Exhibit 99.2
Crawford & Company
Reconciliation of Operating Earnings to Net Income
(in thousands)
(unaudited)
2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||||||||||||||||||||||||
2Q | 1Q | 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | ||||||||||||||||||||||||||||||||||||||||
Operating Earnings (1) | $ | 19,159 | $ | 19,831 | $ | 10,056 | $ | 8,917 | $ | 10,736 | $ | 7,521 | $ | 6,671 | $ | 7,689 | $ | 7,518 | $ | 10,317 | $ | 10,143 | $ | 4,255 | $ | 5,506 | ||||||||||||||||||||||||||
Net Corporate Interest Expense | (4,656 | ) | (4,416 | ) | (4,154 | ) | (4,572 | ) | (4,232 | ) | (4,368 | ) | (3,322 | ) | (839 | ) | (594 | ) | (998 | ) | (929 | ) | (1,334 | ) | (1,355 | ) | ||||||||||||||||||||||||||
Stock Option Expense | (279 | ) | (195 | ) | (290 | ) | (260 | ) | (346 | ) | (295 | ) | (355 | ) | (248 | ) | (351 | ) | (266 | ) | — | |||||||||||||||||||||||||||||||
Amortization of Customer-Relationship Intangibles | (1,506 | ) | (1,508 | ) | (1,507 | ) | (1,575 | ) | (1,507 | ) | (1,436 | ) | (1,124 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Income Tax (Provision)/Benefit | (4,786 | ) | (4,644 | ) | (801 | ) | 943 | (3,443 | ) | (2,095 | ) | (72 | ) | (3,423 | ) | (2,360 | ) | (3,205 | ) | (3,262 | ) | (1,034 | ) | (1,470 | ) | |||||||||||||||||||||||||||
Other gains/(expenses) | — | — | — | 4,844 | 3,980 | (3,096 | ) | 3,069 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 7,932 | $ | 9,068 | $ | 3,304 | $ | 3,453 | $ | 6,052 | $ | 3,307 | $ | (1,298 | ) | $ | 6,248 | $ | 4,213 | $ | 5,848 | $ | 5,952 | $ | 1,887 | $ | 2,681 | |||||||||||||||||||||||||
12-month trailing operating earnings (1) | $ | 57,963 | $ | 49,540 | $ | 37,230 | $ | 33,845 | $ | 32,617 | $ | 29,399 | $ | 32,195 | $ | 35,667 | $ | 32,233 | $ | 30,221 |
(1) | Operating earnings is a non-GAAP financial measure representing earnings before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, other gains and expenses, and income taxes. |