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10-Q
 filed this Form 10-Q on 10/31/2017
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


11.    EARNINGS PER COMMON SHARE

The following table sets forth basic and diluted net income per common share computational data (in thousands, except per share data):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Net income attributable to American Tower Corporation stockholders
$
317,268

 
$
264,509

 
$
1,000,399

 
$
727,218

Dividends on preferred stock
(18,907
)
 
(26,781
)
 
(68,531
)
 
(80,344
)
Net income attributable to American Tower Corporation common stockholders
298,361

 
237,728

 
931,868

 
646,874

Basic weighted average common shares outstanding
429,281

 
425,517

 
427,960

 
424,831

Dilutive securities
3,550

 
4,408

 
3,359

 
4,188

Diluted weighted average common shares outstanding
432,831

 
429,925

 
431,319

 
429,019

Basic net income attributable to American Tower Corporation common stockholders per common share
$
0.70

 
$
0.56

 
$
2.18

 
$
1.52

Diluted net income attributable to American Tower Corporation common stockholders per common share
$
0.69

 
$
0.55

 
$
2.16

 
$
1.51


Shares Excluded From Dilutive Effect—The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive (in thousands, on a weighted average basis):

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Restricted stock units

 

 
3

 
2

Stock options

 
8

 
11

 
1,619

Preferred stock
11,993

 
17,473

 
14,693

 
17,473


12.    COMMITMENTS AND CONTINGENCIES
Litigation—The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business. In the opinion of Company management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity.
Verizon Transaction—In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc. (“Verizon”) that provides for the lease, sublease or management of 11,286 wireless communications sites commencing March 27, 2015. The average term of the lease or sublease for all sites at the inception of the agreement was approximately 28 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the leased sites in tranches, subject to the applicable lease, sublease or management rights upon its scheduled expiration. Each tower is assigned to an annual tranche, ranging from 2034 to 2047, which represents the outside expiration date for the sublease rights to the towers in that tranche. The purchase price for each tranche is a fixed amount stated in the lease for such tranche plus the fair market value of certain alterations made to the related towers. The aggregate purchase option price for the towers leased and subleased is approximately $5.0 billion. Verizon will occupy the sites as a tenant for an initial term of ten years with eight optional successive five-year terms; each such term shall be governed by standard master lease agreement terms established as a part of the transaction.

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