The Company's reportable segments, which it believes best reflect how the Company is currently managed, are CCME, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at estimated fair value and eliminated in consolidation. The CCME segment provides media and entertainment services via broadcast and digital delivery and also includes the Company's national syndication business. The Americas outdoor advertising segment consists of operations primarily in the United States and Canada. The International outdoor advertising segment primarily includes operations in Europe, Asia, Australia and Latin America. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company's media representation business as well as other general support services and initiatives which are ancillary to the Company's other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company's reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded by each segment in direct operating and selling, general and administrative expenses.

The following table presents the Company's reportable segment results for the three months ended March 31, 2013 and 2012.

(In thousands)	CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended March 31, 2013
Revenue	$	656,566	$	286,461	$	363,749	$	49,219	$	-	$	(12,937)	$	1,343,058
Direct operating expenses		203,119		137,547		249,842		6,494		-		(2,136)		594,866
Selling, general and administrative expenses		241,783		54,610		85,382		35,461		-		(10,801)		406,435
Depreciation and amortization		67,832		48,685		50,993		9,982		4,690		-		182,182
Corporate expenses		-		-		-		-		80,642		-		80,642
Other operating income, net		-		-		-		-		2,395		-		2,395
Operating income (loss)	$	143,832	$	45,619	$	(22,468)	$	(2,718)	$	(82,937)	$	-	$	81,328

Intersegment revenues	$	-	$	83	$	-	$	12,854	$	-	$	-	$	12,937
Capital expenditures	$	14,244	$	12,895	$	25,908	$	2,103	$	6,470	$	-	$	61,620
Share-based compensation expense	$	1,492	$	894	$	735	$	-	$	2,396	$	-	$	5,517

Three Months Ended March 31, 2012
Revenue	$	671,510	$	280,151	$	371,132	$	51,698	$	-	$	(13,768)	$	1,360,723
Direct operating expenses		216,379		144,410		249,643		6,539		-		(2,537)		614,434
Selling, general and administrative expenses		241,920		52,579		100,570		40,737		-		(11,231)		424,575
Depreciation and amortization		67,056		42,958		49,035		12,853		3,464		-		175,366
Corporate expenses		-		-		-		-		68,251		-		68,251
Other operating income, net		-		-		-		-		3,124		-		3,124
Operating income (loss)	$	146,155	$	40,204	$	(28,116)	$	(8,431)	$	(68,591)	$	-	$	81,221

Intersegment revenues	$	-	$	770	$	-	$	12,998	$	-	$	-	$	13,768
Capital expenditures	$	10,152	$	25,336	$	27,662	$	2,388	$	7,109	$	-	$	72,647
Share-based compensation expense	$	1,214	$	1,932	$	1,209	$	-	$	2,542	$	-	$	6,897