Net Income Before Extraordinary Items Definition | Law Insider

Net Income Before Extraordinary Items means net income before adjusting for extraordinary items, such as; accounting changes, extraordinary items and taxes ... NetIncomeBeforeExtraordinaryItemsdefinitionSearchWithinNetIncomeBeforeExtraordinaryItemsDefinitionsRelatedDefinitionsNetIncomeorNetLossQualifyingIncomenetearningsOperatingIncomeNetIncomeAdjustedNetEarningsConsolidatedNetEarningsnetnon-operatingincomeAdjustedNetEarningsfromOperationsAdjustedNetIncomeNetIncome(Loss)TaxonOverallNetIncomeAdjustedNetOperatingIncomeAdjustedConsolidatedNetIncomeGrossIncomefromOperationsEarningsfromOperationsConsolidatedNetIncome(Loss)CashFlowfromOperationsConsolidatedNetIncomeEarningsBeforeInterestandTaxesAdjustedOperatingIncomeDepreciationExpenseNetCashFromOperationsEBITCoreEarningsDepreciationRemoveAdvertisingOpenSplitViewShareCiteNetIncomeBeforeExtraordinaryItems meansnetincomebeforeadjustingforextraordinaryitems,suchas;accountingchanges,extraordinaryitemsandtaxesonextraordinaryitems.Sample1Basedon1documents1SaveCopyRemoveAdvertisingExamplesofNetIncomeBeforeExtraordinaryItemsinasentenceNotwithstandingtheforegoing,theQuarterlyPaymentsshallbemadeonlyoutof,andnottoexceedtenpercent(10%)of,Matech’sNetIncomeBeforeExtraordinaryItemsandProvisionforIncomeTaxes(“NetIncome”).AccrualsaredefinedasNetIncomeBeforeExtraordinaryItems(Compustatdataitem#123)minusCashFromOperations(Compustatdataitem#308);NetIncomeandCashFromOperationsarefromtheSFASNo.95,StatementofCashFlows.Marketcapitalizationwastakenasamarketvalue(WS.YRENDMARKETCAP)whichisMarketPrice-YearEnd*CommonSharesOutstanding,bookvalueisrepresentedindatabasebycommonequity(TF.TotalCommonEquitycommonshareholders'interestinacompany),theaccountingearnings(NI)areincomebeforeextraordinaryitems(WS.IncomeBefExtraItemsAndPfdDiv-NetIncomeBeforeExtraordinaryItemsAndPreferredDividends),anddividendspershare(WS.DividendsPerShare).NetIncomeBeforeExtraordinaryItemsshallbedeterminedinaccordancewithGenerallyAcceptedAccountingPrincipals("GAAP").BecauseIAS7(Revised1996)13–‘CashFlowStatement’wasoperativemid-ratherthanpre-theperiodexaminedinthisstudy(1994-1999),toachieveconsistencyanindirectmeasurementapproachistakenforallyears,subtractingNetIncomeBeforeExtraordinaryItemsfromTotalAccrualstoderiveOCF14.However,OlympiaagreesthatthesolesourceoffundswhichcanbeusedtopayanyjudgmentororderoftheCourtrelatedtotheAgreementshallbefromtheNetIncomeBeforeExtraordinaryItemsofJKTGfromtheoperationoftheSevenCedarsCasinofromandafterApril15,2002.TheNetIncomeBeforeExtraordinaryItemsandDiscontinuedOperationsdividedbyTotalAssets.Allresidentialparkingforapartmenthousedwellingswhicharegreaterthan3storeysor9.6metresinheightshallbeprovidedbelowgradewiththeexclusionofvisitorparkingwhichmaybeprovidedatgrade.Thisquotientisthenmultipliedby100.MillionsPercentageNIBEXTheNetIncomeBeforeExtraordinaryItemsandDiscontinuedOperations.ForpurposesofcalculatingNetIncomeBeforeExtraordinaryItems,anymonthinwhichthereisaNetLossBeforeExtraordinaryItemswillbeexcludedfromthecalculation.RelatedtoNetIncomeBeforeExtraordinaryItemsNetIncomeorNetLossmeans,foreachfiscalyearorotherapplicableperiod,anamountequaltothePartnership’snetincomeorlossforsuchyearorperiodasdeterminedforfederalincometaxpurposesbytheAccountants,determinedinaccordancewithSection703(a)oftheCode(forthispurpose,allitemsofincome,gain,lossordeductionrequiredtobestatedseparatelypursuanttoSection703(a)oftheCodeshallbeincludedintaxableincomeorloss),withthefollowingadjustments:(a)byincludingasanitemofgrossincomeanytax-exemptincomereceivedbythePartnership(b)bytreatingasadeductibleexpenseanyexpenditureofthePartnershipdescribedinSection705(a)(2)(B)oftheCode(includingamountspaidorincurredtoorganizethePartnership(unlessanelectionismadepursuanttoCodeSection709(b))ortopromotethesaleofinterestsinthePartnershipandbytreatingdeductionsforanylossesincurredinconnectionwiththesaleorexchangeofPartnershippropertydisallowedpursuanttoSection267(a)(1)orSection707(b)oftheCodeasexpendituresdescribedinSection705(a)(2)(B)oftheCode);(c)inlieuofdepreciation,depletion,amortization,andothercostrecoverydeductionstakenintoaccountincomputingtotalincomeorloss,thereshallbetakenintoaccountDepreciation;(d)gainorlossresultingfromanydispositionofPartnershippropertywithrespecttowhichgainorlossisrecognizedforfederalincometaxpurposesshallbecomputedbyreferencetotheGrossAssetValueofsuchpropertyratherthanitsadjustedtaxbasis;and(e)intheeventofanadjustmentoftheGrossAssetValueofanyPartnershipassetwhichrequiresthattheCapitalAccountsofthePartnershipbeadjustedpursuanttoRegulationsSection1.704-1(b)(2)(iv)(e),(f)and(m),theamountofsuchadjustmentistobetakenintoaccountasadditionalNetIncomeorNetLosspursuanttoExhibitB.QualifyingIncomemeansgrossincomethatisdescribedinSection856(c)(3)oftheCode.netearningsmeanssuchearningsasarecalculatedinaccordancewithparagraph42or52,asthecasemaybe;OperatingIncomemeanstheCompany’sorabusinessunit’sincomefromoperationsbutexcludinganyunusualitems,determinedinaccordancewithgenerallyacceptedaccountingprinciples.NetIncomemeans,withrespecttoanyPerson,thenetincome(loss)ofsuchPerson,determinedinaccordancewithGAAPandbeforeanyreductioninrespectofPreferredStockdividends.AdjustedNetEarningsmeansnetearnings(loss)attributabletocommonstockholdersasreportedintheCompany’speriodicreportsfiledwiththeSecuritiesandExchangeCommission,providedthatsuchamountshallbeadjustedbyreversingthefollowing,totheextentsuchadjustmentsweremadeincalculatingsuchnetearnings(loss)attributabletocommonstockholders:ConsolidatedNetEarningsmeans,foranyperiod,thenetincome(loss)ofBorrowerforsuchperiod,asdeterminedonaConsolidatedbasisandinaccordancewithGAAP.netnon-operatingincomemeansthedifferencebetween:AdjustedNetEarningsfromOperationsmeans,withrespecttoanyfiscalperiodonaconsolidatedbasis,theParent’sandeachBorrower’snetincomeafterprovisionforincometaxesforsuchfiscalperiod,asdeterminedinaccordancewithGAAPandreportedontheFinancialStatementsforsuchperiod,excludinganyandallofthefollowingincludedinsuchnetincome:(a)gainorlossarisingfromthesaleofanycapitalassets;(b)gainarisingfromanywrite-upinthebookvalueofanyasset;(c)earningsofanyPersonotherthanaSubsidiaryinwhichanyBorrowerhasanownershipinterestunless(andonlytotheextent)suchearningsshallactuallyhavebeenreceivedbysuchBorrowerintheformofcashdistributions;(d)earningsofanyPersontowhichallorsubstantiallyalloftheassetsofanyBorrowershallhavebeensold,transferredordisposedof,orintowhichanyBorrowershallhavebeenmerged,orwhichhasbeenapartywithanyBorrowertoanyconsolidationorotherformofreorganization,priortothedateofsuchtransaction;(e)gainorlossarisingfromtheacquisitionofdebtorequitysecuritiesoftheParentandtheBorrowersorfromcancellationorforgivenessofDebt;and(f)gainorlossarisingfromextraordinaryitems,asdeterminedinaccordancewithGAAPorfromanyothernon-recurringtransaction.AdjustedNetIncomemeansforanyperiod,ConsolidatedNetIncomeless(withoutduplication)totheextentthatanyofthefollowingshallhavebeenincludedinConsolidatedNetIncomeforsuchperiod(a)anynetgainorlossarisingfromthesaleofcapitalassets,(b)anynetgainorlossarisingfromanywrite-uporwrite-downofassets,(c)earningsorlossesofanyotherPerson,substantiallyalloftheassetsofwhichhavebeenacquiredbytheBorroweroraConsolidatedSubsidiaryoftheBorrowerinanymanner,totheextentthatsuchearningsorlosseswererealizedbysuchotherPersonpriortothedateofsuchacquisition,(d)earningsorlossesofanyPerson(otherthanaConsolidatedSubsidiaryoftheBorrower)inwhichtheBorroweroraConsolidatedSubsidiaryhasanownershipinterest,unlesssuchearningshaveactuallybeenreceivedbytheBorrowerorsuchConsolidatedSubsidiaryintheformofcashdistributions,and(e)anynetgainorlossarisingfromtheacquisitionofanysecuritiesoftheBorroweroraConsolidatedSubsidiaryoftheBorrower.NetIncome(Loss)means,foranyPersonforanyperiod,theaggregateofnetincome(orloss)ofsuchPersonanditsSubsidiariesforsuchperiod,determinedonaconsolidatedbasisinconformitywithGAAP.TaxonOverallNetIncomemeansaTaximposedonaFinancePartybythejurisdictionunderthelawsofwhichitisincorporated,orinwhichitislocatedortreatedasresidentfortaxpurposes,on:AdjustedNetOperatingIncomeor“AdjustedNOI”means,foranyperiod,theNetOperatingIncomeoftheapplicableHotelPropertiesforsuchperiod,subjecttothefollowingadjustments:AdjustedConsolidatedNetIncomemeans,foranyperiod,theaggregatenetincome(orloss)oftheCompanyanditsRestrictedSubsidiariesforsuchperioddeterminedinconformitywithGAAP;providedthatthefollowingitemsshallbeexcludedincomputingAdjustedConsolidatedNetIncome(withoutduplication):(i)thenetincomeofanyPersonthatisnotaRestrictedSubsidiary,excepttotheextentoftheamountofdividendsorotherdistributionsactuallypaidtotheCompanyoranyofitsRestrictedSubsidiariesbysuchPersonduringsuchperiod;(ii)solelyforthepurposesofcalculatingtheamountofRestrictedPaymentsthatmaybemadepursuanttoclause(C)ofthefirstparagraphofSection4.04(andinsuchcase,excepttotheextentincludablepursuanttoclause(i)above),thenetincome(orloss)ofanyPersonaccruedpriortothedateitbecomesaRestrictedSubsidiaryorismergedintoorconsolidatedwiththeCompanyoranyofitsRestrictedSubsidiariesorallorsubstantiallyallofthepropertyandassetsofsuchPersonareacquiredbytheCompanyoranyofitsRestrictedSubsidiaries;(iii)thenetincomeofanyRestrictedSubsidiarytotheextentthatthedeclarationorpaymentofdividendsorsimilardistributionsbysuchRestrictedSubsidiaryofsuchnetincomeisnotatthetimepermittedbytheoperationofthetermsofitscharteroranyagreement,instrument,judgment,decree,order,statute,ruleorgovernmentalregulationapplicabletosuchRestrictedSubsidiary;(iv)anygainsorlosses(onanafter-taxbasis)attributabletoAssetSales;(v)exceptforpurposesofcalculating,theamountofRestrictedPaymentsthatmaybemadepursuanttoclause(C)ofthefirstparagraphofSection4.04,anyamountpaidoraccruedasdividendsonPreferredStockoftheCompanyoranyRestrictedSubsidiaryownedbyPersonsotherthantheCompanyandanyofitsRestrictedSubsidiaries;and(vi)allextraordinarygainsandextraordinarylosses(onanafter-taxbasis).GrossIncomefromOperationsmeansallincome,computedinaccordancewithGAAP,derivedfromtheownershipandoperationofthePropertiesfromwhateversource,including,butnotlimitedto,theRents,utilitycharges,escalations,servicefeesorcharges,licensefees,parkingfees,rentconcessionsorcredits,andotherrequiredpass-throughs,butexcludingsales,useandoccupancyorothertaxesonreceiptsrequiredtobeaccountedforbyMortgageBorrowertoanyGovernmentalAuthority,refundsanduncollectibleaccounts,salesoffurniture,fixturesandequipment,InsuranceProceeds(otherthanbusinessinterruptionorotherlossofincomeinsurance),Awards,securitydeposits,interestoncreditaccounts,utilityandothersimilardeposits,paymentsreceivedundertheMortgageInterestRateCapAgreement,interestoncreditaccounts,interestontheMortgageReserveFunds,andanydisbursementstoMortgageBorrowerfromtheMortgageReserveFunds.GrossincomeshallnotbediminishedasaresultoftheSecurityInstrumentsorthecreationofanyinterveningestateorinterestinaPropertyoranypartthereof.EarningsfromOperationsforanyperiodmeansnetearningsexcludinggainsandlossesonsalesofinvestments,extraordinaryitemsandpropertyvaluationlosses,asreflectedinthefinancialstatementsoftheCompanyanditsSubsidiariesforsuchperiod,determinedonaconsolidatedbasisinaccordancewithGAAP.ConsolidatedNetIncome(Loss)oftheCompanymeans,foranyperiod,theConsolidatednetincome(orloss)oftheCompanyanditsSubsidiariesforsuchperiodasdeterminedinaccordancewithGAAPonaConsolidatedbasis,adjusted,totheextentincludedincalculatingsuchnetincome(loss),byexcluding,withoutduplication:(i)allextraordinarygainsorlosses(lessallfeesandexpensesrelatingthereto);(ii)theportionofnetincome(orloss)oftheCompanyanditsSubsidiariesallocabletominorityinterestsinunconsolidatedPersonstotheextentthatcashdividendsordistributionshavenotactuallybeenreceivedbytheCompanyoroneofitsSubsidiaries;(iii)anygainorloss,netoftaxes,realizedupontheterminationofanyemployeepensionbenefitplan;(iv)netgains(butnotlosses)(lessallfeesandexpensesrelatingthereto)inrespectofdispositionsofassetsotherthanintheordinarycourseofbusiness;or(v)thenetincomeofanySubsidiarytotheextentthatthedeclarationofdividendsorsimilardistributionsbythatSubsidiaryofthatincomeisnotatthetimepermitted,directlyorindirectly,byoperationofthetermsofitscharteroranyagreement,instrument,judgment,decree,order,statute,ruleorgovernmentalregulationsapplicabletothatSubsidiaryoritsstockholders.WheneverproformaeffectistobegiventoanacquisitionordispositionofassetsforthepurposeofcalculatingtheConsolidatedFixedChargeCoverageRatio,theamountofincomeorearningsrelatedtosuchassetsshallbecalculatedonaproformabasisinaccordancewithRegulationS-XundertheSecuritiesAct,asineffectonthedateofsuchcalculation.CashFlowfromOperationsmeansnetcashfundsprovidedfromoperations,exclusiveofCashfromSalesorRefinancing,oftheCompanyorinvestmentofanyCompanyfunds,withoutdeductionfordepreciation,butafterdeductingcashfundsusedtopayorestablishareserveforexpenses,debtpayments,capitalimprovements,andreplacementsandforsuchotheritemsastheBoardofDirectorsreasonablydeterminestobenecessaryorappropriateandsubjecttoLoanConditions.ConsolidatedNetIncomemeans,withrespecttoanyspecifiedPersonforanyperiod,theaggregateoftheNetIncomeofsuchPersonanditsRestrictedSubsidiariesforsuchperiod,onaconsolidatedbasis,determinedinaccordancewithGAAP;providedthat:EarningsBeforeInterestandTaxesmeansforanyperiodthesumof(i)netincome(orloss)ofBorrowersonaConsolidatedBasisforsuchperiod(excludingextraordinarygainsandlosses),plus(ii)allinterestexpenseofBorrowersonaConsolidatedBasisforsuchperiod,plus(iii)allchargesagainstincomeofBorrowersonaConsolidatedBasisforsuchperiodforfederal,stateandlocaltaxes.AdjustedOperatingIncomemeansforanyperiod(x)theconsolidatedoperatingincomeofHoldingsanditsSubsidiariesforsuchperiodplus(y)thesumoftheconsolidateddepreciationexpenseandconsolidatedamortizationexpenseofHoldingsanditsSubsidiariesforsuchperiod,allasdeterminedinaccordancewithGAAP,itbeingunderstoodthatthedeterminationoftheamountspecifiedinclauses(x)and(y)shallbemadeonaconsistentbasiswiththemethodologyutilizedbyHoldingstodeterminesuchamountontheEffectiveDate,providedthat(i)forthepurposesofSection8.08only,foranyTestPeriodduringwhichanyacquisitionofanyPersonorbusinessoccurs,AdjustedOperatingIncomeshallgiveproformaeffecttosuchacquisitionasifitoccurredonthefirstdayofsuchTestPeriodand(ii)forallpurposes,foranyperiodwhichincludesanyRestructuringChargeQuarterthereshallbeexcludedindeterminingAdjustedOperatingIncomeanyportionofthe1996RestructuringChargewhichreducedtheconsolidatedoperatingincomeofHoldingsanditsSubsidiariesforsuchperiod.DepreciationExpensemeans,foranyperiodwithrespecttoanyPerson,depreciation,amortization,depletionandotherlikereductionstoincomeofsuchPersonforsuchperiodnotinvolvinganyoutlayofcash,determined,withoutduplicationanddeterminedonaconsolidatedbasis,inaccordancewithIFRS.NetCashFromOperationsmeansthenetcashproceedsfromtheoperationofthePartnership'sbusinesslesstheportionthereofusedtoestablishreasonablereservesforortopayPartnershipexpenses,debtpaymentsandcapitalexpenditures.“NetCashfromOperations”shallnotincludeanycashproceedswhichconstituteNetCashfromSaleorRefinancing,shallnotbereducedbydepreciation,costrecovery,amortizationorsimilarnoncashdeductions,andshallbeincreasedbyanyreductionofreservespreviouslyestablishedbytheGeneralPartner.EBITmeans,foranyperiod,onaconsolidatedbasisfortheCompanyanditsSubsidiaries,thesumoftheamountsforsuchperiod,withoutduplication,calculatedineachcaseinaccordancewithAgreementAccountingPrinciples,of(a)ConsolidatedNetIncome,plus(b)InterestExpensetotheextentdeductedincomputingConsolidatedNetIncome,plus(c)chargesagainstincomeforforeign,federal,stateandlocaltaxestotheextentdeductedincomputingConsolidatedNetIncome,plus(d)anyothernon-recurringnon-cashcharges(excludinganysuchnon-cashchargestotheextentanysuchnon-cashchargebecomes,orisexpectedtobecome,acashchargeinalaterperiod)totheextentdeductedincomputingConsolidatedNetIncome,plus(e)extraordinarylossesincurredotherthanintheordinarycourseofbusinesstotheextentdeductedincomputingConsolidatedNetIncome,minus(f)anynon-recurringnon-cashcreditstotheextentaddedincomputingConsolidatedNetIncome,minus(g)extraordinarygainsrealizedotherthanintheordinarycourseofbusinesstotheextentaddedincomputingConsolidatedNetIncome.CoreEarningsmeansthenetincome(loss),computedinaccordancewithGAAP,excluding(i)non-cashequitycompensationexpense,(ii)theIncentiveCompensation,(iii)acquisitionfees,(iv)financingfees,(v)depreciationandamortization,(vi)anyunrealizedgainsorlossesorothernon-cashitemsthatareincludedinnetincomefortheapplicablereportingperiod,regardlessofwhethersuchitemsareincludedinothercomprehensiveincomeorloss,orinnetincome,and(vii)one-timeeventspursuanttochangesinGAAPandcertainnon-cashcharges,ineachcaseafterdiscussionsbetweentheManagerandtheIndependentDirectorsandapprovedbyamajorityoftheIndependentDirectors.Depreciationmeans,foreachfiscalyearorotherperiod,anamountequaltothedepreciation,amortizationorothercostrecoverydeductionallowablewithrespecttoanassetforsuchyearorotherperiod,exceptthatiftheGrossAssetValueofanassetdiffersfromitsadjustedbasisforfederalincometaxpurposesatthebeginningofsuchyearorotherperiod,DepreciationshallbeanamountwhichbearsthesameratiotosuchbeginningGrossAssetValueasthefederalincometaxdepreciation,amortizationorothercostrecoverydeductionforsuchyearorotherperiodbearstosuchbeginningadjustedtaxbasis;provided,however,thatifthefederalincometaxdepreciation,amortizationorothercostrecoverydeductionforsuchyeariszero,DepreciationshallbedeterminedwithreferencetosuchbeginningGrossAssetValueusinganyreasonablemethodselectedbytheGeneralPartner.