The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. The non-GAAP financial measure should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. It has limitations in that it does not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, this measure may not be comparable to non-GAAP financial measures reported by other companies.
The non-GAAP financial measure of adjusted net income assists investors with analyzing our business results as well as with predicting future performance. In addition, this non-GAAP financial measure is reviewed by management in order to evaluate the financial performance of each segment as well as the Company as a whole. We believe that the presentation of this non-GAAP financial measure will permit investors to assess the performance of the Company on the same basis as management.
As a result, one should not consider this measure in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
The table below provides a reconciliation of the non-GAAP financial measures with the most directly comparable GAAP financial measures for September 30, 2012.
|Three Months Ended||Nine Months Ended|
|September 30||September 30|
|Net Income attributable to Titan||$19,579||$21,163||$99,054||$43,691|
|Europe acquisition costs||2,790||0||2,836||0|
|Unrecognized tax benefit||2,360||0||4,348||0|
|Supply Agreement Term Income-net of tax||0||0||(17,248||)||0|
|Noncash convertible debt charge||0||0||0||16,135|
|CEO incentive compensation-net of tax||0||(6,702||)||5,127||(2,985||)|
|Adjusted Net Income||$24,729||$14,461||$94,117||$56,841|
|Adjusted earnings per common share:|
|Average common shares outstanding:|