AMCON Distributing Company and Subsidiaries

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

The financial measure of adjusted book value per share included in this press release (“adjusted book value per share”) has been determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Management believes that this non-GAAP financial measurement reflects an additional way of viewing aspects of the Company’s business that, when viewed together with its financial results computed in accordance with GAAP, provides a more complete understanding of factors affecting historical financial performance of the Company. This measure is important to investors interested in determining the amount of book value per share if all potentially dilutive shares were exercised or converted. This non-GAAP financial measurement is not intended to be a substitute for the comparable GAAP measurements and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

The Company has defined the non-GAAP financial measure of adjusted book value per share as follows:
  • “Adjusted book value per share” is defined as total shareholders’ equity increased by the impact of proceeds from the exercise of all stock options, conversion of convertible preferred stock and vesting of restricted stock units divided by total common shares outstanding plus common shares issuable upon the exercise of all stock options, conversion of convertible preferred stock and vesting of restricted stock units.”
 

September 2012
Number of common shares outstanding at September 30, 2012   612,327
Total shareholders’ equity at September 30, 2012 $   48,458,655
 
Book value per share at September 30, 2012 $ 79.14
 

September 2012
Number of common shares outstanding at September 30, 2012 612,327
Add: common shares potentially issuable for stock options, convertible preferred stock, and unvested restricted stock units /1/     215,047
    827,374
 
Total shareholders’ equity at September 30, 2012 $ 48,458,655
Equity impact if all potential common shares were converted /1/     7,425,745
$   55,884,400
 
Adjusted book value per share at September 30, 2012 $ 67.54
 
/1/   Assumes the exercise of all vested and unvested stock options, conversion of all preferred stock, and vesting of all outstanding restricted stock units at September 30, 2012.

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