Exhibit C |
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MTS SYSTEMS CORPORATION |
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Reconciliation of Earnings Per Share Excluding Restructuring, Acquisition-Related |
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and Acquisition Inventory Fair Value Adjustment Expenses |
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(unaudited - in thousands, except per share data) |
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Six Months Ended |
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March 30, 2019 |
March 31, 2018 |
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Pre-Tax |
Tax |
Net |
Pre-Tax |
Tax |
Net |
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Net income |
$ |
28,273 |
$ |
3,612 |
$ |
24,661 |
$ |
19,646 |
$ |
(21,943) |
$ |
41,589 |
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Restructuring expenses 1 |
130 |
33 |
97 |
608 |
154 |
454 |
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Acquisition-related expenses 2 |
1,035 |
217 |
818 |
— |
— |
— |
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Acquisition inventory fair value adjustment 1 |
984 |
148 |
836 |
— |
— |
— |
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Adjusted net income 3 |
$ |
30,422 |
$ |
4,010 |
$ |
26,412 |
$ |
20,254 |
$ |
(21,789) |
$ |
42,043 |
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Weighted average diluted common shares outstanding |
19,393 |
19,258 |
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Diluted earnings per share |
$ |
1.46 |
$ |
0.19 |
$ |
1.27 |
$ |
1.02 |
$ |
(1.14) |
$ |
2.16 |
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Impact of restructuring expenses |
0.01 |
— |
0.01 |
0.03 |
0.01 |
0.02 |
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Impact of acquisition-related expenses |
0.05 |
0.01 |
0.04 |
— |
— |
— |
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Impact of acquisition inventory fair value adjustment |
0.05 |
0.01 |
0.04 |
— |
— |
— |
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Adjusted diluted earnings per share 3 |
$ |
1.57 |
$ |
0.21 |
$ |
1.36 |
$ |
1.05 |
$ |
(1.13) |
$ |
2.18 |
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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. |
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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. |
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3 Denotes non-GAAP financial measure. |