Louisiana-Pacific (LPX) 8-K LP Reports Fourth Quarter and Year End 2014 Results

Exhibit 99.3 Reconciliation of Adjusted income from continuing operations

	As reported Quarter Ended December 31, 2014					As Adjusted Quarter Ended December 31, 2014			As reported Quarter Ended September 30, 2014					As adjusted Quarter Ended September 30, 2014			As reported Quarter Ended December 31, 2013					As adjusted Quarter Ended December 31, 2013
				Adjustments								Adjustments								Adjustments
Net sales	$	453.5				$	453.5		$	518.1				$	518.1		$	479.7				$	479.7
Operating costs and expenses:
Cost of sales	430.9					430.9			477.0					477.0			415.3					415.3
Depreciation and amortization	23.3					23.3			26.9					26.9			26.3					26.3
Selling and administrative	40.8			—		40.8			31.9			0.1		32.0			46.6			(1	)	45.6
Loss on sale or impairment of long lived assets	1.0			(1.0	)	—			(3.6		)	3.6		—			0.6			(0.6	)	—
Other operating credits and charges, net	6.4			(6.4	)	—			0.5			(0.5	)	—			12.9			(12.9	)	—
Total operating costs and expenses	502.4					495.0			532.7					535.9			501.7					487.2
Income (loss) from operations	(48.9		)			(41.5		)	(14.6		)			(17.8		)	(22.0		)			(7.5		)
Non-operating income (expense):
Interest expense, net of capitalized interest	(6.4		)	(1.5	)	(7.9		)	(8.3		)			(8.3		)	(8.0		)	1.5		(6.5		)
Investment income	1.1					1.1			0.9					0.9			2.0					2.0
Other non-operating items	(1.3		)	—		(1.3		)	(1.3		)	—		(1.3		)	(2.3		)	—		(2.3		)
Total non-operating income (expense)	(6.6		)			(8.1		)	(8.7		)			(8.7		)	(8.3		)			(6.8		)
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates	(55.5		)			(49.6		)	(23.3		)			(26.5		)	(30.3		)			(14.3		)
Provision (benefit) for income taxes	(11.3		)	11.3		—			(3.6		)	3.6		—			(10.5		)	10.5		—
"Normalized" tax rate @ 35%	—			(17.3	)	(17.3		)	—			(8.8	)	(8.8		)				(4.7	)	(4.7		)
Equity in income of unconsolidated affiliates	(1.2		)	1.0		(0.2		)	(1.4		)			(1.4		)	(0.6		)			(0.6		)
Income (loss) from continuing operations	(43.0		)			(32.1		)	(18.3		)			(16.3		)	(19.2		)			(9.0		)
Income (loss) from discontinued operations before tax	0.2					0.2			(3.2		)			(3.2		)	(1.9		)			(1.9		)
Provision (benefit) for income taxes	0.1					0.1			(1.1		)			(1.1		)	(0.7		)			(0.7		)
Income (loss) from discontinued operations	0.1					0.1			(2.1		)			(2.1		)	(1.2		)			(1.2		)
Net income (loss)	$	(42.9	)			$	(32.0	)	$	(20.4	)			$	(18.4	)	$	(20.4	)			$	(10.2	)
Income (loss) per share of common stock (basic):
Income (loss) per share from continuing operations	$	(0.30	)			$	(0.23	)	$	(0.13	)			$	(0.12	)	$	(0.14	)			$	(0.06	)
Loss per share from discontinued operations	—					—			(0.01		)			(0.01		)	(0.01		)			(0.01		)
Net Income (loss) per share	$	(0.30	)			$	(0.23	)	$	(0.14	)			$	(0.13	)	$	(0.15	)			$	(0.07	)
Income (loss) per share of common stock (diluted):
Income (loss) per share from continuing operations	$	(0.30	)			$	(0.23	)	$	(0.13	)			$	(0.12	)	$	(0.14	)			$	(0.06	)
Income (loss) per share from discontinued operations	—					—			(0.01		)			(0.01		)	(0.01		)			(0.01		)
Net Income (loss) per share	$	(0.30	)			$	(0.23	)	$	(0.14	)			$	(0.13	)	$	(0.15	)			$	(0.07	)
Average shares of stock outstanding - basic	141.7					141.7			140.8					140.8			140.6					140.6
Average shares of stock outstanding - diluted	141.7					141.7			140.8					140.8			140.6					140.6

	As Reported Year Ended December 31, 2014					As Adjusted Year Ended December 31, 2014			As Reported Year Ended December 31, 2013					As Adjusted Year Ended December 31, 2013
				Adjustments								Adjustments
Net sales	$	1,934.8				$	1,934.8		$	2,085.2				$	2,085.2
Operating costs and expenses:
Cost of sales	1,757.8					1,757.8			1,636.9					1,636.9
Depreciation and amortization	100.7					100.7			91.3					91.3
Selling and administrative	149.5			(4.7	)	144.8			150.2			(6.3	)	143.9
Loss on sale or impairment of long-lived assets, net	(3.1		)	3.1		—			0.2			(0.2	)	—
Other operating credits and charges, net	7.5			(7.5	)	—			3.8			(3.8	)	—
Total operating costs and expenses	2,012.4					2,003.3			1,882.4					1,872.1
Income from operations	(77.6		)			(68.5		)	202.8					213.1
Non-operating income (expense):
Interest expense, net of capitalized interest	(29.8		)	(1.5	)	(31.3		)	(36.0		)			(36.0		)
Investment income	5.5					5.5			10.3					10.3
Early debt extinguishment	—			—		—			(2.3		)	2.3		—
Other non-operating items	(3.1		)	2.1		(1.0		)	31.8			(35.8	)	(4.0		)
Total non-operating income (expense)	(27.4		)			(26.8		)	3.8					(29.7		)
Income from continuing operations before taxes and equity in income of unconsolidated affiliates	(105.0		)			(95.3		)	206.6					183.4
Provision for income taxes	(27.2		)	27.2		—			41.1			(41.1	)	—
"Normalized" tax rate @ 35%	—			(32.2	)	(32.2		)	—			68.7		68.7
Equity in income of unconsolidated affiliates	(4.4		)	1.0		(3.4		)	(11.9		)	(2.7	)	(14.6		)
Income from continuing operations	(73.4		)			(59.7		)	177.4					129.3
Loss from discontinued operations before taxes	(3.0		)			(3.0		)	(0.4		)			(0.4		)
Benefit for income taxes	(1.0		)			(1.0		)	(0.1		)			(0.1		)
Loss from discontinued operations	(2.0		)			(2.0		)	(0.3		)			(0.3		)
Net income	$	(75.4	)			$	(61.7	)	$	177.1				$	129.0
Income (loss) per share of common stock (basic):
Income from continuing operations	$	(0.52	)			$	(0.42	)	$	1.27				$	0.93
Loss from discontinued operations	(0.01		)			(0.01		)	—					(0.01		)
Net income per share	$	(0.53	)			$	(0.43	)	$	1.27				$	0.92
Income (loss) per share of common stock (diluted):
Income from continuing operations	$	(0.52	)			$	(0.42	)	$	1.23				$	0.90
Loss from discontinued operations	(0.01		)			(0.01		)	—					(0.01		)
Net income per share	$	(0.53	)			$	(0.43	)	$	1.23				$	0.89
Average shares of stock outstanding - basic	141.1					141.1			139.6					139.6
Average shares of stock outstanding - diluted	141.1					141.1			144.3					144.3