ServiceMagic 2012 Annual Report Download - page 94

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Description of Preferred Stock
IAC's Board of Directors has the authority to designate, by resolution, the powers, preferences, rights and qualifications, limitations and
restrictions of preferred stock issued by IAC without any further vote or action by the shareholders. Any shares of preferred stock so issued
would have priority over shares of IAC common stock and shares of IAC Class B common stock with respect to dividend or liquidation rights or
both. At December 31, 2012 and 2011 there is no preferred stock issued and outstanding.
Reserved Common Shares
In connection with equity compensation plans, 19.8 million shares of IAC common stock are reserved at December 31, 2012.
Warrants
A summary of changes in outstanding warrants is as follows:
During the year ended December 31, 2011, 3.9 million warrants were exercised. No warrants were exercised during the year ended
December 31, 2010. No warrants were issued during the years ended December 31, 2012, 2011 and 2010.
Common Stock Repurchases
During 2012 and 2011, the Company purchased 15.5 million and 13.6 million
shares of IAC common stock for aggregate consideration, on
a trade date basis, of $716.1 million and $518.6 million , respectively.
On May 1, 2012, IAC's Board of Directors authorized the repurchase of up to 10 million shares of IAC common stock. At
December 31, 2012, the Company has approximately 3.1 million shares remaining in its share repurchase authorization.
NOTE 13—EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to IAC shareholders.
71
December 31, 2012
Number of IAC
Common Shares
Underlying Warrants
Weighted
Average
Strike Price
(Shares in thousands)
Outstanding at January 1, 2012
14,348
$
28.40
Exercised
(14,348
)
28.40
Outstanding at December 31, 2012
—
$
—