At the end of the second quarter of 2012, the original acquisition cost of the Company’s rental fleet was $809.3 million, an increase of $84.4 million from $724.9 million at the end of the second quarter of 2011 and an increase of $72.7 million from $736.6 million at the end of 2011. Dollar utilization was 35.6% compared to 31.0% for the second quarter of 2011. Dollar returns increased reflecting higher year-over-year average rental rates and improved time utilization.
Selling, General and Administrative Expenses
SG&A expenses for the second quarter of 2012 were $41.4 million compared with $37.5 million last year, a $3.9 million, or 10.3%, increase. For the second quarter of 2012, SG&A expenses as a percentage of total revenues were 19.8% as compared to 20.4% a year ago.Income from Operations Income from operations for the second quarter of 2012 was $23.5 million, or 11.2% of revenues, compared with income from operations of $10.4 million, or 5.6% of revenues, a year ago. Interest Expense Interest expense for the second quarter of 2012 was $7.0 million compared to $7.2 million a year ago. Net Income Net income was $10.5 million, or $0.30 per diluted share, in the second quarter of 2012, compared to net income of $2.7 million, or $0.08 per diluted share, a year ago. The effective income tax rate in the second quarter of 2012 was 37.2% compared to 18.7% a year ago. EBITDA EBITDA for the second quarter of 2012 increased 46.8% to $51.7 million compared to $35.2 million a year ago. EBITDA, as a percentage of revenues, was 24.7% compared to 19.1% a year ago. Non-GAAP Financial Measures This press release contains certain Non-GAAP measures (EBITDA). Please refer to our Current Report on Form 8-K for a description of our use of these measures. EBITDA, as calculated by the Company, is not necessarily comparable to similarly titled measures reported by other companies. Additionally, these Non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered as alternatives to the Company's other financial information determined under GAAP.