| EQUITY |
EQUITY
The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation, equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the nine months ended September 30, 2015:
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Live Nation
Stockholders’ Equity
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Noncontrolling
Interests
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|
Total
Equity
|
|
Redeemable
Noncontrolling
Interests
|
|
(in thousands) |
|
(in thousands) |
Balance at December 31, 2014 |
$ |
1,296,954 |
|
|
$ |
186,893 |
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|
$ |
1,483,847 |
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$ |
168,855 |
|
Non-cash compensation expense |
25,594 |
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|
— |
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|
25,594 |
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|
— |
|
Common stock issued under stock plans, net of shares withheld for employee taxes |
(7,652 |
) |
|
— |
|
|
(7,652 |
) |
|
— |
|
Exercise of stock options |
14,685 |
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— |
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14,685 |
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— |
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Acquisitions |
— |
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31,311 |
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|
31,311 |
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|
65,774 |
|
Purchases of noncontrolling interests |
(4,818 |
) |
|
(2,981 |
) |
|
(7,799 |
) |
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— |
|
Sales of noncontrolling interests |
2,184 |
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— |
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2,184 |
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|
147 |
|
Redeemable noncontrolling interests fair value adjustments |
(17,111 |
) |
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— |
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(17,111 |
) |
|
17,111 |
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Cash distributions |
— |
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(12,199 |
) |
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(12,199 |
) |
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(1,635 |
) |
Other |
— |
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(2,113 |
) |
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(2,113 |
) |
|
54 |
|
Comprehensive loss: |
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Net income (loss) |
45,826 |
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|
15,444 |
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61,270 |
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(3,202 |
) |
Realized loss on cash flow hedges |
25 |
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— |
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25 |
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— |
|
Change in funded status of defined benefit pension plan |
6 |
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— |
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6 |
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— |
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Foreign currency translation adjustments |
(24,255 |
) |
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— |
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(24,255 |
) |
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— |
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Balance at September 30, 2015 |
$ |
1,331,438 |
|
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$ |
216,355 |
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$ |
1,547,793 |
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$ |
247,104 |
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Accumulated Other Comprehensive Loss
The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2015:
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Gains and Losses On Cash Flow Hedges |
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Defined Benefit Pension Items |
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Foreign Currency Items |
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Total |
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(in thousands) |
Balance at December 31, 2014 |
$ |
(25 |
) |
|
$ |
(581 |
) |
|
$ |
(69,404 |
) |
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$ |
(70,010 |
) |
Other comprehensive income (loss) before reclassifications |
— |
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6 |
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(24,255 |
) |
|
(24,249 |
) |
Amount reclassified from AOCI |
25 |
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— |
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— |
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|
25 |
|
Net other comprehensive income (loss) |
25 |
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6 |
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(24,255 |
) |
|
(24,224 |
) |
Balance at September 30, 2015 |
$ |
— |
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|
$ |
(575 |
) |
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$ |
(93,659 |
) |
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$ |
(94,234 |
) |
The realized loss on cash flow hedges reclassified from AOCI consists of one interest rate swap agreement that expired on June 30, 2015.
Earnings Per Share
The following table sets forth the computation of weighted average common shares outstanding:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
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Weighted average common shares—basic |
201,392,591 |
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|
199,261,810 |
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200,776,477 |
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198,612,221 |
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Effect of dilutive securities: |
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Stock options and restricted stock |
7,346,189 |
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7,340,484 |
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7,717,174 |
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7,621,353 |
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Convertible senior notes |
— |
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14,979,289 |
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— |
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— |
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Weighted average common shares—diluted |
208,738,780 |
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221,581,583 |
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208,493,651 |
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206,233,574 |
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Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted stock awards and the assumed conversion of the convertible senior notes, where dilutive. The following table shows securities excluded from the calculation of diluted net income (loss) per common share because such securities are anti-dilutive:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2015 |
|
2014 |
|
2015 |
|
2014 |
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(in thousands) |
Options to purchase shares of common stock |
3,177 |
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5,116 |
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3,153 |
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5,243 |
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Restricted stock awards—unvested |
165 |
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|
313 |
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|
165 |
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|
344 |
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Conversion shares related to the convertible senior notes |
7,930 |
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— |
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|
7,930 |
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7,930 |
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Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
11,272 |
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5,429 |
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11,248 |
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|
13,517 |
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