Average Net Income definition
Average Net Income has the meaning set forth in Section 6.1(b).
Average Net Income means the average Net Income for the Calculation Period. If in any fiscal year the Company acquires any other business accounted for as a purchase whose earnings contribute five percent (5%) or more to such fiscal year's Net Income, the earnings of the acquired Company for the year of acquisition and the next succeeding year shall be eliminated (together with related purchase accounting adjustments) in order to calculate the Performance Recognition Pool for any Award Year. In the third fiscal year following such acquisition, the acquired business's results shall be included retroactively for the Performance Recognition Pool calculations for the Calculation Period.
Average Net Income is equal to the quotient obtained by dividing (a) the sum of the net income of the Company (1) for the fiscal quarter in respect of which the dividend has been declared and (2) the immediately preceding fiscal quarter by (b) two) by (B) the number of outstanding shares of Company Stock on the record date for such dividend) or make any other distribution upon any of the capital stock of Company or the Company Subsidiaries, or (ii) split, combine or reclassify any shares of capital stock or other securities of Company or the Company Subsidiaries;
Examples of Average Net Income in a sentence
The foregoing Closing Price and Average Net Income amounts are subject to adjustment in the same manner as the price per share of Options as provided in Section 7 of the Plan.
More Definitions of Average Net Income
Average Net Income means Cumulative Net Income divided by the number of Fiscal Years included in the relevant Calculation Period.
Average Net Income. (Total Net Income divided by 3) $ __________ Requirement of Loan Agreement. Not less than: From October 31, 1996 through December 30, 1996: $ (200,000) From December 31, 1996 through March 30, 1997: $ (175,000) From March 31, 1997 through June 29, 1997: $ (125,000) From June 30, 1997 through September 29, 1997: $ (50,000) From September 30, 1997 through December 30, 1997: $ 0 From December 31, 1997 and thereafter: $ 25,000 COVENANT SATISFIED: _____; COVENANT NOT SATISFIED: _____