TripAdvisor 2015 Annual Report Download - page 95
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Underthe2011IncentivePlan,100,000sharesofTripAdvisorcommonstockareavailableforissuancetonon-employeedirectors.Fromtheinceptionof
thePlanthroughDecember31,2015,atotalof557shareshavebeenreservedforsuchpurpose.
NOTE 14: STOCKHOLDERS’ EQUITY
Preferred Stock
Inadditiontocommonstock,weareauthorizedtoissueupto100millionpreferredshares,with$0.001parvaluepershare,withtermsdeterminedbyour
BoardofDirectors,withoutfurtheractionbyourstockholders.AtDecember31,2015,nopreferredshareshadbeenissued.
Common Stock and Class B Common Stock
Ourauthorizedcommonstockconsistsof1.6billionsharesofcommonstockwithparvalueof$0.001pershare,and400millionsharesofClassBcommon
stockwithparvalueof$0.001pershare.Bothclassesofcommonstockqualifyforandshareequallyindividends,ifdeclaredbyourBoardofDirectors.Common
stockisentitledtoonevotepershareandClassBcommonstockisentitledto10votespershareonmostmatters.HoldersofTripAdvisorcommonstock,actingas
asingleclass,areentitledtoelectanumberofdirectorsequalto25%percentofthetotalnumberofdirectors,roundeduptothenextwholenumber,whichwas
threedirectorsasofDecember31,2015.ClassBcommonstockholdersmay,atanytime,converttheirsharesintocommonstock,onaoneforonesharebasis.
Uponconversion,theClassBcommonstockisretiredandisnotavailableforreissue.Intheeventofliquidation,dissolution,distributionofassetsorwinding-up
ofTripAdvisortheholdersofbothclassesofcommonstockhaveequalrightstoreceivealltheassetsofTripAdvisoraftertherightsoftheholdersofthepreferred
stockhavebeensatisfied.Therewere133,836,242and132,443,111sharesofcommonstockissuedandoutstanding,respectively,atDecember31,2015and
12,799,999sharesofClassBcommonstockissuedandoutstandingatDecember31,2015.
Accumulated Other Comprehensive Income (Loss)
Accumulatedothercomprehensivelossisprimarilycomprisedofaccumulatedforeigncurrencytranslationadjustments,asfollowsfortheperiods
presented:
December 31,
2015
December 31,
2014
(in millions)
Cumulativeforeigncurrencytranslationadjustments(1) $ (63) $ (31)
Totalaccumulatedothercomprehensiveloss $ (63) $ (31)
(1) Weconsiderourforeignsubsidiaryearningsindefinitelyreinvested;therefore;deferredtaxesarenotprovidedonforeigncurrencytranslation
adjustments.
Treasury Stock
OnFebruary15,2013,ourBoardofDirectorsauthorizedtherepurchaseof$250millionofoursharesofcommonstockunderasharerepurchaseprogram.
TherepurchaseprogramhasnoexpirationdatebutmaybesuspendedorterminatedbytheBoardofDirectorsatanytime.OurBoardofDirectorswilldetermine
theprice,timing,amountandmethodofsuchrepurchasesbasedonitsevaluationofmarketconditionsandotherfactors,andanysharesrepurchasedwillbein
compliancewithapplicablelegalrequirements,atpricesdeterminedtobeattractiveandinthebestinterestsofboththeCompanyanditsstockholders.
AsofDecember31,2015,wehaverepurchased2,120,709sharesofoutstandingcommonstockunderthesharerepurchaseprogramatanaggregatecostof
$145million.WedidnotrepurchaseanysharesunderthissharerepurchaseprogramduringtheyearendedDecember31,2015.AsofDecember31,2015,from
theauthorizedsharerepurchaseprogramgrantedbytheBoardofDirectorswehave$105millionremainingtorepurchasesharesofourcommonstock.
InDecember2015,weissued801,042treasurysharestotheFoundationinsettlementofallfuturepledgeobligations.Referto“Note12–Commitments
and Contingencies ,”foradiscussionoftheFoundation.Wehave1,393,131treasurysharesremainingasofDecember31,2015withanaggregatecostof$92
million.
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