(2) The estimated GAAP effective tax rate was approximately 16.3% for 2011 and 24.9% for 2010. The estimated Non-GAAP effective tax rate was approximately 25% for 2011 and 26.3% for 2010.
(3) For 2011, Non-GAAP earnings per diluted share excludes share-based compensation and related payroll taxes, certain acquisition-related integration costs, the sale of a tradename, the reversal of uncertain income tax positions due to expired statutes of limitations and gain on sale of auction rate securities, in each case net of tax, totaling $0.10. For 2010, Non-GAAP earnings per diluted share excludes share-based compensation and related payroll taxes, certain acquisition-related integration costs, in each case net of tax, totaling $0.15.
(4) Free cash flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus excess tax benefit from share-based compensation. In addition, the amount shown for 2010 excludes the impact of a $14.2 million payment to the IRS in settlement of an audit for transfer pricing covering tax years 2004 through 2008 which was fully accrued for in prior periods. Including this settlement amount, the Company’s free cash flow for the year was $94.6 million. Free cash flow for 2010 was impacted by approximately $3.4 million, net of tax, of transition and acquisition-related costs.
FOURTH QUARTER 2011 RESULTSGAAP revenues increased 19.8% to $85.1 million compared to $71 million for Q4 2010. GAAP net earnings per diluted share increased 6.9% to $0.62 compared to $0.58 for Q4 2010. Non-GAAP net earnings per diluted share (5)(6) increased 6.7% to $0.64 compared to $0.60 for Q4 2010. Free cash flow (7) increased 85.8% to $40.1 million compared to $21.6 million for Q4 2010. Key financial results for fourth quarter 2011 versus fourth quarter 2010 are as follows:
|Q4 2011||Q4 2010||% Change|
|GAAP Revenues||$85.1 million||$71 million||19.8||%|
|GAAP Net Earnings per Diluted Share (5)||$||0.62||$||0.58||6.9||%|
|Non-GAAP Net Earnings per Diluted Share (5) (6)||$||0.64||$||0.60||6.7||%|
|Free Cash Flow (7)||$40.1 million||$21.6 million||85.8||%|
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