US Airways 2009 Annual Report Download - page 106

Table of Contents
common stock, including shares received pursuant to Participation Agreements with America West Holdings, for a total investment of
$160 million at the time of the merger. As of December 31, 2007, PAR has sold substantially all of its investment in the Company.
Mr. Shapiro became a member of the board of directors pursuant to certain stockholder agreements, which by their terms expired in June
2008.
13. Operating Segments and Related Disclosures
The Company is managed as a single business unit that provides air transportation for passengers and cargo. This allows it to benefit
from an integrated revenue pricing and route network that includes US Airways, Piedmont, PSA and third-party carriers that fly under
capacity purchase or prorate agreements as part of the Company's Express operations. The flight equipment of all these carriers is
combined to form one fleet that is deployed through a single route scheduling system. When making resource allocation decisions, the
chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but gives no weight
to the financial impact of the resource allocation decision on an individual carrier basis. The objective in making resource allocation
decisions is to maximize consolidated financial results, not the individual results of US Airways, Piedmont and PSA.
Information concerning operating revenues in principal geographic areas is as follows (in millions):
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2009 2008 2007
United States $ 8,285 $ 9,659 $ 9,582
Foreign 2,173 2,459 2,118
Total $ 10,458 $ 12,118 $ 11,700
The Company attributes operating revenues by geographic region based upon the origin and destination of each flight segment. The
Company's tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not
been allocated.
14. Stockholders' Equity
Holders of common stock are entitled to one vote per share on all matters submitted to a vote of common shareholders, except that
voting rights of non-U.S. citizens are limited to the extent that the shares of common stock held by such non-U.S. persons would
otherwise be entitled to more than 24.9% of the aggregate votes of all outstanding equity securities of US Airways Group. Holders of
common stock have no right to cumulate their votes. Holders of common stock participate equally as to any dividends or distributions on
the common stock.
In May 2009, the Company completed a public offering of 17.5 million shares of common stock at an offering price of $3.97 per share.
Net proceeds from the offering, after underwriting discounts and commissions, were $66 million.
In September 2009, the Company completed a public offering of 29 million shares of common stock at a price of $4.75 per share. Net
proceeds from the offering, after offering costs, were $137 million.
In August 2008, the Company completed a public offering of 21.85 million shares of common stock at an offering price of $8.50 per
share. Net proceeds from the offering, after underwriting discounts and commissions, were $179 million.
15. Stock-based Compensation
In June 2008, the stockholders of the Company approved the 2008 Equity Incentive Plan (the "2008 Plan"). The 2008 Plan replaces
and supersedes the 2005 Equity Incentive Plan (the "2005 Plan"). No additional awards will be made under the 2005 Plan, although
outstanding awards previously made under the 2005 Plan will continue to be governed by the terms and conditions of the 2005 Plan. Any
shares subject to an award under the 2005 Plan outstanding as of the date on which the 2008 Plan was approved by the Board that expire,
are forfeited or otherwise terminate unexercised will increase the shares reserved for issuance under the 2008 Plan by (i) one share for
each share of stock issued pursuant to a stock option or stock appreciation right and (ii) three shares for each share of
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