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 a 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
ended March 31,
2012     2011
Income from continuing operations $ 746 $ 5,907
Add: interest and other expense 1,426 501
Add: income tax expense 602 379
Add: depreciation and amortization 6,316 4,307
Less: interest, dividend and other income   (217)   (319)
EBITDA 8,873 10,775
Add: acquisition related costs - 102
Less: gain on sale of investments in available for sale securities - (76)
Add: loss on sale of investments in available for sale securities   1   -
EBITDA excluding certain items $ 8,874 $ 10,801
 

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