iHeartMedia 2006 Annual Report Download - page 34
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34
expected to be outstanding. Management uses historical data to estimate option exercises and employee terminations
within the valuation model. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of
grant for periods equal to the expected life of the option. The following table details compensation costs related to
share-based payments for the year ended December 31, 2006:
(In millions)
Radio Broadcasting
Direct Operating Expenses $ 11.1
SG&A 14.1
Americas Outdoor Advertising
Direct Operating Expenses $ 3.4
SG&A 1.3
International Outdoor Advertising
Direct Operating Expenses $ 0.9
SG&A 0.4
Other
Direct Operating Expenses $ 1.9
SG&A 2.0
Corporate $ 9.1
THE COMPARISON OF YEAR ENDED DECEMBER 31, 2006 TO YEAR ENDED DECEMBER 31,
2005 IS AS FOLLOWS:
Consolidated
(In thousands) Years Ended December 31, % Change
2006 2005 2006 v. 2005
Revenue $ 7,066,957 $ 6,578,805 7%
Operating expenses:
Direct operating expenses (excludes depreciation and amortization) 2,650,093 2,457,044 8%
Selling, general and administrative expenses (excludes depreciation
and amortization) 1,968,869 1,902,837 3%
Depreciation and amortization 633,823 628,010 1%
Corporate expenses (excludes depreciation and amortization) 201,752 171,076 18%
Merger expenses 7,633 ―
Gain on disposition of assets - net 69,330 51,355 35%
Operating income 1,674,117 1,471,193 14%
Interest expense 483,974 443,245
Gain (loss) on marketable securities 2,306 (702)
Equity in earnings of nonconsolidated affiliates 37,478 38,338
Other income (expense) - net (8,421) 11,267
Income before income taxes, minority interest expense and
discontinued operations 1,221,506
1,076,851
Income tax benefit (expense):
Current (298,962)
(43,616)
Deferred (201,855) (381,740)
Income tax benefit (expense) (500,817) (425,356)
Minority interest expense, net of tax 31,927 17,847
Income before discontinued operations 688,762 633,648
Income from discontinued operations, net 2,755 302,014
Net income (loss) $ 691,517 $ 935,662