How does non-controlling interest affect the income statement model & calculation of EPS?
Hi, I understand that EPS is the net income attributed to ordinary shareholders divided by the weighted average number of ordinary shares. So EPS = (Net Income - Non-controlling interest) / Weighted average number of ordinary shares? Do we also deduct the non-controlling interest from the Operati... Hi, I understand that EPS is the net income attributed to ordinary shareholders divided by the weighted average number of ordinary shares. So EPS = (Net Income - Non-controlling interest) / Weighted average number of ordinary shares? Do we also deduct the non-controlling interest from the Operating Income on the income statement model just like how we deal with non-operating gains/losses? Or Should it be deducted from the Net Income after deducting the tax? Thank you. Read More

Diluted earnings per share
I'm confused on why you added 1080 to net income in 2002 to get diluted EPS but didn't add anything to net income in 2003 to get diluted EPS. From my understanding, in Part 2, you said that the company had to pay $1080 worth of interest to the convertible subordinate shareholders if they did not con... I'm confused on why you added 1080 to net income in 2002 to get diluted EPS but didn't add anything to net income in 2003 to get diluted EPS. From my understanding, in Part 2, you said that the company had to pay $1080 worth of interest to the convertible subordinate shareholders if they did not convert their debt into common stock. In 2002, we assumed that they did convert there stock, so diluted EPS =(net income + 1080)/diluted shares outstanding. Then, in part 4, for diluted EPS in 2003 you said that we did not need to account for the 1080 because the "Phoenix Companies converted all of the Company's Convertible Subordinated Debentures into common stock" (from F-13 of the 10k). Doesn't this mean that the company didn't need to pay $1080 and would therefore have to add it back to net income? Read More

Investment income in 2003
why is investment income in 2003 3171? isn't 580675*0.5%=2903?

Income Taxes
Shouldn't 2001 income taxes be 24,381 rather than 24,391?

Tax rate
Hi, one simple question here: why didn't we use the statutory tax rate of 35% (according to 10K p. F-18) when calculating the after-tax impact of the LIFO-FIFO adj.? Is there any specific reason or circumstance? And why assumes 40%? Thanks.