Carl Icahn the chairman of our board of directors and, through his holdings of Icahn Enterprises LP, our principal beneficial 7878 and certain of his affiliates; and the additional risk factors described in our filings with the Securities and Exchange Commission.
Accordingly, when analyzing the Company's operating lokking, investors should not consider EBITDA in isolation or as a substitute for net earnings losscash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U. Our calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.
Adjusted EBITDA represents EBITDA before stock based compensation expense income related to stock options, restricted stock grants and stock appreciation rights SARsbefore gains or losses on investments, before fpr gain on asset conversion related to the involuntary replacement of assets and before charges incurred in connection with the Company's retirement benefit plan separation agreement. The calculation of EBITDA eliminates the effects of financing, income taxes and the ing effects of capital spending.
American Railcar Industries, Inc. Forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation.
Our calculation of EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net earnings losscash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.
Management believes that eliminating the expense income associated with the above items allows us and our investors to understand better our operating independent of those items. We expressly disclaim any duty to provide updates to any forward- looking statements made in this presentation, whether as a result of new information, future events or otherwise.
These items may vary for different companies for reasons unrelated to the overall operating performance of a company's business. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual to differ materially from the described in or anticipated by our forward-looking statements.
Such statements include, without limitation, any financial or other information included herein based upon or otherwise incorporating judgments or estimates based upon future performance or events, statements regarding our strategic objectives and long-term strategies, statements regarding our t ventures, statements regarding potential improvements in the railcar industry, the potential for increased order activity, anticipated future production rates and any implication that the Company's backlog may be indicative of future revenue.
Product offerings include carbon steel or stainless steel railcars that can carry:Plastic pelletGrain including DDG CementFrac sandFood servicePotash Tank Railcars - Second largest product segment of new shipments in the railcar industry. Our SARs which settle in cash are revalued each period based upon changes in our stock price.