Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the three months ended March 31, 2016 and 2015.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2016 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 217.0 |
| | $ | 181.3 |
| | $ | 71.8 |
| | $ | 30.5 |
| | $ | 6.1 |
| | $ | (2.1 | ) | | $ | 504.6 |
|
| Depreciation and amortization | 14.5 |
| | 7.2 |
| | 3.1 |
| | 1.9 |
| | 0.4 |
| | 0.8 |
| | 27.9 |
|
| Cost of sales and selling and administrative | 187.2 |
| | 147.2 |
| | 72.7 |
| | 23.5 |
| | 6.1 |
| | 21.1 |
| | 457.8 |
|
| Total operating costs | 201.7 |
| | 154.4 |
| | 75.8 |
| | 25.4 |
| | 6.5 |
| | 21.9 |
| | 485.7 |
|
| Income (loss) from operations | 15.3 |
| | 26.9 |
| | (4.0 | ) | | 5.1 |
| | (0.4 | ) | | (24.0 | ) | | 18.9 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (5.7 | ) | | (5.7 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | 15.3 |
| | 26.9 |
| | (4.0 | ) | | 5.1 |
| | (0.4 | ) | | (29.7 | ) | | 13.2 |
|
| Income tax provision | — |
| | — |
| | — |
| | — |
| | — |
| | 4.4 |
| | 4.4 |
|
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.5 | ) | | — |
| | — |
| | — |
| | (1.5 | ) |
| Income (loss) from continuing operations | $ | 15.3 |
| | $ | 26.9 |
| | $ | (2.5 | ) | | $ | 5.1 |
| | $ | (0.4 | ) | | $ | (34.1 | ) | | $ | 10.3 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 15.3 |
| | $ | 26.9 |
| | $ | (2.5 | ) | | $ | 5.1 |
| | $ | (0.4 | ) | | $ | (34.1 | ) | | $ | 10.3 |
|
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | 4.4 |
| | 4.4 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 8.0 |
| | 8.0 |
|
| Depreciation and amortization | 14.5 |
| | 7.2 |
| | 3.1 |
| | 1.9 |
| | 0.4 |
| | 0.8 |
| | 27.9 |
|
| EBITDA from continuing operations | 29.8 |
| | 34.1 |
| | 0.6 |
| | 7.0 |
| | — |
| | (20.9 | ) | | 50.6 |
|
| Stock based compensation expense | 0.2 |
| | 0.3 |
| | 0.2 |
| | — |
| | — |
| | 2.3 |
| | 3.0 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.8 | ) | | (1.8 | ) |
| Adjusted EBITDA from continuing operations | $ | 30.0 |
| | $ | 34.4 |
| | $ | 0.8 |
| | $ | 7.0 |
| | $ | — |
| | $ | (20.4 | ) | | $ | 51.8 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended March 31, 2015
(Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 190.2 |
| | $ | 173.5 |
| | $ | 64.8 |
| | $ | 35.9 |
| | $ | 7.3 |
| | $ | — |
| | $ | 471.7 |
|
| Depreciation and amortization | 14.8 |
| | 5.1 |
| | 3.6 |
| | 2.1 |
| | 0.4 |
| | 0.7 |
| | 26.7 |
|
| Cost of sales and selling and administrative | 203.8 |
| | 135.5 |
| | 66.0 |
| | 31.4 |
| | 7.8 |
| | 22.0 |
| | 466.5 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.1 |
| | 0.1 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 11.6 |
| | 11.6 |
|
| Total operating costs | 218.6 |
| | 140.6 |
| | 69.6 |
| | 33.5 |
| | 8.2 |
| | 34.4 |
| | 504.9 |
|
| Income (loss) from operations | (28.4 | ) | | 32.9 |
| | (4.8 | ) | | 2.4 |
| | (0.9 | ) | | (34.4 | ) | | (33.2 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (8.3 | ) | | (8.3 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | (28.4 | ) | | 32.9 |
| | (4.8 | ) | | 2.4 |
| | (0.9 | ) | | (42.7 | ) | | (41.5 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (6.3 | ) | | (6.3 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (0.7 | ) | | — |
| | — |
| | — |
| | (0.7 | ) |
| Income (loss) from continuing operations | $ | (28.4 | ) | | $ | 32.9 |
| | $ | (4.1 | ) | | $ | 2.4 |
| | $ | (0.9 | ) | | $ | (36.4 | ) | | $ | (34.5 | ) |
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | $ | — |
|
| Income (loss) from continuing operations | $ | (28.4 | ) | | $ | 32.9 |
| | $ | (4.1 | ) | | $ | 2.4 |
| | $ | (0.9 | ) | | $ | (36.4 | ) | | $ | (34.5 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (6.3 | ) | | (6.3 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 7.5 |
| | 7.5 |
|
| Depreciation and amortization | 14.8 |
| | 5.1 |
| | 3.6 |
| | 2.1 |
| | 0.4 |
| | 0.7 |
| | 26.7 |
|
| EBITDA from continuing operations | (13.6 | ) | | 38.0 |
| | (0.5 | ) | | 4.5 |
| | (0.5 | ) | | (34.5 | ) | | (6.6 | ) |
| Stock based compensation expense | 0.2 |
| | 0.1 |
| | 0.1 |
| | — |
| | — |
| | 2.0 |
| | 2.4 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.1 |
| | 0.1 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.4 | ) | | (1.4 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 11.6 |
| | 11.6 |
|
| Adjusted EBITDA from continuing operations | $ | (13.4 | ) | | $ | 38.1 |
| | $ | (0.4 | ) | | $ | 4.5 |
| | $ | (0.5 | ) | | $ | (22.2 | ) | | $ | 6.1 |
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