Adjusted net income (3), excluding gains and losses on interest rate swaps, was $31.0 million in the first quarter of 2012 compared to $27.4 million in the first quarter of 2011. Adjusted net income per fully diluted common share was $0.92 in the first quarter of 2012 compared to $0.89 in the first quarter of 2011.Reported net income for the first quarter of 2012 was $32.9 million compared to net income of $32.6 million in the first quarter of 2011. Net income per fully diluted common share was $0.98 in the first quarter of 2012 compared to $1.05 in the first quarter of 2011. The difference between Adjusted net income and reported net income in the first quarter of 2012 was due to gains on interest rate swaps. TAL uses interest rate swaps to synthetically fix the interest rates for most of its floating rate debt so that the duration of the fixed interest rates match the expected duration of TAL’s lease portfolio. TAL does not use hedge accounting for the majority of its swaps, so most of the change in the market value of TAL’s interest rate swap portfolio is reflected in reported net income. During the first quarter of 2012, long-term interest rates increased, resulting in a $3.0 million increase in the market value of TAL’s swap contracts.
TAL International Group, Inc. Reports First Quarter 2012 Results And Declares $0.58 Quarterly Dividend
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