It is my responsibility to advise you that this call and our slides contain forward-looking statements based on current expectations, and the company assumes no obligation to update these statements. Because the actual results may differ materially from expectations, we caution you not to place undue reliance on these statements.
Our first quarter 2012 Form 10-Q was filed this morning. Please refer to that document for forward-looking statements, cautionary language as well as the MD&A section, which identifies risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. A replay of this call will be available on our website for the next 30 days. It will also be available by telephone through May 10.
At this point, I’ll turn the call over to Jim.
Jim HatfieldThank you, Becky. The topics I will discuss today are outlined on slide four. First I will review the consolidated first-quarter results and discuss the main variances from last year's corresponding quarter. Second I'll provide a brief update on the status outlook for the Arizona economy and last I will close with brief comments on our liquidity and financing activities. Slide five summarizes our reported and ongoing earnings for the quarter. On GAAP basis for this year's first quarter we reported a consolidated net loss attributable to common shareholders of $8 million or $0.08 per share compared to a net loss of $15 million or $0.14 per share for the prior year's first quarter. Our ongoing earnings increased $0.08 per share. For the 2012 first quarter we had consolidated ongoing loss of $7 million or $0.07 per share versus an ongoing loss of $16 million or $0.15 per share for the comparable quarter a year ago. Slide six contains a reconciliation of our first quarter GAAP earnings per share to our ongoing earnings per share. The amount for both quarters exclude results related to our discontinued real estate and energy services businesses. My remaining comments on the quarter will focus on our ongoing results.