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STOCKHOLDERS' EQUITY (Tables)
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3 Months Ended |
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Mar. 31, 2012
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| STOCKHOLDERS' EQUITY [Abstract] |
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| 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:
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Balances at December 31, 2011 |
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$ |
8,277 |
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$ |
1,461,103 |
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$ |
155,791 |
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$ |
- |
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$ |
1,616,894 |
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Non-cash and stock-based compensation |
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- |
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6,077 |
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- |
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6,077 |
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Exercise of stock options |
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- |
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408 |
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- |
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408 |
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Acquisitions of noncontrolling interests |
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- |
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452 |
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(498 |
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(46 |
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Redeemable noncontrolling interests fair value adjustments |
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81 |
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(81 |
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- |
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(81 |
) |
Noncontrolling interests contributions |
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- |
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- |
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130 |
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130 |
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Cash dividends, net of tax |
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- |
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- |
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(3,226 |
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(3,226 |
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735 |
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- |
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(21 |
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(21 |
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Comprehensive income (loss): |
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(269 |
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(69,150 |
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(809 |
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(69,959 |
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(69,959 |
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Unrealized loss on cash flow hedges |
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- |
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(5 |
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- |
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(5 |
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(5 |
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Currency translation adjustment |
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- |
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25,323 |
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- |
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25,323 |
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25,323 |
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$ |
(44,641 |
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(44,641 |
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Balances at March 31, 2012 |
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$ |
8,824 |
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$ |
1,424,127 |
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$ |
151,367 |
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$ |
1,575,494 |
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| Change in Ownership Interest |
The purchase or sale of additional ownership in an already controlled subsidiary is recorded as an equity transaction with no gain or loss recognized in consolidated net income or comprehensive income. In the first quarter of 2011, the Company acquired the remaining equity interests in Front Line and other smaller companies. There were no significant acquisitions of noncontrolling interests during the first quarter of 2012. The following schedule reflects the change in ownership interests for these transactions.
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Net loss attributable to Live Nation Entertainment, Inc. |
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$ |
(69,150 |
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$ |
(48,460 |
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Transfers from noncontrolling interest: |
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Increase in Live Nation Entertainment, Inc.'s paid in capital for purchase of noncontrolling interests, net of transaction costs |
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452 |
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68,684 |
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Net transfers from noncontrolling interest |
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452 |
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68,684 |
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Change from net income (loss) attributable to Live Nation Entertainment, Inc. and transfers from noncontrolling interests |
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$ |
(68,698 |
) |
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$ |
20,224 |
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| Earnings Per Share |
The following table sets forth the computation of basic and diluted net income (loss) per common share:
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(in thousands, except for per share data) |
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Net loss attributable to Live Nation Entertainment, Inc.- basic and diluted |
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$ |
(69,150 |
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$ |
(48,460 |
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Weighted average common shares-basic |
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186,522 |
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176,293 |
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Effect of dilutive securities: |
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Stock options, restricted stock and warrants |
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- |
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- |
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2.875% convertible senior notes |
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- |
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- |
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Weighted average common shares-diluted |
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186,522 |
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176,293 |
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Basic and diluted net loss per common share |
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$ |
(0.37 |
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$ |
(0.27 |
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| Potentially Dilutive Securities Excluded From Diluted Net Loss Per Common Share |
The calculation of diluted net loss per common share includes the effects of the assumed exercise of any outstanding stock options and warrants, the assumed vesting of shares of restricted stock awards and units and the assumed conversion of the 2.875% convertible senior notes where dilutive. The following table shows securities excluded from the calculation of diluted net loss per common share because such securities are anti-dilutive:
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Options to purchase shares of common stock |
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21,509 |
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20,085 |
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Restricted stock awards and units - unvested |
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4,000 |
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3,284 |
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500 |
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500 |
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Conversion shares related to 2.875% convertible senior notes |
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8,105 |
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8,105 |
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Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
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