Genesee & Wyoming Reports Results for the First Quarter of 2011

Genesee & Wyoming (NYSE:

) reported net income in the first quarter of 2011 of $22.1 million, compared with net income of $16.0 million in the first quarter of 2010. GWI's diluted earnings per share (

) increased 33% from $0.39 with 41.4 million weighted average shares outstanding in the first quarter of 2010 to $0.52 with 42.5 million weighted average shares outstanding in the first quarter of 2011. GWI's effective income tax rate in the first quarter of 2011 was 27.7%, compared with 37.6% in the first quarter of 2010, primarily due to the extension of the short line tax credit in the fourth quarter of 2010.