Question-and-Answer Session
Thank you. [Operator Instructions]. We will now take our first question from the line of Keith Walsh with Citigroup.
Keith Walsh - Citigroup
Nice quarter.
Unidentified Company Representative
Thanks, Keith. How are you doing today?
Keith Walsh - Citigroup
I'm good. Can you hear me okay? I am on a cell right now.
Unidentified Company Representative
We can get you, it sounds good.
Keith Walsh - Citigroup
Okay. First question I guess for Eric. Based on your earnings guidance that would imply second half or EPS more of 0% to 5% growth. I would like you to comment on that, and then I'll get a follow-up for Floyd.
Eric E. Parsons - Chairman, President and Chief Executive Officer
Sure; Keith, fair question. I think the situation is simply here is that we've learned overtime that it does not make sense for us to try to give quarterly guidance and as the year starts to wind down into the second half; that's essentially what we'd be doing if we started to move those numbers around. So we will stay with our annual guidance. And as it plays out, if we do a little better, we'll celebrate.
Keith Walsh - Citigroup
Okay, great. And then for Floyd, I just want to get more of a context around... we've got in the industry now... right now declining payrolls and lower wages. Now how quickly does that flow through premiums on the income statements for StanCorp in the disability business?
Floyd F. Chadee - Senior Vice President and Chief Financial Officer
Yes, I mean I think we definitely seeing an environment, where there's a certain amount of challenge to the top-line, and you can see we've tamped our guidance on the top-line a bit, it but it's I mean... the items that you talked about do translate into pressure on the top-line, but I think what drives it more is really the question of sales and persistency.
So we had some terminations in the first half of the year and then we're seeing a slowdown in the movement of large cases later in the year here. So those items that would probably affect the top-line faster than the slowdown in the growth in wages. Over period of year or two, I mean if you... if we go into very bad economic conditions we will see those are translating into further pressures on the top-line.
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