Avis 2012 Annual Report Download - page 109

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F-53
23. Selected Quarterly Financial Data—(unaudited)
Provided below are selected unaudited quarterly financial data for 2012 and 2011.
The earnings per share information is calculated independently for each quarter based on the weighted average common
stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market
prices. Therefore, the sum of the quarters’ per share information may not equal the annual amount presented on the
Consolidated Statements of Operations.
2012
First (a) (b)
Second (c)
Third (d)
Fourth (a) (e)
Net revenues
$
1,623
$
1,866
$
2,170
$
1,698
Net income (loss)
(23)
79
280
(46)
Per share information:
Basic
Net income (loss)
$
(0.22)
$
0.74
$
2.62
$
(0.43)
Weighted average shares
105.9
106.7
106.8
106.9
Diluted
Net income (loss)
$
(0.22)
$
0.66
$
2.38
$
(0.43)
Weighted average shares
105.9
121.9
118.0
106.9
2011
First (f)
Second (g)
Third (h)
Fourth (a) (i)
Net revenues
$
1,235
$
1,412
$
1,623
$
1,630
Net income (loss)
7
52
82
(170)
Per share information:
Basic
Net income (loss)
$
0.07
$
0.49
$
0.78
$
(1.62)
Weighted average shares
104.6
105.4
105.4
105.5
Diluted
Net income (loss)
$
0.06
$
0.42
$
0.65
$
(1.62)
Weighted average shares
106.8
129.0
128.9
105.5
__________
(a) As the Company incurred a loss from continuing operations for this period, all outstanding stock options, restricted stock units,
stock warrants and issuable shares underlying convertible notes are anti-dilutive for such period. Accordingly, basic and diluted
weighted average shares outstanding are equal for such period.
(b) Net income for first quarter 2012 includes $27 million ($23 million, net of tax) for costs related to the early extinguishment of
corporate debt, $7 million ($5 million, net of tax) in restructuring costs, $6 million ($5 million, net of tax) for transaction-related
costs primarily related to the integration of the operations of Avis Europe and $5 million ($4 million, net of tax) for amortization
expense related to intangible assets recognized in the acquisition of Avis Europe.
(c) Net income for second quarter 2012 includes $23 million ($21 million, net of tax) for the early extinguishment of corporate debt,
$12 million ($8 million, net of tax) in restructuring costs, $4 million ($2 million, net of tax) of transaction-related costs primarily
related to the integration of the operations of Avis Europe and $3 million ($2 million, net of tax) for amortization expense related
to intangible assets recognized in the acquisition of Avis Europe.
(d) Net income for third quarter 2012 includes a $128 million non-cash income tax benefit for pre-Separation taxes, $11 million ($10
million, net of tax) of transaction-related costs primarily related to the integration of the operations of Avis Europe, $7 million
($5 million, net of tax) in restructuring costs, $4 million ($3 million, net of tax) for amortization expense related to intangible
assets recognized in the acquisition of Avis Europe, and $2 million ($1 million, net of tax) for the early extinguishment of
corporate debt.
(e) Net income for fourth quarter 2012 includes $23 million ($16 million net of tax) of expense for the early extinguishment of
corporate debt, $12 million ($9 million, net of tax) in restructuring costs, $13 million ($13 million, net of tax) of transaction-
related costs primarily related to the integration of the operations of Avis Europe and $4 million ($2 million, net of tax) for
amortization expense related to intangible assets recognized in the acquisition of Avis Europe.
(f) Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of
tax) of transaction-related costs related to the Company’s previous efforts to acquire Dollar Thrifty.
(g) Net income for second quarter 2011 includes $11 million ($9 million, net of tax) of due-diligence, advisory and other expenses,
and $7 million ($4 million, net of tax) of interest expense, both related to the acquisition of Avis Europe and the Company’s