Expedia 2010 Annual Report Download - page 41

Download and view the complete annual report

Please find page 41 of the 2010 Expedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 118

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118

The March 2010 dividend was the first dividend in our history. On February 9, 2011, the Executive
Committee, acting on behalf of the Board of Directors, declared a quarterly cash dividend of $0.07 per share of
outstanding common stock to the stockholders of record as of the close of business on March 11, 2011.
Declaration and payment of future dividends, if any, is at the discretion of the Board of Directors and will
depend on, among other things, our results of operations, cash requirements and surplus, financial condition,
share dilution management, legal risks, tax policies, capital requirements relating to research and development,
investments and acquisitions, challenges to our business model and other factors that the Board of Directors may
deem relevant. In addition, our credit agreement and high yield indenture limit our ability to pay cash dividends
under certain circumstances.
Unregistered Sales of Equity Securities
During the quarter ended December 31, 2010, we did not issue or sell any shares of our common stock or
other equity securities pursuant to unregistered transactions in reliance upon an exemption from the registration
requirements of the Securities Act of 1933, as amended.
Issuer Purchases of Equity Securities
A summary of the repurchase activity for the fourth quarter of 2010 is as follows:
Period
Total Number of Shares
Purchased
Average Price
Paid Per Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or
Programs
(In thousands, except per share data)
October 1-31, 2010 ......... — $ — — 23,384
November 1-30, 2010 ....... 1,265 27.54 1,265 22,119
December 1-31, 2010 ....... 2,735 26.16 2,735 19,384
Total .................... 4,000 26.60 4,000
In 2006, our Board of Directors authorized a share repurchase of up to 20 million outstanding shares of our
common stock. On October 25, 2010, the Executive Committee, acting on behalf of the Board of Directors,
authorized an additional repurchase of up to 20 million outstanding shares of our common stock. During 2010,
we repurchased, through open market transactions, 20.6 million shares under these authorizations for a total cost
of $489 million, excluding transaction costs, representing an average repurchase price of $23.71 per share. As of
December 31, 2010, 19.4 million shares remain authorized for repurchase under the October 2010 authorization.
There is no fixed termination date for the repurchases.
38