The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and International. The Americas segment consists of operations primarily in the United States and Canada, and the International segment primarily includes operations in Europe, Asia and Latin America. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company's operating segments, as well as overall executive, administrative and support functions. Share-based payments are recorded by each segment in direct operating and selling, general and administrative expenses.

During the first quarter of 2012 the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company's reportable segment results for the three and six months ended June 30, 2012 and 2011:

(In thousands)						Corporate and other
		Americas		International		reconciling items		Consolidated
Three months ended June 30, 2012
Revenue	$	320,678	$	440,648	$	-	$	761,326
Direct operating expenses		143,185		263,710		-		406,895
Selling, general and administrative expenses		44,699		87,586		-		132,285
Depreciation and amortization		48,567		50,710		391		99,668
Corporate expenses		-		-		27,838		27,838
Other operating income - net		-		-		2,746		2,746
Operating income (loss)	$	84,227	$	38,642	$	(25,483)	$	97,386

Capital expenditures	$	33,780	$	39,247	$	1,779	$	74,806
Share-based compensation expense	$	1,240	$	874	$	40	$	2,154

Three months ended June 30, 2011
Revenue	$	318,217	$	470,991	$	-	$	789,208
Direct operating expenses		141,010		274,462		-		415,472
Selling, general and administrative expenses		49,035		93,902		-		142,937
Depreciation and amortization		50,322		55,278		-		105,600
Corporate expenses		-		-		23,038		23,038
Other operating income - net		-		-		4,300		4,300
Operating income (loss)	$	77,850	$	47,349	$	(18,738)	$	106,461

Capital expenditures	$	34,562	$	23,979	$	872	$	59,413
Share-based compensation expense	$	1,674	$	701	$	33	$	2,408

Six months ended June 30, 2012
Revenue	$	600,829	$	811,780	$	-	$	1,412,609
Direct operating expenses		287,595		513,353		-		800,948
Selling, general and administrative expenses		97,278		188,156		-		285,434
Depreciation and amortization		91,525		99,745		735		192,005
Corporate expenses		-		-		52,148		52,148
Other operating income - net		-		-		6,749		6,749
Operating income (loss)	$	124,431	$	10,526	$	(46,134)	$	88,823

Capital expenditures	$	59,116	$	66,909	$	4,771	$	130,796
Share-based compensation expense	$	3,172	$	2,083	$	101	$	5,356

Six months ended June 30, 2011
Revenue	$	587,918	$	851,504	$	-	$	1,439,422
Direct operating expenses		276,960		529,892		-		806,852
Selling, general and administrative expenses		98,593		167,524		-		266,117
Depreciation and amortization		98,944		108,986		-		207,930
Corporate expenses		-		-		45,021		45,021
Other operating income - net		-		-		9,102		9,102
Operating income (loss)	$	113,421	$	45,102	$	(35,919)	$	122,604

Capital expenditures	$	65,477	$	39,102	$	1,195	$	105,774
Share-based compensation expense	$	3,842	$	1,604	$	75	$	5,521