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Corrections Corporation Of America's CEO Discusses Q3 2011 Results - Earnings Call Transcript

However, we did give merit increases this past quarter. And this is our first merit increases to our employees since 2008 and this cost obviously impacted on margin rate for the quarter. So, overall is very pleased with our performance in the third quarter. I would especially like to thank all those, my fellow CCA colleagues with their distinguished performance they have enabled us to achieve for our company this year.

Now, I would like to hand the call over to Todd to discuss the detailed financials. After which, I will discuss how we see the market and our opportunities going forward. Todd?

Todd Mullenger – Chief Financial Officer

Thank you, Damon, and good morning everyone. We’re very pleased with our third quarter operating results. In the third quarter of 2011, we generated $0.37 of EPS. The third quarter financial performance exceeded our forecast due primarily to favorable operating costs performance and our share repurchase program.

Revenue per compensated man-day in Q3 was essentially flat against last year, reflecting increases in per diems from certain federal and state partners offset by change in mix with more managed-only populations that carry a lower per diem.

Operating expenses per man-day increased 1.8% compared to a year ago, which reflects the merit increase we provided to our employees, the first they have seen in three years. The annualized impact of the merit increase is approximately $15 million. Regarding our current share repurchase program during the third quarter, we have repurchased 7.6 million shares, including the shares we purchased under our first share repurchase program announced in November 2008. We have repuchased a total of $28.3 million shares at an average cost per share of approximately $17.87. This represents nearly 23% of the shares outstanding at the beginning of November 2008.

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