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The following table shows the impact of foreign currency on the conversion of our U.S. operations into Canadian dollars. 

<img src='content_image/173344.jpg'>

As can be seen above, sales decreased $12.7 million in 2011 due to a stronger Canadian dollar. Adjusted EBITDA was reduced by $0.9 million for the same reason. The reason for the increase in Adjusted EBITDA from 2010 is discussed by business in Section 5.4 below. 

## Net Income 

Net income for 2011 was $18.2 million, or $1.20 per basic share, compared to $20.0 million, or $1.24 per basic share for last year. However, the results for both 2010 and 2011 included unusual and one-time costs. 

The following table shows the impact of one-time acquisition costs, integration costs and stock option expense on our diluted earnings per share for 2010 and 2011. It also calculates earnings per share for both 2010 and 2011 using the shares outstanding at the end of 2011 to normalize the non-voting share retraction that occurred partway through 2010 and to better compare the two years. 

<img src='content_image/173342.jpg'>

The above table shows that excluding the impact of one-time acquisition and integration costs, stock option expense, and adjusting income taxes for withholding tax paid on an intercompany dividend, net income in 2011 increased by $2.8 million, or 11.2%, and diluted earnings per share calculated using shares outstanding at the end of 2011 increased by $0.18 per share. 

