Selling, General and Administrative Expenses
SG&A expenses for 2012 were $169.7 million compared with $153.4 million last year, a $16.3 million, or a 10.6%, increase. In 2012, SG&A expenses as a percentage of total revenues were 20.3% compared to 21.3% in 2011.
Income from Operations
Income from operations in 2012 was $89.2 million, or 10.7% of revenues, compared to $40.1 million, or 5.6% of revenues in 2011.
Interest expense in 2012 was $35.5 million compared to $28.7 million in 2011.
Net Income and Adjusted Net Income
Net Income was $28.8 million, or $0.82 per diluted share, compared to $8.9 million, or $0.26 per diluted share in 2011. Adjusted Net Income was $35.4 million, or $1.01 per diluted share in 2012. The effective income tax rate was 35.1% in 2012 as compared to 26.5% in 2011.
EBITDA and Adjusted EBITDA
EBITDA for 2012 increased $56.2 million to $196.5 million from $140.3 million in 2011. EBITDA as a percentage of revenues was 23.5% compared to 19.5% in 2011. Adjusted EBITDA increased $66.4 million, or 47.4%, to $206.7 million from $140.3 million in 2011. Adjusted EBITDA as a percentage of revenues was 24.7% compared with 19.5% in 2011.
Non-GAAP Financial Measures
This press release contains certain Non-GAAP measures (EBITDA, Adjusted EBITDA and Adjusted Net Income). Please refer to our Current Report on Form 8-K for a description of these measures and a discussion of our use of these measures. EBITDA, Adjusted EBITDA, and Adjusted Net Income as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Adjusted Net Income provides useful information concerning future profitability. 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.