Enom 2011 Annual Report Download - page 41

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(1) Excludes 192,020 shares of common stock that were repurchased under a Rule 10b5-1 Plan that were unsettled as of December 31, 2011.
As previously disclosed in a current report on Form 8-K filed on August 22, 2011, our Board of Directors approved a stock repurchase program
effective as of August 19, 2011 to repurchase up to $25.0 million of our outstanding common stock as share price, market conditions and other factors
warrant. In addition, as previously disclosed in a current report on Form 8-K filed on February 16, 2012, our Board of Directors approved a $25.0 million
increase to this previously approved stock repurchase program, for an aggregate amount of $50.0 million of repurchases under the program. Under the stock
repurchase program, we have cumulatively repurchased a total of approximately 2.3 million shares at a total cost of $17.1 million through December 31,
2011, which amount excludes 192,020 unsettled shares repurchased at a total cost of approximately $1.3 million as of such date. The stock repurchase
program does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time. See “Liquidity and Capital
Resources” in Part II, Item 7 of this report on Form 10-K for further discussion of our share repurchases.
Our revolving credit facility limits our ability to make cash distributions with respect to our equity interests, such as redemptions, cash dividends and
share repurchases, based on a defined leverage ratio. See "Liquidity and Capital Resources" in Part II, Item 7 of this report on Form 10-K for further
discussion of our long-term debt.
Item 6. Selected Financial Data
Demand Media was incorporated on March 23, 2006 and had no substantive business activities prior to the acquisition of eNom, Inc in April 2006. The
consolidated statements of operations data for the years ended December 31, 2009, 2010 and 2011, as well as the consolidated balance sheet data as of
December 31, 2010 and 2011, are derived from our audited consolidated financial statements that are included elsewhere in this Annual Report on Form 10-
K. The consolidated statements of operations data for the nine months ended December 31, 2007 and year ended December 31, 2008, as well as the
consolidated balance sheet data as of December 31, 2007, 2008 and 2009 are derived from audited consolidated financial statements not included in this
Annual Report on Form 10-K. The historical results presented below are not necessarily indicative of financial results to be achieved in future periods.
The following selected consolidated financial data should be read in conjunction with "Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K.
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