[e] On an adjusted basis for the three months ended April 28, 2012, basic and diluted shares outstanding include (1) the impact of the Reorganization, as well as (2) the 4,782,609 shares of common stock that the Company issued and sold on November 7, 2012 in its initial public offering, as if such events had been completed as of the beginning of the period and the common stock resulting therefrom was outstanding for the period.

 
RESTORATION HARDWARE HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO OPERATING INCOME (LOSS)
AND ADJUSTED OPERATING INCOME (LOSS)
(In thousands)
(Unaudited)
   
 
Three Months Ended

   May 4,    2013

  April 28,   2012
Net loss $ (161 ) $ (3,728 )
Interest expense 840 1,575
Income tax expense (benefit)   (168 )   56  
Operating income (loss) 511 (2,097 )
Management and pre-IPO board fees [a] 889
Non-cash compensation [b] 3,323
Secondary offering fees [c] 767
Lease termination costs [d]       575  
Adjusted operating income (loss) $ 4,601   $ (633 )

[a] Includes fees and expenses paid in accordance with our management services agreement with Home Holdings, LLC (“Home Holdings”), as well as fees and expense reimbursements paid to our Board of Directors prior to the initial public offering. All management fees were paid in full at the time of the initial public offering.

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