- Debt decreased $4.4 million during the quarter to $292.1 million, with the Company’s funded debt (notes payable) to equity ratio decreasing from 0.89 to 1 at December 31, 2011 to 0.85 to 1 at March 31, 2012. As of March 31, 2012, the Company had capacity to borrow an additional $162.9 million under its lines of credit.
- Dividend rate increased 2% to $0.235 per share for the first quarter 2012 compared to the first quarter 2011. On an annualized basis, this dividend represents a 3.2% yield on the May 2, 2012 close price of $29.28.
- Adjusted EBITDA increased 7% to $37.0 million for the first quarter of 2012. At March 31, 2012, the Company’s ratio of funded debt to the last twelve months actual Adjusted EBITDA was 1.78 to 1 compared to 1.84 to 1 at December 31, 2011. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization and other non-cash stock-based compensation. A reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release.