Equity And Comprehensive Income

6 Months Ended

Jun. 30, 2012

Equity And Comprehensive Income (Loss) [Abstract]

Equity And Comprehensive Income (Loss)

NOTE 8 – EQUITY AND COMPREHENSIVE INCOME

The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company's equity. The following table shows the changes in equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total ownership interest:

(In thousands)		The Company		Noncontrolling Interests		Consolidated
Balances at January 1, 2012	$	2,508,697	$	231,530	$	2,740,227
Net income (loss)		(51,986)		7,445		(44,541)
Dividend		(2,170,396)		-		(2,170,396)
Foreign currency translation adjustments		(3,097)		(1,735)		(4,832)
Unrealized holding gain on marketable securities		10		-		10
Reclassification adjustment		154		-		154
Other - net		3,581		(1,795)		1,786
Balances at June 30, 2012	$	286,963	$	235,445	$	522,408
Balances at January 1, 2011	$	2,498,261	$	209,794		2,708,055
Net income		17,153		6,667		23,820
Foreign currency translation adjustments		60,251		6,134		66,385
Unrealized holding gain on marketable securities		148		-		148
Reclassification adjustment		520		-		520
Other - net		3,210		(3,479)		(269)
Balances at June 30, 2011	$	2,579,543	$	219,116	$	2,798,659

During March 2012, the Company paid the CCOH Dividend, totaling $2,170.4 million, using proceeds from the Subordinated Notes issuance in addition to cash on hand. The CCOH Dividend was determined to represent a return of capital, or liquidating dividend, to the Company's shareholders, which resulted in a reduction to “Additional paid-in capital.”

Also, in connection with the CCOH Dividend, all outstanding stock options and restricted stock units as of both March 16, 2012 and March 26, 2012 were modified pursuant to antidilutive provisions contained in the Company's 2005 Stock Incentive Plan. The modification ensured that the intrinsic value of existing stock options and restricted stock units prior to the dividend payment did not decline due to the reduction the Company's stock price that resulted from the dividend. The CCOH Dividend was determined to be an equity restructuring in accordance with ASC 718. No incremental compensation cost was or will be recognized as a result of this modification.