HCA Holdings 2011 Annual Report Download - page 139

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HCA HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
NOTE 12 — LEASES
We lease medical office buildings and certain equipment under operating lease agreements. Commitments
relating to noncancellable operating leases for each of the next five years and thereafter are as follows (dollars in
millions):
For the Year Ended December 31,
2012 ...................................................... $ 280
2013 ...................................................... 264
2014 ...................................................... 218
2015 ...................................................... 171
2016 ...................................................... 131
Thereafter .................................................. 870
1,934
Less sublease income ......................................... (51)
$1,883
NOTE 13 — CAPITAL STOCK
The amended and restated certificate of incorporation authorizes the Company to issue up to
1,800,000,000 shares of common stock, and our amended and restated by-laws set the number of directors
constituting the board of directors of the Company at not less than one nor more than 15. During February 2011,
our Board of Directors approved a 4.505-to-one split of our issued and outstanding common shares. All common
share and per common share amounts in these consolidated financial statements and notes to consolidated
financial statements reflect the 4.505-to-one stock split. During March 2011, we completed the initial public
offering of 87,719,300 shares of our common stock at a price of $30.00 per share and realized net proceeds (after
costs of the offering) of $2.506 billion.
On September 21, 2011, we repurchased 80,771,143 shares of our common stock beneficially owned by
affiliates of Bank of America Corporation at a purchase price of $18.61 per share, the closing price of the
Company’s common stock on the New York Stock Exchange on September 14, 2011. The repurchase was
financed using a combination of cash on hand and borrowings under available credit facilities. The shares
repurchased represented approximately 15.6% of our total shares outstanding at the time of the repurchase.
Distributions
During 2010, our Board of Directors declared three distributions to the Company’s stockholders and holders
of stock options. The distributions totaled $9.43 per share and vested stock option, or $4.332 billion in the
aggregate. The distributions were funded using funds available under our senior secured credit facilities,
proceeds from the 2021 Notes offering and cash on hand. Pursuant to the terms of our stock option plans, the
holders of nonvested stock options received $9.43 per share reductions (subject to certain tax related limitations
for certain stock options that resulted in deferred distributions for a portion of the declared distribution, which
will be paid upon the vesting of the applicable stock options) to the exercise price of the share-based awards.
There were no distributions declared during 2011.
F-34