Expedia 2011 Annual Report Download - page 43

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The above dividends per share have been adjusted to reflect the one-for-two reversed stock split. The March
2010 dividend was the first dividend in our history. On February 9, 2012, the Executive Committee, acting on
behalf of the Board of Directors, declared a quarterly cash dividend of $0.09 per share of outstanding common
stock to the stockholders of record as of the close of business on March 12,2012.
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 limits our ability to pay cash dividends under certain
circumstances.
Unregistered Sales of Equity Securities
During the quarter ended December 31, 2011, 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 2011, which all occurred prior to the spin-off
and the one-for-two reverse stock split, 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 Plans or
Programs
October 1-31, 2011 2,443 $26.74 2,443 9,383
November 1-30, 2011 — — — 9,383
December 1-31, 2011 628 28.51 628 8,755
Total 3,071 $27.10 3,071
Total (Reverse split adjusted) 1,536 $54.20 1,536
In October 2010, the Executive Committee, acting on behalf of the Board of Directors, authorized a
repurchase of up to 20 million outstanding shares of our common stock. During 2011, prior to the spin-off and
before giving effect to the reverse stock split, we repurchased, through open market transactions, 10.6 million
shares (or 5.3 million reverse split adjusted) under this authorization for a total cost of $283 million, excluding
transaction costs, representing an average repurchase price of $26.60 per share (or $53.20 reverse split adjusted).
As of December 31, 2011, 8.8 million shares remain authorized for repurchase under the October 2010
authorization. There is no fixed termination date for the repurchases.
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