Finally, today's discussion and presentation include reference to certain non-GAAP financial measures that exclude an $18 million arbitration settlement gain recorded in the second quarter of last year. Please refer to our earnings release issued this morning and to the slides accompanying this webcast for a reconciliation of these non-GAAP financial measures to those most directly comparable GAAP financial measures.

With that said, I'd now like to turn the call over to Nick Pinchuk. Nick?

Nicholas T. Pinchuk

Thanks, Leslie. Good morning, everybody. As we normally do on these calls, I'll begin with some of the highlights of our second quarter and I'll provide my perspective on the business and on the various markets in which we operate. Then I'll turn the call over to Aldo for a detailed review of the financials.

I will say that we were encouraged by the results. EPS of $1.30 represents a rise of 14% from last year's comparable $1.14. Organic sales were up 4.5% despite the clear headwinds of Europe. The OpCo operating margin of 14.2% increased 60 basis points, overcoming an $8.3 million in higher restructuring charges. And Financial Services added $25.6 million in operating earnings, up from a comparable $17.5 million in 2011.

I'll remind you that in the second quarter of last year, we resolve the dispute with our former Financial Services joint venture partner and recorded at that time a one-time $18 million pretax arbitration settlement gain. That settlement was worth $0.19 a share. And given the nature of the item, I've excluded it, as we believe it's appropriate from the FinCo earnings and the EPS comparisons I just referenced.

On balance though, that the quarter was another positive point, extending an encouraging growth trend. That continuing trend demonstrates significant progress along our clearly defined runways for growth. Extending into critical industries, building in emerging markets, enhancing the franchise network and expanding in vehicle repair shops.

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