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QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2011
QUARTERLY RESULTS (UNAUDITED) |
Schedule of quarterly results |
|  | Quarter Ended March 31 |  | Quarter Ended June 30 |  | Quarter Ended September 30(a) |  | Quarter Ended December 31 |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (In thousands, except per share data) |
Year Ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 460,213 |  | $ | 485,404 |  | $ | 516,884 |  | $ | 596,943 |
Cost of revenue |  |  | 172,718 |  |  | 181,472 |  |  | 188,642 |  |  | 218,412 |
Operating income |  |  | 37,336 |  |  | 58,231 |  |  | 46,740 |  |  | 55,455 |
Earnings from continuing operations |  |  | 20,168 |  |  | 45,630 |  |  | 67,973 |  |  | 41,798 |
(Loss) earnings from discontinued operations, net of tax |  |  | (1,948 | ) |  | (2,488 | ) |  | (3,922 | ) |  | 4,366 |
Net earnings |  |  | 18,220 |  |  | 43,142 |  |  | 64,051 |  |  | 46,164 |
Net earnings attributable to IAC shareholders |  |  | 18,070 |  |  | 42,424 |  |  | 64,973 |  |  | 48,766 |
Per share information attributable to IAC shareholders: |
Basic earnings per share from continuing operations(d) |  | $ | 0.22 |  | $ | 0.50 |  | $ | 0.81 |  | $ | 0.53 |
Diluted earnings per share from continuing operations(d) |  | $ | 0.21 |  | $ | 0.46 |  | $ | 0.73 |  | $ | 0.48 |
Basic earnings per share(d) |  | $ | 0.20 |  | $ | 0.47 |  | $ | 0.77 |  | $ | 0.58 |
Diluted earnings per share(d) |  | $ | 0.19 |  | $ | 0.44 |  | $ | 0.69 |  | $ | 0.53 |
|  | Quarter Ended March 31(b) |  | Quarter Ended June 30 |  | Quarter Ended September 30 |  | Quarter Ended December 31(c)(e) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (In thousands, except per share data) |
Year Ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 378,178 |  | $ | 394,244 |  | $ | 412,966 |  | $ | 451,427 |
Cost of revenue |  |  | 131,149 |  |  | 140,638 |  |  | 147,933 |  |  | 174,096 |
Operating income (loss) |  |  | 8,925 |  |  | 24,633 |  |  | 37,684 |  |  | (21,447 | )
(Loss) earnings from continuing operations |  |  | (14,597 | ) |  | 15,421 |  |  | 22,440 |  |  | (32,657 | )
(Loss) earnings from discontinued operations, net of tax |  |  | (4,727 | ) |  | (2,586 | ) |  | (4,795 | ) |  | 115,853 |
Net (loss) earnings |  |  | (19,324 | ) |  | 12,835 |  |  | 17,645 |  |  | 83,196 |
Net (loss) earnings attributable to IAC shareholders |  |  | (18,705 | ) |  | 13,591 |  |  | 17,509 |  |  | 86,964 |
Per share information attributable to IAC shareholders: |
Basic (loss) earnings per share from continuing operations(d) |  | $ | (0.12 | ) | $ | 0.15 |  | $ | 0.22 |  | $ | (0.30 | )
Diluted (loss) earnings per share from continuing operations(d) |  | $ | (0.12 | ) | $ | 0.14 |  | $ | 0.21 |  | $ | (0.30 | )
Basic (loss) earnings per share(d) |  | $ | (0.16 | ) | $ | 0.12 |  | $ | 0.17 |  | $ | (0.90 | )
Diluted (loss) earnings per share(d) |  | $ | (0.16 | ) | $ | 0.12 |  | $ | 0.16 |  | $ | (0.90 | )
(a) The third quarter of 2011 includes an after-tax loss of $11.7 million related to marking down the carrying value of Match's 27% equity method investment in Meetic to fair value (i.e., the tender offer price of €15.00 per share) upon achieving control. The third quarter of 2011 also includes the release of a previously established deferred tax liability of $43.6 million in connection with the acquisition of Meetic. (b) The first quarter of 2010 includes an after-tax impairment charge of $18.3 million related to the write-down of one of the Company's equity method investments to fair value. (c) The fourth quarter of 2010 includes after-tax impairment charges of $30.8 million related to the write-down of the goodwill and intangible assets of Shoebuy and $11.0 million related to the write-down of an indefinite-lived intangible asset of IAC Search & Media and an after-tax impairment charge of $4.6 million related to the write-down of one of the Company's cost method investments to fair value. (d) Quarterly per share amounts may not add to the related annual per share amount because of differences in the average common shares outstanding during each period. Discontinued operations (e) The fourth quarter of 2010 includes a gain of $140.8 million related to the tax-free exchange of Evite, Gifts.com and IAC Advertising Solutions to Liberty, and an after-tax impairment charge of $31.6 million related to the write-down of the goodwill of InstantAction.

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 270 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (a)-(j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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