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Quarterly Information
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Information
Quarterly Information
 
(Unaudited)
 
Three Months Ended March 31, 2011
 
Three Months Ended June 30, 2011
 
Three Months Ended September 30, 2011
 
Three Months Ended December 31, 2011
Net revenues
$
391,235

 
$
377,266

 
$
360,095

 
$
352,027

Impairment charges (1)    
—

 
801,074

 
—

 
—

Operating income (loss)
119,938

 
(707,762
)
 
78,218

 
79,239

Gain on sale of assets(2)    
13,437

 
—

 
—

 
—

(Provision) benefit for income taxes (3)
(20,245
)
 
163,714

 
(719
)
 
(17,992
)
Net income (loss)
$
55,410

 
$
(602,107
)
 
$
22,184

 
$
5,549

Basic earnings (loss) per share
$
1.11

 
$
(12.01
)
 
$
0.44

 
$
0.11

Diluted earnings (loss) per share
$
1.11

 
$
(12.01
)
 
$
0.44

 
$
0.11




 
Predecessor Company
(Audited)
 
 
Successor Company (Unaudited)
 
One Month Ended January 31, 2010
 
 
Two Months Ended March 31, 2010
 
Three Months Ended June 30, 2010
 
Three Months Ended September 30, 2010
 
Three Months Ended December 31, 2010
Net revenues
$
160,372

 
 
$
53,145

 
$
160,891

 
$
259,231

 
$
357,620

Impairment charges (1)
—

 
 
—

 
769,674

 
389,592

 
—

Operating income (loss)
64,074

 
 
(95,370
)
 
(853,544
)
 
(391,348
)
 
46,006

Reorganization items, net (4)
7,793,132

 
 
—

 
—

 
—

 
—

(Provision) benefit for income taxes
(917,541
)
 
 
401,522

 
157,044

 
68,241

 
(6,692
)
Net income (loss)
$
6,920,009

 
 
$
257,218

 
$
(769,923
)
 
$
(390,643
)
 
$
(20,244
)
Basic earnings (loss) per share
$
100.27

 
 
$
5.14

 
$
(15.39
)
 
$
(7.81
)
 
$
(0.41
)
Diluted earnings (loss) per share
$
100.21

 
 
$
5.14

 
$
(15.39
)
 
$
(7.81
)
 
$
(0.41
)
(1) 
We recognized goodwill impairment charges of $801.1 million during the second quarter of 2011 and $752.3 million and $385.3 million during the second and third quarters of 2010, respectively. Non-goodwill intangible asset impairment charges of $17.3 million and $4.3 million were recognized during the second and third quarters of 2010 associated with trade names and trademarks, technology, local customer relationships and other from our former Business.com reporting unit. See Note 2, “Summary of Significant Accounting Policies – Identifiable Intangible Assets and Goodwill” for further discussion.
(2) 
During the first quarter of 2011, we recognized a gain on the sale of substantially all net assets of Business.com of $13.4 million. See Note 13, “Other Information” for further discussion.
(3) 
The fourth quarter 2011 income tax provision includes a benefit of $3.5 million from correcting overstated income tax expense during the eleven months ended December 31, 2010 and year ended December 31, 2011. We have evaluated the materiality of this correction and concluded that it was not material to current or prior year financial statements. Accordingly, we recorded this correction during the fourth quarter of 2011.
(4) 
Reorganization items, net represent charges that are directly associated with the process of reorganizing the business under Chapter 11. See Note 3, “Fresh Start Accounting and Reorganization Items, Net” for further discussion.