The Company has updated its anticipated full year 2012 net sales to be in the range of $476 million to $485 million, as compared with the previously announced guidance of $472 million to $489 million, and has updated its as-adjusted earnings per share excluding stock-based compensation guidance to be in the range of $0.32 to $0.36 per diluted share from the previously communicated range of $0.26 to $0.36. The Company's earnings target excludes non-compete and transition costs associated with converting a major portion of independent foot and ankle territories to direct, costs associated with the previously announced restructuring, possible future acquisitions, other material future business developments, non-cash stock-based compensation expense, and costs associated with the Company's DPA (including the associated independent monitor).
As noted above, the Company's earnings target excludes the impact of non-cash stock-based compensation charges. While the amount of the non-cash stock-based compensation charges will vary depending upon a number of factors, the Company currently estimates that the after-tax impact of those expenses will be approximately $0.18 per diluted share for the full year 2012. Therefore, the Company now anticipates its full year 2012 as-adjusted earnings per share including stock-based compensation to be in the range of $0.14 to $0.18 per diluted share.
With regard to restructuring charges, the Company has completed the cost restructuring plan announced in September 2011, incurring total charges of $18.5 million, which was in line with the previous estimate of $18 million to $20 million.From a cash flow perspective, the Company continues to anticipate significant improvement over 2011, and has upwardly revised its anticipated 2012 free cash flow to be in the range of $40 million to $45 million, as compared with the previously announced guidance of $25 million to $30 million. This new guidance range represents annualized growth of 176% to 211%.