Computation of Profits. For the purpose of this Agreement, profits or losses shall mean gross receipts from any and all operations carried out by the company less all expenses, direct and indirect, properly attributable thereto, as determined by the audited financial statements of the Company.
Computation of Profits. The indented portion of the second paragraph of Paragraph 24 of the Agency Agreement shall be amended in its entirety to read as follows: "The Pulitzer Publishing Company and The Herald Company, as successor to the Globe Democrat Publishing Company, shall each receive fifty percent (50%) of the first $4,000,000 of the "Excess of Income Over Expenses", as defined herein. The Pulitzer Publishing Company shall then receive one hundred percent (100%) of the "Excess of Income Over Expenses", if any, in excess of $4,000,000 but not in excess of $7,000,000. Thereafter, the balance, if any, of the "Excess of Income Over Expenses" above $7,000,000 shall be divided seventy percent (70%) to The Pulitzer Publishing Company and thirty percent (30%) to The Herald Company, successor to the Globe Democrat Publishing Company."
Computation of Profits. To maximize the deterrent effect of Section 16(b), the courts have utilized the “lowest-in, highest-out” approach to compute the profits recoverable on short-swing transactions. Under this approach, when there is a series of transactions during the short-swing period, the highest sale price is matched with the lowest purchase price during the period, then the next highest sale price is matched with the next lowest purchase price, and so forth, regardless of the order in which such transactions actually occurred. The differences are then totaled to determine the recoverable profits. Losses cannot be offset against gains under this method. As a result, it is entirely possible for an insider to have an actual loss on a series of transactions but a substantial profit payable under Section 16(b). In one case, for example, an insider suffered a net loss of $400,000 on a series of purchases and sales within a short-swing period, but was found by the court to have recoverable profits of $300,000.
Computation of Profits. The following procedure shall be used for the purpose of computing profits, among the Parties:
Computation of Profits. The following procedure shall be used for the purpose of computing profits, among the Parties: Expenses of conducting the Joint Venture shall first be deducted from assets. The Parties to this Agreement contributing money, or property measured in money at the agreed value set forth in Section 2 of this Agreement, shall, after expenses of the Joint Venture have been paid, be entitled to a return of such contribution in computing the amount attributable to profits. After contributions in money or property have been returned, any Party who is required to contribute time to the venture shall be entitled to per hour for such time from the assets before computing the amount of income or profits available for distribution.
