Annual report pursuant to Section 13 and 15(d)

[1]	The following table reconciles EBITDA, as adjusted, to income (loss) before income taxes for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, EBITDA, as adjusted 2014 2013 2012 Independent Brokerage and Advisory Services $50,596 $52,549 $35,890 Ladenburg 16,174 13,188 1,829 Insurance Brokerage 2,315 — — Corporate (7,907) (8,534) (1,891) Total segments 61,178 57,20335,828Adjustments: Interest income 245 194 185 Change in fair value of contingent consideration 12 (121) 7,111 Loss on extinguishment of debt (548) (4,547) — Interest expense (6,990) (15,438) (24,541) Depreciation and amortization (18,397) (15,315) (16,061) Non-cash compensation expense (10,541) (6,766) (4,744) Amortization of retention and forgivable loans (11,041) (11,544) (11,664) Financial advisor acquisition expense (1,489) (1,194) (1,006) Acquisition-related expense (2,342) — — Loss attributable to noncontrolling interest (81) (68) — Income (loss) before income taxes $10,006 $2,404 $(14,892) * Includes increases of $5,578 in 2013 and $5,324 in 2012 related to amortization of forgivable loans and financial advisor acquisition expenses to conform to the 2014 presentation.
[2]	Includes increases of $5,578 in 2013 and $5,324 in 2012 related to amortization of forgivable loans and financial advisor acquisition expenses to conform to the 2014 presentation.
[3]	Includes the elimination of $2,545, consisting of $5,148 of revenue, net of employee brokerage commission expenses of $2,603 charged to additional paid-in capital related to sale of the Company's Series A Preferred Stock.
[4]	Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.