Lastly, as previously disclosed, the Company was party to a shareholder class action suit and to an inquiry by the U.S. Securities and Exchange Commission ("SEC") more fully described in the Company's filings with the SEC on Form 10-K and 10-Q available on the Company's website www.ambassadorsgroup.com or at the SEC website www.sec.gov . During the first quarter of 2013, the company received an insurance reimbursement for previously expensed legal costs related to these matters.
As a result of these events, the operations as presented in the accompanying financial statements for the three months ended March 31, 2013 and 2012 do not reflect a meaningful comparison between periods or in relation to the operational activities of the Company. In order to provide more meaningful disclosure, the following table represents a reconciliation of certain earnings measures before special items to those same items after the impact of special items (in thousands except per share data):
|Three months ended March 31,||Three months ended March 31,|
|Amount before special items||$ (6,663)||$ (7,391)||$ (0.39)||$ (0.42)|
|Legal fees – class action and SEC, net||547||(180)||0.03||(0.01)|
|Legal and other fees - proxy contest||--||(380)||--||(0.02)|
|Amount per consolidated statement of operations||$ (8,059)||$ (7,906)||$ (0.47)||$ (0.45)|
Deployable cash is a non-GAAP liquidity measurement and is calculated as the sum of cash and cash equivalents, short-term available-for-sale securities, and prepaid program costs and expenses, less the sum of accounts payable, accrued expenses and other short-term liabilities (excluding deferred taxes) and participant deposits. We believe this non-GAAP measurement is useful to investors in understanding important characteristics of our business.
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