RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

Earnings before interest, taxes, depreciation and amortization, or EBITDA, and EBITDA excluding certain items are not financial measures determined according to U.S. generally accepted accounting principles, or GAAP. We consider EBITDA and EBITDA excluding certain items to be meaningful disclosures because we believe that the presentation of these non-GAAP financial measures may help investors to gain a better understanding of changes in our operating results, and may also help investors who wish to make comparisons between us and other companies on both a GAAP and non-GAAP basis. These non-GAAP financial measures are used by management to evaluate our financial performance and for comparing our performance over time to the performance of our competitors. EBITDA and EBITDA excluding certain items as presented may not, however, be comparable to amounts calculated by other companies. This information should not be considered as an alternative to income from continuing operations, net income from continuing operations, net income or any other financial operating or performance measure established by GAAP. The reconciliation of income from continuing operations to EBITDA and EBITDA excluding certain items is as follows:
     
For the three months For the year
ended December 31, ended December 31,
2011   2010 2011   2010
Income from continuing operations $

52,744
$ 6,884 $

68,277
$ 25,562
Add: interest and other expense 1,512 546 3,917 2,596
Add: income tax expense

-
518

157
1,448
Add: depreciation and amortization 6,348 4,162 21,127 16,034
Less: income tax benefit

(51,560)
- (50,711) -
Less: interest, dividend and other income   (278)   (195)   (1,295)   (1,816)
EBITDA

8,766

11,915

41,472

43,824

Add: impairment of long lived assets

3500

-

3,500

-
Add: acquisition related costs 229

-
1,759

-

Add: loss on UBS put right related to auction rate securities
- - - 4,714
Less: gain on investments in trading securities - - - (4,856)
Less: gain on sale of investments in available for

sale securities
(3,460) (933) (4,116) (933)
Less: gain on early extinguishment of debt   -   (108)   (1)   (592)
EBITDA excluding certain items $ 9,035 $ 10,874 $ 42,614 $ 42,157

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