Management’s Use of Non-GAAP Financial Measures
Adjusted Earnings per Diluted Share: Calculation and Definition
The Company calculates fiscal 2012 full year Adjusted Earnings per Diluted Share by excluding (i) $0.5 million in other income, net, and (ii) $0.5 million in legal fees related to licensing arrangements.
The Company defines Adjusted Earnings for fiscal 2011 as the Company's reported net income after adjusting for certain non-operating items consisting of: (i) $0.8 million in expenses for the Global Service Center relocation, and $0.5 million in impairments and disposals of fixed assets offset by a $0.8 net gain on the sale of assets; (ii) accelerated depreciation of $0.5 million related to the Company’s relocation to a new Global Service Center; and (iii) the tax effect of such adjustments. Adjusted Earnings per Diluted Share provides the per share effect of Adjusted Earnings on a diluted basis. The following table reconciles on a historical basis for fiscal year 2011, the Company’s Adjusted Earnings per Diluted Share on a consolidated basis to the line on its Condensed Consolidated Statement of Operations entitled “Net income”, which the Company believes is the most directly comparable GAAP measure on its Condensed Consolidated Statement of Operations to Adjusted Earnings per Diluted Share:
|(in millions, except per share data)||Fiscal 2011|
|Other expense (income), net||0.5|
|Accelerated depreciation related to the Company’s relocation to a new Global Service Center||0.5|
|Adjusted earnings per diluted share||$||0.99|
|Weighted average diluted shares outstanding||25.0|
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