During today's call, Bob Jornayvaz will recap second quarter results, provide highlights on capital projects and talk briefly on corporate strategy. Kelvin Feist will cover sales and marketing, and David Honeyfield will wrap things up with some additional capital investment detail and a high-level review of operations.I would like to remind everyone that statements made on this call that are not historical fact or that express a belief, expectation or intention, including statements about our financial and operational outlook, are forward-looking statements within the meaning of the United States securities laws. These statements are not guarantees of future performance. A number of assumptions, which we believe are reasonable, were made in connection with the expectations reflected in such forward-looking statements. The forward-looking statements involve risks and uncertainties, which could cause actual results to differ from our expectations. For more information with respect to the risks, uncertainties and other factors, which could cause our actual results to differ from our forward-looking statements, we direct you to the news release which we issued last night and the risk factors and management discussion and analysis of financial conditions and result of operation in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as filed with the SEC. All forward-looking statements are qualified in their entirety by such factors. Our earnings news release, which is posted on our website at intrepidpotash.com, includes a reconciliation of certain non-GAAP financial measures to the most directly comparable GAAP measures, including adjusted EBITDA, which we use on this call. All references to tons are to short tons of 2,000 pounds. I'll now turn the call over to Bob Jornayvaz. Robert P. Jornayvaz Thanks, Will, and thanks to those joining us today to learn more about Intrepid's second quarter 2012 results and current market trends.
Our second quarter results exceeded our expectations and reflect the strength of our marketing program and the benefits of our investments in the business over the last few years. We earned $0.25 per diluted share on net income of $19 million, and our adjusted EBITDA was $43 million. Once again, we delivered the best margin per ton when compared to the North American potash producers that have already reported, building on our long track record of value creation and delivering the highest margins.Our balance sheet remained debt free with $186 million of cash and investments. At the end of the quarter, we deployed $62 million towards the execution of our robust capital investment plan, putting us on pace to invest between $225 million and $300 million this year to grow and enhance our operations. There are so many great things going on in Intrepid. Our recent and continued operational success shows that the investments we're making in the business are clearly paying off. Our West Facility continues to perform well, both in the underground and surface operations. During the quarter, we achieved 3 daily hoisting and processing records at this facility. West has been the focus of a number of debottlenecking and technology investments over the last several years, and our return on these investments is being realized as our people execute against our plan. When I speak about those records, I want to make it clear that those facilities have been in operations since 1962, so those milestones, in terms of hoisting and processing records, are truly achievements. Our Utah operations continue to perform well as well. At our Wendover, Utah facility, we are seeing strong recoveries and increased throughput. Our Moab, Utah mine is expressing a good, solid evaporation season and is making significant progress on the addition of 2 multi-well horizontal cavern systems. These wells are state-of-the-art and will help grow our low-cost solar evaporation production and further our growth strategy and objectives.
Our compaction investments at both Moab and Wendover continue to perform extremely well, giving us production flexibility and enhancing our product quality, giving us significant opportunities to market that product throughout the entire United States.Read the rest of this transcript for free on seekingalpha.com