Form Table of Content& addition, adjusted nct income should not be construed as an inference that our future results will be unaffected by unusual or non- recurring items. Adjusted net income has limitations as an analytical tool, and you should not consider such measure either in isolation or as a substitute for analyzing our results as reported under GAAP. Our definition and calculation of adjusted net income is not necessarily comparable to other similarly titled measures used by other companies due to different methods of calculation. Adjusted basic net income per common stare is defined as adjusted net income divided by basic weighted average shares. Adjusted diluted net income per common sham is defined as adjusted net income divided by diluted weighted average shares. The following table provides a reconciliation of net income to adjusted net income: (dollars In thousands) Fiscal Year Ended December 31, Three Months Ended March 31, 2012 2013 2014 2014 2015 Net income $ 65,500 $ 78,236 S 101,931 $ 31,153 $ 30,046 Loss on extinguishment of debt, net of tax of $5.921 (2a) — 9.997 — — — Initial public offering preparation costs, net of tax of $413, $1,109, $120 and $75. respectively (2b) — 697 1.777 195 122 Litigation expenses, net of tax of $1.760 and $570. respectively (2c) — — 2.861 — 929 Adjusted net Income S 65,500 $ 88,930 S 106,569 S 31,348 $ 31,097 (2a) Represents the loss on extinguishment of debt associated with the repricing of our senior secured credit facilities in December 2013. See Note 5 to our audited consolidated financial statements included elsewhere in this prospectus. (2b) Represents costs incurred in preparing for our initial public offering. (20) Represents costs primarily related to the litigation with Nestle Purina PetCare Company. Sec "Business—Legal Proceedings." (3) EBITDA represents net income plus interest expense, less interest income and plus provision for income taxes and