Alaska Airlines and Horizon Air 2012 Annual Report Download - page 162

these matters is not likely to materially affect the
Company’s financial position or results of
operations. This forward-looking statement is
based on management’s current understanding
of the relevant law and facts, and it is subject to
various contingencies, including the potential
costs and risks associated with litigation and the
actions of arbitrators, judges and juries.
NOTE 10. SHAREHOLDERS’ EQUITY
Common Stock Split
On February 15, 2012, the Board of Directors
declared a two-for-one split of the Company’s
common stock by means of a stock distribution.
The additional shares were distributed on
March 16, 2012, to the shareholders of record
on March 2, 2012. The stock split increased the
Company’s outstanding shares from
approximately 36 million shares as of
December 31, 2011 to about 71 million shares.
Historical outstanding shares and per share
amounts were recast upon the distribution.
Common Stock Repurchase
In September 2012, the Board of Directors
authorized a $250 million share repurchase
program, which does not have an expiration
date, but is expected to be completed by
December 2014. In February 2012, the Board of
Directors authorized a $50 million share
repurchase program, which was completed in
September 2012. In June 2011, the Board of
Directors authorized a $50 million share
repurchase program, which was completed in
January 2012. In June 2010, the Board of
Directors authorized a $50 million share
repurchase program, which was completed in
April 2011. In June 2009, the Board of Directors
authorized a $50 million share repurchase
program, which was completed in May 2010.
Share repurchase activity as of December 31 (in millions, except shares):
2012 2011 2010
Shares Amount Shares Amount Shares Amount
$250 million Repurchase Program ......... 202,510 $8 — $— — $—
2012 Repurchase Program .............. 1,437,101 50 — — — —
2011 Repurchase Program .............. 46,340 2 1,595,000 48 — —
2010 Repurchase Program .............. —— 1,023,600 31 710,000 19
2009 Repurchase Program .............. —— — — 1,291,496 26
1,685,951 $ 60 2,618,600 $ 79 2,001,496 $ 45
Retirement of Treasury Shares
In 2012, the Company retired 4,829,834 common shares that had been held in treasury. This action
did not impact the total number of common shares outstanding.
Accumulated Other Comprehensive Loss (AOCL)
AOCL consisted of the following at December 31 (in millions, net of tax):
2012 2011
Unrealized gain on marketable securities considered available-for-sale ....................... $ (7) $ (6)
Related to employee benefit plans ................................................... 423 380
Related to interest rate derivatives ................................................... 20 16
$436 $390
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