Comcast 2011 Annual Report Download - page 113
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Note 14: Equity
Common Stock
In the aggregate, holders of our Class A common stock have 662/3% of the voting power of our common
stock and holders of our Class B common stock have 331/3% of the voting power of our common stock. Our
Class A Special common stock is generally nonvoting. Each share of our Class B common stock is entitled to
15 votes. The number of votes held by each share of our Class A common stock depends on the number of
shares of Class A and Class B common stock outstanding at any given time. The 331/3% aggregate voting
power of our Class B common stock cannot be diluted by additional issuances of any other class of common
stock. Our Class B common stock is convertible, share for share, into Class A or Class A Special common
stock, subject to certain restrictions.
Share Repurchases
In 2011, we completed our share repurchases under our 2007 Board of Directors $7 billion share repurchase
authorization.
In February 2012, our Board of Directors approved a $6.5 billion share repurchase authorization, which does
not have an expiration date. Under this authorization, we may repurchase shares in the open market or in
private transactions.
Share Repurchases
Year ended December 31 (in millions) 2011 2010 2009
Consideration $ 2,141 $ 1,200 $ 765
Shares repurchased 95 70 50
Changes in Common Stock Outstanding
(shares in millions) A A Special B
Balance, January 1, 2009 2,061 810 9
Stock compensation plans 3 — —
Repurchase and retirement of common stock (5) (45) —
Employee stock purchase plan 4 — —
Balance, December 31, 2009 2,063 765 9
Stock compensation plans 6 — —
Repurchase and retirement of common stock — (70) —
Employee stock purchase plan 3 — —
Balance, December 31, 2010 2,072 695 9
Stock compensation plans 20 1 —
Repurchase and retirement of common stock — (95) —
Employee stock purchase plan 3 — —
Balance, December 31, 2011 2,095 601 9
111 Comcast 2011 Annual Report on Form 10-K