RECONCILIATION OF TOTAL EQUITY

3 Months Ended

Mar. 31, 2012

RECONCILIATION OF TOTAL EQUITY

RECONCILIATION OF TOTAL EQUITY

8.   RECONCILIATION OF TOTAL EQUITY

Total equity was as follows (in thousands):

	Three Months Ended March 31,
	2011									2012
	Atlantic Tele- Network, Inc.			Non-Controlling Interests			Total Equity			Atlantic Tele- Network, Inc.			Non-Controlling Interests			Total Equity
Equity, beginning of period	$	283,768		$	45,268		$	329,036		$	294,266		$	58,264		$	352,530
Stock-based compensation	1,078			—			1,078			1,095			—			1,095
Comprehensive income:
Net income	4,497			(518		)	3,979			9,321			(384		)	8,937
Other comprehensive income(loss)-
Translation Adjustment	12			—			12			—			—			—
Gain (loss) on interest rate swap (net of tax)	870			—			870			236			—			236
Total comprehensive income	5,379			(518		)	4,861			9,557			(384		)	9,173
Issuance of common stock upon exercise of stock options	—			—			—			103			—			103
Dividends declared on common stock	(3,384		)	—			(3,384		)	(3,552		)	—			(3,552		)
Distributions to non-controlling interests	—			(462		)	(462		)	—			(424		)	(424		)
Investments made by minority shareholders	—			507			507			—			450			450
Purchase of common shares	(91		)	—			(91		)	(170		)	—			(170		)
Equity, end of period	$	286,750		$	44,795		$	331,545		$	301,299		$	57,906		$	359,205