Core Net Income means, for any period, (a) the net income (or loss) of the Borrower and the Subsidiaries for such period determined on a standalone basis in accordance with GAAP; provided that there shall be excluded (i) the income of any Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such Subsidiary, (ii) the income or loss of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or the date that such Person’s assets are acquired by the Borrower or any Subsidiary of the Borrower, (iii) the income of any Person (other than a Subsidiary of the Borrower) in which any other Person (other than the Borrower or a Wholly Owned Subsidiary of the Borrower) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to the Borrower or a Loan Party by such Person during such period; and (iv) unrealized income or losses associated with investments permitted under Section 6.04 and any other assets recorded at fair value in accordance with GAAP; plus (b) to the extent deducted in determining such net income (or loss) of the Borrower and the Subsidiaries for such period, the sum during such period of (i) reimbursable expenses associated with the launch of Funds or Fund-Related Entities to the extent reimbursable in accordance with the relevant Management Agreements or other governing documents relating to such Fund or Fund-Related Entity, (ii) the aggregate amount of one-time severance costs described in Schedule 1.01(b) hereto, and (iii) the amortization of any one-time equity compensation expense associated with grants of restricted Equity Interests; plus (c) the realized net income (or loss) of any SPE Investment for such period determined on a standalone basis in accordance with GAAP, to the extent attributable to the Borrower or a Subsidiary; minus (d) any deferred financing expenses payable during such period.
Core Net Income for any period means the Company’s net income for such period as reported by the Company, but excluding the following:
(i) [__]
Core Net Income means the combined net income (or net loss) of Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company and The Southern Company "corporate", provided, that the net income (or net loss) of The Southern Company "corporate" shall be adjusted by eliminating interest expense not attributable to Core Business and one-half of The Southern Company's "corporate" administration and general expenses.
Examples of Core Net Income in a sentence
Each of the [Average Core Net Income Annual Growth] percentages above may be equitably adjusted by the Committee for any of the adjustments factors set forth in Section 12(a) of the Plan and as otherwise determined by the Committee in its reasonable discretion to be necessary to prevent enlargement or diminution of the benefits or potential benefits intended to be provided to Participant.
The Company utilizes the term Core Net Income, a non-GAAP financial measure.
At the end of the Performance Period, the Committee will evaluate the Company’s attained levels of performance with respect to Core Net Income and ROIC to determine the number of whole PSUs earned, if any, by Participant (the “Earned PSUs”).
If Core Net Income or ROIC for the PSU Performance Period falls below the “Threshold” level set forth in the performance matrix above, no PSUs shall become earned with respect to that metric.
CU Bancorp’s management believes Core Net Income is useful because it is a measure utilized by management and market analysts to understand the effects of merger expenses and provides an alternative view of the Company’s performance over time and in comparison to the Company’s competitors.
More Definitions of Core Net Income
Core Net Income means the (a) consolidated net income of FCB and the FCB Subsidiaries as determined in accordance with GAAP, less (b) any non-core net income, which includes any gains on the sale of assets or held to maturity and available for sale securities, reversal of provisions for loan and lease losses, other nonrecurring items or income that is not consistent with past practice, plus (c) any payments (on an after-tax basis and not to exceed $3.5 million pre-tax) in respect of the Disqualified Loans Liability, for the period beginning July 1, 2016 and ending on the last day of the calendar month immediately preceding the Closing Date.
Core Net Income means First Hawaiian’s total net after-tax earnings, as prepared under U.S. GAAP and audited and reported in First Hawaiian’s annual report to stockholders, and excludes (1) one-time costs associated with the offerings of shares owned by BancWest Corporation, (2) the sale of additional VISA shares and (3) any sale of real property (other than sales of real property associated with the foreclosure of collateral).
Core Net Income for the Company shall mean the Core Net Income (Non-GAAP) of the Company for the applicable quarter as reported in the Company’s quarterly earnings releases, which is Net Income (GAAP) as adjusted for Gains/Losses on Sales of Securities, Gains/Losses on Sales and Write-downs of Bank Premises, Losses on Sales and Write-downs of Other Real Estate Owned (“OREO”) and other non-recurring income 124285230v1
Core Net Income for each of the companies in the Peer Group shall mean the equivalent measure as reported by the company for the applicable quarter as determined in the ABAQ Index Template. For this purpose, “Total Assets” for the Company shall mean the Total Assets of the Company as of the last day of the applicable quarter as reported in the Company’s quarterly earnings releases. “Total Assets” for each of the companies in the Peer Group shall mean Total Assets as of such dates as reported by the company as determined in the ABAQ Index Template.
Core Net Income for the Company shall mean the Core Net Income (Non-GAAP) of the Company for the applicable quarter as reported in the Company’s quarterly earnings releases, which is Net Income (GAAP) as adjusted for Gains/Losses on Sales of Securities, Gains/Losses on Sales and Write-downs of Bank Premises, Losses on Sales and Write-downs of Other Real Estate Owned (“OREO”) and other non-recurring income and expenses. “Core Net Income” for each of the companies in the Peer Group shall mean the equivalent measure as reported by the company for the applicable quarter as determined in the ABAQ Index Template. For this purpose, “Total Assets” for the Company shall mean the Total Assets of the Company as of the last day of the applicable quarter as reported in the Company’s quarterly earnings releases. “Total Assets” for each of the companies in the Peer Group shall mean Total Assets as of such dates as reported by the company as determined in the ABAQ Index Template.
Core Net Income means, with respect to the applicable period and subject to the provisions of Schedule 2.9, the net income of the Business as operated by Buyer after the Closing that is attributable solely to Purchased Assets, including any income paid by Seller to Buyer pursuant to the Services Agreement, specifically excluding any income directly related to www.bankrate.com and its network. The capitalized terms set forth on Schedule 2.9, not otherwise defined, shall have the definitions set forth in this Agreement.
Core Net Income shall be calculated based on the applicable company’s net income adjusted for realized gains or losses on securities, merger expenses, other nonrecurring items as defined by SP Global Markets, and amortization of intangibles and goodwill impairment for each of the three years in the Performance Period.