EQUITY (Tables)
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6 Months Ended |
Jun. 30, 2014
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Equity [Abstract] |
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Reconciliation of Carrying Amount of Equity and Redeemable Noncontrolling Interests |
The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation Entertainment, Inc., equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the six months ended June 30, 2014:
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Live Nation
Entertainment, Inc.
Stockholders’ Equity
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Noncontrolling
Interests
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Total
Equity
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Redeemable
Noncontrolling
Interests
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(in thousands) |
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(in thousands) |
Balance at December 31, 2013 |
$ |
1,409,228 |
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$ |
180,578 |
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$ |
1,589,806 |
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$ |
61,041 |
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Non-cash and stock-based compensation |
22,568 |
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— |
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22,568 |
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— |
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Common stock issued under stock plans, net of shares withheld for employee taxes |
(8,115 |
) |
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— |
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(8,115 |
) |
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— |
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Exercise of stock options |
11,737 |
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— |
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11,737 |
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— |
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Fair value of convertible debt conversion feature, net of issuance costs |
21,418 |
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— |
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21,418 |
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— |
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Acquisitions |
— |
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3,343 |
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3,343 |
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— |
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Purchases of noncontrolling interests |
(2,232 |
) |
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6 |
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(2,226 |
) |
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(4,755 |
) |
Sales of noncontrolling interests |
— |
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(158 |
) |
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(158 |
) |
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— |
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Redeemable noncontrolling interests fair value adjustments |
(2,504 |
) |
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— |
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(2,504 |
) |
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2,504 |
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Noncontrolling interests contributions |
— |
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106 |
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106 |
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— |
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Cash distributions |
— |
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(16,043 |
) |
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(16,043 |
) |
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(1,993 |
) |
Other |
— |
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(4,511 |
) |
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(4,511 |
) |
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464 |
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Comprehensive income (loss): |
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Net income (loss) |
(9,514 |
) |
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6,329 |
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(3,185 |
) |
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(1,090 |
) |
Unrealized loss on cash flow hedges |
(8 |
) |
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— |
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(8 |
) |
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— |
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Realized loss on cash flow hedges |
33 |
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— |
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33 |
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— |
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Change in funded status of defined benefit pension plan |
30 |
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— |
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30 |
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— |
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Foreign currency translation adjustments |
19,143 |
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— |
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19,143 |
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— |
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Balance at June 30, 2014 |
$ |
1,461,784 |
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$ |
169,650 |
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$ |
1,631,434 |
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$ |
56,171 |
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Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table presents changes in the components of AOCI, net of taxes, for the six months ended June 30, 2014:
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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, 2013 |
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$ |
(79 |
) |
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$ |
(611 |
) |
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$ |
(1,680 |
) |
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$ |
(2,370 |
) |
Other comprehensive income (loss) before reclassifications |
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(8 |
) |
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30 |
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19,143 |
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19,165 |
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Amount reclassified from AOCI |
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33 |
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— |
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— |
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33 |
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Net other comprehensive income |
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25 |
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30 |
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19,143 |
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19,198 |
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Balance at June 30, 2014 |
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$ |
(54 |
) |
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$ |
(581 |
) |
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$ |
17,463 |
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$ |
16,828 |
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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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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(in thousands except share and per share data) |
Net income (loss) attributable to common stockholders of Live Nation Entertainment, Inc. —basic and diluted |
$ |
22,934 |
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$ |
58,130 |
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$ |
(9,514 |
) |
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$ |
(5,109 |
) |
Accretion of redeemable noncontrolling interests |
(460 |
) |
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68 |
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(2,504 |
) |
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(160 |
) |
Net income (loss) available to common stockholders of Live Nation Entertainment, Inc.—basic and diluted |
$ |
22,474 |
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$ |
58,198 |
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$ |
(12,018 |
) |
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$ |
(5,269 |
) |
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Weighted average common shares—basic |
198,701,762 |
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193,069,783 |
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198,282,044 |
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190,960,206 |
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Effect of dilutive securities: |
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Stock options, restricted stock and warrants |
7,287,509 |
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3,700,622 |
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— |
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— |
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Weighted average common shares—diluted |
205,989,271 |
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196,770,405 |
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198,282,044 |
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190,960,206 |
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Basic and diluted net income (loss) per common share |
$ |
0.11 |
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$ |
0.30 |
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$ |
(0.06 |
) |
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$ |
(0.03 |
) |
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Potentially Dilutive Securities Excluded From Diluted Net Income Per Common Share |
The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(in thousands) |
Options to purchase shares of common stock |
5,108 |
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6,734 |
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17,755 |
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17,695 |
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Restricted stock awards—unvested |
715 |
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917 |
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1,770 |
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2,594 |
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Warrants |
— |
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500 |
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— |
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500 |
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Conversion shares related to the convertible senior notes |
16,035 |
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8,105 |
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16,035 |
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8,105 |
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Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
21,858 |
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16,256 |
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35,560 |
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28,894 |
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