                                                                    EXHIBIT 99.2
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ETHAN ALLEN INTERIORS INC.
GAAP RECONCILIATION
THREE AND TWELVE MONTHS ENDED JUNE 30, 2003 AND 2002
(in thousands, except per share amounts)
<CAPTION>
                                                            THREE MONTHS ENDED               TWELVE MONTHS ENDED
                                                                 JUNE 30,                          JUNE 30,
                                                             2003        2002                  2003       2002
                                                          ----------------------            --------------------
  <S>                                                     <C>         <C>                  <C>          <C>
NET INCOME / EARNINGS PER SHARE
-------------------------------

Net income                                                 $ 20,541    $ 21,361             $ 75,381    $ 82,256
Add: restructuring and impairment charge, net of
  related tax effect                                             --       3,187                8,225       3,187
                                                           --------    --------             --------    --------
Net income (excluding restructuring and impairment
  charge)                                                  $ 20,541    $ 24,548             $ 83,606    $ 85,443
                                                           ========    ========             ========    ========
Earnings per basic share                                     $ 0.55      $ 0.55               $ 2.00      $ 2.12
                                                             ======      ======               ======      ======
Earnings per basic share (excluding restructuring
  and impairment charge)                                     $ 0.55      $ 0.63               $ 2.22      $ 2.20
                                                             ======      ======               ======      ======
Basic weighted average shares outstanding                    37,117      38,674               37,607      38,828


Earnings per diluted share                                   $ 0.54      $ 0.54               $ 1.95      $ 2.06
                                                             ======      ======               ======      ======
Earnings per diluted share (excluding restructuring
  and impairment charge)                                     $ 0.54      $ 0.62               $ 2.17      $ 2.14
                                                             ======      ======               ======      ======
Diluted weighted average shares outstanding                  38,033      39,816               38,569      39,942


CONSOLIDATED OPERATING INCOME / OPERATING MARGIN
------------------------------------------------

Operating income                                           $ 32,707    $ 34,157             $120,583    $129,900
Add: restructuring and impairment charge                         --       5,123               13,223       5,123
                                                           --------    --------             --------    --------
Operating income (excluding restructuring and
  impairment charge)                                       $ 32,707    $ 39,280             $133,806    $135,023
                                                           ========    ========             ========    ========
Net sales                                                  $236,448    $234,789             $907,264    $892,288
                                                           ========    ========             ========    ========
Operating margin                                              13.8%       14.5%                13.3%       14.6%
                                                              =====       =====                =====       =====
Operating margin (excluding restructuring and
  impairment charge)                                          13.8%       16.7%                14.7%       15.1%
                                                              =====       =====                =====       =====


WHOLESALE OPERATING INCOME / OPERATING MARGIN
---------------------------------------------

Wholesale operating income                                 $ 31,443    $ 30,046             $109,281    $110,078
Add: restructuring and impairment charge                         --       5,123               13,223       5,123
                                                           --------    --------             --------    --------
Wholesale operating income (excluding restructuring
  and impairment charge)                                   $ 31,443    $ 35,169             $122,504    $115,201
                                                           ========    ========             ========    ========

Wholesale net sales                                        $170,888    $175,339             $660,986    $660,818
                                                           ========    ========             ========    ========

Wholesale operating margin                                    18.4%       17.1%                16.5%       16.7%
                                                              =====       =====                =====       =====
Wholesale operating margin (excluding restructuring
  and impairment charge)                                      18.4%       20.1%                18.5%       17.4%
                                                              =====       =====                =====       =====


EBITDA
------

Net income                                                 $ 20,541    $ 21,361             $ 75,381    $ 82,256
Add: interest expense                                           102         144                  504         500
Add: income tax expense                                      12,483      12,981               45,811      49,988
Add: depreciation and amortization                            5,435       5,043               21,296      19,314
                                                           --------    --------             --------    --------
EBITDA                                                     $ 38,561    $ 39,529             $142,992    $152,058
                                                           ========    ========             ========    ========
Net sales                                                  $236,448    $234,789             $907,264    $892,288
                                                           ========    ========             ========    ========
EBITDA as % of net sales                                      16.3%       16.8%                15.8%       17.0%
                                                              =====       =====                =====       =====

EBITDA                                                     $ 38,561    $ 39,529             $142,992    $152,058
Add: restructuring and impairment charge                         --       5,123               13,223       5,123
                                                           --------    --------             --------    --------
EBITDA (excluding restructuring and impairment charge)     $ 38,561    $ 44,652             $156,215    $157,181
                                                           ========    ========             ========    ========
Net sales                                                  $236,448    $234,789             $907,264    $892,288
                                                           ========    ========             ========    ========
EBITDA as % of net sales                                      16.3%       19.0%                17.2%       17.6%
                                                              =====       =====                =====       =====
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