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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Provided below is selected unaudited quarterly financial data for 2011 and 2010.
 
2011
 
First
 
Second
 
Third
 
Fourth
Net revenues
 
 
 
 
 
 
 
Real Estate Franchise Services
$
118

 
$
160

 
$
151

 
$
128

Company Owned Real Estate Brokerage Services
587

 
884

 
841

 
658

Relocation Services
87

 
110

 
126

 
100

Title and Settlement Services
83

 
90

 
95

 
91

Other (a)
(44
)
 
(65
)
 
(58
)
 
(49
)
 
$
831

 
$
1,179

 
$
1,155

 
$
928

Loss before income taxes, equity in earnings and noncontrolling interests (b)
 
 
 
 
 
 
 
Real Estate Franchise Services
$
42

 
$
78

 
$
74

 
$
50

Company Owned Real Estate Brokerage Services
(47
)
 
34

 
24

 
(23
)
Relocation Services
(2
)
 
21

 
39

 
11

Title and Settlement Services
(1
)
 
9

 
6

 
4

Other
(228
)
 
(166
)
 
(171
)
 
(187
)
 
$
(236
)
 
$
(24
)
 
$
(28
)
 
$
(145
)
 
 
 
 
 
 
 
 
Net loss attributable to Holdings and Realogy
$
(237
)
 
$
(22
)
 
$
(28
)
 
$
(154
)
Loss per share attributable to Holdings (c):

 
 
 
 
 
 
 
Basic loss per share:
$
(1.18
)
 
$
(0.11
)
 
$
(0.14
)
 
$
(0.77
)
Diluted loss per share:
$
(1.18
)
 
$
(0.11
)
 
$
(0.14
)
 
$
(0.77
)
_______________
 
 
(a)
Represents the elimination of transactions primarily between the Real Estate Franchise Services segment and the Company Owned Real Estate Brokerage Services segment.
(b)
The quarterly results include the following:
•
A loss on the early extinguishment of debt of $36 million in the first quarter;
•
Former parent legacy cost (benefit) of $(2) million, $(12) million, $(3) million and $2 million in the first, second, third and fourth quarters, respectively;
•
Restructuring charges of $2 million, $3 million, $3 million and $3 million in the first, second, third and fourth quarters, respectively; and
•
Merger costs of $1 million in the fourth quarter.
(c)
Basic and diluted EPS amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS.

 
2010
 
First
 
Second
 
Third
 
Fourth
Net revenues
 
 
 
 
 
 
 
Real Estate Franchise Services
$
122

 
$
173

 
$
138

 
$
127

Company Owned Real Estate Brokerage Services
601

 
956

 
762

 
697

Relocation Services
76

 
106

 
122

 
101

Title and Settlement Services
65

 
86

 
84

 
90

Other (a)
(45
)
 
(68
)
 
(54
)
 
(49
)
 
$
819

 
$
1,253

 
$
1,052

 
$
966

Income (loss) before income taxes, equity in earnings and noncontrolling interests (b)
 
 
 
 
 
 
 
Real Estate Franchise Services
$
46

 
$
103

 
$
71

 
$
55

Company Owned Real Estate Brokerage Services
(47
)
 
64

 
8

 
(20
)
Relocation Services
(8
)
 
15

 
38

 
15

Title and Settlement Services
(10
)
 
8

 
3

 
8

Other
(173
)
 
143

 
(156
)
 
(157
)
 
$
(192
)
 
$
333

 
$
(36
)
 
$
(99
)
 
 
 
 
 
 
 
 
Net income (loss) attributable to Holdings and Realogy
$
(197
)
 
$
222

 
$
(33
)
 
$
(91
)
Earnings (loss) per share attributable to Holdings (c):
 
 
 
 
 
 
 
Basic earnings (loss) per share:
$
(0.98
)
 
$
1.11

 
$
(0.16
)
 
$
(0.45
)
Diluted earnings (loss) per share:
$
(0.98
)
 
$
1.11

 
$
(0.16
)
 
$
(0.45
)
_______________
 
 
(a)
Represents the elimination of transactions primarily between the Real Estate Franchise Services segment and the Company Owned Real Estate Brokerage Services segment.
(b)
The quarterly results include the following:
•
Former parent legacy cost (benefit) of $5 million, $(314) million, $(6) million and $(8) million in the first, second, third and fourth quarters, respectively;
•
Restructuring charges of $6 million, $4 million, $2 million and $9 million in the first, second, third and fourth quarters, respectively; and
•
Merger costs of $1 million in the fourth quarter.
(c)
Basic and diluted EPS amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS. In the second quarter of 2010, the impact of unexercised options and unvested restricted stock were anti-dilutive and, accordingly, no unexercised options or unvested restricted stock were included in the calculation of diluted earnings per share based on the application of the treasury stock method.