Q1 earnings Net income in the first quarter of 2022 was $38.0 million ($0.11 per diluted share) as compared to income of $28.5 million ($0.08 per diluted share) for the fourth quarter of 2021, and net income of $53.8 million ($0.14 per diluted share) in the first quarter of 2021. Net income in the first quarter of 2021 included $16.7 million ($0.04 per diluted share) in other income from non-recurring asset sales.
-- Record first quarter adjusted EBITDA of $65.4 million
-- Realized record average lumber price of $1,688 per thousand board feet
-- Announced a 25% increase to our quarterly dividend
-- Completed our 10% normal course issuer bid, returning a total of $60.7 million to shareholders
-- Liquidity(1) of $316.3 million to support growth strategy and balanced approach to capital allocation Western's first quarter adjusted EBITDA was $65.4 million, as compared to adjusted EBITDA of $52.5 million in the fourth quarter of 2021, and adjusted EBITDA of $62.9 million in the first quarter of 2021. Operating income prior to restructuring and other items was $52.2 million, compared to income of $39.4 million in the fourth quarter of 2021, and $48.8 million of income reported in the first quarter of 2021.
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