(b) Other operating (income) expense for the year ended December 31, 2011 includes a $5.7 million benefit from the curtailment of a pension plan. In 2011 and 2010, other operating (income) expense includes increases in environmental reserves of $2.7 million and $3.5 million, respectively, primarily for remediation of a manufacturing facility sold in 1986.
(c) Non-operating expense for the year ended December 31, 2011 is the accelerated amortization of deferred financing costs and expensing of the call premium from redeeming $150 million of 6.75% senior subordinated notes. Non-operating expense for the year ended December 31, 2010 is the acceleration of deferred financing costs due to the refinancing of the Senior Secured Credit Facility.
Management believes that adjusted operating income, adjusted EBITDA, adjusted net income and free cash flow (defined as cash provided by operating activities less cash payments for capital expenditures), which are non-GAAP measurements, are meaningful to investors because they provide a view of Hexcel with respect to ongoing operating results excluding special items. Special items represent significant charges or credits that are important to an understanding of Hexcel’s overall operating results in the periods presented. In addition, management believes that total debt, net of cash, which is also a non-GAAP measure, is an important measure of Hexcel’s liquidity. Such non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.
|Hexcel Corporation and Subsidiaries|
|Schedule of Net Income Per Common Share||Table D|
| Quarter Ended
| Year Ended
|(In millions, except per share data)||2011||2010||2011||2010|
|Basic net income per common share:|
|Weighted average common shares outstanding||99.2||97.7||98.8||97.6|
|Basic net income per common share||$||0.40||$||0.23||$||1.37||$||0.79|
|Diluted net income per common share:|
|Weighted average common shares outstanding – Basic||99.2||97.7||98.8||97.6|
|Plus incremental shares from assumed conversions:|
|Restricted stock units||0.9||0.9||0.9||1.0|
|Weighted average common shares outstanding–Dilutive||101.3||100.1||100.7||99.9|
|Diluted net income per common share||$||0.39||$||0.23||$||1.35||$||0.77|
|Hexcel Corporation and Subsidiaries|
|Schedule of Total Debt, Net of Cash||Table E|
|December 31,||September 30,||December 31,|
|Notes payable and current maturities of capital lease obligations||$||12.6||$||11.9||$||27.6|
|Long-term notes payable and capital lease obligations||238.3||236.9||304.6|
|Less: Cash and cash equivalents||(49.5||)||(48.4||)||(117.2||)|
|Total debt, net of cash||$||201.4||$||200.4||$||215.0|
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