Dollar Rent A Car 2011 Annual Report Download - page 82
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On February 17, 2012, the Company extended the Rights Plan for one year, which now expires on May 30, 2013.
Public Stock Offering
In October 2009, the Company entered into a terms agreement with certain underwriters to issue and sell 5,750,000 shares of the Company’s common
stock, par value $0.01 per share, at a price to the public of $19.25 per share. The Company also granted the underwriters an option to purchase up to
an additional 862,500 shares of common stock. The sale was made pursuant to the Company’s registration statement on Form S-3 filed with the
Securities and Exchange Commission. The sale of the initial shares closed on November 3, 2009, and the sale of the additional shares pursuant to the
underwriters’ option to purchase additional shares closed on November 11, 2009. The 6,612,500 shares issued resulted in $120.6 million of net
proceeds to the Company after deducting underwriting discounts, commissions and expenses of the offering of $6.6 million.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) are as follows:
Interest Rate
SWAP
Foreign
Currency
Translation
Accumulated
Other
Comprehensive
Income (Loss)
(In Thousands)
Balance, January 1, 2009 $ (32,952) $ 3,564 $ (29,388)
Interest rate swap and cap adjustment, net of tax 8,662 - 8,662
Foreign currency translation adjustment - 2,352 2,352
Balance, December 31, 2009 (24,290) 5,916 (18,374)
Interest rate swap and cap adjustment, net of tax 5,543 - 5,543
Foreign currency translation adjustment - 502 502
Balance, December 31, 2010 (18,747) 6,418 (12,329)
Interest rate swap and cap adjustment, net of tax 10,259 - 10,259
Foreign currency translation adjustment - (5,547) (5,547)
Balance, December 31, 2011 $ (8,488) $ 871 $ (7,617)
14. COMMITMENTS AND CONTINGENCIES
Concessions and Operating Leases
The Company has certain concession agreements principally with airports throughout the U.S. and Canada. Typically, these agreements provide
airport terminal counter space in return for a minimum rent. In many cases, the Company’s subsidiaries are also obligated to pay insurance and
maintenance costs and additional rents generally based on revenues earned at the location. Certain of the airport locations are operated by franchisees
who are obligated to make the required rent and concession fee payments under the terms of their franchise arrangements with the Company’s
subsidiaries.
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