Nine Months Ended September 30,

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

2,660

—

2,660

2,744

—

2,744

Comprehensive income:

Net income

17,648

866

18,514

35,816

2,900

38,716

Other comprehensive income(loss)-

Translation Adjustment

13

—

13

—

Gain (loss) on interest rate swap (net of tax)

(2,385

)

—

(2,385

)

(535

)

—

(535

)

Total comprehensive income

15,276

866

16,142

35,281

2,900

38,181

Issuance of common stock upon exercise of stock options

193

—

193

1,240

—

1,240

Dividends declared on common stock

(10,320

)

—

(10,320

)

(11,068

)

—

(11,068

)

Distributions to non-controlling interests

—

(2,531

)

(2,531

)

—

(2,010

)

(2,010

)

Investments made by minority shareholders

—

3,684

—

1,040

Repurchase of non-controlling interests

—

(80

)

(80

)

Change in equity ownership of consolidated subsidiaries

3,475

11,923

15,398

—

Purchase of common shares

(129

)

—

(129

)

(202

)

(202

)

Equity, end of period

$

294,923

$

59,210

$

354,133

$

322,261

$

60,114

$

382,375