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Kforce Reports Fourth Quarter Revenue Of $258.5 Million And EPS Of $0.16

Adjusted EBITDA and Net Income before Equity-Based Compensation Expense are key measures used by management to evaluate its operations and to provide useful information to investors. These measures should not be considered in isolation or as an alternative to net income, cash flows data or other financial statement information presented in the consolidated financial statements as indicators of financial performance or liquidity. These measurements are not determined in accordance with generally accepted accounting principles and are thus susceptible to varying calculations. The measures as presented may not be comparable to similarly titled measures of other companies.

Kforce Inc.
Selected Financial Information and Reconciliations
(In Thousands, Except Per Share Amounts)
(Unaudited)
         
Year to Date Adjusted EBITDA        
         
  Twelve Months Ended
  Dec. 31, 2010 Dec. 31, 2009
  $ Per share $ Per share
         
Net Income  $ 20,634  $ 0.51  $ 12,873  $ 0.33
Intangible Asset Impairment, Pre-Tax  --   --   870  0.02
Depreciation & Amortization  12,611  0.31  11,673  0.30
Acceleration of PARS & SARS  --   --   3,624  0.09
Amortization of Stock Options & SARS  --   --   127  0.00
Amortization of Restricted Stock & PARS  6,036  0.15  2,620  0.07
Interest Expense and Other  1,254  0.03  1,338  0.03
Income Tax Expense  12,690  0.31  9,020  0.23
Adjusted EBITDA  $ 53,225  $ 1.31  $ 42,145  $ 1.07
         
Weighted Average Shares Outstanding - Diluted  40,503    39,330  

Adjusted EBITDA, a non-GAAP financial measure, is defined as net income before non-cash impairment charges, interest, income taxes, depreciation and amortization and amortization of stock-based compensation expense. Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance.

Year to Date Net Income before Equity-Based Compensation Expense
         
  Twelve Months Ended
  Dec. 31, 2010 Dec. 31, 2009
  $ Per share $ Per share
         
Net Income  $ 20,634  $ 0.51  $ 12,873  $ 0.33
Equity-Based Compensation Expense, Net:        
Alternative LTI Expense  1,563  0.04  2,467  0.06
Acceleration of PARS & SARS  --   --   3,624  0.09
Amortization of Stock Options & SARS  --   --   127  0.00
Amortization of Restricted Stock & PARS  6,036  0.15  2,620  0.07
Income Tax Benefit   (2,894)  (0.07)  (3,641)  (0.09)
Equity-Based Compensation Expense, Net  4,705  0.12  5,197  0.13
Net Income before Equity-Based Compensation Expense  $ 25,339  $ 0.63  $ 18,070  $ 0.46
         
Weighted Average Shares Outstanding - Diluted  40,503    39,330  

"Net Income before Equity-Based Compensation Expense", a non-GAAP financial measure, is defined as net income before compensation expense incurred in conjunction with share-based payment awards and alternative long-term incentive awards. Kforce measures the cost of employee services received in exchange for an equity based award based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period in which the employee is required to provide service in exchange for the award, which is usually the vesting period.

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