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Table of Contents
IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 11—SHAREHOLDERS' EQUITY (Continued)
Warrants
A summary of changes in outstanding warrants is as follows:
During the years ended December 31, 2009 and 2008 there were approximately 11.6 million and 148,000 warrants exercised, respectively.
No warrants were issued during the years ended December 31, 2009 and 2008.
At December 31, 2010, warrants to acquire shares of IAC common stock were outstanding as follows:
Common Stock Repurchases
During 2010 and 2009, the Company purchased 23.1 million and 32.1 million shares of IAC common stock for aggregate consideration, on
a trade date basis, of $530.9 million and $554.2 million, respectively. In addition, on December 1, 2010, the Company completed the tax-free
exchange of Evite, Gifts.com, IAC Advertising Solutions and $217.9 million in cash for substantially all of Liberty's equity stake in IAC,
representing 8.5 million shares of Class B common stock and 4.3 million shares of common stock. On February 26, 2010, the Company
announced that its Board of Directors authorized the repurchase of up to an additional 20 million shares of IAC common stock. At December 31,
2010, the Company had approximately 7.2 million shares remaining in its share repurchase authorization.
90
December 31, 2010
Number of IAC
Common Shares
Underlying Warrants
Weighted
Average
Strike Price
(Shares in thousands)
Outstanding at January 1, 2010
18,300
28.08
Issued
—
—
Exercised
—
—
Expired
(3
)
15.11
Outstanding at December 31,
2010
18,297
28.08
Expiration Date
Number of IAC
Common Shares
Underlying Warrants
Outstanding At
December 31, 2010 Average Strike
per IAC Share
(In thousands)
Issued in Vivendi deal:
Tranche 1
5/7/12
13,749
26.87
Tranche 2
5/7/12
4,548
31.75
18,297
28.08