Proceeds from the sales of surplus assets decreased $1.9 million and $5.7 million for the fourth quarter and full year of 2012, respectively over the comparable 2011 periods.
Several adjustments to net income are required to calculate Available Cash before Reserves.
The calculations of Available Cash before Reserves for the fourth quarters and full years of 2012 and 2011 were as follows:
|Three Months Ended||Year Ended|
|December 31,||December 31,|
|Depreciation and amortization||15,719||19,090||61,166||62,190|
|Cash received from direct financing leases not included in income||1,268||1,194||5,016||4,615|
|Cash effects of sales of certain assets||106||1,979||773||6,424|
|Effects of distributable cash generated by equity method investees not included in income||5,366||4,756||24,464||16,681|
|Cash effects of equity-based compensation plans||(760||)||(194||)||(3,280||)||(2,394||)|
|Non-cash equity-based compensation expense||988||998||4,978||311|
|Expenses related to acquiring or constructing assets that provide new sources of cash flow||663||847||1,679||4,376|
|Unrealized loss on derivative transactions excluding fair value hedges||1,337||5,373||86||724|
|Maintenance capital expenditures||(1,710||)||(604||)||(4,430||)||(4,237||)|
|Non-cash tax benefit||(66||)||(2,048||)||(9,222||)||(2,075||)|
|Other items, net||620||(1,816||)||1,609||335|
|Available Cash before Reserves||$||50,468||$||37,348||$||179,158||$||138,199|
Other Components of Net IncomeIn the fourth quarter of 2012, we recorded net income of $26.9 million compared to $7.8 million for the fourth quarter of 2011. Net income for the full year of 2012 was $96.3 million compared to $51.2 million for the full year of 2011. Other items affecting net income between the fourth quarters and full years of 2012 and 2011, other than those factors impacting Available Cash before Reserves, include depreciation and amortization, unrealized loss on derivative transactions (excluding fair value hedges), income tax benefit and non-cash expense related to certain equity-based compensation plans.
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