JetBlue Airlines 2011 Annual Report Download - page 77

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The PANYNJ has reimbursed us for the amounts currently included in Assets Constructed for Others,
exclusive of capitalized interest of $68 million. These reimbursements and the capitalized interest are reflected as
Construction Obligation in our consolidated balance sheets. As facility rents are paid, they are treated as debt
service on the Construction Obligation, with the portion not relating to interest reducing the principal balance.
Minimum estimated facility payments, including escalations, associated with the facility lease are estimated to be
$39 million in 2012, $40 million in each of 2013 through 2016 and $697 million thereafter. The portion of these
scheduled payments serving to reduce the principal balance of the Construction Obligation is $12 million in
2012, $13 million in 2013, $14 million in 2014, and $15 million in each of 2015 and 2016. Payments could
exceed these amounts depending on future enplanement levels at JFK. Scheduled facility payments
representative of interest totaled $28 million, $27 million and $32 million in 2011, 2010 and 2009, respectively.
We have subleased a portion of Terminal 5, primarily space for concessionaires. Minimum lease payments
due to us are subject to various escalation amounts through 2019 and also include a percentage of gross receipts,
which may vary from month to month. Future minimum lease payments due to us during each of the next five
years are estimated to be $11 million per year in each of 2012 through 2014, $12 million in 2015, and $11
million in 2016.
Note 5—Stockholders’ Equity
In May 2010, at our annual meeting of stockholders, shareholders approved an amendment to our Amended
and Restated Certificate of Incorporation to increase the Company’s authorized capital from 500 million common
shares to 900 million common shares. Our authorized shares of capital stock also consist of 25 million shares of
preferred stock. The holders of our common stock are entitled to one vote per share on all matters which require
a vote by the Company’s stockholders as set forth in our Amended and Restated Certificate of Incorporation and
Bylaws.
Pursuant to our amended Stockholder Rights Agreement, which became effective in February 2002, each
share of common stock has attached to it a right and, until the rights expire or are redeemed, each new share of
common stock issued by the Company will include one right. Upon the occurrence of certain events described
below, each right entitles the holder to purchase one one-thousandth of a share of Series A participating preferred
stock at an exercise price of $35.55, subject to further adjustment. The rights become exercisable only after any
person or group acquires beneficial ownership of 15% or more (25% or more in the case of certain specified
stockholders) of the Company’s outstanding common stock or commences a tender or exchange offer that would
result in such person or group acquiring beneficial ownership of 15% or more (25% or more in the case of certain
stockholders) of the Company’s common stock. If after the rights become exercisable, the Company is involved
in a merger or other business combination or sells more than 50% of its assets or earning power, each right will
entitle its holder (other than the acquiring person or group) to receive common stock of the acquiring company
having a market value of twice the exercise price of the rights. The rights expire on April 17, 2012 and may be
redeemed by the Company at a price of $.01 per right prior to the time they become exercisable.
As of December 31, 2011, we had a total of 191.6 million shares of our common stock reserved for issuance
related to our 2011 Plan, our 2002 Plan, our 2011 CSPP, our original CSPP our convertible debt, and our share
lending facility. As of December 31, 2011, we had a total of 44.8 million shares of treasury stock, almost all of
which resulted from the return of borrowed shares under our share lending agreement. Refer to Note 2 for further
details on the share lending agreement and Note 7 for further details on our share-based compensation.
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