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ADJUSTED EBITDA | |||||||
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(in thousands) | |||||||
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Three Months Ended |
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Six Months Ended June 30, | ||||
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|
2012 |
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2011 |
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2012 |
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2011 |
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Net income |
$ 14,091 |
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$ 13,409 |
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$ 29,847 |
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$ 25,656 |
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Adjustments: |
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Interest (income) expense, net |
(1,307) |
|
2,604 |
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(1,360) |
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7,127 |
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Provision for income taxes |
9,341 |
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7,579 |
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19,338 |
|
15,003 |
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Depreciation and amortization |
17,756 |
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17,492 |
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35,495 |
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34,218 |
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Transaction costs |
2,376 |
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- |
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2,376 |
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- |
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Non-cash stock-based compensation expense |
2,435 |
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2,892 |
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5,176 |
|
5,737 |
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Adjusted EBITDA |
$ 44,692 |
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$ 43,976 |
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$ 90,872 |
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$ 87,741 |
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Adjusted EBITDA is a non-GAAP financial measure that represents net income before depreciation and amortization expenses, net interest income or expense, provision for income taxes, non-cash stock-based compensation expense and other items including transaction related costs. We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing operations. However, Adjusted EBITDA is not a recognized term under financial performance under GAAP, and our calculation of Adjusted EBITDA may not be comparable to the calculation of similarly titled measures of other companies. | |||||||
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