SG&A for the year ended December 31, 2012 was $52.5 million compared to $49.1 million in 2011. The increase in SG&A in 2012 compared to 2011 was primarily due to business development investments, costs of strategic hires to support New Services, increased incentive compensation accruals, wage claim costs, and increased severance and other costs related to the Company's service delivery model transformation.
Net earnings for the year ended December 31, 2012 were $5.4 million, or $0.21 per basic and diluted share, compared to net earnings of $2.8 million, or $0.11 per basic and diluted share, for 2011. Net cash provided by operating activities for the year ended December 31, 2012 was $18.8 million compared to $19.3 million in 2011.
Adjusted EBITDA for the year ended December 31, 2012 was $31.4 million compared to $24.5 million in 2011. For the year ended December 31, 2012, Adjusted EBITDA was earnings before interest, taxes, depreciation and amortization (EBITDA) excluding a charge of $6.3 million related to stock-based compensation, $2.1 million of charges incurred as part of the Company's service delivery model transformation, a $0.4 million charge for acquisition obligations classified as compensation, $1.0 million of wage claim costs, and $0.4 million of foreign currency gains on intercompany balances. The comparable Adjusted EBITDA amount for the year ended December 31, 2011 excludes from EBITDA for such period a $5.1 million charge for stock-based compensation, $2.0 million of charges incurred as part of the Company's service delivery model transformation, a $0.8 million charge for acquisition transaction costs and acquisition obligations classified as compensation, and $0.4 million of foreign currency losses on intercompany balances. Schedule 3 attached to this press release provides a reconciliation of net earnings to each of EBIT, EBITDA and Adjusted EBITDA.
LiquidityAt December 31, 2012, the Company had unrestricted cash and cash equivalents of $37.8 million and had no borrowings against its revolving credit facility. Bank debt outstanding at quarter end was $6.0 million, which represented the outstanding balance on a variable rate term loan due quarterly through 2014.
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