“Net earnings” defined. “Net earnings” means gross income for an accounting period less the aggregate of the following:
1. Operating expenses.
2. Real estate expenses.
3. All losses actually sustained during such accounting period from the sale of securities, real estate or other property, or such portion of such losses as shall not have been charged to reserves, pursuant to the provisions of this chapter.
4. All interest paid, or due but unpaid, on borrowed money.
5. Other nonrecurring charges.
Last modified: February 26, 2006