Expedia 2012 Annual Report Download - page 126

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NOTE 19 — Quarterly Financial Information (Unaudited)
Three Months Ended
December 31 September 30 June 30 March 31
(In thousands, except per share data)
Year ended December 31, 2012
Revenue $974,859 $1,199,020 $1,039,980 $816,488
Operating income (1) 1,510 227,090 154,441 48,683
Net income from continuing operations(2) 7,095 168,188 106,109 21,587
Discontinued operations, net of taxes (193) 1,543 — (23,889)
Net income (loss) attributable to Expedia, Inc. 6,734 171,477 105,241 (3,281)
Earnings per share from continuing operations
attributable to Expedia, Inc. available to common
stockholders:
Basic earnings per share (3) $ 0.05 $ 1.25 $ 0.79 $ 0.15
Diluted earnings per share (3) 0.05 1.20 0.76 0.15
Earnings (loss) per share attributable to Expedia, Inc.
available to common stockholders:
Basic earnings (loss) per share (3) $ 0.05 $ 1.26 $ 0.79 $ (0.02)
Diluted earnings (loss) per share (3) 0.05 1.21 0.76 (0.02)
Year ended December 31, 2011
Revenue $787,133 $1,020,450 $ 913,591 $727,835
Operating income 91,645 209,099 143,707 35,158
Net income from continuing operations 60,465 171,840 88,133 5,903
Discontinued operations, net of taxes 10,633 38,566 52,757 46,306
Net income attributable to Expedia, Inc. 70,328 209,534 140,393 52,039
Earnings per share from continuing operations
attributable to Expedia, Inc. available to common
stockholders:
Basic earnings per share (3) $ 0.45 $ 1.26 $ 0.64 $ 0.04
Diluted earnings per share (3) 0.44 1.22 0.63 0.04
Earnings per share attributable to Expedia, Inc.
available to common stockholders:
Basic earnings per share (3) $ 0.53 $ 1.54 $ 1.03 $ 0.38
Diluted earnings per share (3) 0.51 1.50 1.01 0.37
(1) During the fourth quarter of 2012, we recognized $110 million related to monies expected to be paid in
advance of litigation related to Hawaii’s General Excise Tax.
(2) The effective tax rate for the fourth quarter of 2012 was 144.4% primarily due to lower than previously
estimated full year pre-tax income, driven by the tax reserves accrued during the quarter related to Hawaii.
(3) Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the
quarterly earnings per share may not equal the total computed for the year. In addition, for 2011, the per
share information attributable to Expedia, Inc. common shareholders reflects the one-for-two reverse stock
split in connection with the spin-off.
NOTE 20 — Guarantor and Non-Guarantor Supplemental Financial Information
Condensed consolidating financial information of Expedia, Inc. (the “Parent”), our subsidiaries that are
guarantors of our debt facility and instruments (the “Guarantor Subsidiaries”), and our subsidiaries that are not
guarantors of our debt facility and instruments (the “Non-Guarantor Subsidiaries”) is shown below. The debt
F-44