Dish Network 2010 Annual Report Download - page 120

Download and view the complete annual report

Please find page 120 of the 2010 Dish Network annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

DISH NETWORK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
F-35
Accrued interest and penalties on uncertain tax positions are recorded as a component of “Other, net” on
our Consolidated Statements of Operations and Comprehensive Income (Loss). During the year ended
December 31, 2010, we recorded $3 million in interest and penalty benefit to earnings. During the years
ended December 31, 2009 and 2008, we recorded $9 million and $6 million in interest and penalty expense
to earnings, respectively. Accrued interest and penalties were $13 million and $16 million at December 31,
2010 and 2009, respectively. The above table excludes these amounts.
11. Stockholders’ Equity (Deficit)
Common Stock
The Class A, Class B and Class C common stock are equivalent except for voting rights. Holders of Class A
and Class C common stock are entitled to one vote per share and holders of Class B common stock are
entitled to 10 votes per share. Each share of Class B and Class C common stock is convertible, at the option
of the holder, into one share of Class A common stock. Upon a change in control of DISH Network, each
holder of outstanding shares of Class C common stock is entitled to 10 votes for each share of Class C
common stock held. Our principal stockholder owns the majority of all outstanding Class B common stock
and, together with all other stockholders, owns outstanding Class A common stock. There are no shares of
Class C common stock outstanding.
Common Stock Repurchase Program
Our Board of Directors previously authorized stock repurchases of up to $1.0 billion of our Class A
common stock. On November 2, 2010, our Board of Directors extended the plan and authorized an
increase in the maximum dollar value of shares that may be repurchased under the plan, such that we are
currently authorized to repurchase up to $1.0 billion of our outstanding shares of our Class A common
stock through and including December 31, 2011. As of December 31, 2010, we may repurchase up to $1.0
billion under the plan.
The following table provides information regarding repurchases of our Class A common stock.
Class A Common Stock Re
p
urchases 2010 2009 2008
Total number of shares repurchased.................... 6,020 1,948 3,137
Dollar value of shares repurchased...................... $ 107,079 $ 18,594 $ 82,733
(In thousands)
For the Years Ended December 31,
Cash Dividend
On December 2, 2009, we paid a cash dividend of $2.00 per share, or approximately $894 million, on our
outstanding Class A and Class B common stock to shareholders of record at the close of business on
November 20, 2009.