Green Dot 2011 Annual Report Download - page 95

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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 20—Selected Unaudited Quarterly Financial Information (continued)
85
Q4 Q3 Q2 Q1
(in thousands, except per share data)
2010
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 91,847 $ 88,904 $ 90,318 $ 92,819
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 79,190 73,481 73,164 68,734
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,657 15,423 17,154 24,085
Interest income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 88 84 49
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . 12,749 15,511 17,238 24,134
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,811 6,540 4,730 11,319
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,938 $ 8,971 $ 12,508 $ 12,815
Earnings per share
Basic
Class A common stock. . . . . . . . . . . . . . . . . . . . . . . . $ 0.19 $ 0.22 $ 0.32 —
Class B common stock . . . . . . . . . . . . . . . . . . . . . . . $ 0.19 $ 0.22 $ 0.32 $ 0.34
Diluted
Class A common stock. . . . . . . . . . . . . . . . . . . . . . . . $ 0.18 $ 0.20 $ 0.29 —
Class B common stock . . . . . . . . . . . . . . . . . . . . . . . $ 0.18 $ 0.20 $ 0.29 $ 0.27
Note 21— Subsequent Events
On January 19, 2012, we amended our agreement with Total System Services, Inc., dated September 1, 2009,
pursuant to which we agreed to extend the term of the agreement by two years to August 31, 2014.
ITEM 9. Changes in and Disagreement With Accountants on Accounting and Financial Disclosure
None.
ITEM 9A. Controls and Procedures
Disclosure controls and procedures — Our management, with the participation of our Chief Executive Officer and
Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 13d-15(e)), and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) at the end of the period covered by this report. Based on such evaluation of our
disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer have concluded that, at
the end of such period, our disclosure controls and procedures were effective to ensure that information required to
be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure.
Report of management on internal control over financial reporting — Our management is responsible for
establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for Green Dot Corporation. Our management, with the participation of our Chief Executive
Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial
reporting as of December 31, 2011, based on criteria established in Internal Control - Integrated Framework by the
Committee of Sponsoring Organizations of the Treadway Commission. We have excluded from our evaluation, the
internal control over financial reporting of the operations of Bonneville Bancorp and its subsidiary bank, Green Dot
Bank (formerly Bonneville Bank), which we acquired on December 8, 2011. As of December 31, 2011, total net assets
subject to Bonneville Bancorp and Green Dot Bank's internal control over financial reporting represented $29.8 million
or 11.7% of our total net assets. Total revenue subject to Bonneville Bancorp and Green Dot Bank's internal control
over financial reporting represented $15,000 of our total operating revenues, or less than 0.0001% of total operating
revenues for the year ended December 31, 2011.