          (8)          (5)          (4)
Gulf Island Fabrcation Houston TX Dec15        (25)          15            7          (4)          (2)          13          21          29          31
Neos Therapeutics Grand Prairie TX Dec15        (31)        (21)        (19)





Geospace Technologies Corp Houston TX Sep15        (33)          37          70          35          30          14            2          14          20
XBiotech Austin TX Dec15        (37)        (22)        (10)        (15)




DXP Enterprises Inc Houston TX Dec15        (39)        (45)          60          51          31          19        (42)          26          17
Bellicum Pharmaceuticals Houston TX Dec15        (49)        (84)          (8)          (6)




Layne Christensen Co Woodlands TX Jan16        (53)        (62)      (108)        (11)        (64)          28            1          26          37
EZCORP Inc Austin TX Sep15        (64)          (4)          23        111          86                
PROS Holdings Inc Houston TX Dec15        (66)        (38)            3            5            6          (2)            6          11          11
Clear Channel Outdoor Holdings San Antonio TX Dec15        (71)          17        (24)      (159)          63        (76)      (873)   (2,851)        265
Moneygram Intl Inc Dallas TX Dec15        (77)          72          52        (49)          59          44          (2)      (261)   (1,072)
Bristow Group Houston TX Mar16        (77)          89        188        132          65        133        113        126        108
Solera Holdings Westlake TX Jun15        (81)            5        105        118        169          94          67            7        (71)
Waste Connections Woodlands TX Dec15        (95)        233        196        160        166        136        111        115        111
TIER REIT Inc Dallas TX Dec15        (95)        (75)        (57)      (163)      (112)        (92)      (253)      (144)        (35)
East Dubuque Nitrogen Partners LP Sugar Land TX Dec15      (101)          (1)            4        107          31            5          28          30            7
CARBO Ceramics Inc Houston TX Dec15      (110)          56          85        106        130          79          53          60          50
Civeo Corp Houston TX Dec15      (132)      (189)        182        245        169          98          98          79
Sizmek Inc Austin TX Dec15      (137)      (114)          (5)      (238)        (18)          (3)        (28)

Valhi Inc Dallas TX Dec15      (171)          80      (127)        222        295          64        (38)            5        (49)
Kronos Worldwide Inc Dallas TX Dec15      (174)          99      (102)        219        321        131        (35)            9        (67)
Forestar Group Inc Austin TX Dec15      (212)          17          35          18            9            6          62          14          31
Chicago Bridge & Iron NV Woodlands TX Dec15      (430)        636        513        317        255        212        180        (15)        172
J C Penney Company Plano TX Jan16      (513)      (717)   (1,278)      (795)      (274)        378        249        567     1,105
Natural Resource Partners LP Houston TX Dec15      (572)        109        172        213          54        154        114        170        102
iHeartMedia Inc San Antonio TX Dec15      (737)      (762)      (584)      (411)      (268)      (463)   (4,049)   (4,627)        840
Rent-A-Center Inc Plano TX Dec15      (867)          96        129        180        160        170        168        140          76
Tailored Brands Houston TX Jan16   (1,027)          (0)          84        132        120          68          46          59        147
Dell Technologies Round Rock TX Jan16   (1,104)   (1,221)   (1,705)     2,372     3,492     2,635     1,433     2,478     2,947













Total all 228 Non-Oil&Gas Cos


      45,784       36,867       43,095       34,036        25,871        41,703        15,573        (6,809)         40,161
2015 Total Earnings % Above











….. 2014 Total Earnings


24%







….. 2011 Total Earnings


77%







….. 2009 Total Earnings


194%







….. 2008 Total Losses


772%