References to the Minimum Net Worth

References to the Minimum Net Worth. Shall mean, for any date of determination the sum of (i) $116,762,000 plus (ii) as of the end of each fiscal year after the Closing Date, an amount equal to twenty-five percent (25%) of the consolidated net income of Ensign and its Subsidiaries for such fiscal year (but not less than zero and with no deduction for net losses), all as determined in accordance with GAAP.