Also to the extent that we discuss any non-GAAP financial measures, you will find reconciliations in our press release, which are posted on our website at www.graftech.com in the Investor Relations section. In particular, on this call, we will be discussing the non-GAAP financial items of adjusted EBITDA, operating income, net income and EPS that exclude the non-cash impacts of pension related charges and the release of that tax valuation allowance, both which have been accounted for in the fourth quarter of 2010 and 2011.
Any year-to-year growth comparison reflects the same adjustment. Further information on the methods we use to account for these items can be found in our SEC filings. For your reference, a reply of the call is available on our website.
At this time, I would like to turn it over to Craig.
Craig ShularThank you. Anita. Good morning everyone and thank you for joining GrafTech’s call. Today, we will take you to our full year and our fourth quarter highlights and then open it up to questions. Recapping our full year results for 2011, sales increased 31% to 1.3 billion and our EBITDA was $269 million, up 30%. 2011 EBITDA was our second best in the company’s history. Operating income improved to $188 million, while net income was $141 million, or $0.96 per share. Net debt at year end was $419 million, the increase year-over-year was primarily attributed to an increase in working capital needs to support the 31% increase in sales and the $2 million share buyback we concluded in Q4. In October, we successfully completed a $570 million five-year refinancing of our revolving credit facility. This represents as $310 million increase over the prior facility. We secured better terms and conditions and the credit was rated investment grade by Moody’s. This new facility will provide us excellent liquidity as we continue to grow our company and we’ll keep us well positioned in the volatile and still recovering global economy.