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Bloomin' Brands, Inc. Announces Fourth Quarter Adjusted Diluted Earnings Per Share Of $0.20, An Increase Of $0.10; Fourth Quarter GAAP Diluted Earnings Per Share Of $0.15, A Decrease Of $0.13; Eleventh Consecutive Quarter Of Growth For Core Domestic Comparable Sales

Reconciliations of Non-GAAP Financial Measures - Adjusted Income from Operations, Adjusted Net Income and Adjusted Diluted Earnings Per Share

The following table reconciles Adjusted income from operations, Adjusted net income attributable to Bloomin' Brands, Inc. and Adjusted diluted earnings per share, for the three months and years ended December 31, 2012 and 2011 to their respective most comparable GAAP measures (in thousands, except per share amounts):
  2012 2011 2012 2011
Income from operations  $ 53,554  $ 60,963  $ 181,137  $ 213,452
Transaction-related expenses (1) 1,008 6,902 45,495 7,583
Management fees and expenses (2) 2,460 13,776 9,370
Other gains (3) (3,500 (33,150) (3,500) (33,150)
Adjusted income from operations  $ 51,062  $ 37,175  $ 236,908  $ 197,255
Net income attributable to Bloomin' Brands, Inc.  $ 18,398  $ 30,531  $ 49,971  $ 100,005
Transaction-related expenses (1) 1,008 6,902 45,495 7,583
Management fees and expenses (2) 2,460 13,776 9,370
Other gains (3) (3,500) (33,150) (3,500) (33,150)
Loss on extinguishment and modification of debt (4) 9,149 20,956
Total adjustments, before income taxes 6,657 (23,788) 76,727 (16,197)
Income tax effect of adjustments (5) 717 3,949 (12,660) 2,689
Net adjustments 7,374 (19,839) 64,067 (13,508)
Adjusted net income attributable to Bloomin' Brands, Inc.  $ 25,772  $ 10,692  $ 114,038  $ 86,497
Diluted earnings per share  $ 0.15  $ 0.28  $ 0.44  $ 0.94
Adjusted diluted earnings per share  $ 0.20  $ 0.10  $ 0.99  $ 0.81
Diluted weighted average common shares outstanding 125,768 106,949 114,821 106,689
(1)  Transaction-related expenses primarily relate to costs incurred in association with the IPO, the refinancing of debt and other deal costs. The expenses related to the IPO primarily include certain executive compensation costs and non-cash stock compensation charges recorded upon completion of the IPO.
(2)  Represents management fees, out-of-pocket expenses and certain other reimbursable expenses paid to a management company owned by the Company's investor group comprised of funds advised by Bain Capital Partners, LLC and Catterton Management Company, LLC and Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon under a management agreement with the Company. In accordance with the terms of an amendment to this agreement, it terminated immediately prior to the completion of the Company's IPO, and a termination fee of $8.0 million was paid to the management company in the third quarter of 2012, in addition to a pro-rated periodic fee.
(3)  Gain associated with the collection of the promissory note and other amounts due to the Company in connection with the 2009 sale of the Cheeseburger in Paradise concept. The fourth quarter of 2011 includes the recovery of a note receivable from T-Bird in connection with a settlement agreement that satisfied all outstanding litigation with T-Bird.
(4)  Loss on extinguishment and modification of debt is related to the refinancing the Company's senior secured credit facilities in the fourth quarter. For the year, Loss on extinguishment and modification of debt also includes charges associated with the CMBS financing completed in the first quarter of 2012 and the retirement of the Senior Notes in the third quarter of 2012.
(5)  Income tax effect of adjustments for the three months and year ended December 31, 2012 were 10.8% and 16.5%, respectively.  Quarterly effective tax rates applied to adjustments are based on full-year estimated effective tax rates and, as such, there may be differences between the effective tax rate applied for the quarter and that applied for the year-to-date calculations. Income tax effect of adjustments for the three months and year ended December 31, 2011 were calculated using the Company's full-year 2011 effective tax rate of 16.6%.

Comparative Store Information

The table below presents the number of the Company's restaurants in operation at the end of the periods indicated:
  2012 2011
Number of restaurants (at end of the period):    
Outback Steakhouse    
Company-owned—domestic (1) 665 670
Company-owned—international (1) 115 110
Franchised—domestic 106 106
Franchised and joint venture—international 89 81
Total 975 967
Carrabba's Italian Grill    
Company-owned 234 231
Franchised 1 1
Total 235 232
Bonefish Grill    
Company-owned 167 151
Franchised 7 7
Total 174 158
Fleming's Prime Steakhouse and Wine Bar    
Company-owned 65 64
Company-owned 22 22
System-wide total 1,471 1,443
(1) One Company-owned restaurant in Puerto Rico that was previously included in Outback Steakhouse (international) in prior filings is now included in Outback Steakhouse (domestic). Prior years have been revised to conform to the current year presentation.
CONTACT: Mark W. Seymour, Jr.
         Vice President, Investor Relations
         (813) 830-5311

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