XM Radio 2011 Annual Report Download - page 103

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SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(3) Earnings per Share
Basic net income (loss) per common share is calculated using the weighted average common shares
outstanding during each reporting period. Diluted net income (loss) per common share adjusts the weighted
average common shares outstanding for the potential dilution that could occur if common stock equivalents
(convertible debt and preferred stock, warrants, stock options, restricted stock and restricted stock units) were
exercised or converted into common stock, calculated using the treasury stock method. For the years ended
December 31, 2011 and 2010, common stock equivalents of approximately 419,752,000 and 689,922,000,
respectively, were excluded from the calculation of diluted net income per common share as the effect would
have been anti-dilutive. Due to the net loss for the year ended December 31, 2009, common stock equivalents of
approximately 3,381,905,000 were excluded from the calculation of diluted net loss per common share as the
effect would have been anti-dilutive.
For the Years Ended December 31,
(in thousands, except per share data) 2011 2010 2009
Net income (loss) available to common stockholders ..... $ 426,961 $ 43,055 $ (538,226)
Average common shares outstanding-basic ............ 3,744,606 3,693,259 3,585,864
Dilutive effect of equity instruments .................. 2,756,216 2,697,812 —
Average common shares outstanding-diluted ........... 6,500,822 6,391,071 3,585,864
Net income (loss) per common share
Basic ........................................ $ 0.11 $ 0.01 $ (0.15)
Diluted ....................................... $ 0.07 $ 0.01 $ (0.15)
(4) Accounts Receivable, net
Accounts receivable, net are stated at amounts due from customers net of an allowance for doubtful
accounts. Our allowance for doubtful accounts considers historical experience, the age of certain receivable
balances, current economic conditions and other factors that may affect the counterparty’s ability to pay.
Accounts receivable, net, consists of the following:
December 31,
2011
December 31,
2010
Gross accounts receivable ..................................... $111,637 $131,880
Allowance for doubtful accounts ................................ (9,932) (10,222)
Total accounts receivable, net ................................ $101,705 $121,658
Receivables from distributors include billed and unbilled amounts due from OEMs for radio services
included in the sale or lease price of vehicles, as well as billed amounts due from retailers. Receivables from
distributors consist of the following:
December 31,
2011
December 31,
2010
Billed ..................................................... $44,618 $30,456
Unbilled ................................................... 40,199 37,120
Total .................................................... $84,817 $67,576
F-15