Cash America 2011 Annual Report Download - page 80
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49
metrics of the Company’s operations. Management believes that this non-GAAP financial measure reflects an additional
way of viewing aspects of the Company’s business that, when viewed with its generally accepted accounting principles,
or GAAP, results, provide a more complete understanding of factors and trends affecting its business.
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, 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 Per Share. In addition to reporting financial results in accordance with GAAP, the
Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures.
Management believes that the presentation of these measures provides investors with greater transparency and facilitates
comparison of operating results across a broad spectrum of companies with varying capital structures, compensation
strategies, derivative instruments and amortization methods, which provides a more complete understanding of the
Company’s financial performance, competitive position and prospects for the future. Management also believes that
investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to
assess operating performance and that such measures may highlight trends in the Company’s business that may not
otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The following table
provides reconciliation between net income attributable to the Company and diluted earnings per share calculated in
accordance with GAAP to adjusted earnings and adjusted earnings per share, respectively (dollars in thousands, except
per share data):
Year Ended December 31,
2011 2010 2009
$
Per
Diluted
Share $
Per
Diluted
Share $
Per
Diluted
Share
N
et income attributable to Cash America
International, Inc. $ 135,963 $ 4.25 $ 115,538 $ 3.67 $ 96,678 $ 3.17
Adjustments:
Intangible asset amortization, net of tax 3,905 0.12 2,993 0.09 3,805 0.12
Non-cash equity-based compensation, net of tax 3,064 0.10 2,384 0.08 2,032 0.07
Convertible debt non-cash interest and issuance
cost amortization, net of tax 2,214 0.07 2,088 0.06 1,238 0.04
Foreign exchange loss, net of tax 786 0.02 289 0.01 100 -
Adjusted earnings $ 145,932 $ 4.56 $ 123,292 $ 3.91 $ 103,853 $ 3.40