Cogeco 2011 Annual Report Download - page 48

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Management’s Discussion and Analysis (MD&A) COGECO CABLE INC. 2011 47
Adjusted net income and adjusted earnings per share
Adjusted net income and adjusted earnings per share are used by Cogeco Cable’s management and investors to evaluate the net income and
earnings per share from ongoing operations without the impact of certain adjustments, net of income taxes, which could affect the
comparability of the Corporation’s financial results. The exclusion of these adjustments does not indicate that they are non-recurring.
The most comparable Canadian GAAP financial measures are net income and earnings per share. Adjusted net income and adjusted earnings
per share are calculated as follows:
Quarters ended August 31, Years ended August 31,
2011 2010 2011 2010
(in thousands of dollars, except the number of shares and per share data) $ $ $ $
Net income (loss) 69,565 39,663 (47,666) 157,303
A
djustments:
Impairment of goodwill and fixed assets – – 225,873 –
Reduction of the Ontario provincial income tax rates – – – (29,782)
Adjusted net income 69,565 39,663 178,207 127,521
Weighted average number of multiple voting and subordinate voting shares outstanding 48,662,536 48,513,705 48,582,989 48,520,183
Effect of dilutive stock options 171,525 136,172 176,887 133,994
Effect of dilutive subordinate voting shares held in trust under the Incentive Share Unit Plan 105,064 58,219 100,939 45,163
Weighted average number of diluted multiple voting and subordinate voting shares
outstanding 48,939,125 48,708,096 48,860,815 48,699,340
Adjusted earnings per share
Basic 1.43 0.82 3.67 2.63
Diluted 1.42 0.81 3.65 2.62
Additional information
This MD&A was prepared on October 26, 2011. Additional information relating to the Corporation, including its Annual Information Form, is
available on SEDAR at www.sedar.com.