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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

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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