A reconciliation of Farmer Mac's GAAP net income available to common stockholders to core earnings
is presented in the following table.
03 per diluted share, of distributions from collateralized loan obligations ("CLOs") that were accounted for under the cost recovery method and thereby excluded from our interest income and Core Earnings
A) today announced that its core earnings
for the quarter ended March 31, 2008 increased 69% over the comparable quarter in 2007.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, reported net income on a core earnings
basis of $249 million ($.
Farmer Mac uses core earnings
to measure corporate economic performance and develop financial plans because, in management's view, core earnings
more accurately represent Farmer Mac's economic performance, transaction economics and business trends before the effects of application of Statement of Financial Accounting Standards No.
Better than expected results in property and casualty and life businesses and improved outlook on profitability of in-force business drove estimated fourth quarter core earnings
Jabil defines core earnings
as GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and impairment charges, goodwill impairment charges, loss on disposal of subsidiary, certain other expenses, net of tax and certain deferred tax valuation allowance charges.
Farmer Mac's guarantee and commitment fees and non-interest expense were major drivers of core earnings
in second quarter 2007, and are expected to continue as such.
Our management uses core earnings
and EPS by principal operating subsidiary internally for financial planning and for analysis of performance.
During the third quarter of 2009, the Company had Core Earnings
Floor income, not included in core earnings
, totaled $36 million in the quarter.
For the year ended December 31, 2006, core earnings