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EBITDA and adjusted EBITDA are non-GAAP financial measures we will discuss today that are reconciled through our net earnings in our press release which was issued yesterday. The press release is available through the Investor Relations page of our website.
Now it is my pleasure to introduce Jim Cowan.Jim Cowan Thank you Dale and good morning. Demand for railcars in North America remained strong. The industry reported that approximately 17,900 railcars were delivered and 16,400 railcars were ordered during the second quarter of 2012, producing a book-to-build ratio or 0.92. Industry backlog was approximately 58,700 railcars at the end of June. Approximately 84% of the industry backlog is for tank and hopper railcars, which bodes well for ARI. Going forward, one industry forecast for North America expects new railcar deliveries to be approximately 62,000 cars in 2012 or a very strong year. Demand for tank railcars in North America continues to be very strong. The industry reported that approximately 4,170 tank railcars were delivered and 13,720 tank railcars were ordered during the second quarter of 2012 producing a book-to-build ratio of 3.3. Industry backlog for tank railcars was approximately 42,370 at the end of June or over 70% of the industry backlog. The strength in demand for tank railcars continues to be driven by the oil and gas markets.