Delta Airlines 2013 Annual Report Download - page 102

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NOTE 19 . DIVIDEND AND SHARE REPURCHASE
In May 2013, we announced a plan to return more than $1 billion to shareholders over the next three years. As part of this plan, our Board of
Directors initiated a quarterly dividend program and declared a $0.06 per share dividend for shareholders of record as of August 9, 2013 and
November 6, 2013
. These dividends were paid in September 2013 and November 2013 and each totaled $51 million . In addition, the Board of
Directors authorized a $500 million share repurchase program, to be completed no later than June 30, 2016 . During the year ended
December 31, 2013 , we repurchased and retired approximately 10 million shares at a cost of approximately $250 million . On February 7,
2014 , the Board of Directors declared a $0.06 dividend for shareholders of record on February 21, 2014 , and payable on March 14, 2014 .
NOTE 20 . QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table summarizes our unaudited results of operations on a quarterly basis. The quarterly earnings (loss) per share amounts for a
year will not add to the earnings per share for that year due to the weighting of shares used in calculating per share data.
The following are included in the results above:
94
Three Months Ended
(in millions, except per share data) March 31 June 30 September 30 December 31
2013
Operating revenue
$
8,500
$
9,707
10,490
$
9,076
Operating income
222
914
1,563
701
Net income
7
685
1,369
8,479
Basic earnings per share
$
0.01
$
0.81
1.61
$
10.02
Diluted earnings per share
$
0.01
$
0.80
1.59
$
9.89
2012
Operating revenue
$
8,413
$
9,732
9,923
$
8,602
Operating income
382
134
1,308
352
Net income (loss)
124
(168
)
1,047
7
Basic earnings (loss) per share
$
0.15
$
(0.20
)
1.24
$
0.01
Diluted earnings (loss) per share
$
0.15
$
(0.20
)
1.23
$
0.01
Three Months Ended
(in millions) March 31 June 30 September 30 December 31
2013
Facilities, fleet and other
$
(102
)
$
(34
)
(128
)
$
(160
)
MTM adjustments
24
(125
)
285
92
Release of tax valuation allowance
—
—
—
7,989
Total income (loss)
$
(78
)
$
(159
)
157
$
7,921
2012
Severance and related cost
$
—
$
(
171
)
(66
)
$
—
Facilities, fleet and other
(27
)
(22
)
(122
)
(122
)
Gain on slot exchange
39
—
39
—
Loss on extinguishment of debt
—
—
(
12
)
(106
)
MTM adjustments
151
(561
)
440
(3
)
Total income (loss)
$
163
$
(754
)
279
$
(231
)