The Company incurred restructuring charges for the third quarter of $1.1 million after-tax, principally related to severance costs in the Europe, North America/HME and Asia/Pacific segments. These restructuring charges are excluded from adjusted earnings per share (a).Earnings per share on a GAAP basis for the nine months ended September 30, 2012 were $0.29 ($9.1 million net earnings) as compared to earnings per share for the same period last year of $0.95 ($30.9 million net earnings). Net earnings for the first nine months of 2012 were negatively impacted by incremental regulatory and compliance costs related to quality systems improvements of $0.54 per share ($17.3 million after-tax expense), a discrete tax expense related to prior years of $0.29 per share ($9.2 million after-tax expense) which is a non-cash charge in the current year for a matter that is under audit and being contested by the Company and charges related to restructuring of $0.11 per share ($3.6 million after-tax expense). Net earnings for the first nine months of 2012 included an expense of $0.01 per share ($0.3 million after-tax expense) for early debt extinguishment charges compared to $0.75 per share ($24.2 million after-tax expense) of early debt extinguishment charges in the same period a year ago. Net earnings for the first nine months of 2011 also were positively impacted by $0.16 per share ($5.1 million tax benefit) as a result of a tax settlement in Germany.
Invacare Corporation Announces Financial Results For The Third Quarter And First Nine Months Of 2012
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