Management's Discussion and Analysis (cont’d) Seasonality Quarterly operating results fluctuate throughout the year. Summary information for each of the eight most recently completed  quarters is presented below.  quARTERLy FInAnCIAL DATA  Fiscal 2011 ($000s, except per share amounts) First Quarter  Second Quarter  Third Quarter  Fourth Quarter  Full Year Sales $ 177,108 $ 153,285 $ 161,717 $ 176,479 $ 668,589  Adjusted EBITDA (1) 18,139  10,316  12,863  13,379  54,697 Adjusted EBITDA (1)  excluding stock compensation expense 18,044  10,840  12,122  14,342  55,348 Net income  9,729  4,776  6,695  (3,020)   18,180  After-tax income before business acquisition,  integration costs and other expenses (3) 9,894  4,913  7,005  5,743  27,555 Earnings per Common Share based on  net income  Basic earnings per Common Share (2) 0.64  0.32  0.44 (0.20)   1.20 Diluted earnings per Common Share (2)  0.63  0.31  0.44  (0.20)   1.19  Earnings per Common Share, after-tax income  before business acquisition, integration  costs and other expenses (3) Basic earnings per Common Share (2) 0.65  0.33  0.46  0.38  1.82  Diluted earnings per Common Share (2)  0.64  0.32  0.46  0.38  1.80  Fiscal 2010  ($000s, except per share amounts) First Quarter  Second Quarter  Third Quarter  Fourth Quarter  Full Year Sales $  165,113 $ 134,614 $ 144,213 $ 140,775 $ 584,715  Adjusted EBITDA (1)  14,730  9,552  12,512  10,391  47,185  Adjusted EBITDA (1)  excluding  stock compensation expense  15,424  9,668  13,068  12,758  50,918  Net income   7,763  4,414  6,122  1,686  19,985  After-tax income before business acquisition,  integration and other expenses (3)  7,763  4,304  6,163  3,305  21,535  Earnings per Common Share based on  net income  Basic earnings per Common Share (2)  0.42  0.28  0.40  0.11  1.24  Diluted earnings per Common Share (2)  0.42  0.28  0.40  0.11  1.23  Earnings per Common Share, after-tax income  before business acquisition, integration and  other expenses (3) Basic earnings per Common Share (2)  0.42  0.27  0.41  0.22  1.34  Diluted earnings per Common Share (2) 0.42  0.27  0.40  0.21  1.33  (1) See definition of Adjusted EBITDA on page 37. (2) Total for the year does not add to the sum of the quarters due to the nature of the calculations and rounding. (3) After tax income is net income excluding business acquisition, integration costs, and other income or expenses.  ANNUAL REPORT 2011 35