"We have decreased the reliance on nonrecurring revenue, " said Kevin Roberts, a spokesman for Mr. Christie.
McDonald's is trading at 18 times trailing earnings, if you exclude the nonrecurring items.
Organic revenue, when currency fluctuations and other nonrecurring events are not included, grew by 27 percent.
They can lower depreciation rates, pay their employees with stock options or book nonrecurring gains from investments.
This is defined as net income, plus depreciation, minus nonrecurring gains and losses.
General Motors also yields more than 4%, and the stock is priced at eight times trailing 12-month earnings (before nonrecurring items).
As for nonrecurring charges, the managers trust their own judgment as to which are truly nonrecurring and which represent fundamental weaknesses.
Earnings fell 11 percent when excluding nonrecurring items in the prior year.
It penalizes those with lots of nonrecurring charges (Time Warner) or a habit of falling short of Wall Street earnings expectations (Wells Fargo).
The market is already expensive by this measure, at 25 to 42 times last year's earnings (depending on how you count nonrecurring writeoffs).
The average REIT trades at 17 times the real estate version of earnings, called funds from operations (net income plus depreciation, minus nonrecurring gains).
According to the administration's analysis, the Corzine administration paid for 13% of its 2010 budget with nonrecurring money, compared with 5% under Mr. Christie's 2013 plan.
Third-quarter earnings were up nicely, thanks mainly to nonrecurring items.
He says the deal will be dilutive to GAAP earnings per share by one penny (because of nonrecurring charges related to deferred compensation), and accretive to pro-forma earnings in 2004.
Even without Mickey Mouse, Comcast is poised to increase operating earnings (net before depreciation, interest, taxes and nonrecurring items) at least 15% a year over the next three years, Maloney estimates.
Best Buy said the jump was driven by the addition of new stores, expanded investments, the timing of discretionary expenditures and the impact of other nonrecurring items, as well as fluctuations in foreign currency rates.
For the quarter ahead, PVH management expects 50 to 52 cents per share (again excluding nonrecurring costs), and they said weaker seasonal business trends and higher base share count is expected to impact earnings by 12 cents per share.
FORBES: Can't Squeeze Another Penny Of Value Into Those Calvins
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