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SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 25, 2011
Earnings (Loss) Per Share (Basic and Diluted) | The company’s earnings per share (basic and diluted) for 2011, 2010 and 2009 are presented below:
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
In thousands, except per share amounts |  | 2011 |  |  | 2010 |  |  | 2009 |
Net income attributable to Gannett Co., Inc. |  | $ | 458,748 |  |  | $ | 588,201 |  |  | $ | 355,270 |
Weighted average number of common shares outstanding (basic) |  |  | 239,228 |  |  |  | 238,230 |  |  |  | 233,683 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 1,189 |  |  |  | 1,354 |  |  |  | 723 |
Restricted stock |  |  | 2,147 |  |  |  | 1,720 |  |  |  | 1,117 |
401(k) employer match |  |  | 204 |  |  |  | 301 |  |  |  | 504 |
Weighted average number of common shares outstanding (diluted) |  |  | 242,768 |  |  |  | 241,605 |  |  |  | 236,027 |
Earnings per share (basic) |  | $ | 1.92 |  |  | $ | 2.47 |  |  | $ | 1.52 |
Earnings per share (diluted) |  | $ | 1.89 |  |  | $ | 2.43 |  |  | $ | 1.51 |
Assumptions Used to Estimate Fair Value of Option Awards | The following assumptions were used to estimate the fair value of option awards:
|  | September 30, |  | September 30, |  | September 30,
|  | 2011 |  | 2010 |  | 2009
Average expected term |  | 4.5 yrs. |  | 4.5 yrs. |  | 4.5 yrs.
Expected volatility |  | 62.46 - 64.39% |  | 59.41 - 62.24% |  | 38.67 - 59.18%
Weighted average volatility |  | 62.54% |  | 61.01% |  | 48.73%
Risk-free interest rates |  | 0.87 - 2.21% |  | 1.51 - 2.65% |  | 1.97 - 2.63%
Expected dividend yield |  | 1.00 - 2.00% |  | 1.00% |  | 1.00 - 2.20%
Weighted average expected dividend |  | 1.06% |  | 1.00% |  | 1.20%
Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income (Loss) for Equity Awards | The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards:
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
In thousands, except per share amounts |  | 2011 |  |  | 2010 |  |  | 2009 |
Stock options and other |  | $ | 15,135 |  |  | $ | 18,810 |  |  | $ | 12,578 |
Restricted stock and RSUs |  |  | 12,868 |  |  |  | 13,897 |  |  |  | 12,795 |
Total stock-based compensation |  |  | 28,003 |  |  |  | 32,707 |  |  |  | 25,373 |
Income tax benefit |  |  | 10,641 |  |  |  | 12,429 |  |  |  | 9,641 |
Stock-based compensation,net of tax |  | $ | 17,362 |  |  | $ | 20,278 |  |  | $ | 15,732 |
Per diluted share impact |  | $ | .07 |  |  | $ | .08 |  |  | $ | .07 |
Summary of Stock-Option Awards | A summary of the company’s stock-option awards is presented below:
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
2011 Stock Option Activity |  | Shares |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding at beginning of year |  |  | 23,649,290 |  |  | $ | 52.08 |  |  |  | 3.9 |  |  | $ | 28,819,223 |
Granted |  |  | 1,333,597 |  |  | $ | 15.79 |  |  |  |  |  |  |  |  |
Exercised |  |  | (496,749 | ) |  | $ | 5.71 |  |  |  |  |  |  |  |  |
Canceled/Expired |  |  | (4,145,847 | ) |  | $ | 67.61 |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 20,340,291 |  |  | $ | 47.66 |  |  |  | 3.5 |  |  | $ | 17,184,761 |
Options exercisable at year end |  |  | 15,857,692 |  |  | $ | 57.26 |  |  |  | 2.7 |  |  | $ | 10,644,474 |
Weighted average grant date fair value of options granted during the year |  | $ | 7.63 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
2010 Stock Option Activity |  | Shares |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding at beginning of year |  |  | 25,243,251 |  |  | $ | 58.68 |  |  |  | 4.1 |  |  | $ | 33,560,103 |
Granted |  |  | 3,451,481 |  |  | $ | 15.23 |  |  |  |  |  |  |  |  |
Exercised |  |  | (332,060 | ) |  | $ | 6.00 |  |  |  |  |  |  |  |  |
Canceled/Expired |  |  | (4,713,382 | ) |  | $ | 63.70 |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 23,649,290 |  |  | $ | 52.08 |  |  |  | 3.9 |  |  | $ | 28,819,223 |
Options exercisable at year end |  |  | 17,075,622 |  |  | $ | 66.48 |  |  |  | 2.8 |  |  | $ | 8,698,148 |
Weighted average grant date fair value of options granted during the year |  | $ | 7.22 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
2009 Stock Option Activity |  | Shares |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding at beginning of year |  |  | 27,106,695 |  |  | $ | 66.58 |  |  |  | 4.3 |  |  | $ | 68,360 |
Granted |  |  | 3,171,867 |  |  | $ | 8.00 |  |  |  |  |  |  |  |  |
Exercised |  |  | (44,250 | ) |  | $ | 7.53 |  |  |  |  |  |  |  |  |
Canceled/Expired |  |  | (4,991,061 | ) |  | $ | 69.83 |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 25,243,251 |  |  | $ | 58.68 |  |  |  | 4.1 |  |  | $ | 33,560,103 |
Options exercisable at year end |  |  | 19,788,317 |  |  | $ | 69.76 |  |  |  | 3.3 |  |  | $ | 3,662,795 |
Weighted average grant date fair value of options granted during the year |  | $ | 3.41 |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of Restricted Stock and RSU Awards | A summary of restricted stock and RSU awards is presented below:
|  |  | September 30, |  |  |  | September 30, |
2011 Restricted Stock and RSU Activity |  | Shares |  |  | Weighted average fair value |
Outstanding and unvested at beginning of year |  |  | 4,421,437 |  |  | $ | 12.19 |
Granted |  |  | 175,023 |  |  | $ | 13.21 |
Settled |  |  | (469,634 | ) |  | $ | 33.51 |
Canceled |  |  | (395,793 | ) |  | $ | 11.94 |
Outstanding and unvested at end of year |  |  | 3,731,033 |  |  | $ | 10.73 |
2010 Restricted Stock and RSU Activity |  | Shares |  |  | Weighted average fair value |
Outstanding and unvested at beginning of year |  |  | 3,293,293 |  |  | $ | 13.62 |
Granted |  |  | 1,934,351 |  |  | $ | 14.91 |
Settled |  |  | (490,716 | ) |  | $ | 31.94 |
Canceled |  |  | (315,491 | ) |  | $ | 12.97 |
Outstanding and unvested at end of year |  |  | 4,421,437 |  |  | $ | 12.19 |
2009 Restricted Stock and RSU Activity |  | Shares |  |  | Weighted average fair value |
Outstanding and unvested at beginning of year |  |  | 2,241,190 |  |  | $ | 19.47 |
Granted |  |  | 1,714,633 |  |  | $ | 11.63 |
Settled |  |  | (445,084 | ) |  | $ | 30.67 |
Canceled |  |  | (217,446 | ) |  | $ | 23.35 |
Outstanding and unvested at end of year |  |  | 3,293,293 |  |  | $ | 13.62 |

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