![GRAPHIC](https://capedge.com/proxy/8-K/0001104659-13-026588/g93221mmi019.gif)
| EBITDA RECONCILIATION 19 $ In thousands EBITDA is a non-GAAP financial measure. We define EBITDA as net income plus interest expense, income taxes, and depreciation and amortization expense. We use EBITDA as a supplemental financial measure to assess: (i) the financial performance of our assets without regard to financing methods, capital structures, taxes, or historical cost basis; (ii) our liquidity and operating performance over time and in relation to other companies that own similar assets and that we believe calculate EBITDA in a manner similar to us; and (iii) the ability of our assets to generate cash sufficient for us to pay potential interest costs. We also understand that such data is used by investors to assess our performance. However, EBITDA is not a measure of operating income, operating performance, or liquidity presented in accordance with generally accepted accounting principles. When assessing our operating performance or our liquidity, investors should not consider this data in isolation or as a substitute for our net income, cash flow from operating activities, or other cash flow data calculated in accordance with generally accepted accounting principles. EBITDA excludes some, but not all, items that affect net income and operating income, and these measures may vary among other companies. Therefore, EBITDA as presented above may not be comparable to similarly titled measures of other companies. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest expense, income taxes, and depreciation and amortization. The following table reconciles our EBITDA to our net income (loss). 2012 2011 2012 2011 Net income 4,150,098 $ 3,436,128 $ 15,671,879 $ 10,833,215 $ Depreciation 6,911,388 5,004,503 25,502,597 19,214,069 Interest expense 349,450 209,234 1,222,454 784,425 Income tax expense 2,569,107 2,402,273 9,885,078 6,547,250 EBITDA 13,980,043 $ 11,052,138 $ 52,282,008 $ 37,378,959 $ Three Months Ended December 31, Twelve Months Ended December 31, |