EBITDA from Continuing Operations is defined as Earnings from Continuing Operations Before Income Taxes plus net interest expense, depreciation, and amortization expense. Adjusted EBITDA from Continuing Operations is defined as EBITDA from Continuing Operations less amounts related to the Severance and Retention Agreement with DHL, which ended in March 2010, plus net derivative losses, plus the write-off related to the termination of certain credit agreements in conjunction with the refinancing of the Company's debt, plus asset impairment charges.

Management uses EBITDA from Continuing Operations as an indicator of the cash-generating performance of the operations of the Company. Management uses Adjusted EBITDA and Adjusted Pre-tax Earnings from Continuing Operations to assess the performance of its operating results among periods. EBITDA and Adjusted EBITDA from Continuing Operations, and Adjusted Pre-tax Earnings should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, or as an alternative measure of liquidity.
 
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES

IN-SERVICE AIRCRAFT FLEET
 
Aircraft Types
December 31,   2010     2011     2012 Projected
    Operating     Operating     Operating
Total Owned Lease Total Owned Lease Total Owned Lease
B767-200 33 31 2 40 36 4 41 37 4
B767-300 1 1 3 2 1 9 7 2
B757-200 2 2 3 3 3 3
B757 Combi 2 2
DC-8 11 11 3 3 2 2
DC-8 Combi 4 4 4 4 2 2
B727-200 13   12   1   4   4     3   3  
Total Aircraft In-Service 64   60   4   57   52   5   62   56   6
 
Owned Aircraft Placements
December 31, 2010 2011 2012
 
ATSG airlines 43 31 29-35
External customers 17   21   21-27
60   52  

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