Progress Energy 2010 Annual Report Download - page 130

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126
valuation allowance, which more than offset the change
in estimate. Management does not believe this net
valuation allowance is representative of the company’s
fundamental core earnings.
Discontinued Operations
The company has reduced its business risk by exiting
nonregulated businesses to focus on the core operations
of the utilities. The discontinued operations of these
nonregulated businesses decreased earnings per share
by $0.01 for the quarter and increased earnings per
share by $0.09 for the same period last year. The prior-
year impact was due primarily to adjustments related
to a litigation judgment against our former Synthetic
Fuels businesses. Due to the disposition of these
assets, management does not consider this activity to
be representative of the company’s fundamental core
earnings.
RECONCILIATION OF ONGOING EARNINGS PER SHARE
TO REPORTED GAAP EARNINGS PER SHARE (UNAUDITED)