Thrifty Car Rental 2010 Annual Report Download - page 67

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disaggregation and about inputs and valuation techniques used to measure fair value. The
Company adopted the provisions of ASU 2010-06 as required on January 1, 2010. See Note
12 for required disclosure.
2. PUBLIC STOCK OFFERING
On October 28, 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 $6.6 million.
3. EARNINGS PER SHARE
The computation of weighted average common and common equivalent shares used in the
calculation of basic and diluted EPS is shown below:
2010 2009 2008
(In Thousands, Except Share and Per Share Data)
Net income (loss) 131,216$ 45,022$ (346,718)$
Basic EPS:
Weighted average common shares 28,623,108 22,687,077 21,375,589
Basic EPS 4.58$ 1.98$ (16.22)$
Diluted EPS:
Weighted average common shares 28,623,108 22,687,077 21,375,589
Shares contingently issuable:
Stock options 1,226,089 762,673 -
Performance awards 125,225 255,775 -
Employee compensation shares deferred 49,374 105,402 -
Director compensation shares deferred 221,485 155,611 -
Shares applicable to diluted 30,245,281 23,966,538 21,375,589
Diluted EPS 4.34$ 1.88$ (16.22)$
Year Ended December 31,
At December 31, 2010, all options to purchase shares of common stock were included in the
computation of diluted EPS because no exercise price was greater than the average market
price of the common shares. At December 31, 2009 and 2008, 356,970 and 1,049,778
outstanding common stock equivalents that were anti-dilutive were excluded from the
computation of diluted EPS, respectively.
66