Cash America 2015 Annual Report Download - page 45

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• a recognized income tax benefit related to a tax deduction included on the Company’s 2013 federal
income tax return for its tax basis in the stock of its subsidiary that previously owned its Mexico-
based pawn operations, Creazione Estilo, S.A. de C.V. (“Creazione”), a Mexican sociedad anónima
de capital variable (the “Creazione Deduction”).
Management provides non-GAAP financial information for informational purposes and to enhance
understanding of the Company’s GAAP consolidated financial statements. Readers should consider the information
in addition to, but not instead of or superior to, its financial statements prepared in accordance with GAAP. This
non-GAAP financial information may be determined or calculated differently by other companies, limiting the
usefulness of those measures for comparative purposes.
Adjusted Earnings Measures
ThefollowingtableprovidesareconciliationfortheyearsendedDecember31,2015,2014and2013,
between net income (loss) from continuing operations and diluted net income (loss) per share from continuing
operations calculated in accordance with GAAP to the Adjusted Earnings Measures, which are shown net of tax
(dollars in thousands, except per share data). Amounts for the years ended December 31, 2014 and 2013 include the
Company’s Mexico-based pawn operations, which were sold in August 2014.
YearEndedDecember31,
2015 2014 2013
$
Per
Diluted
Share(a) $
Per
Diluted
Share(a)(b) $
Per
Diluted
Share(a)
Net income (loss) and diluted net income (loss)
per share from continuing operations $27,566 $1.01 $(10,387)$ (0.36)$59,182 $ 1.93
Adjustments (net of tax):
Loss on early debt extinguishment 382 0.02 14,208 0.49 382 0.01
Gain on disposition of equity securities (1,089) (0.04)
—
—
—
—
Reorganization 537 0.02 4,749 0.17 — —
Loss on divestitures ——
6,444 0.22 — —
2013 Litigation Settlement ——
400 0.01 11,340 0.37
Texas Consumer Loan Store Closures ——— — 865 0.03
Regulatory Penalty ——— — 2,500 0.08
Ohio Adjustment for the Ohio Reimbursement
Program ——— — (3,209)(0.10)
Tax benefit related to Creazione Deduction ——— — (33,201)(1.08)
Adjusted net income and adjusted diluted net
income per share from continuing operations 27,396 1.01 15,414 0.53 37,859 1.24
Other adjustments (net of tax):
Intangible asset amortization 4,055 0.15 4,148 0.14 3,495 0.11
Non-cash equity-based compensation 3,993 0.14 2,563 0.09 2,928 0.10
Convertible debt non-cash interest and issuance
cost amortization ——
518 0.02 2,493 0.08
Foreign currency transaction gain (20) — (71) — (11) —
Adjusted earnings and adjusted earnings per share
from continuing operations $35,424 $1.30 $22,572 $0.78 $46,764 $1.53
(a) For information about the Company’s calculation of diluted shares, see “Item 8. Financial Statements and Supplementary Data—Note
1.” In addition, per-share values using weighted average common shares outstanding may contain rounding adjustments.
(b) Since a net loss exists for the year ended December 31, 2014, all potentially dilutive securities are anti-dilutive and are therefore
excluded from the per-share calculations.
41