Orbitz 2009 Annual Report Download - page 107

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15. Severance
During the year ended December 31, 2008, we reduced our workforce by approximately 160 domestic
and international employees, primarily in response to weakening demand in the travel industry and deteriorat-
ing economic conditions. In connection with this workforce reduction, we incurred total expenses of $3 million
in the year ended December 31, 2008 related to severance benefits and other termination-related costs, which
are included in selling, general and administrative expense in our consolidated statements of operations. The
majority of these costs had been paid as of December 31, 2008.
16. Employee Benefit Plans
Prior to our IPO, Travelport (subsequent to the Blackstone Acquisition) and Cendant (prior to the
Blackstone Acquisition) sponsored defined contribution savings plans for employees in the U.S. that provided
certain of our eligible employees an opportunity to accumulate funds for retirement. HotelClub and ebookers
sponsor similar defined contribution savings plans. In September 2007, we adopted a qualified defined
contribution savings plan for employees in the U.S. that replaced the existing defined contribution savings
plans sponsored by Travelport and Cendant, but did not alter the plans of HotelClub and ebookers. We match
the contributions of participating employees on the basis specified by the plans.
We recorded expense related to these plans in the amount of $7 million, $5 million, $2 million and
$2 million for the years ended December 31, 2008 and December 31, 2007 and for the periods from August 23,
2006 to December 31, 2006 and January 1, 2006 to August 22, 2006, respectively.
17. Loss per Share
The following table presents the calculation of basic and diluted loss per share:
Year Ended
December 31, 2008
Period from
July 18, 2007 to
December 31, 2007
(in millions, except share and per share data)
Net Loss............................................... $ (299) $ (42)
Net Loss per Share — Basic and
Diluted:
Weighted Average Shares Outstanding for Basic and Diluted Net
Loss Per Share (a) .................................... 83,342,333 81,600,478
Basic and Diluted (b) .................................... $ (3.58) $ (0.51)
(a) Stock options, restricted stock, restricted stock units and PSUs are not included in the calculation of
diluted loss per share for the year ended December 31, 2008 and for the period from July 18, 2007 to
December 31, 2007 because we had a net loss for each period. Accordingly, the inclusion of these equity
awards would have had an antidilutive effect on diluted loss per share.
(b) Net loss per share may not recalculate due to rounding.
107
ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)