EXHIBIT 99.2

Ethan Allen Interiors Inc.
GAAP Reconciliation
Three and Twelve Months Ended June 30, 2004 and 2003
(in thousands, except per share amounts)

        Three Months Ended
                   June 30 		        Twelve Months Ended
                   June 30
  2004        2003        2004       2003      
 
Net Income / Earnings Per Share  
Net income   $ 13,645   $ 20,541   $ 80,340   $ 75,381  
Add: restructuring and impairment charge, net of
  related tax effect		    7,862    -    7,708    8,168  
 
Net income (excluding restructuring and impairment
  charge)		   $ 21,507   $ 20,541   $ 88,048   $ 83,549  
 
     
Earnings per basic share   $ 0.37   $ 0.55   $ 2.16   $ 2.00  
 
Earnings per basic share (excluding restructuring
  and impairment charge)		   $ 0.58   $ 0.55   $ 2.37   $ 2.22  
 
Basic weighted average shares outstanding    36,919    37,117    37,179    37,607  
     

Earnings per diluted share		   $ 0.36   $ 0.54   $ 2.10   $ 1.95  
 
  
Earnings per diluted share (excluding restructuring
  and impairment charge)		   $ 0.57   $ 0.54   $ 2.30   $ 2.17  
 
Diluted weighted average shares outstanding    37,963    38,033    38,295    38,569  

Consolidated Operating Income / Operating Margin		  
Operating income   $ 22,180   $ 32,707   $ 127,805   $ 120,675  
Add: restructuring and impairment charge    12,784    -    12,520    13,131  
 
  
Operating income (excluding restructuring and
  impairment charge)		   $ 34,964   $ 32,707   $ 140,325   $ 133,806  
 
Net sales   $ 246,600   $ 236,448   $ 955,107   $ 907,264  
 
Operating margin    9.0 %  13.8 %  13.4 %  13.3 %
 
Operating margin (excluding restructuring and
  impairment charge)		    14.2 %  13.8 %  14.7 %  14.7 %
 
Wholesale Operating Income / Operating Margin  
Wholesale operating income   $ 16,745   $ 31,443   $ 108,069   $ 109,373  
Add: restructuring and impairment charge    12,784    -    12,520    13,131  
 
Wholesale operating income (excluding restructuring
  and impairment charge)		   $ 29,529   $ 31,443   $ 120,589   $ 122,504  
 
Wholesale net sales   $ 172,254   $ 170,888   $ 673,771   $ 660,986  
 
Wholesale operating margin    9.7 %  18.4 %  16.0 %  16.5 %
 
Wholesale operating margin (excluding restructuring
  and impairment charge)		    17.1 %  18.4 %  17.9 %  18.5 %
 
EBITDA  
Net income   $ 13,645   $ 20,541   $ 80,340   $ 75,381  
Add: interest expense    119    102    500    504  
Add: income tax expense    8,542    12,483    50,156    45,811  
Add: depreciation and amortization    5,522    5,435    21,277    21,296  
 
EBITDA   $ 27,828   $ 38,561   $ 152,273   $ 142,992  
 
Net sales   $ 246,600   $ 236,448   $ 955,107   $ 907,264  
 
EBITDA as % of net sales    11.3 %  16.3 %  15.9 %  15.8 %
 
EBITDA   $ 27,828   $ 38,561   $ 152,273   $ 142,992  
Add: restructuring and impairment charge    12,784    -    12,520    13,131  
 
EBITDA (excluding restructuring and impairment charge)     $ 40,612   $ 38,561   $ 164,793   $ 156,123  
 
Net sales   $ 246,600   $ 236,448   $ 955,107   $ 907,264  
 
EBITDA as % of net sales    16.5 %  16.3 %  17.3 %  17.2 %