Exhibit B |
|||||||||||||||||||
MTS SYSTEMS CORPORATION |
|||||||||||||||||||
Reconciliation of Earnings Per Share Excluding Restructuring, Acquisition-Related |
|||||||||||||||||||
and Acquisition Inventory Fair Value Adjustment Expenses |
|||||||||||||||||||
(unaudited - in thousands, except per share data) |
|||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
March 30, 2019 |
March 31, 2018 |
||||||||||||||||||
Pre-Tax |
Tax |
Net |
Pre-Tax |
Tax |
Net |
||||||||||||||
Net income |
$ |
17,076 |
$ |
2,916 |
$ |
14,160 |
$ |
10,176 |
$ |
1,738 |
$ |
8,438 |
|||||||
Restructuring expenses 1 |
— |
— |
— |
362 |
92 |
270 |
|||||||||||||
Acquisition-related expenses 2 |
262 |
55 |
207 |
— |
— |
— |
|||||||||||||
Acquisition inventory fair value adjustment 1 |
539 |
81 |
458 |
— |
— |
— |
|||||||||||||
Adjusted net income 3 |
$ |
17,877 |
$ |
3,052 |
$ |
14,825 |
$ |
10,538 |
$ |
1,830 |
$ |
8,708 |
|||||||
Weighted average diluted common shares outstanding |
19,441 |
19,273 |
|||||||||||||||||
Diluted earnings per share |
$ |
0.88 |
$ |
0.15 |
$ |
0.73 |
$ |
0.53 |
$ |
0.09 |
$ |
0.44 |
|||||||
Impact of restructuring expenses |
— |
— |
— |
0.02 |
0.01 |
0.01 |
|||||||||||||
Impact of acquisition-related expenses |
0.01 |
— |
0.01 |
— |
— |
— |
|||||||||||||
Impact of acquisition inventory fair value adjustment |
0.03 |
0.01 |
0.02 |
— |
— |
— |
|||||||||||||
Adjusted diluted earnings per share 3 |
$ |
0.92 |
$ |
0.16 |
$ |
0.76 |
$ |
0.55 |
$ |
0.10 |
$ |
0.45 |
|||||||
1 In determining the tax impact of restructuring expenses and acquisition inventory fair value adjustment, we applied the statutory rate in effect for each jurisdiction where the expenses were incurred. |
|||||||||||||||||||
2 In determining the tax impact of acquisition-related expenses, we applied a U.S. effective income tax rate before discrete items to these expenses. |
|||||||||||||||||||
3 Denotes non-GAAP financial measure. |