At times during this call, we will refer to adjusted EPS. Our earnings press release includes a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles or GAAP. This is also posted on our website at www.perficient.com.We have also posted a slide deck, which includes a reconciliation of certain non-GAAP goals to the most directly comparable financial measures prepared in the accordance with GAAP on our website at www.perficient.com under Investor Relations. Jeff? Jeff Davis Thanks, Paul. Thanks again everyone for joining. We're glad to be with you here today to share our second quarter 2012 results, and the second quarter wrapped up a solid first half of the year 2012 for Perficient, our fifth consecutive record revenue quarter and revenue growth of about 25% year-over-year. EBITDA net of stock comp was up 21%, net income was actually up 30%, GAAP earnings per share and adjusted earnings also, both increased. Utilization for North American employees was 83% during the quarter and our average bill rate remained steady at $127 an hour for North American employees, which as I mentioned on the last call is the highest (Inaudible) solid quarter from delivery perspective. We're also busy on the acquisition front as I am sure you noticed. We acquired Nascent Systems and Northridge Systems in the last few weeks. Nascent, we're excited particularly about getting into the ERP business, and scenario that we long identified as a gap in the portfolio. It's been on our target list for a long time, so we're pleased about that. Also, Northridge, great group of folks, great team, further deepens our portal and collaboration capabilities and help strengthen our position as one of the largest, I think, one of the top two I believe, Microsoft national systems integrators in the country.
After our substantial Q1 bookings performance, things did normalize it in the second quarter as we expected, but through the first half of 2012 (Inaudible) remain up 36% year-over-year. We sold 15 deals during the quarter north of $1.5 million, and they averaged just under $900,000 each. That compares to 28 in the first quarter. As you recall, we had a substantial bookings quarter in the first quarter. Those 28 averaged about $1.3 million, and it also compares to 15 in the second quarter of last year that averaged about $1.3 million as well.Q3 bookings have start out well and the pipeline is strong. Our July bookings were up better than 10% year-over-year, I want to say maybe 15%. All in all, we are pleased with our growth and are very active first half of 2012 and determined to continue to execute against our long-term goals. After Paul shares financial details for the quarter, I will be back to share some more insight into our performance in Q2 and outlook for Q3 and then of course we've got Q&A at the end. Paul? Paul Martin Thanks, Jeff. Total revenues for the second quarter of 2012 were $81.8 million, a 25% increase over the year ago quarter. Services revenue for the second quarter of 2012, excluding reimbursed expenses increased 23% to $72.2 million over the comparable prior year period. Year-over-year organic growth was 8%. Services gross margin for the second quarter of 2012, excluding stock compensation and reimbursable expenses increased to 36.7% from 36.1% in the second quarter of 2011, which continues our trend of year-over-year margin improvement. SG&A expenses increased to $16.6 million in the second quarter of 2011 from $13.2 million in the comparable prior year quarter. SG&A as a percentage of revenue was 20.2% for both, the second quarter of 2012 and 2012.
EBITDAS defined as earnings before interest taxes, depreciation, amortization and stock compensation for the second quarter of 2012 was $12.5 million, or 15.2% of revenues compared to $10.3 million or 15.7% of revenues for the second quarter of 2011.Read the rest of this transcript for free on seekingalpha.com