|
Quarterly Selected Financial Data (Unaudited) (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Schedule of Error Corrections and Prior Period Adjustments |
The following tables
present the effects of the revision on the Company’s
Consolidated Statements of Operations for the periods noted above.
(See Note 1. General – Revision of Prior Period Financial
Statements for further details.)
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Quarter Ended
March 31, 2011 |
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Quarter Ended
March 31, 2010 |
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| |
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(in thousands, except
per share data) |
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| |
|
As
Previously
Reported |
|
|
Adjustment |
|
|
As
Revised |
|
|
As
Previously
Reported |
|
|
Adjustment |
|
|
As Revised |
|
|
Interest expense, net of
interest capitalized
|
|
$ |
(87,483 |
) |
|
$ |
(13,142 |
) |
|
$ |
(100,625 |
) |
|
$ |
(83,924 |
) |
|
$ |
(7,604 |
) |
|
$ |
(91,528 |
) |
|
Total other
expense
|
|
|
(57,982 |
) |
|
|
(13,142 |
) |
|
|
(71,124 |
) |
|
|
(4,305 |
) |
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(7,604 |
) |
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|
(11,909 |
) |
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Net Income
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91,552 |
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(13,142 |
) |
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78,410 |
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|
87,447 |
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(7,604 |
) |
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|
79,843 |
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Earnings per
Share:
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|
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|
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|
|
|
|
|
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Basic
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$ |
0.42 |
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$ |
(0.06 |
) |
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$ |
0.36 |
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$ |
0.41 |
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|
$ |
(0.04 |
) |
|
$ |
0.37 |
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Diluted
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$ |
0.42 |
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|
$ |
(0.06 |
) |
|
$ |
0.36 |
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|
$ |
0.40 |
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$ |
(0.04 |
) |
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$ |
0.37 |
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Quarter Ended
June 30, 2010 |
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(in thousands, except
per share data) |
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As
Previously
Reported |
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Adjustment |
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|
As Revised |
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Interest expense, net of
interest capitalized
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|
$ |
(83,846 |
) |
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$ |
(6,815 |
) |
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$ |
(90,661 |
) |
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Total other
expense
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|
(83,138 |
) |
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|
(6,815 |
) |
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|
(89,953 |
) |
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Net Income
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|
60,546 |
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(6,815 |
) |
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|
53,731 |
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Earnings per
Share:
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Basic
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$ |
0.28 |
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$ |
(0.03 |
) |
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$ |
0.25 |
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Diluted
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$ |
0.28 |
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$ |
(0.03 |
) |
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$ |
0.25 |
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Quarter Ended
September 30, 2010 |
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(in thousands, except
per share data) |
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As
Previously
Reported |
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Adjustment |
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As
Revised |
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Interest expense, net of
interest capitalized
|
|
$ |
(82,494 |
) |
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$ |
(6,588 |
) |
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$ |
(89,082 |
) |
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Total other
expense
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(88,735 |
) |
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(6,588 |
) |
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(95,323 |
) |
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Net Income
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|
356,767 |
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(6,588 |
) |
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|
350,179 |
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Earnings per
Share:
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Basic
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$ |
1.66 |
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$ |
(0.03 |
) |
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$ |
1.63 |
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Diluted
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$ |
1.64 |
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$ |
(0.03 |
) |
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$ |
1.61 |
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Quarter Ended
December 31, 2010 |
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(in thousands, except
per share data) |
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As
Previously
Reported |
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Adjustment |
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As
Revised |
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Interest expense, net of
interest capitalized
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$ |
(89,129 |
) |
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$ |
(10,807 |
) |
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$ |
(99,936 |
) |
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Total other
expense
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(78,988 |
) |
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(10,807 |
) |
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(89,795 |
) |
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Net Income
(Loss)
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42,707 |
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(10,807 |
) |
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31,900 |
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Earnings (Loss) per
Share:
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Basic
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$ |
0.20 |
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$ |
(0.05 |
) |
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$ |
0.15 |
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Diluted
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$ |
0.20 |
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|
$ |
(0.05 |
) |
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$ |
0.15 |
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| Quarterly Selected Financial Data |
Quarterly Selected
Financial Data (Unaudited)
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(In thousands, except
per share data) |
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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2011 |
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2010 |
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2011 |
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2010 |
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2011 |
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2010 |
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2011 |
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2010 |
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Total
revenues1
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$ |
1,671,995 |
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$ |
1,485,650 |
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$ |
1,767,873 |
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$ |
1,601,697 |
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$ |
2,321,994 |
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$ |
2,060,659 |
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$ |
1,775,401 |
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$ |
1,604,498 |
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Operating income
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$ |
149,534 |
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$ |
91,752 |
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$ |
168,190 |
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$ |
143,684 |
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$ |
507,742 |
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$ |
445,502 |
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$ |
106,162 |
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$ |
121,695 |
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Net
income2,3
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$ |
78,410 |
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$ |
79,843 |
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$ |
93,491 |
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$ |
53,731 |
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$ |
398,958 |
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$ |
350,179 |
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$ |
36,562 |
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$ |
31,900 |
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Earnings per
share:
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Basic3
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$ |
0.36 |
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$ |
0.37 |
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|
$ |
0.43 |
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$ |
0.25 |
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|
$ |
1.84 |
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|
$ |
1.63 |
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|
$ |
0.17 |
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$ |
0.15 |
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Diluted3
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$ |
0.36 |
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$ |
0.37 |
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$ |
0.43 |
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$ |
0.25 |
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|
$ |
1.82 |
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$ |
1.61 |
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$ |
0.17 |
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$ |
0.15 |
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Dividends declared per
share
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|
$ |
— |
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|
$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.10 |
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$ |
— |
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$ |
0.10 |
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$ |
— |
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| 1 |
Our revenues are seasonal based on the demand for cruises.
Demand is strongest for cruises during the Northern
Hemisphere’s summer months and holidays.
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| 2 |
The first quarter of 2010 included a one-time gain of
approximately $85.6 million, net of costs and payments to insurers,
related to the settlement of our case against Rolls
Royce.
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| 3 |
Amounts for 2010 and amounts for the first quarter of 2011
include a revision for the correction of an error in the manner in
which we were amortizing certain guarantee fees. Refer to the
tables below which present the effects of the revision on the
Company’s Consolidated Statements of Operations for these
respective periods.
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Income Statement
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|
| Schedule of Error Corrections and Prior Period Adjustments |
The following
table presents the effects of the revision on the Company’s
Consolidated Statements of Operations for the respective annual
periods. Please refer to Note 16. Quarterly Selected Financial
Data (Unaudited) for the respective quarterly
periods.
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Year Ended
December 31, 2010 |
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|
Year Ended
December 31, 2009 |
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|
(in thousands, except
per share data) |
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| |
|
As
Previously
Reported |
|
|
Adjustment |
|
|
As
Revised |
|
|
As
Previously
Reported |
|
|
Adjustment |
|
|
As
Revised |
|
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Interest expense, net of
interest capitalized
|
|
$ |
(339,393 |
) |
|
$ |
(31,814 |
) |
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$ |
(371,207 |
) |
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$ |
(300,012 |
) |
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$ |
(9,936 |
) |
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$ |
(309,948 |
) |
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Total other
expense
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(255,166 |
) |
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(31,814 |
) |
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(286,980 |
) |
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(326,090 |
) |
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(9,936 |
) |
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(336,026 |
) |
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Net Income
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547,467 |
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(31,814 |
) |
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|
515,653 |
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|
162,421 |
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(9,936 |
) |
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|
152,485 |
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Earnings per
Share:
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|
|
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Basic
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$ |
2.55 |
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|
$ |
(0.15 |
) |
|
$ |
2.40 |
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$ |
0.76 |
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$ |
(0.05 |
) |
|
$ |
0.71 |
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Diluted
|
|
$ |
2.51 |
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|
$ |
(0.15 |
) |
|
$ |
2.37 |
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|
$ |
0.75 |
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|
$ |
(0.05 |
) |
|
$ |
0.71 |
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Balance Sheet
|
|
| Schedule of Error Corrections and Prior Period Adjustments |
The following table
presents the effect the revision had on the Consolidated Balance
Sheet at December 31, 2010:
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As of December 31,
2010 |
|
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|
(in
thousands) |
|
| |
|
As
Previously
Reported |
|
|
Adjustment |
|
|
As
Revised |
|
|
Property and equipment,
net
|
|
$ |
16,769,181 |
|
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$ |
2,496 |
|
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$ |
16,771,677 |
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Other assets
|
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|
1,151,324 |
|
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(43,571 |
) |
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|
1,107,753 |
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Total assets
|
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|
19,694,904 |
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|
|
(41,075 |
) |
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|
19,653,829 |
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Accrued expenses and other
liabilities
|
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|
552,543 |
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|
675 |
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|
553,218 |
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Total current
liabilities
|
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|
3,444,498 |
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|
675 |
|
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|
3,445,173 |
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Retained
earnings
|
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|
5,301,748 |
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|
(41,750 |
) |
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|
5,259,998 |
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Total shareholders’
equity
|
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|
7,942,502 |
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(41,750 |
) |
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|
7,900,752 |
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Total liabilities and
shareholders’ equity
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19,694,904 |
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(41,075 |
) |
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|
19,653,829 |
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Cash Flow
|
|
| Schedule of Error Corrections and Prior Period Adjustments |
The following table
presents the effect on the individual line items within operating
cash flows on the Company’s Consolidated Statement of Cash
Flows for December 31, 2010 and 2009:
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Year Ended
December 31, 2010 |
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|
Year Ended
December 31, 2009 |
|
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|
(in
thousands) |
|
| |
|
As
Previously
Reported |
|
|
Adjustment |
|
|
Reclassification1 |
|
|
As Revised |
|
|
As
Previously
Reported |
|
|
Adjustment |
|
|
Reclassification1 |
|
|
As Revised |
|
|
Net Income
|
|
$ |
547,467 |
|
|
$ |
(31,814 |
) |
|
$ |
— |
|
|
$ |
515,653 |
|
|
$ |
162,421 |
|
|
$ |
(9,936 |
) |
|
$ |
— |
|
|
$ |
152,485 |
|
|
Increase in accrued
expenses and other liabilities
|
|
|
72,161 |
|
|
|
(192 |
) |
|
|
— |
|
|
|
71,969 |
|
|
|
15,391 |
|
|
|
867 |
|
|
|
— |
|
|
|
16,258 |
|
|
Other, net
|
|
|
(22,415 |
) |
|
|
32,006 |
|
|
|
(2,826 |
) |
|
|
6,765 |
|
|
|
49,738 |
|
|
|
9,069 |
|
|
|
(2,538 |
) |
|
|
56,269 |
|
| 1 |
Please refer to Note 2. Summary of Significant Accounting
Policies for discussion.
|
|