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| ($ in thousands) Appendix III—GAAP Reconciliation to Adjusted EBITDA (Annual) 23 Note: The Company defines adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) as net income (loss) including noncontrolling interests, excluding discontinued operations, income taxes, other (income) expense, net, changes in the fair value of contingent earn-out obligations, interest (income) expense, net, gain on sale of assets, goodwill and other intangible asset impairments and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entity’s financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income (loss), net income (loss), or cash flows as determined under generally accepted accounting principles and as reported by the Company. 2007 2008 2009 2010 2011 Net Income (Loss) Including Noncontrolling Interests 32,466 $ 49,690 $ 34,182 $ 14,740 $ (36,492) $ Discontinued Operations - 114 414 (723) - Income Taxes 20,080 30,866 21,437 6,360 (8,172) Other (Income) Expense, net, (5) (64) (17) (267) (934) Changes in the Fair Value of Contingent Earn-out Obligations - - - (1,574) (5,528) Interest (Income) Expense, net (2,670) (1,160) 617 1,506 1,758 Gain on Sale of Assets 34 (290) (106) (525) (239) Goodwill and Other Intangible Asset Impairments - - - 5,734 58,922 Depreciation and Amortization 6,853 12,586 13,432 17,442 20,053 Adjusted EBITDA 56,758 $ 91,742 $ 69,959 $ 42,693 $ 29,368 $ Year Ended December 31, |