Date:2/29/2012

43Operating income9,849,4876,501,7475,776,635Interest income210,727200,20779,363Interest expense(353,497)(1,423,523)(772,927)Income before income taxes9,706,7175,278,4315,083,071Income tax expense(4,080,204)(2,851,420)(2,024,192)Net income5,626,5132,427,0113,058,879Net loss at subsidiary attributable to noncontrolling interests31,34329,66932,536Net income attributable to common shareholders$
5,657,856$
2,456,680$
3,091,415Earnings per share attributable to common shareholders- Basic$
.28$
.12$
.22- Diluted$
.28$
.12$
.17Weighted-average shares outstanding- Basic20,342,91320,333,93214,199,479- Diluted20,572,13221,058,57718,234,171CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(Unaudited)Years ended December 31, 2011, 2010 and 2009201120102009Cash flows from operating activities:Net income$
5,626,513$
2,427,011$
3,058,879Adjustments to reconcile net income to net cash flows provided byoperating activities:Depreciation and amortization expense1,040,407978,398816,499Deferred tax expense (benefit)1,665,110(332,349)(525,467)Stock-based compensation - nonemployees149,71980,2221,056,401Stock-based compensation – employees629,586688,408606,395Excess tax benefit derived from exercise of stock options(2,355,345)(3,874,966)(3,968,894)Noncash interest expense137,487352,484128,800Net changes in assets and liabilities affecting operating activities:Accounts receivable(1,937,396)1,031,091(3,047,238)Inventory1,909,148(2,860,969)(3,060,097)Prepaid, other current assets and other assets(399,393)1,342,032(721,464)Accounts payable and other accrued liabilities2,296,535201,7256,572,098Other long-term obligations(40,224)313,575(510,942)Net cash provided by operating activities8,722,147346,662404,970Cash flows from investing activities:Additions to property and equipment(257,502)(577,159)(601,802)Additions to trademarks and patents(180,269)(191,483)(110,541)Net cash used in investing activities(437,77
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