Dollar Rent A Car 2011 Annual Report Download - page 86

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15. BUSINESS SEGMENTS
The Company’s corporate operating structure is based on a functional structure and combines the management of operations and administrative
functions for both the Dollar and Thrifty brands. Consistent with this structure, management makes business and operating decisions on an overall
company basis.
Included in the consolidated financial statements are the following amounts relating to geographic locations:
Year Ended December 31,
2011 2010 2009
(In Thousands)
Revenues:
United States $ 1,466,186 $ 1,455,958 $ 1,466,508
Foreign countries 82,742 81,202 79,741
$ 1,548,928 $ 1,537,160 $ 1,546,249
Long-lived assets:
United States $ 82,588 $ 88,433 $ 94,606
Foreign countries 1,690 1,795 1,592
$ 84,278 $ 90,228 $ 96,198
Revenues are attributed to geographic regions based on the location of the transaction. Long-lived assets represent property and equipment.
16. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
A summary of the quarterly operating results during 2011 and 2010 follows:
Year Ended First Second Third Fourth 2011
December 31, 2011 Quarter Quarter Quarter Quarter Total
(In Thousands Except Per Share Amounts)
Revenues $ 348,347 $ 395,129 $ 451,722 $ 353,730 $ 1,548,928
Operating income (a) $ 46,921 $ 88,818 $ 126,036 $ 73,685 $ 335,460
Net income $ 16,523 $ 42,505 $ 66,621 $ 33,901 $ 159,550
Earnings per share: (b)
Basic $ 0.57 $ 1.47 $ 2.30 $ 1.16 $ 5.51
Diluted $ 0.53 $ 1.36 $ 2.13 $ 1.08 $ 5.11
Year Ended First Second Third Fourth 2010
December 31, 2010 Quarter Quarter Quarter Quarter Total
(In Thousands Except Per Share Amounts)
Revenues $ 348,330 $ 396,227 $ 443,544 $ 349,059 $ 1,537,160
Operating income (a) $ 61,088 $ 84,436 $ 94,246 $ 43,314 $ 283,084
Net income $ 27,292 $ 42,263 $ 49,165 $ 12,496 $ 131,216
Earnings per share: (b)
Basic $ 0.96 $ 1.48 $ 1.72 $ 0.44 $ 4.58
Diluted $ 0.91 $ 1.40 $ 1.62 $ 0.41 $ 4.34
(a) Operating income represents pretax income before interest, long-lived asset impairment and (increase) decrease in fair value of
derivatives.
(b) The earnings per share is calculated from the weighted average common and common stock equivalents outstanding during each
quarter, which may fluctuate based on quarterly income levels and market prices. Therefore, the sum of earnings per share
information for each quarter may not equal the total year amounts.
During the second and fourth quarters of 2011, the Company recorded favorable changes in vehicle insurance reserve estimates of $10.6 million and
$21.2 million, respectively, in conjunction with receiving actuarial updates on its vehicle insurance programs. See Note 14 for further discussion.
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