| Other Comprehensive Income |
| 9. |
Other Comprehensive Income |
Other comprehensive (loss) income is reflected as a (decrease) increase to stockholders’ equity and is not
reflected in CBIZ’s results of operations. Other comprehensive (loss) income and total comprehensive income for the three and nine months ended September 30, 2011 and 2010, net of tax, was as follows (in thousands):
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THREE MONTHS ENDED
SEPTEMBER 30, |
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NINE MONTHS ENDED
SEPTEMBER
30, |
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2011 |
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2010 |
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2011 |
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2010 |
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Net income
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$ |
4,717 |
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$ |
4,832 |
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$ |
29,173 |
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$ |
26,238 |
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Other comprehensive income (loss):
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Net unrealized gain (loss) on available-for- sale securities, net of income taxes (1)
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203 |
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(445 |
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608 |
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(24 |
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Interest rate swap reclassified into interest expense, net of tax (2)
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73 |
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36 |
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102 |
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119 |
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Unrealized loss on interest rate swap arrangements, net of income taxes (3)
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(518 |
) |
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(16 |
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(578 |
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(48 |
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Foreign currency translation
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(16 |
) |
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(19 |
) |
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(49 |
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(54 |
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Total other comprehensive (loss) income
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(258 |
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(444 |
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83 |
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(7 |
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Comprehensive income
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$ |
4,459 |
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$ |
4,388 |
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$ |
29,256 |
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$ |
26,231 |
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(1) |
Net of income tax expense (benefit) of $135 and ($297) for the three months ended September 30, 2011 and 2010, respectively, and net of income tax expense
(benefit) of $256 and ($16) for the nine months ended September 30, 2011 and 2010, respectively. |
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(2) |
Net of income tax benefit of $43 and $21 for the three months ended September 30, 2011 and 2010, respectively, and net of income tax benefit of $60 and $70 for the
nine months ended September 30, 2011 and 2010, respectively. |
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(3) |
Net of income tax benefit of $304 and $9 for the three months ended September 30, 2011 and 2010, respectively, and net of income tax benefit of $340 and $29 for
the nine months ended September 30, 2011 and 2010, respectively. |
Accumulated other comprehensive loss, net
of tax, was approximately $0.9 million at September 30, 2011 and December 31, 2010. Accumulated other comprehensive loss consisted of adjustments, net of tax, to unrealized gains and losses on available-for-sale securities and interest
rate swaps, and adjustments for foreign currency translation.
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