Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

8. Quarterly Results of Operations (Unaudited)

Quarter Ended	March 31			June 30			Sept. 30			Dec. 31
2011
Total revenues	$	746,009		$	758,551		$	768,306		$	741,837
Operating income (loss)		137,600			148,937			135,199			149,463
Income (Loss) from continuing operations		81,176			67,460			50,394			47,382
Total (loss) income from discontinued operations		(6,557	)		185,587			(12,469	)		(13,381	)
Net income (loss)		74,619			253,047			37,925			34,001
Net income (loss) attributable to Iron Mountain Incorporated		73,460			252,684			37,338			32,056
Earnings (Losses) per Share-Basic
Income (Loss) per share from continuing operations		0.41			0.33			0.26			0.26
Total (loss) income per share from discontinued operations		(0.03	)		0.92			(0.06	)		(0.07	)
Net income (loss) per share attributable to Iron Mountain Incorporated		0.37			1.25			0.19			0.18
Earnings (Losses) per Share-Diluted
Income (Loss) per share from continuing operations		0.40			0.33			0.26			0.26
Total (loss) income per share from discontinued operations		(0.03	)		0.91			(0.06	)		(0.07	)
Net income (loss) per share attributable to Iron Mountain Incorporated		0.37			1.24			0.19			0.18
2012
Total revenues	$	746,498		$	752,165		$	748,125		$	758,467
Operating income (loss)		141,813			158,687			153,966			102,561
Income (Loss) from continuing operations		61,073			41,441			53,719			27,260
Total (loss) income from discontinued operations		(5,093	)		(2,524	)		32			(1,074	)
Net income (loss)		55,980			38,917			53,751			26,186
Net income (loss) attributable to Iron Mountain Incorporated		55,350			38,055			52,809			25,494	(1)
Earnings (Losses) per Share-Basic
Income (Loss) per share from continuing operations		0.36			0.24			0.31			0.15
Total (loss) income per share from discontinued operations		(0.03	)		(0.01	)		—			(0.01	)
Net income (loss) per share attributable to Iron Mountain Incorporated		0.32			0.22			0.31			0.14
Earnings (Losses) per Share-Diluted
Income (Loss) per share from continuing operations		0.35			0.24			0.31			0.15
Total (loss) income per share from discontinued operations		(0.03	)		(0.01	)		—			(0.01	)
Net income (loss) per share attributable to Iron Mountain Incorporated		0.32			0.22			0.31			0.14

(1)

The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2012 compared to the third quarter of 2012 is primarily attributable to a decrease in operating income of approximately $51,400. The decrease in operating income is primarily related to increases in operating expenses attributable to: (1) $16,700 in costs and certain asset write-downs associated with facility consolidations and other asset impairments, (2) $6,400 in legal fees and reserves and $4,000 in professional fees associated with certain strategic and corporate initiatives, (3) $7,400 in costs associated with the REIT conversion, (4) $6,100 in sales, marketing and account management costs within our North American Business segment (primarily associated with certain restructuring activities), (5) $4,300 in worker's compensation and personal property taxes related to certain benefits recorded in the third quarter of 2012 that did not repeat in the fourth quarter of 2012 and (6) $2,800 in stock-based compensation. Additionally, interest expense, net increased approximately $2,800 associated with the issuance of the 5³/4% Notes offset by the redemption of the 6⁵/8% Notes and the 8³/4% Notes. Offsetting the decrease in operating income and the increase in interest expense, net were a reduction in the provision for income taxes of approximately $21,600 and a reduction in other expenses, net of approximately $6,200 primarily as a result of debt extinguishment charges recorded in the third quarter of 2012 related to the redemption of the 6⁵/8% Notes and the 8³/4% Notes that did not repeat in the fourth quarter of 2012.