Notes: The financial highlights on these pages should be read in conjunction with our consolidated financial statements and related notes and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2004.

Beginning in 2002, certain amounts were reclassified to revenue as opposed to being shown as a reduction of expenses. These reclassifications amounted to $34.8 million, $43.2 million and $37.7 million for the years ended December 31, 2002, 2003 and 2004, respectively. Beginning in December 2004, we have reclassified “equity in earnings from unconsolidated ventures” from “revenue” to now be disclosed as a separate line on the consolidated statement of earnings before “income before provision for income taxes”.

EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. Management believes that EBITDA is a useful analytical tool, that it is useful to investors as one of the primary metrics for evaluating operating performance and liquidity, and that an increase in EBITDA is an indicator of improved ability to service existing debt, to sustain potential future increases in debt and to satisfy capital requirements. EBITDA also is used in the calculation of certain covenants related to our revolving credit facility. However, EBITDA should not be considered an alternative to net income or net cash provided by operating activities, both of which are determined in accordance with GAAP. Because EBITDA is not calculated under GAAP, our EBITDA may not be comparable to similarly titled measures used by other companies.