Think of a company that, say, sells off a division at a loss, incurring a large non-cash charge against its earnings, so the EPS dips temporarily way below the per-share dividend.

FORBES: Connect

T-Mobile USA anticipates that it will record a material non-cash impairment charge related to its indefinite-lived assets for the fourth quarter of 2011.

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On a GAAP basis, the company lost 71 cents a share, due largely to a non-cash pension charge.

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