| 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 three months ended March 31, 2017:
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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, 2016 |
$ |
1,126,016 |
|
|
$ |
223,500 |
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|
$ |
1,349,516 |
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|
$ |
347,068 |
|
Non-cash compensation expense |
7,936 |
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|
— |
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|
7,936 |
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|
— |
|
Common stock issued under stock plans, net of shares withheld for employee taxes |
(4,731 |
) |
|
— |
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|
(4,731 |
) |
|
— |
|
Exercise of stock options |
21,628 |
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— |
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21,628 |
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— |
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Acquisitions |
— |
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|
167 |
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|
167 |
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|
(1,986 |
) |
Purchases of noncontrolling interests |
(12 |
) |
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|
(12 |
) |
|
(86 |
) |
Redeemable noncontrolling interests fair value adjustments |
(12,577 |
) |
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— |
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(12,577 |
) |
|
12,577 |
|
Contributions received |
— |
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7,281 |
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7,281 |
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— |
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Cash distributions |
— |
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(2,812 |
) |
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(2,812 |
) |
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(9,415 |
) |
Other |
— |
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1,311 |
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1,311 |
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(688 |
) |
Comprehensive income (loss): |
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Net loss |
(32,993 |
) |
|
(5,623 |
) |
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(38,616 |
) |
|
(9,154 |
) |
Foreign currency translation adjustments |
11,396 |
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— |
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11,396 |
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Other |
80 |
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— |
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|
80 |
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— |
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Balance at March 31, 2017 |
$ |
1,116,743 |
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$ |
223,824 |
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$ |
1,340,567 |
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$ |
338,316 |
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Accumulated Other Comprehensive Loss
The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2017:
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Foreign Currency Items |
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Other |
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Total |
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(in thousands) |
Balance at December 31, 2016 |
$ |
(176,246 |
) |
|
$ |
(461 |
) |
|
$ |
(176,707 |
) |
Other comprehensive income before reclassifications |
11,396 |
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|
80 |
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|
11,476 |
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Net other comprehensive income |
11,396 |
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|
80 |
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|
11,476 |
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Balance at March 31, 2017 |
$ |
(164,850 |
) |
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$ |
(381 |
) |
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$ |
(165,231 |
) |
Earnings Per Share
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. For the three months ended March 31, 2017 and 2016, there were no reconciling items to the weighted average common shares outstanding in the calculation of diluted net income (loss) per common share.
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
March 31, |
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2017 |
|
2016 |
|
(in thousands) |
Options to purchase shares of common stock |
16,030 |
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17,322 |
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Restricted stock awards—unvested |
1,172 |
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|
1,086 |
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Conversion shares related to the convertible senior notes |
7,930 |
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|
7,930 |
|
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
25,132 |
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|
26,338 |
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