Avis 2009 Annual Report Download - page 80

Table of Contents
Year Ended December 31, 2009 and 2008
During 2009 and 2008, the Company did not report any income (loss) from discontinued operations.
Year Ended December 31, 2007
The $2 million loss from discontinued operations, net of tax for the year ended December 31, 2007 represents a tax charge due to an increase
in non-deductible expenses offset by a benefit in state taxes on discontinued operations. The $33 million gain on disposal of discontinued
operations, net of tax for the year ended December 31, 2007, primarily represents a tax benefit realized as a result of certain elections made
in connection with the 2006 Travelport disposition on the income tax returns filed during 2007.
The following table sets forth the computation of basic and diluted earnings per share (“EPS”):
The following table summarizes the Company’s outstanding common stock equivalents that were anti-dilutive and therefore excluded from
the computation of diluted EPS:
F
-
18
4.
Earnings Per Share
Year Ended December 31,
2009
2008
2007
Loss from continuing operations
$
(47
)
$
(1,124
)
$
(947
)
Loss from discontinued operations, net of tax
-
-
(2
)
Gain on disposal of discontinued operations, net of tax
-
-
33
Net loss
$
(47
)
$
(1,124
)
$
(916
)
Basic and diluted weighted average shares outstanding
102.2
101.9
103.1
Earnings per share basic and diluted:
Loss from continuing operations
$
(0.46
)
$
(11.04
)
$
(9.18
)
Loss from discontinued operations
-
-
(0.02
)
Gain on disposal of discontinued operations
-
-
0.32
Net loss
$
(0.46
)
$
(11.04
)
$
(8.88
)
As the Company incurred a loss from continuing operations in 2009, 2008 and 2007, all outstanding stock options, restricted stock
units, stock warrants and issuable shares underlying the 3 /
2 % Convertible Senior Notes due 2014, have an anti-dilutive effect and
therefore are excluded from the computation of diluted weighted average shares outstanding. Accordingly, basic and diluted weighted
average shares outstanding are equal for such periods.
Year Ended December 31,
2009
2008
2007
Options
7.2
5.0
6.0
Warrants
21.2
-
0.2
Shares underlying 3
/
2
% Convertible Senior Notes due 2014
21.2
-
-
Represents all outstanding stock options for 2009, 2008 and 2007.
Represents all outstanding warrants for 2009, 2008 and 2007. The exercise price for the warrants issued in 2009 was $22.50. The
warrants outstanding in 2007 had an exercise price of $21.31 and expired in June 2008.
Represents the number of shares issuable under the convertible senior notes issued in October 2009.
(a)
(a
)
1
(a)
(b)
1
(c)
(a)
(b)
(c)