Attached files
Exhibit 99.5
Albemarle Corporation and Subsidiaries
EARNINGS PER DILUTED SHARE EXCLUDING SPECIAL ITEMS
(In Thousands, Except Per Share Amounts; Unaudited)
| Nine Months Ended September 30, 2012 |
As Previously Reported |
Effect of Accounting Change |
As Adjusted | |||||||||
| Net income attributable to Albemarle Corporation |
$ | 245,036 | $ | 28,774 | $ | 273,810 | ||||||
| Diluted earnings per share |
2.72 | 0.32 | 3.04 | |||||||||
| Special items per share |
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| Non-operating pension and OPEB adjustments (a) |
— | (0.13 | ) | (0.13 | ) | |||||||
| Restructuring and other charges (b) |
0.82 | (0.05 | ) | 0.77 | ||||||||
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| Diluted earnings per share excluding special items |
$ | 3.54 | $ | 0.14 | $ | 3.68 | ||||||
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| (a) | Non-operating pension and OPEB adjustments for the nine months ended September 30, 2012 included net benefits amounting to $18.9 million ($11.9 million after income taxes, or $0.13 per share) that related to pension and OPEB plan actuarial net gains as well as interest costs and expected return on assets. |
| (b) | The nine months ended September 30, 2012 included charges amounting to $94.7 million ($73.6 million after income taxes, or $0.82 per share) in connection with our exit of the phosphorus flame retardants business. The nine months ended September 30, 2012 also includes $4.1 million, or $0.05 per share, in after-tax charges ($6.5 million before tax) related to a supplemental executive retirement plan (SERP) settlement, and $4.5 million, or $0.05 per share, of net tax benefits related principally to the release of various tax reserves. |
| Year Ended December 31, 2011 |
As Previously Reported |
Effect of Accounting Change |
As Adjusted | |||||||||
| Net income attributable to Albemarle Corporation |
$ | 436,280 | $ | (44,166 | ) | $ | 392,114 | |||||
| Diluted earnings per share |
4.77 | (0.49 | ) | 4.28 | ||||||||
| Special items per share |
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| Non-operating pension and OPEB adjustments (a) |
— | 0.59 | 0.59 | |||||||||
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| Diluted earnings per share excluding special items (b) |
$ | 4.77 | $ | 0.11 | $ | 4.88 | ||||||
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| (a) | Non-operating pension and OPEB adjustments for the year ended December 31, 2011 included net charges amounting to $85.8 million ($54.2 million after income taxes, or $0.59 per share) that related to pension and OPEB plan actuarial net losses as well as interest costs and expected return on assets. |
| (b) | Totals may not add due to rounding. |
| Year Ended December 31, 2010 |
As Previously Reported |
Effect of Accounting Change |
As Adjusted | |||||||||
| Net income attributable to Albemarle Corporation |
$ | 323,720 | $ | (7,942 | ) | $ | 315,778 | |||||
| Diluted earnings per share |
3.51 | (0.08 | ) | 3.43 | ||||||||
| Special items per share |
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| Non-operating pension and OPEB adjustments (a) |
— | 0.17 | 0.17 | |||||||||
| Restructuring and other charges (b) |
0.05 | — | 0.05 | |||||||||
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| Diluted earnings per share excluding special items |
$ | 3.56 | $ | 0.09 | $ | 3.65 | ||||||
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| (a) | Non-operating pension and OPEB adjustments for the year ended December 31, 2010 included net charges amounting to $24.9 million ($15.8 million after income taxes, or $0.17 per share) that related to pension and OPEB plan actuarial net losses as well as interest costs and expected return on assets. |
| (b) | The year ended December 31, 2010 included charges amounting to $7.0 million ($4.6 million after income taxes, or $0.05 per share) that related principally to reductions in force at our Bergheim, Germany site. |