Expedia 2015 Annual Report Download - page 127
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The following table presents our basic and diluted earnings per share:
Year Ended December 31,
2015 2014 2013
(In thousands, except per share data)
Net income attributable to Expedia, Inc. $764,465 $398,097 $232,850
Earnings per share attributable to Expedia, Inc.
available to common stockholders:
Basic $ 5.87 $ 3.09 $ 1.73
Diluted 5.70 2.99 1.67
Weighted average number of shares outstanding:
Basic 130,159 128,912 134,912
Dilutive effect of:
Options to purchase common stock 3,685 4,149 4,495
Other dilutive securities 174 107 186
Diluted 134,018 133,168 139,593
Outstanding stock awards that have been excluded from the calculations of diluted earnings per share
attributable to common stockholders because their effect would have been antidilutive were approximately two
million for 2015 and approximately four million for both 2014 and 2013.
The earnings per share amounts are the same for common stock and Class B common stock because the
holders of each class are legally entitled to equal per share distributions whether through dividends or in
liquidation.
NOTE 15 — Restructuring and Related Reorganization Charges
In connection with the migration of technology platforms and centralization of technology, supply and other
operations, primarily related to acquisition integrations including Orbitz and the Wotif Group, we recognized
$105 million in restructuring and related reorganization charges during 2015 as well as $26 million during the
fourth quarter ended December 31, 2014. The 2015 charges were primarily related to employee severance and
benefits related to the Orbitz integration and represent estimated severance amounts under pre-existing written
plans and contracts Orbitz had with its employees, as well as stock-compensation charges for acceleration of
replacement awards pursuant to certain of these agreements. We expect to incur approximately $30 million to
$40 million in 2016 related to these integrations.
The following table summarizes the restructuring and related reorganization activity for 2014 and 2015:
Employee
Severance
and
Benefits
Stock-based
Compensation Other Total
(In thousands)
Accrued liability as of January 1, 2014 $ — $ — $ — $ —
Charges 10,783 — 14,847 25,630
Payments (572) — (540) (1,112)
Non-cash items (94) — (649) (743)
Accrued liability as of December 31, 2014 10,117 — 13,658 23,775
Charges 66,255 32,749 5,867 104,871
Payments (29,388) — (18,408) (47,796)
Non-cash items (1,095) (32,749) 6 (33,838)
Accrued liability as of December 31, 2015 $ 45,889 $ — $ 1,123 $ 47,012
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