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CVS Caremark Corporation (CVS)
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CVS » Topics » Adjusted Earnings Per Share

This excerpt taken from the CVS 8-K filed May 1, 2008.

Adjusted Earnings Per Share

For internal comparisons, management finds it useful to assess year-to-year performance by adjusting diluted earnings per share for amortization, which primarily relates to acquisition activities.

The Company defines adjusted earnings per share as earnings before income tax provision plus amortization, less income tax provision and dilutive earnings adjustment, divided by the weighted average diluted common shares outstanding.

Following is a reconciliation of earnings before income tax provision to adjusted earnings per share:

 

     (Unaudited)
13 Weeks Ended		  

In millions, except per share amounts

    March 29,
2008		     March 31,
2007		  

Earnings before income tax provision

    $ 1,239.2     $ 672.6  

Amortization

      97.9       47.4  
                

Adjusted earnings before income tax provision

      1,337.1       720.0  

Income tax provision

      529.5       282.2  
                

Adjusted net earnings

      807.6       437.8  

Dilutive earnings adjustment

      (0.9 )     (1.1 )
                

Adjusted net earnings available to common shareholders

      806.7       436.7  
                

Weighted average diluted common shares outstanding

      1,467.7       939.8  

Adjusted earnings per share

    $ 0.55     $ 0.46  
                
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