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, 2012	$	(7,993,735)	$	521,794	$	(7,471,941)
Net loss		(143,629)		(4,486)		(148,115)
Dividend		—		(244,734)		(244,734)
Foreign currency translation adjustments		33,474		3,615		37,089
Unrealized holding gain on marketable securities		12,015		33		12,048
Unrealized holding gain on cash flow derivatives		8,579		—		8,579
Reclassification adjustment		56		7		63
Other-net		(3,785)		8,240		4,455

Balances at March 31, 2012	$	(8,087,025)	$	284,469	$	(7,802,556)


Balances at January 1, 2011	$	(7,695,606)	$	490,920	$	(7,204,686)
Net income (loss)		(131,832)		469		(131,363)
Foreign currency translation adjustments		32,902		6,405		39,307
Unrealized holding gain on marketable securities		2,669		283		2,952
Unrealized holding gain on cash flow derivatives		13,342		—		13,342
Reclassification adjustment		79		10		89
Other-net		(2,887)		2,814		(73)

Balances at March 31, 2011	$	(7,781,333)	$	500,901	$	(7,280,432)

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.