the non-GAAP financial measure is not derived from or based on a measure calculated and presented in accordance with generally accepted accounting principles in the United States and. the securities of the foreign private issuer are listed or quoted on a securities exchange or inter-dealer quotation system outside the United States. Specifically, Regulation G does not apply to public disclosure of a non-GAAP financial measure by, or on behalf of, a registrant that is a foreign private issuer if: Regulation G applies to registrants that are foreign private issuers, subject to a limited exception. While Student Transportation is a foreign private issuer as defined by the SEC, Regulation G still applies subject to one limited exception as the SEC states: Additionally, the company has reported two different EBITDA numbers for fiscal 2011. 
For both 20, it appears that Student Transportation's method of computing EBITDA has led to an overstatement of EBITDA. Student Transportation's calculation of EBITDA does not appear to comply with the definition of EBITDA given by the Securities and Exchange Commission ("SEC") under Regulation G. In a press release dated September 25, 2012, available here, the company included a calculation of EBITDA (earnings before interest, taxes, depreciation, and amortization) for its 20 fiscal years.
Student Transportation Inc ( NASDAQ: STB) ("Student Transportation") recently released its fiscal 2012 earnings.
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