Second, certain Eastman financial measures referenced in this presentation are non-GAAP financial measures, such as earnings per share and operating earnings and excludes transaction and financing costs related to the pending acquisition of Solutia and another postretirement plan gain. Also referenced, our cash from operations excluding capital expenditures and dividend. A reconciliation to the most directly comparable GAAP financial measures and other associated disclosures, including a description of the transaction of financing cost related to the pending acquisition of Solutia and other postretirement plan gain, are available on our first quarter financial results news release and the tables accompanying the news release available at www.investors.eastman.com
Lastly, we have posted slides that accompany our remarks for this morning's call on our website, again at www.investors.eastman.com, and they're located in the Presentations and Events section. With that, I'll turn the call over to Jim.
James P. Rogers
Thanks, Greg, and good morning, everyone. And you'd hopefully noticed Greg mentioned that Ron Lindsay is on the call with us this morning. Ron is one of 2 EVPs here along with Mark Costa. Ron has Fibers and PCI and I imagine many of you have met Ron, and I'm pleased to have him on the call. Just to show that I'm a very generous CEO, he has a bit of good news and rather than me saying it, I'm going to let Ron say it because it was his team that worked on it. Plus I'm guessing there may just be 1 or 2 questions on cracker spreads, et cetera, so Ron's probably the right man to have with us here on the call.As I normally do, I'll start with an update on our most recent outlook statements. Back in January, we said we expected first quarter 2012 earnings per share to be between $1.05 and $1.15. This guidance was given prior to the implementation of a pension accounting change we announced in March, and Curt will have more on that in his remarks. With the pension accounting changed, we reported first quarter EPS of $1.22, which is on a comparable basis, it's near the top of our range. We also said that we expect to make progress this year on a number of organic growth initiatives, and you will hear this morning that we have completed several capacity expansions recently, and our Perennial Wood product is on the shelves in 50 Lowe's stores.