Airgas Reports Fiscal Third Quarter Earnings
Return on Capital
Reconciliations and computations of return on capital:
| December 31, | ||||||||
| (In thousands) | 2012 | 2011 | ||||||
| Operating income - trailing four quarters | $ | 589,913 | $ | 526,263 | ||||
| Adjustments to operating income: | ||||||||
| Restructuring and other special charges (benefits), net | 12,613 | 18,261 | ||||||
| Costs (benefits) related to unsolicited takeover attempt | - | 10,504 | ||||||
| Multi-employer pension plan withdrawal charges | - | 4,304 | ||||||
| Adjusted operating income - trailing four quarters | $ | 602,526 | $ | 559,332 | ||||
| Average of total assets | $ | 5,362,288 | $ | 5,033,985 | ||||
| Average of current liabilities (exclusive of debt) | (519,787 | ) | (504,061 | ) | ||||
| Average capital employed | $ | 4,842,501 | $ | 4,529,924 | ||||
| Return on capital | 12.4 | % | 12.3 | % | ||||
The Company believes its return on capital financial measure helps investors assess how effectively it uses the capital invested in its operations. Non-GAAP financial measures should be read in conjunction with GAAP financial measures, as non-GAAP financial measures are merely a supplement to, and not a replacement for, GAAP financial measures. It should be noted as well that the Company’s return on capital financial measure may be different from the return on capital financial measures provided by other companies.
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