Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Mike Judd with Greenwich Consultants.
Michael Judd - Greenwich Consultants
Hi good morning.
Paul Carrico
Morning.
Gregory Thompson
Good morning. Hi Mike.
Michael Judd - Greenwich Consultants
Couple of questions. I'm kind of struggling here to come up with a clean number for the June quarter excluding all these one time charges and what should we be using as a tax rate just to kind of figure out what a clean EPS number is? Sorry this is an equity based question.
Gregory Thompson
Yeah, I guess the -- in terms of and I'll address your tax rate question, I think the best way to come up with a clean number is looking at the slides that we put out at least as to as EBITDA. I think that should be a pretty clean number the 59.4 million of adjusted EBITDA for Q2 '09 and year-to-date EBITDA of 70.3 million. That doesn't get you all the way down to net income of course but I think that's the best way to get a clean number.
Relative to the tax rate as I said it's a function of changes in our forecast, what we have for the highly unusual rate that we have for Q2. And the significant net income benefit in the second quarter. I can't give you a rate for the full year at this point, but I would tell you that given the substantial income that we would recognize in the third quarter related to the debt exchange and we're still working through all the accounting for that. But that will be a very significant amount of income I think with that and the book tax expense that should result we'll get back to probably something in the range of a more normalized level of tax rate going forward. But until then it’s going to bounce around.
Michael Judd - Greenwich Consultants
Okay. So just as a follow up should we be using a 35% tax rate for the June quarter and for the September quarter in order to come up with clean numbers?
Gregory Thompson
Yeah, I think but to do that you also have to would have to include all the tax that will be related to the significant debt exchange and I don't even know what that number will be, but it will be 500 plus million kind of dollars. So yeah it should be something probably in that sort to a range maybe a bit higher for traditional federal rate, plus some State tax on top of that, so 35-40% kind of range probably.
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