4 unchanged sentences
The following table sets forth purchases and redemptions of the Company's common stock made by the Company during the year ended December 31, 2020:
−Removed: Total Number of
+Added: Month Ending Total Number of
Shares Purchased
−Removed: Average Price
−Removed: Paid per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1),(2)
+Added: or Redeemed Average Price
+Added: Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1),(2)
Maximum Number of
6 unchanged sentences
April 30, 2020 5,630 71.04 — 3,399,216
+Added: May 31, 2020 895 71.26 — 3,399,216
June 30, 2020 — — — 3,399,216
5 unchanged sentences
December 31, 2020 942 108.38 — 3,399,216
+Added: Total 674,027 $ 82.39 548,031 3,399,216
(1) The Company’s share repurchase program was initially approved by the board of directors on June 25, 1998.
4 unchanged sentences
These redemptions were not part of the board repurchase authorization.
−Removed: During the third quarter of 2019, the Board of Directors approved an increase to the number of shares authorized under the Company's share repurchase program by approximately 2.3 million shares to a total 4.0 million shares authorized as of September 30, 2019.
+Added: (3) On April 8, 2020, the Company adopted mitigation efforts to alleviate the impact of the COVID-19 pandemic on the business.
+Added: As part of the mitigation efforts, the Company's management announced that no shares would be purchased under the Company’s share repurchase program until the impacts of the pandemic have subsided.
+Added: We currently have no estimated time frame for when share repurchases may return.
STOCKHOLDER RETURN PERFORMANCE
−Removed: The graph below matches Choice Hotels International, Inc.'s cumulative 5-Year total shareholder return on common stock with the cumulative total returns of the NYSE Composite index and the S&P Hotels, Resorts & Cruise Lines index.
+Added: The graph below matches Choice Hotels International, Inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the NYSE Composite index, the S&P Hotels, Resorts & Cruise Lines index, and a peer group.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2015 to 12/31/2020.
+Added: 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20
Choice Hotels International, Inc.
+Added: $ 100.00 $ 95.24 $ 113.04 $ 130.46 $ 158.53 $ 155.30 $ 147.87 $ 180.24 $ 215.77 $ 165.23 $ 223.51
NYSE Composite $ 100.00 $ 104.90 $ 111.94 $ 120.65 $ 132.90 $ 131.43 $ 121.01 $ 140.72 $ 151.87 $ 131.58 $ 162.49
2 unchanged sentences
Selected Financial Data.
−Removed: Effective January 1, 2018, the Company adopted Accounting Standards Update 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments to the initial guidance ("Topic 606").
−Removed: The Company adopted Topic 606 under the full retrospective method with an effective date of January 1, 2016.
−Removed: We derived the selected consolidated statements of income data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 from our audited consolidated financial statements included in this annual report.
−Removed: We derived the selected consolidated balance sheet data for the years ended December 31, 2017 and 2016 from our previously issued consolidated financial statements which are not included in this annual report, as adjusted for certain items impacted by the adoption of Topic 606.
−Removed: We derived the selected consolidated statement of income and selected consolidated balance sheet data for the year ended and as of December 31, 2015 from our previously issued consolidated financial statements which are not included in this annual report and have not been modified for the adoption of Topic 606.
−Removed: You should read the selected historical financial data together with the consolidated financial statements and related notes appearing in this annual report, as well as Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the other financial information included elsewhere in this annual report.
−Removed: Our historical results are not necessarily indicative of the results expected for any future period.
−Removed: Company results (in millions, except per share data)
−Removed: Total Revenues
−Removed: Operating Income
−Removed: Income from operations, net of income taxes
−Removed: Basic earnings per share
−Removed: Diluted earnings per share
−Removed: Long-Term Debt
−Removed: Cash Dividends Declared Per Common Share
−Removed: Matters that affect the comparability of our annual results are as follows:
−Removed: Effective January 1, 2016, the Company adopted Topic 606 which impacted the Company's pattern of revenue recognition.
−Removed: In addition, resulting from the adoption of Topic 606, the Company now records surpluses and deficits generated from the marketing and reservation system activities within the consolidated statements of income.
−Removed: As a result, total revenues, operating, and net income were impacted by temporary spending in excess of fees related to marketing and reservation activities resulting in the Company incurring $50.6 million in expenses in excess of revenues in 2016.
−Removed: The deficit spending on marketing and reservation system activities for the year ended December 31, 2016 primarily reflects a change in the Company's expiration policy for the Choice Privileges membership program, resulting in an increase to the corresponding liabilities and charge to marketing and reservation system revenues.
−Removed: Operations were also impacted by the recordation of a full-year of operations for the SaaS for vacation rentals business line acquired in 2015, resulting in a $3.7 million increase in total revenues compared to the prior year.
−Removed: In addition, in 2016, operating and net income were reduced by termination benefits of $2.2 million related to the departure of a Company executive.
−Removed: Net income was also favorably impacted by $3.4 million due to the adoption of Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718):
−Removed: Improvements to Employee Share-Based Payment Accounting , which requires that excess benefits and tax deficiencies be recognized as income tax expense or benefit to the income statement.
−Removed: Operating and net income in 2017 reflect $12.0 million in compensation expenses related to the acceleration of the Company's chief executive officer succession plan.
−Removed: Selling, general and administrative ("SG&A") expenses were reduced by a $1.2 million impairment of below market lease acquisition costs associated with an office building owned by the Company.
−Removed: The Company’s marketing and reservation system activities recognized revenue that exceeded the related expenses by $20.2 million resulting in incremental operating income in 2017.
−Removed: Net income in 2017 was further impacted by
−Removed: comprehensive tax legislation enacted on December 22, 2017.
−Removed: The impact of the tax legislation on net income for the year ended December 31, 2017 was a reduction of approximately $48.5 million.
−Removed: Refer to Note 16 of the consolidated financial statements.
−Removed: On February 1, 2018, the Company acquired WoodSpring Hotels Franchise Services LLC which contributed to the increase in franchising revenues totaling $29.5 million , operating income of $8.1 million and income before income taxes of $1.1 million in 2018.
−Removed: Operating income and income before income taxes in 2018 also reflect an impairment of non-franchising goodwill of $4.3 million and a loan valuation allowance charge of $2.8 million.
−Removed: Operating and net income in 2019 reflect the Company's acquisition of four operating hotels in the third quarter of 2019 (refer to Note 25 of our consolidated financial statements).
−Removed: A fifth hotel, previously under development by the Company, opened in the third quarter of 2019.
−Removed: Revenues of $20.3 million and expenses of $14.4 million represent fees earned from and costs incurred for the hotel operations.
−Removed: In addition, in 2019, the Company recognized depreciation and amortization related to these owned hotels totaling $4.9 million and a $6.0 million reduction in federal income taxes due to federal tax credits received related to the rehabilitation and re-use of historic buildings.
−Removed: Net income in 2019 was further impacted by the recognition of a $7.3 million impairment of long-lived assets, $3.1 million impairment of goodwill, and $4.7 million loss on sale related to the Company's SaaS for vacation rentals reporting unit which was disposed of on June 3, 2019.
−Removed: Additionally, the Company recorded a loss on extinguishment of debt of $7.2 million in 2019 for the early redemption of the unsecured senior notes in the principal amount of $250.0 million due in August 2020 prior to their maturity date.
−Removed: Refer to Item 7.
−Removed: Critical Accounting Policies and Notes 6 and 13 to our consolidated financial statements for additional information.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.