XM Radio 2010 Annual Report Download - page 102

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exercised or converted into common stock, calculated using the treasury stock method. For the year ended
December 31, 2010, common stock equivalents of approximately 689,922,000 were excluded from the calculation
of diluted net income per common share as the effect would have been anti-dilutive. Due to the net loss for the years
ended December 31, 2009 and 2008, common stock equivalents of approximately 3,381,905,000 and 787,000,000,
respectively, were excluded from the calculation of diluted net loss per common share as the effect would have been
anti-dilutive.
(In thousands, except per share data) 2010 2009 2008
Years Ended December 31,
Net income (loss) .............................. $ 43,055 $ (352,038) $(5,316,910)
Preferred stock beneficial conversion feature .......... — (186,188) —
Net income (loss) per common share: ............... $ 43,055 $ (538,226) $(5,316,910)
Average common shares outstanding-basic ............ 3,693,259 3,585,864 2,169,489
Dilutive effect of equity awards.................... 2,697,812 — —
Average common shares outstanding-diluted .......... 6,391,071 3,585,864 2,169,489
Net income (loss) per common share
Basic ..................................... $ 0.01 $ (0.15) $ (2.45)
Diluted .................................... $ 0.01 $ (0.15) $ (2.45)
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand, money market funds, certificates of deposit, in-transit credit
card receipts and highly liquid investments with an original maturity of three months or less when purchased. Cash
and cash equivalents are stated at fair market value.
Accounts Receivable
Accounts receivable are stated at amounts due from customers net of an allowance for doubtful accounts. Our
allowance for doubtful accounts considers historical experience, the age of amounts due, current economic
conditions and other factors that may affect the counterparty’s ability to pay.
Accounts receivable, net, consists of the following:
December 31,
2010
December 31,
2009
Gross accounts receivable ................................... $131,880 $122,247
Allowance for doubtful accounts.............................. (10,222) (8,667)
Total accounts receivable, net .............................. $121,658 $113,580
Receivables from distributors include billed and unbilled amounts due from OEMs for radio services included
in the sale or lease price of vehicles, as well as billed amounts due from retailers. Receivables from distributors
consist of the following:
December 31,
2010
December 31,
2009
Billed ................................................. $30,456 $25,207
Unbilled ............................................... 37,120 23,531
Total ................................................ $67,576 $48,738
F-14
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)