Management believes the presentation of adjusted net income and diluted earnings per share provides a clearer understanding of our operating performance for the periods . The revaluation of the Put option resulted in non-cash , non-operating income during the three months ended September 30 , 2010 . The reduction in value was primarily the result of declines in Visa 's price-to-earnings ratio in the second half of fiscal 2010 and does not reflect any change in the likelihood that Visa Europe will exercise its option . Management therefore believes that the resulting non-operating income is not indicative of Visa 's performance in the current or future periods .