Management uses EBITDA to measure the Company's financial performance and to internally manage its businesses. Management believes that EBITDA provides useful information to investors as a measure of comparison with peer and other companies. EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with generally accepted accounting principles. EBITDA calculations may vary from company to company. Accordingly, the Company's computation of EBITDA may not be comparable with a similarly-titled measure of another company. The following sets forth the reconciliation of net income attributable to Green Plains to EBITDA for the periods indicated (in thousands):
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|Net income attributable to Green Plains||$ 33,023||$ 13,266||$ 11,779||$ 38,418|
|Net loss attributable to noncontrolling interests||(3)||(5)||(16)||(205)|
|Income tax expense||26,142||9,495||13,393||23,686|
|Depreciation and amortization||12,907||13,228||52,828||50,076|
|EBITDA||$ 80,849||$ 45,190||$ 115,505||$ 148,620|
Gain on the Sale of Agribusiness AssetsFor the quarter ended December 31, 2012, net income attributable to Green Plains was $33.0 million, or $0.94 per diluted share. The sale of 12 grain elevators in December 2012 resulted in an after-tax gain of $26.3 million, or $0.73 per diluted share. Excluding the gain on the sale, net income attributable to Green Plains was $6.7 million, or $0.21 per diluted share for the quarter ended December 31, 2012.