Avis 2015 Annual Report Download - page 120

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F-51
21. Selected Quarterly Financial Data—(unaudited)
Provided below are selected unaudited quarterly financial data for 2015 and 2014.
The earnings per share information is calculated independently for each quarter based on the weighted
average number of 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.
2015
First Second Third Fourth
Net revenues $ 1,850 $ 2,173 $ 2,577 $ 1,902
Net income (loss) (9) 143 184 (5)
Per share information:
Basic
Net income (loss) $ (0.09) $ 1.36 $ 1.80 $ (0.06)
Weighted average shares 106.1 105.5 102.7 99.5
Diluted
Net income (loss) $ (0.09) $ 1.34 $ 1.77 $ (0.06)
Weighted average shares 106.1 106.7 104.0 99.5
2014
First Second Third Fourth
Net revenues $ 1,862 $ 2,194 $ 2,542 $ 1,887
Net income 4 26 192 23
Per share information:
Basic
Net income $ 0.03 $ 0.25 $ 1.84 $ 0.22
Weighted average shares 106.6 105.1 103.9 106.2
Diluted
Net income $ 0.03 $ 0.24 $ 1.74 $ 0.21
Weighted average shares 108.6 111.0 109.9 108.3
22. Subsequent Event
In January 2016, the Board of Directors increased the Company’s share repurchase program authorization
by $300 million.