Fluor 2011 Annual Report Download - page 136

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The table below sets forth the calculation of the percentage of net earnings allocable to common
shareholders under the two-class method:
Year Ended
December 31,
(shares in thousands) 2009
Numerator:
Weighted average participating common shares 179,100
Denominator:
Weighted average participating common shares 179,100
Add: Weighted average restricted shares and units 1,635
Weighted average participating shares 180,735
Portion allocable to common shareholders 99.10%
During the years ended December 31, 2011, 2010 and 2009, the company repurchased and canceled
10,050,000, 3,079,600 and 3,060,000 shares of its common stock, respectively, under its stock repurchase
program for $640 million, $175 million, and $125 million, respectively.
11. Lease Obligations
Net rental expense amounted to approximately $166 million, $228 million and $220 million in the
years ended December 31, 2011, 2010 and 2009, respectively. The company’s lease obligations relate
primarily to office facilities, equipment used in connection with long-term construction contracts and other
personal property. Net rental expense in 2011 declined due to a reduction in rental equipment required to
support project execution activities in the Oil & Gas and Government segments.
The company’s obligations for minimum rentals under non-cancelable operating leases are as follows:
Year Ended December 31, (in thousands)
2012 $ 39,500
2013 42,800
2014 34,100
2015 27,800
2016 22,800
Thereafter 100,300
12. Noncontrolling Interests
The company applies the provisions of SFAS No. 160, ‘‘Noncontrolling Interests in Consolidated
Financial Statements’’ (ASC 810-10-45). ASC 810-10-45 establishes accounting and reporting standards for
ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net
income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership
interest and the valuation of retained noncontrolling equity investments when a subsidiary is
deconsolidated.
As required by ASC 810-10-45, the company has separately disclosed on the face of the Consolidated
Statement of Earnings for all periods presented the amount of net earnings attributable to the company
and the amount of net earnings attributable to noncontrolling interests. For the years ended December 31,
2011, 2010 and 2009, earnings attributable to noncontrolling interests were $106 million, $85 million and
$50 million, respectively, and the related tax was $2 million, $1 million and $2 million, respectively.
Distributions paid to noncontrolling interests were $104 million, $84 million and $76 million for the years
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