Dick's Sporting Goods 2011 Annual Report Download - page 108

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Non-GAAP Net Income and Earnings Per Share Reconciliation
Gain on
Sale of Litigation Non-GAAP
Year Ended January 28, 2012 As Reported Investment1 Settlement2 Total
(In thousands, except per share data)
Net sales $ 5,211,802 $ - $ - $ 5,211,802
Cost of goods sold, including occupancy and distribution costs 3,616,921 - - 3,616,921
Gross Profit 1,594,881 - - 1,594,881
Selling, general and administrative expenses 1,148,268 - 2,148 1,150,416
Pre-opening expenses 14,593 - - 14,593
Income From Operations 432,020 - (2,148) 429,872
Gain on sale of investment (13,900) 13,900 - -
Interest expense 13,868 - - 13,868
Other expense 26 - - 26
Income Before Income Taxes 432,026 (13,900) (2,148) 415,978
Provision for income taxes 168,120 (5,162) (859) 162,099
Net Income $ 263,906 $ (8,738) $ (1,289) $ 253,879
Earnings Per Common Share:
Basic $ 2.19 $ 2.11
Diluted $ 2.10 $ 2.02
Weighted Average Common Shares Outstanding:
Basic 120,232 120,232
Diluted 125,768 125,768
1 During the second quarter of 2011, the Company recorded a pre-tax gain of $13.9 million relating to the sale of available-for-sale securities.
2 During the third quarter of 2011, the Company funded claims submitted by class members of a wage and hour class action lawsuit as part of a court approved
settlement. The settlement funding was $2.1 million lower than the previous estimate of $10.8 million, recognized in the fourth quarter of 2010.
The provision for income taxes for the aforementioned adjustments was calculated at 40%, which approximates the Company’s blended tax rate.
86 Dick’s Sporting Goods, Inc. | 2011 Annual Report