Common use of Pre-Tax Earnings Clause in Contracts

Pre-Tax Earnings. Pre-Tax Earnings shall mean for any year of the Employer, the net income of the Employer for such year determined by the Employer's auditors on a stand-alone basis in accordance with generally accepted accounting principles consistently applied plus, to the extent deducted in determining net income and without duplication, total income tax expense, including for this purpose any amounts paid under a tax-sharing or similar agreement or arrangement in lieu of such taxes; minus, to the extent included in determining net income and without duplication, any extraordinary gains.

Pre-Tax Earnings. Pre-Tax Earnings Pretax earnings shall mean for any year of the Employer, the net income of the Employer for such year determined by the Employer's auditors on a stand-alone basis in accordance with generally accepted accounting principles consistently applied plus, to the extent deducted in determining net income and without duplication, total income tax expenseexpenses, including for this purpose any amounts paid under a tax-sharing or similar agreement or arrangement in lieu of such taxes; minus, minus to the extent included including in determining net income and without duplication, any extraordinary gains.