STOCKHOLDERS' EQUITY (Tables)
|
9 Months Ended |
Sep. 30, 2011 |
|---|
| STOCKHOLDERS' EQUITY [Abstract] |
|
| Reconciliation of Redeemable Noncontrolling Interests and Stockholders' Equity |
The following table shows the reconciliation of the carrying amount of redeemable noncontrolling interests, total stockholders' equity, stockholders' equity attributable to Live Nation Entertainment, Inc. and stockholders' equity attributable to noncontrolling interests:
| |
|
Redeemable |
|
|
Live Nation |
|
|
|
|
|
|
|
|
Total |
|
| |
|
Noncontrolling |
|
|
Entertainment, Inc. |
|
|
Noncontrolling |
|
|
Comprehensive |
|
|
Stockholders' |
|
| |
|
Interests |
|
|
Stockholders' Equity |
|
|
Interests |
|
|
Income (Loss) |
|
|
Equity |
|
| |
|
(in thousands) |
|
|
(in thousands) |
|
Balances at December 31, 2010 |
|
$ |
107,541 |
|
|
$ |
1,364,416 |
|
|
$ |
137,252 |
|
|
$ |
- |
|
|
$ |
1,501,668 |
|
Non-cash compensation |
|
|
- |
|
|
|
18,472 |
|
|
|
- |
|
|
|
|
|
|
|
18,472 |
|
Common shares issued for business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisitions |
|
|
- |
|
|
|
64 |
|
|
|
- |
|
|
|
|
|
|
|
64 |
|
Exercise of stock options |
|
|
- |
|
|
|
3,210 |
|
|
|
- |
|
|
|
|
|
|
|
3,210 |
|
Sale of common shares |
|
|
- |
|
|
|
76,492 |
|
|
|
- |
|
|
|
|
|
|
|
76,492 |
|
Acquisitions of noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests |
|
|
(98,027 |
) |
|
|
84,711 |
|
|
|
2,084 |
|
|
|
|
|
|
|
86,795 |
|
Sales of noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
(2,699 |
) |
|
|
|
|
|
|
(2,699 |
) |
Fair value of redeemable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests adjustments |
|
|
1,722 |
|
|
|
(1,722 |
) |
|
|
- |
|
|
|
|
|
|
|
(1,722 |
) |
Cash dividends |
|
|
(5,570 |
) |
|
|
- |
|
|
|
(6,733 |
) |
|
|
|
|
|
|
(6,733 |
) |
Other |
|
|
(861 |
) |
|
|
(29 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
(40 |
) |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
(4,805 |
) |
|
|
16,509 |
|
|
|
13,589 |
|
|
|
30,098 |
|
|
|
30,098 |
|
Unrealized loss on cash flow hedges |
|
|
- |
|
|
|
(158 |
) |
|
|
- |
|
|
|
(158 |
) |
|
|
(158 |
) |
Other |
|
|
- |
|
|
|
(33 |
) |
|
|
- |
|
|
|
(33 |
) |
|
|
(33 |
) |
Currency translation adjustment |
|
|
- |
|
|
|
17,363 |
|
|
|
- |
|
|
|
17,363 |
|
|
|
17,363 |
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47,270 |
|
|
|
47,270 |
|
Balances at September 30, 2011 |
|
$ |
- |
|
|
$ |
1,579,295 |
|
|
$ |
143,482 |
|
|
|
|
|
|
$ |
1,722,777 |
|
|
| Change in Ownership Interest |
The following schedule reflects the change in ownership interests for these transactions.
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
| |
|
(in thousands) |
|
Net income (loss) attributable to Live Nation Entertainment, Inc. |
|
$ |
51,712 |
|
|
$ |
51,007 |
|
|
$ |
16,509 |
|
|
$ |
(103,993 |
) |
Transfers (to) from noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Live Nation Entertainment, Inc.'s paid in capital for purchase of noncontrolling interests, net of transaction costs |
|
|
274 |
|
|
|
1,181 |
|
|
|
84,711 |
|
|
|
1,181 |
|
Net transfers from noncontrolling interest |
|
|
274 |
|
|
|
1,181 |
|
|
|
84,711 |
|
|
|
1,181 |
|
Change from net income (loss) attributable to Live Nation Entertainment, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and transfers (to) from noncontrolling interest |
|
$ |
51,986 |
|
|
$ |
52,188 |
|
|
$ |
101,220 |
|
|
$ |
(102,812 |
) |
|
| Earnings Per Share |
The following table sets forth the computation of basic and diluted net income (loss) per common share:
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
| |
|
(in thousands, except for per share data) |
|
Net income (loss) attributable to Live Nation Entertainment, Inc. |
|
$ |
51,712 |
|
|
$ |
51,007 |
|
|
$ |
16,509 |
|
|
$ |
(103,993 |
) |
Less loss from discontinued operations, net of tax |
|
|
- |
|
|
|
(3,213 |
) |
|
|
- |
|
|
|
(3,893 |
) |
Net income (loss) from continuing operations attributableto common stockholders-basic and diluted |
|
$ |
51,712 |
|
|
$ |
54,220 |
|
|
$ |
16,509 |
|
|
$ |
(100,100 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares-basic |
|
|
186,128 |
|
|
|
170,285 |
|
|
|
181,116 |
|
|
|
162,286 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options, restricted stock and warrants |
|
|
2,403 |
|
|
|
2,017 |
|
|
|
2,191 |
|
|
|
- |
|
2.875% convertible senior notes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Diluted weighted average common shares-diluted |
|
|
188,531 |
|
|
|
172,302 |
|
|
|
183,307 |
|
|
|
162,286 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) from continuing operations per common share |
|
$ |
0.28 |
|
|
$ |
0.32 |
|
|
$ |
0.09 |
|
|
$ |
(0.62 |
) |
Diluted income (loss) from continuing operations per common share |
|
$ |
0.27 |
|
|
$ |
0.32 |
|
|
$ |
0.09 |
|
|
$ |
(0.62 |
) |
|
| Potentially Dilutive Securities Excluded From Diluted Net 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:
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
| |
|
(in thousands) |
|
Options to purchase shares of common stock |
|
|
16,234 |
|
|
|
17,143 |
|
|
|
16,234 |
|
|
|
21,257 |
|
Restricted stock awards and units - unvested |
|
|
2,582 |
|
|
|
3,236 |
|
|
|
2,582 |
|
|
|
3,649 |
|
Warrants |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
Conversion shares related to 2.875% convertible senior notes |
|
|
8,105 |
|
|
|
8,105 |
|
|
|
8,105 |
|
|
|
8,105 |
|
Number of anti-dilutive potentially issuable shares excluded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from diluted common shares outstanding |
|
|
27,421 |
|
|
|
28,984 |
|
|
|
27,421 |
|
|
|
33,511 |
|
|