Exhibit 99.2
DOVER CORPORATION
UNAUDITED ADJUSTED EARNINGS FROM CONTINUING OPERATIONS
(In thousands, except per share amounts)
The Company uses adjusted earnings from continuing operations, a non-GAAP measure, to calculate adjusted diluted earnings per common share, which management believes is useful to investors to better understand the company’s ongoing profitability and facilitates easier comparisons of the company’s profitability to prior and future periods and to its peers.
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2013 | | Year Ended December 31, 2012 | | Year Ended December 31, 2011 |
| | Dover Historical | | Pro Forma Dover Continuing Operations | | Dover Historical | | Pro Forma Dover Continuing Operations | | Dover Historical | | Pro Forma Dover Continuing Operations |
| Adjusted earnings from continuing operations: | | | | | | | | | | | |
| Earnings from continuing operations | $ | 965,805 |
| | $ | 834,072 |
| | $ | 833,119 |
| | $ | 684,478 |
| | $ | 773,186 |
| | $ | 615,456 |
|
| Gains from discrete and other tax items | 76,965 |
| | 79,655 |
| | 16,137 |
| | 17,158 |
| | 40,743 |
| | 43,044 |
|
| Knowles spin-off costs | (30,093 | ) | | — |
| | — |
| | — |
| | — |
| | — |
|
| Other one-time gains, net of tax | 2,866 |
| | 2,866 |
| | — |
| | — |
| | — |
| | — |
|
| Adjusted earnings from continuing operations | $ | 916,067 |
| | $ | 751,551 |
| | $ | 816,982 |
| | $ | 667,320 |
| | $ | 732,443 |
| | $ | 572,412 |
|
| | | | | | | | | | | | |
| Weighted average shares outstanding - diluted | 173,547 |
| | 173,547 |
| | 183,993 |
| | 183,993 |
| | 188,887 |
| | 188,887 |
|
| | | | | | | | | | | | |
| Adjusted diluted earnings per common share: | | | | | | | | | | | |
| Earnings from continuing operations | $ | 5.57 |
| | $ | 4.81 |
| | $ | 4.53 |
| | $ | 3.72 |
| | $ | 4.09 |
| | $ | 3.26 |
|
| Gains from discrete and other tax items | 0.44 |
| | 0.46 |
| | 0.09 |
| | 0.09 |
| | 0.22 |
| | 0.23 |
|
| Knowles spin-off costs | (0.17 | ) | | — |
| | — |
| | — |
| | — |
| | — |
|
| Other one-time gains, net of tax | 0.02 |
| | 0.02 |
| | — |
| | — |
| | — |
| | — |
|
| Adjusted diluted earnings per common share | $ | 5.28 |
| | $ | 4.33 |
| | $ | 4.44 |
| | $ | 3.63 |
| | $ | 3.87 |
| | $ | 3.03 |
|
