Blizzard 2011 Annual Report Download - page 78

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Software
Development
Balance at December 31, 2008 .................................................................................... $42
Stock-based compensation expense capitalized and deferred during period .............. 102
Amortization of capitalized and deferred stock-based compensation expense .......... (90)
Balance at December 31, 2009 .................................................................................... $54
Stock-based compensation expense capitalized and deferred during period .............. 63
Amortization of capitalized and deferred stock-based compensation expense .......... (97)
Balance at December 31, 2010 .................................................................................... $20
Stock-based compensation expense capitalized and deferred during period .............. 27
Amortization of capitalized and deferred stock-based compensation expense .......... (37)
Balance at December 31, 2011 .................................................................................... $10
19. Capital transactions
Repurchase Program
On February 2, 2012, our Board of Directors authorized a new stock repurchase program under which we may
repurchase up to $1 billion of our common stock, on terms and conditions to be determined by the Company, during the period
between April 1, 2012 and the earlier of March 31, 2013 and a determination by the Board of Directors to discontinue the
repurchase program.
On February 3, 2011, our Board of Directors authorized a new stock repurchase program (the “2011 Stock
Repurchase Program”) under which we may repurchase up to $1.5 billion of our common stock, on terms and conditions to be
determined by the Company, until the earlier of March 31, 2012 and a determination by the Board of Directors to discontinue the
repurchase program. During the year ended December 31, 2011, we repurchased 59 million shares of our common stock for
$670 million pursuant to the 2011 Stock Repurchase Program. Additionally, in January 2012, we settled the purchase of
1 million shares of our common stock that we had committed to repurchase in December 2011 pursuant to this program for
$12 million.
On February 10, 2010, we announced that our Board of Directors authorized a new stock repurchase program (the
“2010 Stock Repurchase Program”) under which we were authorized to repurchase up to $1 billion of our common stock.
During the year ended December 31, 2010, we repurchased 84 million shares of our common stock for $944 million pursuant to
the 2010 Stock Repurchase Program. In January 2011, we settled a $22 million purchase of 1.8 million shares of our common
stock that we had agreed to repurchase in December 2010 pursuant to the 2010 Stock Repurchase Program. The 2010 Stock
Repurchase Program expired on December 31, 2010.
On November 5, 2008, we announced that our Board of Directors authorized a stock repurchase program (the “2008-
2009 Stock Repurchase Program”) under which we were authorized to repurchase up to $1 billion of our common stock. On
July 31, 2009, our Board of Directors authorized an increase of $250 million to the 2008-2009 Stock Repurchase Program
bringing the total authorization to $1.25 billion. During 2009, we repurchased 101 million shares of our common stock for an
aggregate purchase price of $1,109 million pursuant to the 2008-2009 Stock Repurchase Program. In January 2010, we settled a
$15 million purchase of 1.3 million shares of our common stock that we had agreed to repurchase in December 2009 pursuant to
the 2008-2009 Stock Repurchase Program, completing that program.
Dividend
On February 9, 2012, our Board of Directors declared a cash dividend of $0.18 per common share to be paid on
May 16, 2012 to shareholders of record at the close of business on March 21, 2012.
On February 9, 2011, our Board of Directors declared a cash dividend of $0.165 per common share payable on
May 11, 2011 to shareholders of record at the close of business on March 16, 2011, and on May 11, 2011, we made a cash
dividend payment of $192 million to such shareholders. On August 12, 2011, the Company made dividend equivalent payments
of $2 million related to this cash dividend to the holders of restricted stock units.
On February 10, 2010, Activision Blizzard’s Board of Directors declared a cash dividend of $0.15 per common share
payable on April 2, 2010 to shareholders of record at the close of business on February 22, 2010, and on April 2, 2010, we made
a cash dividend payment of $187 million to such shareholders. On October 22, 2010, the Company made dividend equivalent
payments of $2 million related to this cash dividend to the holders of restricted stock units.
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