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Equity and Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2011
Equity and Comprehensive Income (Loss)  
Equity and Comprehensive Income (Loss)

NOTE 8 — EQUITY AND COMPREHENSIVE INCOME (LOSS)

The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company's equity. The following table shows the changes in equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total ownership interest:

 

(In thousands)    The Company     Noncontrolling
Interests		     Consolidated  

Balances at January 1, 2011

    $ (7,695,606 )    $ 490,920      $ (7,204,686 ) 

Net income (loss)

      (185,011 )      15,673        (169,338 ) 

Foreign currency translation adjustments

      62,817        13,055        75,872   

Unrealized holding gain on marketable securities

      13,949        60        14,009   

Unrealized holding gain on cash flow derivatives

      11,943        —        11,943   

Reclassification adjustment

      131        17        148   

Other - net

      (657 )      2,684        2,027   
  

 

 

    

 

 

    

 

 

  

Balances at June 30, 2011

    $ (7,792,434 )    $ 522,409      $ (7,270,025 ) 
  

 

 

    

 

 

    

 

 

  
(In thousands)    The Company     Noncontrolling
Interests		     Consolidated  

Balances at January 1, 2010

    $ (7,300,386 )    $ 455,648      $ (6,844,738 ) 

Net income (loss)

      (261,738 )      4,904        (256,834 ) 

Foreign currency translation adjustments

      (98,131 )      (15,541 )      (113,672 ) 

Unrealized holding gain (loss) on marketable securities

      4,101        (568 )      3,533   

Unrealized holding loss on cash flow derivatives

      (8,146 )      —        (8,146 ) 

Reclassification adjustment

      (1,010 )      (131 )      (1,141 ) 

Other - net

      9,296        2,404        11,700   
  

 

 

    

 

 

    

 

 

  

Balances at June 30, 2010

    $ (7,656,014 )    $ 446,716      $ (7,209,298 ) 
  

 

 

    

 

 

    

 

 

  

The Company completed a voluntary stock option exchange program on March 21, 2011 and exchanged 2.5 million stock options granted under the Clear Channel 2008 Executive Incentive Plan for 1.3 million replacement stock options with a lower exercise price and different service and performance vesting conditions. The Company accounted for the exchange program as a modification of the existing awards under ASC 718 and will recognize incremental compensation expense of approximately $1.0 million over the service period of the new awards.