Disney's earnings for 2005 reflect the impact of changes in accounting rules, resulting in the expensing of the fair value of stock options and the revaluing of certain of our FCC licenses. In aggregate, these changes reduced reported earnings by $0.10 per share. Before giving effect to these accounting changes, Disney delivered earnings per share of $1.32 for the year1. Comparable earnings per share in 2004 were $1.12, yielding earnings per share growth for the year of 18%, which is particularly gratifying as it follows substantial growth in the prior two years.
1 Earnings per share excluding the impact of stock option expense is not a financial measure defined by Generally Accepted Accounting Principles (GAAP). Excluding the impact of stock option expense increased earnings per share by $0.08 of the $0.10 referred to above.
