Checkpoint Systems is a global leader in shrink management, merchandising visibility, and apparel labeling solutions. The firm is a leading provider of source tagging, handheld labeling systems, retail merchandising systems, and bar-code labeling systems. In a press release, Checkpoint stated the following:
GAAP reported net loss for the fourth quarter of 2004 was $29.3 million, or $0.78 per diluted share, compared to net earnings of $4.5 million, or $0.13 per diluted share, for the fourth quarter 2003. Excluding impairment and restructuring charges, net of tax, the Company’s net income for the fourth quarter 2004 was $0.30 per diluted share, compared to $0.27 per diluted share in the fourth quarter 2003.

Calculate the amount of the impairment and restructuring charges reported by Checkpoint in 2004 and 2003. Discuss why the firm reported earnings both including and excluding impairment and restructuring charges.