Exhibit 99.5
Albemarle Corporation and Subsidiaries
EARNINGS PER DILUTED SHARE EXCLUDING SPECIAL ITEMS
(In Thousands, Except Per Share Amounts; Unaudited)
| | | | | | | | | | | | |
Nine Months Ended September 30, 2012 | | As Previously
Reported | | | Effect of
Accounting
Change | | | As Adjusted | |
| | | |
Net income attributable to Albemarle Corporation | | $ | 245,036 | | | $ | 28,774 | | | $ | 273,810 | |
Diluted earnings per share | | | 2.72 | | | | 0.32 | | | | 3.04 | |
Special items per share | | | | | | | | | | | | |
Non-operating pension and OPEB adjustments(a) | | | — | | | | (0.13 | ) | | | (0.13 | ) |
Restructuring and other charges(b) | | | 0.82 | | | | (0.05 | ) | | | 0.77 | |
| | | | | | | | | | | | |
Diluted earnings per share excluding special items | | $ | 3.54 | | | $ | 0.14 | | | $ | 3.68 | |
| | | | | | | | | | | | |
| (a) | Non-operating pension and OPEB adjustments for the nine months ended September 30, 2012 included net benefits amounting to $18.9 million ($11.9 million after income taxes, or $0.13 per share) that related to pension and OPEB plan actuarial net gains as well as interest costs and expected return on assets. |
| (b) | The nine months ended September 30, 2012 included charges amounting to $94.7 million ($73.6 million after income taxes, or $0.82 per share) in connection with our exit of the phosphorus flame retardants business. The nine months ended September 30, 2012 also includes $4.1 million, or $0.05 per share, in after-tax charges ($6.5 million before tax) related to a supplemental executive retirement plan (SERP) settlement, and $4.5 million, or $0.05 per share, of net tax benefits related principally to the release of various tax reserves. |
| | | | | | | | | | | | |
Year Ended December 31, 2011 | | As Previously
Reported | | | Effect of
Accounting
Change | | | As Adjusted | |
| | | |
Net income attributable to Albemarle Corporation | | $ | 436,280 | | | $ | (44,166 | ) | | $ | 392,114 | |
Diluted earnings per share | | | 4.77 | | | | (0.49 | ) | | | 4.28 | |
Special items per share | | | | | | | | | | | | |
Non-operating pension and OPEB adjustments(a) | | | — | | | | 0.59 | | | | 0.59 | |
| | | | | | | | | | | | |
Diluted earnings per share excluding special items(b) | | $ | 4.77 | | | $ | 0.11 | | | $ | 4.88 | |
| | | | | | | | | | | | |
| (a) | Non-operating pension and OPEB adjustments for the year ended December 31, 2011 included net charges amounting to $85.8 million ($54.2 million after income taxes, or $0.59 per share) that related to pension and OPEB plan actuarial net losses as well as interest costs and expected return on assets. |
| (b) | Totals may not add due to rounding. |
| | | | | | | | | | | | |
Year Ended December 31, 2010 | | As Previously
Reported | | | Effect of
Accounting
Change | | | As Adjusted | |
| | | |
Net income attributable to Albemarle Corporation | | $ | 323,720 | | | $ | (7,942 | ) | | $ | 315,778 | |
Diluted earnings per share | | | 3.51 | | | | (0.08 | ) | | | 3.43 | |
Special items per share | | | | | | | | | | | | |
Non-operating pension and OPEB adjustments(a) | | | — | | | | 0.17 | | | | 0.17 | |
Restructuring and other charges(b) | | | 0.05 | | | | — | | | | 0.05 | |
| | | | | | | | | | | | |
Diluted earnings per share excluding special items | | $ | 3.56 | | | $ | 0.09 | | | $ | 3.65 | |
| | | | | | | | | | | | |
| (a) | Non-operating pension and OPEB adjustments for the year ended December 31, 2010 included net charges amounting to $24.9 million ($15.8 million after income taxes, or $0.17 per share) that related to pension and OPEB plan actuarial net losses as well as interest costs and expected return on assets. |
| (b) | The year ended December 31, 2010 included charges amounting to $7.0 million ($4.6 million after income taxes, or $0.05 per share) that related principally to reductions in force at our Bergheim, Germany site. |
