3) Excludes acquisition-related costs of $10.3 million and $84.2 million for the three months and full year pro forma periods ended December 31, 2011, respectively. Excludes acquisition-related costs for the three months and full year ended December 31, 2012 of $8.8 million and $17.0 million, respectively.

 
CUMULUS MEDIA INC. 
Unaudited Condensed Consolidated Statements of Operations 
(Dollars in thousands, except per share data) 
         
  Three Months Ended December 31, Year Ended December 31,
  2012 2011 2012 2011
  As Reported As Reported
         
Net revenues   $ 284,196  $ 281,265  $ 1,076,582  $ 519,963
         
Operating expenses:        
Direct operating expenses (excluding depreciation, amortization and LMA fees)  177,406  174,003  661,511  316,253
Depreciation and amortization   35,824  36,341  142,143  51,148
LMA fees   904  855  3,556  2,525
Corporate general and administrative expenses (including stock-based compensation expense of $3,108, $7,956, $18,779 and $10,744, respectively)  10,968  28,837  57,438  90,761
Gain on exchange of assets or stations  --  --  --  (15,278)
Realized (gain) loss on derivative instrument  (638)  687  (12)  3,368
Impairment of intangible assets  114,706  --  127,141  --
Total operating expenses   339,170  240,723  991,777  448,777
Operating (loss) income  (54,974)  40,542  84,805  71,186
         
Non-operating (expense) income:        
Interest expense, net  (48,448)  (51,990)  (198,628)  (86,989)
Loss on early extinguishment of debt  (2,432)  --  (2,432)  (4,366)
Gain on equity investment in Cumulus Media Partners, LLC  --  --  --  11,636
Other (expense) income, net   (2,433)  (48)  (2,474)  39
Total non-operating expense, net   (53,313)  (52,038)  (203,534)  (79,680)
Loss from continuing operations before income taxes  (108,287)  (11,496)  (118,729)  (8,494)
Income tax benefit (expense)  23,764  (6,247)  26,552  3,313
(Loss) income from continuing operations  (84,523)  (17,743)  (92,177)  (5,181)
(Loss) income from discontinued operations, net of taxes  (268)  4,605  59,448  69,041
         
Net (loss) income  $ (84,791)  $ (13,138)  $ (32,729)  $ 63,860
         
Basic and diluted (loss) income per common share:        
Basic: Loss from continuing operations per share  $ (0.51)  $ (0.17)  $ (0.70)  $ (0.17)
  Income from discontinued operations per share  $ --   $ 0.03  $ 0.37  $ 0.97
  (Loss) income per share  $ (0.51)  $ (0.14)  $ (0.33)  $ 0.80
Diluted: Loss from continuing operations per share  $ (0.51)  $ (0.17)  $ (0.70)  $ (0.17)
   Income from discontinued operations per share  $ --   $ 0.03  $ 0.37  $ 0.97
   (Loss) income per share  $ (0.51)  $ (0.14)  $ (0.33)  $ 0.80
Weighted average basic common shares outstanding  173,628,466  140,945,345  162,603,882  70,890,393
Weighted average diluted common shares outstanding  173,628,466  140,945,345  162,603,882  70,890,393

Non-GAAP Financial Measures

We utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. The non-GAAP financial measures used in this release are Adjusted EBITDA and free cash flow.

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