Adjusted earnings per diluted share: Calculation and Definition
The Company defines adjusted earnings for the periods presented as the Company’s reported net income after adjusting for certain non-operating items consisting of the following:
(i) other expense (income), net, as follows:
- second quarter and year-to-date 2013 and 2012 are comprised of asset write downs offset by gain on the sale of assets;
- fiscal 2012 includes $0.9 million in gains on sale of real estate assets to franchisees, partially offset by $0.3 million of asset write downs and $0.1 million of hurricane-related expenses, net;
(ii) for second quarter 2012 year-to-date approximately $0.5 million in legal fees related to licensing arrangements; and(iii) the tax effect of these adjustments at the effective statutory rates. 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 second quarter 2013, second quarter 2012, second quarter year-to-date 2013, second quarter year-to-date 2012 and fiscal year 2012, the Company’s Adjusted earnings per diluted share on a consolidated basis to the line on its Condensed Consolidated Statements of Operations entitled Net income, which the Company believes is the most directly comparable GAAP measure on its Condensed Consolidated Statements of Operations.
|(in millions, except per share data)||Q2||Q2||Year-to-date||Year-to-date||Fiscal|
|Other expense (income), net||-||0.1||0.1||0.1||(0.5)|
|Legal fees related to licensing arrangements||-||-||-||0.5||0.5|
|Adjusted earnings per diluted share||$0.35||$0.27||$0.75||$0.62||$1.24|
|Weighted average diluted shares outstanding||24.1||24.4||24.2||24.5||24.5|
|Interest expense, net||2.0||2.0|
|Income tax expense||10.6||8.7|
|Depreciation and amortization||3.3||2.4|
|Other expenses (income), net||0.1||0.1|
|Legal fees related to licensing arrangements||-||0.5|
|Operating EBITDA margin||31.5||%||31.0||%|
|Q2 2013||Q2 2012||date||date|
|Sales by company-operated restaurants||$17.5||$14.3||$41.4||$34.1|
|Restaurant employee, occupancy and other expenses||8.5||7.0||19.8||16.4|
|Restaurant food, beverages and packaging||5.8||4.8||13.7||11.4|
|Company-operated restaurant operating profit||$3.2||$2.5||$7.9||$6.3|
|Company-operated restaurant operating profit margin||18.3||%||17.5||%||19.1||%||18.5||%|
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