USE OF NON-GAAP FINANCIAL MEASURE
As noted in this news release, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles, the company has provided non-GAAP earnings data reflecting adjustments for special items as specified in the GAAP to non-GAAP adjustment reconciliation table below. Income (loss) from continuing operations, as adjusted, and Net income, as adjusted, are defined as Income (loss) from continuing operations and Net income, adjusted for expenses and gains that the company believes do not reflect the company’s core operating performance. The company believes that non-GAAP financial measures are useful to investors because the items excluded are not indicative of the company’s continuing operating results. The company’s management uses these non-GAAP financial measures as an indicator for planning and forecasting future periods. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by other income and expenses that are unusual, non-routine or non-recurring.
GAAP TO NON-GAAP ADJUSTMENT RECONCILIATION
|Three Months Ended June 30,||Six Months Ended June 30,|
|(In millions, except per share amounts)||2012||2011||2012||2011|
|Income (loss) from continuing operations (GAAP)||$||(12.3||)||$||(0.28||)||$||3.7||$||0.09||$||23.0||$||0.52||$||32.8||
|Unrealized (gain) loss on certain interest rate swaps||10.1||0.23||5.1||0.13||2.3||0.05||1.5||0.04|
|Ceiling test impairment||17.3||0.39||—||—||17.3||0.39||—||—|
|Credit facility fee write off||—||—||—||—||1.0||0.02||—||—|
|Income (loss) from continuing operations, as adjusted (non-GAAP)||15.1||0.34||8.8||0.22||43.6||0.99||34.3||0.86|
|Income (loss) from discontinued operations, net of tax||(1.2||)||(0.03||)||4.0||0.10||(6.6||)||(0.15||)||1.9||0.05|
|Net income (loss), as adjusted (non-GAAP)||$||13.9||$||0.31||$||12.8||$||0.32||$||37.0||$||0.84||$||36.2||$||0.91|
DIVIDENDSOn July 25, 2012, our board of directors declared a quarterly dividend on common stock. Common shareholders of record at the close of business on August 17, 2012, will receive $0.37 per share, equivalent to an annual dividend rate of $1.48 per share, payable on Sept. 1, 2012.
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