Comfort Inn 2011 Annual Report Download - page 47
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Table of Contents
receivable on the Company’s financial statements. Revenues from hotel operations are excluded because they do not reflect the most accurate measure of the
Company’s core franchising business. This non-GAAP measure is a commonly used measure of performance in our industry and facilitates comparisons
between the Company and its competitors.
$564,178
Adjustments:
Marketing and reservation system revenues
(305,379)
Hotel operations
(4,140)
$254,659
Adjusted Net Income, Adjusted Diluted EPS, Adjusted SG&A and Adjusted Operating Income We also use adjusted net income, adjusted diluted
EPS, adjusted SG&A and adjusted operating income which exclude employee termination benefits for 2010 and 2009 as well as a curtailment loss related to
freezing the benefits under the Company’s Supplemental Executive Retirement Plan (“SERP”) and a loss related to a sublease of office space and the
impairment charges incurred related to the space’s leasehold improvements for 2009. The Company utilizes these non-GAAP measures to enable investors to
perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of on-going operations.
$148,073
Adjustments:
Employee termination benefits
4,604
Curtailment loss related to the freezing of benefits under the Company’s SERP
1,209
Loss on sublease of office space
1,503
$155,389
$99,237
Adjustments:
Employee termination benefits
(4,604)
Curtailment loss related to the freezing of benefits under the Company’s SERP
(1,209)
Loss on sublease of office space
(1,503)
$91,921
46