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Corrections Corporation Of America's CEO Discusses Q2 2012 Results - Earnings Call Transcript

We're also very excited that we’ve kicked off officially our dividend program and we paid our first dividend of $0.20 on June 22. And also with our Cimarron facility ramping up with Puerto Rico and then also, Jenkins facility in Georgia ramping up with the State of Georgia inmates, both of those have ramped up nicely during the four months and both contracts are virtually full today.

On the cost control side, we continue to focus on cost and efficiency as we've announced in our press release, but we did had some noise in the quarter as it relates to activation of our Jenkins and ramp up at Puerto Rico. Also quarter-over-quarter was impacted by salary increases that we had implemented last year.

Look here in a second, I’m going to turn the call over to Todd, but before I do, I would like to thank all of you for the outpouring support you’d given me and the company after we lost one of our team members back in May at our Adams County facility. I visited the facility again this past week and I am so proud of the team there, as we moved forward from this tragic loss.

With that, let me turn it over to Todd.

Todd J. Mullenger

Thank you, Damon, and good morning, everyone. In the second quarter of 2012 we generated $0.38 of adjusted EPS excluding the costs associated with our repayment of senior notes and the re-feasibility study. Funds from operations or FFO totaled $0.55 per share while adjusted funds from operations or AFFO totaled $0.43 per share. As a reminder FFO and AFFO per share are always below average in Q2 due to the fact that nearly 100% of the estimated income tax payments for the first half of the year are made in Q2. FFO per share for the first half of the year totaled $1.37.

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