To assist with our call this morning, we have posted a presentation on our website that will be referenced during this call. To access this presentation, please look in the investor section of our website under Webcasts and Presentations and follow the appropriate link.
Turning to Page 2 of the presentation, I need to inform you that comments made during this conference call may contain statements that are commonly referred to as forward-looking statements. Such statements include those about future expectations, beliefs, plans, strategies, objectives, events, conditions and financial performance. We caution you that various factors could cause actual results to differ materially from those anticipated and described in the forward-looking statements. For additional information concerning these factors, please read the forward-looking statement section in the news release we issued today and the forward-looking statements and risk factors section in our filings with the SEC.
Tom will begin this call with an overview of first quarter 2012 earnings and 2012 guidance, followed by a discussion of recent regulatory and business developments. Marty will follow with more detailed discussions of first quarter 2012 financial results as well as regulatory and other financial matters. We will then open the call for questions.
Here is Tom, who will start on Page 3 of the presentation.Thomas VossThanks, Doug. Good morning and thank you for joining us. Today we announced a first quarter 2012 net loss in accordance with generally accepted accounting principles, or GAAP, of $1.66 per share compared to first quarter 2011 GAAP net income of $0.29 per share. This first quarter 2012 GAAP net loss included a non-cash pre-tax asset impairment charge of $628 million related to the write-down of our Duck Creek merchant generation energy center which was triggered by the first quarter 2012 sharp decline in forward prices for electricity. Excluding the impacts of this charge, a related tax adjustment and mark-to-market activity, first quarter 2012 core results were positive with earnings of $0.22 per share compared to first quarter 2011 core earnings of $0.25 per share. The decrease in first quarter 2012 core earnings compared to first quarter 2011 core earnings primarily reflected the impact of warm winter weather on our regulated utility electric and natural gas sales.
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