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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2011	Mar. 01, 2012	Jun. 30, 2011
Document and Entity Information
Entity Registrant Name	ATLANTIC TELE NETWORK INC /DE
Entity Central Index Key	0000879585
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 370
Entity Common Stock, Shares Outstanding		15,451,238
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Current Assets:
Cash and cash equivalents	$ 48,735	$ 37,330
Restricted cash		467
Accounts receivable, net of allowances of $13.8 million and $15.3 million, respectively	71,159	59,870
Materials and supplies	20,802	26,614
Deferred income taxes	21,921	15,787
Income tax receivable	11,545
Prepayments and other current assets	9,738	14,221
Total current assets	183,900	154,289
Fixed Assets:
Property, plant and equipment	813,391	705,288
Less accumulated depreciation	(330,188)	(241,397)
Net fixed assets	483,203	463,891
Telecommunication licenses	87,468	80,843
Goodwill	45,077	44,397
Trade name license, net	13,013	13,491
Customer relationships, net	41,314	49,031
Other assets	19,756	17,002
Total assets	873,731	822,944
Current Liabilities:
Current portion of long-term debt	25,068	12,194
Accounts payable and accrued liabilities	57,262	54,731
Dividends payable	3,548	3,394
Accrued taxes	7,739	9,413
Advance payments and deposits	15,834	17,398
Other current liabilities	36,327	41,172
Total current liabilities	145,778	138,302
Deferred income taxes	88,906	53,253
Other liabilities	29,371	30,304
Long-term debt, excluding current portion	257,146	272,049
Total liabilities	521,201	493,908
Commitments and contingencies (Note 12)
Atlantic Tele-Network, Inc. Stockholders' Equity:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 15,882,359 and 15,955,886 shares issued, respectively, and 15,383,181 and 15,451,238 shares outstanding, respectively	160	159
Treasury stock, at cost; 499,178 and 504,648 shares, respectively	(4,942)	(4,724)
Additional paid-in capital	118,620	113,002
Retained earnings	190,327	182,390
Accumulated other comprehensive loss	(9,899)	(7,059)
Total Atlantic Tele-Network, Inc. stockholders' equity	294,266	283,768
Non-controlling interests	58,264	45,268
Total equity	352,530	329,036
Total liabilities and equity	$ 873,731	$ 822,944

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 15.3	$ 13.8
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	15,955,886	15,882,359
Common stock, shares outstanding	15,451,238	15,383,181
Treasury stock, shares	504,648	499,178

CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
REVENUE:
Total revenue	$ 759,196	$ 619,145	$ 242,281
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Termination and access fees	205,526	160,554	45,850
Engineering and operations	85,234	71,032	28,221
Sales and marketing	136,013	94,661	12,676
Equipment expense	73,185	75,335	3,490
General and administrative	99,087	88,783	36,301
Acquisition-related charges	772	13,760	7,163
Depreciation and amortization	104,100	76,736	38,889
Impairment of goodwill	2,425
Gain on disposition of long-lived assets	(2,397)
Total operating expenses	703,945	580,861	172,590
Income from operations	55,251	38,284	69,691
OTHER INCOME (EXPENSE)
Interest expense	(17,370)	(9,956)	(3,706)
Interest income	427	551	1,153
Gain on bargain purchase, net of deferred taxes of $18,016		27,024
Equity in earnings of unconsolidated affiliate	3,029	743
Other income, net	1,129	543	605
Other income (expense), net	(12,785)	18,905	(1,948)
INCOME BEFORE INCOME TAXES	42,466	57,189	67,743
Income taxes	20,569	19,607	31,160
NET INCOME	21,897	37,582	36,583
Net (income)loss attributable to non-controlling interests, net of tax of $2.8 million, $1.9 million, and $2.4 million, respectively	(103)	872	(1,044)
NET INCOME ATTRIBUTABLE TO ATLANTIC TELE-NETWORK, INC. STOCKHOLDERS	$ 21,794	$ 38,454	$ 35,539
NET INCOME PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATLANTIC TELE-NETWORK, INC. STOCKHOLDERS:
Basic (in dollars per share)	$ 1.42	$ 2.51	$ 2.33
Diluted (in dollars per share)	$ 1.41	$ 2.48	$ 2.32
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	15,396	15,323	15,234
Diluted (in shares)	15,495	15,483	15,377
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK (in dollars per share)	$ 0.90	$ 0.84	$ 0.76
U.S. Wireless, Retail
REVENUE:
Total revenue	$ 370,218	$ 293,126
U.S. Wireless, Wholesale
REVENUE:
Total revenue	201,993	159,807	$ 104,689
International Wireless
REVENUE:
Total revenue	73,003	50,615	44,804
Wireline
REVENUE:
Total revenue	84,957	84,488	88,449
Equipment and Other
REVENUE:
Total revenue	$ 29,025	$ 31,109	$ 4,339

CONSOLIDATED INCOME STATEMENTS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CONSOLIDATED INCOME STATEMENTS
Gain on bargain purchase, deferred taxes		$ 18,016
Net (income)loss attributable to non-controlling interests, tax	$ 2,400	$ 1,900	$ 2,800

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total ATNI Stockholders' Equity	Common Stock	Treasury Stock, at cost	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-Controlling Interests	Comprehensive Income
Balance at Dec. 31, 2008	$ 261,660	$ 228,873	$ 157	$ (4,560)	$ 107,312	$ 132,866	$ (6,902)	$ 32,787
Increase (Decrease) in Stockholders' Equity
Reissuance of 790 and 791 shares of common stock from treasury under Directors' Remuneration Plan for the years ended December 31, 2010 and 2009, respectively				7	(7)
Issuance of 51,602, 85,500 and 4,375 shares of common stock upon exercise of stock options for the years ended December 31, 2011, 2010 and 2009, respectively	74	74	1		73
Purchase of 5,470, 1,331 and 2,981 shares of common stock for the years ended December 31, 2011, 2010 and 2009, respectively	(134)	(134)		(134)
Acquisition of additional interests in majority owned subsidiary	(22)	(22)			(22)
Stock-based compensation	1,364	1,364			1,364
Dividends on common stock	(19,676)	(11,578)				(11,578)		(8,098)
Non-controlling interest in entity acquired	(2)							(2)
Investments made by minority shareholders	956							956
Comprehensive income:
Net income(loss)	36,583	35,539				35,539		1,044	$ 36,583
Other comprehensive income, net of tax of $1,327, $1,236 and $1,058 for the years ended December 31, 2011, 2010 and 2009, respectively	1,630	1,630					1,630		1,630
Total comprehensive income	38,213	37,169						1,044	38,213
Balance at Dec. 31, 2009	282,433	255,746	158	(4,687)	108,720	156,827	(5,272)	26,687
Increase (Decrease) in Stockholders' Equity
Reissuance of 790 and 791 shares of common stock from treasury under Directors' Remuneration Plan for the years ended December 31, 2010 and 2009, respectively				7	(7)
Issuance of 51,602, 85,500 and 4,375 shares of common stock upon exercise of stock options for the years ended December 31, 2011, 2010 and 2009, respectively	1,652	1,652	1		1,651
Purchase of 5,470, 1,331 and 2,981 shares of common stock for the years ended December 31, 2011, 2010 and 2009, respectively	(44)	(44)		(44)
Stock-based compensation	2,043	2,043			2,043
Dividends on common stock	(14,761)	(12,891)				(12,891)		(1,870)
Tax benefit from stock options exercised	595	595			595
Non-controlling interest in equity acquired, net of tax of $2,280	17,947							17,947
Investments made by minority shareholders	3,376							3,376
Comprehensive income:
Net income(loss)	37,582	38,454				38,454		(872)	37,582
Other comprehensive income, net of tax of $1,327, $1,236 and $1,058 for the years ended December 31, 2011, 2010 and 2009, respectively	(1,787)	(1,787)					(1,787)		(1,787)
Total comprehensive income	35,795	36,667						(872)	35,795
Balance at Dec. 31, 2010	329,036	283,768	159	(4,724)	113,002	182,390	(7,059)	45,268
Increase (Decrease) in Stockholders' Equity
Issuance of 51,602, 85,500 and 4,375 shares of common stock upon exercise of stock options for the years ended December 31, 2011, 2010 and 2009, respectively	1,175	1,175	1		1,174
Purchase of 5,470, 1,331 and 2,981 shares of common stock for the years ended December 31, 2011, 2010 and 2009, respectively	(218)	(218)		(218)
Stock-based compensation	3,249	3,249			3,249
Dividends on common stock	(16,670)	(13,857)				(13,857)		(2,813)
Non-controlling interest in equity acquired, net of tax of $2,280	13,118	1,195			1,195			11,923
Investments made by minority shareholders	3,783							3,783
Comprehensive income:
Net income(loss)	21,897	21,794				21,794		103	21,897
Other comprehensive income, net of tax of $1,327, $1,236 and $1,058 for the years ended December 31, 2011, 2010 and 2009, respectively	(2,840)	(2,840)					(2,840)		(2,840)
Total comprehensive income	19,057	18,954						103	$ 19,057
Balance at Dec. 31, 2011	$ 352,530	$ 294,266	$ 160	$ (4,942)	$ 118,620	$ 190,327	$ (9,899)	$ 58,264

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CONSOLIDATED STATEMENTS OF EQUITY
Reissuance of shares of common stock from treasury under Directors' Remuneration Plan		790	791
Issuance of shares of common stock upon exercise of stock options	51,602	85,500	4,375
Purchase of shares of common stock	5,470	1,331	2,981
Non-controlling interest in equity acquired, tax	$ 2,280
Other comprehensive income, tax	$ 1,327	$ 1,236	$ 1,058

- Definition

Tax effect of the change in accumulated other comprehensive income (loss), that is, the tax effect on items included in other comprehensive income (loss) during the period.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income	$ 21,897	$ 37,582	$ 36,583
Adjustments to reconcile net income to net cash flows provided by operating activities:
Bargain purchase gain, net of tax		(27,024)
Depreciation and amortization	104,100	76,736	38,889
Provision for doubtful accounts	14,822	17,261	1,402
Amortization of debt discount and debt issuance costs	1,962	1,428	503
Stock-based compensation	3,249	2,043	1,364
Deferred income taxes	27,580	(348)	1,620
Equity in earnings of unconsolidated affiliates	(3,029)	(743)
Gain on disposition of long-lived assets	(2,397)
Impairment of goodwill	2,425
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable, net	(23,202)	(15,555)	(1,454)
Materials and supplies, prepayments, and other current assets	11,089	(26,281)	(791)
Prepaid income taxes	(1,922)		10,708
Accounts payable and accrued liabilities	(11,024)	52,261	5,606
Accrued taxes	(10,323)	(3,461)	(92)
Other	(2,624)	(11,098)	(1,712)
Net cash provided by operating activities	132,603	102,801	92,626
Cash flows from investing activities:
Capital expenditures	(101,401)	(135,688)	(59,719)
Acquisitions of businesses		(225,551)	(24)
Acquisitions of assets		(57)	(25)
Cash acquired in business combinations	4,087	53
Proceeds from disposition of long-lived assets	1,200
Decrease/(increase) in restricted cash	467	4,782	(5,248)
Sale/purchase of short term investments			2,956
Net cash used in investing activities	(95,647)	(356,461)	(62,060)
Cash flows from financing activities:
Dividends paid on common stock	(13,703)	(12,569)	(11,301)
Distribution to minority stockholders	(2,814)	(1,870)	(8,098)
Payment of debt issuance costs	(1,037)	(4,321)	(150)
Proceeds from stock option exercises	1,175	1,652	74
Principal repayments of term loan	(13,450)	(49,568)	(750)
Principal repayments of revolver loan	(132,911)
Purchase of common stock	(218)	(44)	(134)
Investments made by minority shareholders in consolidated affiliates	784	3,463	375
Proceeds from borrowings under term loan,		200,000
Proceeds from borrowings under revolver loan,	137,069	64,000
Repurchase of non-controlling interests	(446)
Net cash provided by (used in) financing activities	(25,551)	200,743	(19,984)
Net change in cash and cash equivalents	11,405	(52,917)	10,582
Cash and cash equivalents, beginning of year	37,330	90,247	79,665
Cash and cash equivalents, end of year	48,735	37,330	90,247
Supplemental cash flow information:
Interest paid	18,173	11,518	3,814
Taxes paid	$ 3,902	$ 24,974	$ 27,026

ORGANIZATION AND BUSINESS OPERATIONS

12 Months Ended

Dec. 31, 2011

ORGANIZATION AND BUSINESS OPERATIONS

ORGANIZATION AND BUSINESS OPERATIONS

1. ORGANIZATION AND BUSINESS OPERATIONS

The Company provides wireless and wireline telecommunications services in North America, Bermuda and the Caribbean. Through its operating subsidiaries, the Company offers the following principal services:

•

Wireless. In the United States, the Company offers wireless voice and data services to retail customers under the "Alltel" name in rural markets located principally in the Southeast and Midwest. Additionally, the Company offers wholesale wireless voice and data roaming services to national, regional and local wireless carriers and selected international wireless carriers in rural markets located principally in the Southwest and Midwest United States. The Company also offers wireless voice and data services to retail customers in Bermuda under the "CellOne" name, in Guyana under the "Cellink" name, and in other smaller markets in the Caribbean and the United States.

•

Wireline. The Company's local telephone and data services include its operations in Guyana and the mainland United States. The Company is the exclusive licensed provider of domestic wireline local and long distance telephone services in Guyana and international voice and data communications into and out of Guyana. The Company also offers facilities-based integrated voice and data communications services to enterprise and residential customers in New England, primarily in Vermont, and wholesale transport services in New York State.

In the second quarter of 2010, the Company completed the acquisition of its U.S. retail wireless business, which provides wireless voice and data services in rural markets of the United States under the "Alltel" brand name (the "Alltel Acquisition") and, in the third quarter of 2011, completed the migration of the Alltel assets to the Company's own information technology systems, telecommunications networks and platforms. Since 2005, revenue from U.S. operations has significantly grown as a percentage of consolidated revenue and as a result of the Alltel Acquisition, a substantial majority of the Company's consolidated revenue is now generated in the United States, mainly through mobile wireless operations. For more information about the Alltel Acquisition, see Note 3.

In the second quarter of 2011, the Company continued its expansion by completing the merger of its Bermuda operations with M3 Wireless, Ltd., a leading retail wireless provider in Bermuda. For more information on the merger in Bermuda, see Note 3. The Company actively evaluates additional investment and acquisition opportunities in the United States and the Caribbean that meet the Company's return-on-investment and other acquisition criteria.

The following chart summarizes the operating activities of the Company's principal subsidiaries, the segments in which the Company reports its revenue and the markets it served as of December 31, 2011:

Services	Segment	Markets	Tradenames

Wireless	U.S. Wireless	United States (rural markets)	Alltel, Choice
	Island Wireless	Aruba, Bermuda, Turks and Caicos, U.S. Virgin Islands	Mio, CellOne, Islandcom, Choice
	International Integrated Telephony	Guyana	Cellink
Wireline	International Integrated Telephony	Guyana	GT&T, Emagine
	U.S. Wireline	United States (New England and New York State)	Sovernet, ION

The Company provides management, technical, financial, regulatory, and marketing services to its subsidiaries and typically receives a management fee equal to a percentage of their respective revenue. Management fees from consolidated subsidiaries are eliminated in consolidation. For information about the Company's business segments and geographical information about its revenue, operating income and long-lived assets, see Note 14.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and certain entities, which are consolidated in accordance with the provisions of the Financial Accounting Standards Board ("FASB") authoritative guidance on the consolidation of variable interest entities since it is determined that the Company is the primary beneficiary of these entities.

Certain reclassifications have been made to the 2009 and 2010 financial statements in order to conform to the 2011 presentation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates relate to the allowance for doubtful accounts, useful lives of the Company's fixed and finite-lived intangible assets, allocation of purchase price to assets acquired and liabilities assumed in purchase business combinations, fair value of indefinite-lived intangible assets, goodwill and income taxes. Actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all investments with an original maturity of three months or less at date of purchase to be cash equivalents. The Company places its cash and temporary investments with banks and other institutions that it believes have a high credit quality. At December 31, 2011, the Company had deposits with banks in excess of FDIC insured limits and $12.4 million of its cash is on deposit with non-insured institutions such as corporate money market issuers and cash held in Guyana banks. The Company's cash and cash equivalents are not subject to any restrictions. As of December 31, 2010 and 2011, the Company held $5.5 million and $10.5 million, respectively, of its cash in Guyanese dollars. While there are risks associated with the conversion of Guyana dollars to U.S. dollars due to limited liquidity in the Guyana foreign currency markets, to date it has not prevented the Company from converting Guyana dollars into U.S. dollars within a given three month period or from converting at a price that reasonably approximates the reported exchange rate.

Allowance for Doubtful Accounts

The Company maintains an allowance for doubtful accounts for the estimated probable losses on uncollectible accounts receivable. The allowance is based upon the creditworthiness of customers, historical experience, the age of the receivable and current market and economic conditions. Uncollectible amounts are charged against the allowance account.

Materials and Supplies

Materials and supplies primarily include handsets, customer premise equipment, cables and poles and are recorded at the lower of cost or market cost being determined on the basis of specific identification and market determined using replacement cost.

Fixed Assets

The Company's fixed assets are recorded at cost and depreciated using the straight-line method generally between 3 and 39 years. Expenditures for major renewals and betterments that extend the useful lives of fixed assets are capitalized. Repairs and replacements of minor items of property are charged to maintenance expense as incurred. The cost of fixed assets in service and under construction includes an allocation of indirect costs applicable to construction.

The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred if a reasonable estimate of fair value can be made. In periods subsequent to initial measurement, period-to-period changes in the liability for an asset retirement obligation resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows are recognized. The increase in the carrying value of the associated long-lived asset is depreciated over the corresponding estimated economic life. The consolidated balance sheets include accruals of $2.2 million and $2.4 million as of December 31, 2010 and 2011, respectively, for estimated costs associated with asset retirement obligations.

In accordance with the authoritative guidance for the accounting for the impairment or disposal of long-lived assets, the Company evaluates the carrying value of long-lived assets, including property and equipment, in relation to the operating performance and future undiscounted cash flows of the underlying business whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss exists when estimated undiscounted cash flows attributable to an asset are less than its carrying amount. If an asset is deemed to be impaired, the amount of the impairment loss recognized represents the excess of the asset's carrying value as compared to its estimated fair value, based on management's assumptions and projections.

Management's estimate of the future cash flows attributable to its long-lived assets and the fair value of its businesses involve significant uncertainty. Those estimates are based on management's assumptions of future results, growth trends and industry conditions. If those estimates are not met, the Company could have additional impairment charges in the future, and the amounts may be material.

The Company determined that there was no impairment of its fixed assets in any of the three years in the period ended December 31, 2011.

Goodwill and Indefinite Lived Intangible Assets

Goodwill is the amount by which the cost of acquired net assets exceeded the fair value of those net assets on the date of acquisition. The Company allocates goodwill to reporting units at the time of acquisition and bases that allocation on which reporting units will benefit from the acquired assets and liabilities. Reporting units are defined as operating segments or one level below an operating segment, referred to as a component. The Company has determined that its reporting units are components of its multiple operating segments. The Company assesses goodwill for impairment on an annual basis in the fourth quarter or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. If the book value of a reporting unit exceeds its fair value, the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded equal to that excess.

Telecommunications licenses are not amortized and are carried at their historical costs. The Company believes that telecommunications licenses have an indefinite life based on the historical ability to renew such licenses, that such renewals may be obtained indefinitely and at little cost, and that the related technology used is not expected to be replaced in the foreseeable future. The Company has elected to perform its annual testing of its telecommunications licenses in the fourth quarter of each fiscal year, or more often if events or circumstances indicate that there may be impairment. The Company performed its test of the fair values of the telecommunications licenses using a discounted cash flow model (the Greenfield Approach), which assumes a company initially owns only the telecommunications licenses, and then makes investments required to build an operation comparable to the one that currently utilizes the licenses. If the value of these assets were impaired by some factor, such as an adverse change in the subsidiary's operating market, the Company may be required to record an impairment charge. The impairment test consists of a comparison of the fair value of telecommunications licenses with their carrying amount on a license by license basis.

As of December 31, 2010, the Company performed its annual impairment assessment of its goodwill and indefinite-lived intangible assets (telecommunications licenses) and determined that no impairment charges were required, as the fair value of each reporting unit and telecommunications license exceeded its book value. The Company performed its annual impairment test as of December 31, 2011 and determined that $2.4 million of its goodwill was impaired. See Note 6 for further details.

Intangible Assets

Intangible assets resulting from the acquisitions of entities accounted for using the purchase method of accounting are estimated by management based on the fair value of assets acquired. These include acquired customer relationships and trade names.

The Alltel trade name licenses are amortized on a straight line basis over 28 years, which is considered the life of the license contract.

Customer relationships are amortized over their estimated lives of up to 13 years, which are based on the pattern in which economic benefit of the customer relationship is estimated to be realized.

Interest Rate Derivatives

As required by the authoritative guidance on accounting for derivative instruments and hedging activities, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks related to interest rates primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company entered into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its known or expected cash payments principally related to the Company's borrowings.

Non-Controlling Interests

The non-controlling interests in the accompanying consolidated balance sheets reflect the original investments by the minority stockholders in GT&T, Alltel's consolidated subsidiaries, Commnet's consolidated subsidiaries, Islandcom and Sovernet and its consolidated subsidiaries, along with their proportional share of the earnings or losses, net of any distributions. As described in Note 3, the Company reduced its ownership interest in its Bermuda wireless operations to a 42% controlling interest upon the completion of the merger with M3 Wireless, Ltd. in May 2011. The non-controlling interests in the accompanying consolidated balance sheet relating to the Company's Bermuda operations include the original investments of the remaining 58% ownership interests along with their proportional share of the earnings or losses, net of any distributions.

Effective January 1, 2009, the Company adopted new authoritative guidance for non-controlling interests in our consolidated financial statements. The guidance requires that (a) the ownership interest in subsidiaries be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parent's equity, (b) the amount of consolidated net income attributable to the parent and to the non-controlling interests be clearly identified and presented on the face of the consolidated income statement, and (c) changes in a parent's ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently within equity. A parent's ownership interest in a subsidiary changes if the parent purchases additional ownership interests in its subsidiary, the parent sells some of its ownership interest or the subsidiary issues additional ownership interests. Upon adoption of the guidance, previously reported financial statements were revised, and we reclassified the previously reported non-controlling interests to a component of equity. Previously reported minority interest was renamed net income attributable to the non-controlling interests.

Comprehensive Income

For the three years ending December 31, 2011, comprehensive income included net income for each year and the following other items (in thousands):

	Projected Pension Benefit Obligation			Interest Rate Swap Agreements			Translation Adjustment			Accumulated Other Comprehensive Loss

Balance at December 31, 2008	$	(2,090	)	$	(4,812	)	$	—		$	(6,902	)
Adjustment		(235	)		2,923			—			2,688
Tax effect		111			(1,169	)		—			(1,058	)

Balance at December 31, 2009		(2,214	)		(3,058	)		—			(5,272	)
Adjustment		(426	)		(2,590	)		(7	)		(3,023	)
Tax effect		200			1,036			—			1,236

Balance at December 31, 2010		(2,440	)		(4,612	)		(7	)		(7,059	)
Adjustment		(517	)		(3,637	)		(13	)		(4,167	)
Tax effect		243			1,084			—			1,327

Balance at December 31, 2011	$	(2,714	)	$	(7,165	)	$	(20	)	$	(9,899	)

Revenue Recognition

Service revenues are primarily derived from providing access to and usage of the Company's networks and facilities. Access revenues from postpaid customers are generally billed one month in advance and are recognized over the period that the corresponding service is rendered to customers. Revenues derived from usage of the Company's networks, including airtime, roaming, long distance and Universal Service Fund revenues, are recognized when the services are provided and are included in unbilled revenues until billed to the customer. Prepaid airtime sold to customers is recorded as deferred revenue prior to the commencement of services and is recognized when the airtime is used or expires. The Company offers enhanced services including caller identification, call waiting, call forwarding, three-way calling, voice mail, and text and picture messaging, as well as downloadable wireless data applications, including ringtones, music, games, and other informational content. Generally, these enhanced features generate additional service revenues through monthly subscription fees or increased usage through utilization of the features. Other optional services such as roadside assistance and other equipment protection plans may also be provided for a monthly fee and are either sold separately or bundled and included in packaged rate plans. Revenues from enhanced features and optional services are recognized when earned. Access and usage-based services are billed throughout the month based on the bill cycle assigned to a particular customer. As a result of billing cycle cut-off times, management must estimate service revenues earned but not yet billed at the end of each reporting period.

Sales of communications products including wireless handsets and accessories represent a separate earnings process and are recognized when the products are delivered to and accepted by customers. The Company accounts for transactions involving both the activation of service and the sale of equipment in accordance with the authoritative guidance for the accounting for revenue arrangements with multiple deliverables. Fees assessed to communications customers to activate service are not a separate unit of accounting and are allocated to the delivered item (equipment) and recognized as product sales to the extent that the aggregate proceeds received from the customer for the equipment and activation fee do not exceed the relative fair value of the equipment. Any activation fee not allocated to the equipment is deferred upon activation and recognized as service revenue on a straight-line basis over the expected life of the customer-relationship.

Wholesale revenues are those revenues generated from providing voice or data services to the customers of other wireless carriers principally through "roaming" agreements, and the revenue is recognized over the period that the service is rendered to customers.

Sales and use and state excise taxes collected from customers that are remitted to the governmental authorities are reported on a net basis and excluded from the revenues and sales.

Income Taxes

The Company's provision for income taxes is comprised of a current and deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carryforwards using expected tax rates in effect in the years during which the differences are expected to reverse.

The Company does not provide for United States income taxes on earnings of foreign subsidiaries as such earnings are considered to be indefinitely reinvested.

The Company previously had significant deferred tax assets, resulting from tax credit carryforwards and deductible temporary differences. As part of its acquisition of assets from Alltel and the associated levels of future debt and interest service, the Company re-examined its projected mix of foreign source and U.S.-source earnings and concluded it is more likely than not that it will not generate enough foreign source income to utilize its existing foreign tax credits prior to their expiration date. As a result, the Company has placed a full valuation allowance against those credits during 2010.

The Company's estimate of the value of its tax reserves contains assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the ultimate resolution of these matters may be greater or less than the amount that the Company estimated. If payment of these amounts proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined that the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

The Company evaluated its uncertain tax positions relating to its various tax matters and rulings in Guyana and has reserved the estimated settlement amounts of such matters. As noted in Note 10, due to various arrangements and relationships in place with the government of Guyana, there is no expectation that interest and penalties will be assessed upon reaching final settlement of the matters. There is no expected settlement date and upon settlement, which might not occur in the near future, the payment may vary significantly from the amounts currently recorded. The Company will continue to update amounts recorded as new developments arise.

Credit Concentrations and Significant Customers

The Company has been historically dependent on a limited amount of customers for its wholesale roaming business. The following table indicates the percentage of revenues generated from a single customer that exceeds 10% of the Company's consolidated revenue in any of the past three years:

Customer

AT&T	17	%	10	%	8	%
T-Mobile	11	%	4	%	3	%
Verizon	8	%	15	%	15	%

No other customer accounted for more than 10% of consolidated revenue in any of the past three years.

The following table indicates the percentage of accounts receivable, from customers that exceed 10% of the Company's consolidated accounts receivable, net of allowances, as of December 31, 2010 and 2011:

Customer

AT&T	21	%	15	%
Verizon	21	%	12	%

Foreign Currency Gains and Losses

With regard to Guyana operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining net income. At each balance sheet date, balances denominated in foreign currencies are adjusted to reflect the current exchange rate. For all three years presented, the value of the Guyana dollar remained constant at approximately G$205 to one U.S. dollar and so no foreign currency gains or losses have been recorded.

Fair Value of Financial Instruments

In accordance with the provisions of fair value accounting, a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model.

The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:


Level 1		Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 assets and liabilities include money market funds, debt and equity securities and derivative contracts that are traded in an active exchange market.
Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
		This category generally includes corporate obligations and non-exchange traded derivative contracts.
Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2010 and 2011 are summarized as follows:

	December 31, 2010

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Certificates of deposit	$	3,360	$	—	$	3,360
Money market funds		5,962		—		5,962

Total assets measured at fair value	$	9,322	$	—	$	9,322

Interest rate derivative (Note 8)	$	—	$	7,687	$	7,687

Total liabilities measured at fair value	$	—	$	7,687	$	7,687

	December 31, 2011

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Certificates of deposit	$	3,366	$	—	$	3,366
Money market funds		3,847		—		3,847

Total assets measured at fair value	$	7,213	$	—	$	7,213

Interest rate derivative (Note 8)	$	—	$	11,337	$	11,337

Total liabilities measured at fair value	$	—	$	11,337	$	11,337

Money Market Funds and Certificates of Deposit

As of December 31, 2010 and 2011, this asset class consisted of time deposits at financial institutions denominated in US dollars and a money market portfolio that comprises Federal government and U.S. Treasury securities. The asset class is classified within Level 1 of the fair value hierarchy because its underlying investments are valued using quoted market prices in active markets for identical assets.

Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. When deemed appropriate, the Company manages economic risks related to interest rates primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company entered into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of its known or expected cash payments principally related to the Company's borrowings. The principal market in which the Company executes its foreign currency contracts is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants usually are large commercial banks. The forward foreign currency exchange contracts are valued using broker quotations, or market transactions and are classified within Level 2 of the fair value hierarchy.

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to the Company's stockholders by the weighted-average number of common shares outstanding during the period and does not include any other potentially dilutive securities. Diluted net income per share gives effect to all potentially dilutive securities using the treasury stock method.

The reconciliation from basic to diluted weighted average common shares outstanding is as follows (in thousands):

	For the Year Ending December 31,

	2009		2010		2011
Basic weighted-average common shares outstanding		15,234		15,323		15,396
Stock options		103		160		99

Diluted weighted-average common shares outstanding		15,337		15,483		15,495

The following notes the number of potential common shares not included in the above calculation because the effects of such were anti-dilutive (in thousands of shares):

	For the Year Ending December 31,

	2009		2010		2011
Stock options		75		126		274

Total		75		126		274

Stock-Based Compensation

The Company applies the fair value recognition provisions of the authoritative guidance for the accounting for stock based compensation and is expensing the fair value of grants of options to purchase common stock over their vesting period of four years. The Company issued 34,500 options in 2009; 172,500 options during 2010 and 146,500 options in 2011. Relating to grants of options, the Company recognized $842,000, $1,145,000 and $1,579,000 of non-cash share-based compensation expense during 2009, 2010 and 2011, respectively. See Note 9 for assumptions used to calculate the fair value of the options granted.

The Company has also issued 2,950 restricted shares of common stock in 2009; 64,477 restricted shares of common stock during 2010 and 21,925 shares of restricted stock in 2011. These shares are being charged to income based upon their fair values over their vesting period of four years. Non-cash equity- based compensation expense, related to the vesting of restricted shares issued, was $395,000, $887,000 and $1,391,000 in 2009, 2010 and 2011, respectively.

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (FASB) issued a new accounting standard that eliminates the option to present other comprehensive income (OCI) in the statement of stockholders' equity and instead requires net income, the components of OCI, and total comprehensive income to be presented in either one continuous statement or in two separate, but consecutive, statements. The standard also requires that items reclassified from OCI to net income be presented on the face of the financial statements. However, in December 2011, the FASB finalized a proposal to defer the requirement to present reclassifications from OCI to net income on the face of the financial statements and require that reclassification adjustments be disclosed in the notes to the financial statements, consistent with the existing disclosure requirements. The deferral does not change the requirement to present net income, components of OCI, and total comprehensive income in either one continuous statement or two separate but consecutive statements. This guidance is effective for the periods beginning after December 15, 2011 and early application is permitted. The Company will adopt the provision of this standard retrospectively in the first quarter of 2012. The adoption of this standard is not expected to have a material impact on our financial position, results of operations or liquidity.

In May 2011, the FASB issued amended guidance that clarifies the application of existing fair value measurement and increases certain related disclosure requirements about measuring fair value. This guidance is effective for the periods beginning after December 15, 2011 and early application is prohibited. The adoption of this standard is not expected to have a material impact on our financial position, results of operations or liquidity.

In September 2011, the FASB issued amended guidance on goodwill impairment testing that provides companies with the option to make an initial qualitative evaluation, based on the entity's events and circumstances, to determine the likelihood of goodwill impairment. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early application permitted. We early adopted this standard in the fourth quarter of 2011. The adoption of this standard did not have a material impact on our financial position, results of operations or liquidity.

Other new pronouncements issued but not effective until after December 31, 2011, are not expected to have a material impact on our financial position, results of operations or liquidity.

ACQUISITIONS

12 Months Ended

Dec. 31, 2011

ACQUISITIONS

ACQUISITIONS

3. ACQUISITIONS

Alltel Wireless

On April 26, 2010, the Company completed its acquisition of wireless assets (the "Alltel Acquisition") from Cellco Partnership d/b/a Verizon Wireless ("Verizon"). Pursuant to the Purchase Agreement, Verizon contributed certain licenses, network assets, tower and other leases and other assets and certain related liabilities to its wholly-owned subsidiary limited liability company, whose membership interests were acquired by the Company's subsidiary, Allied Wireless Communications Corporation ("AWCC").

The Company funded the purchase price of $221.4 million, which included the purchase of $15.8 million of net working capital, as defined in the agreement, with $190.0 million of borrowings from its credit facility and $31.4 million of cash-on-hand.

The Alltel Acquisition was accounted for using the purchase method and AWCC's results of operations since April 26, 2010 have been included in the Company's U.S. Wireless segment as reported in Note 14. The total purchase consideration of $221.4 million cash was allocated to the assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition as determined by management. The table below represents the assignment of the total acquisition cost to the tangible and intangible assets and liabilities of AWCC based on their acquisition date fair values:


Total cash consideration	$	221,359

Purchase price allocation:
Net working capital	$	15,817
Property, plant and equipment		176,393
Customer relationships		55,500
Telecommunications licenses		44,000
Trade name license		13,400
Other long term assets		11,500
Other long term liabilities		(34,211	)
Deferred tax liabilities		(18,016	)
Non-controlling interests		(16,000	)

Net assets acquired	$	248,383

Gain on bargain purchase, net of deferred taxes of $18,016	$	27,024

The gain related to the Alltel Acquisition was a result of a bargain purchase generated by the forced divesture of the assets that was required to be completed by Verizon within a required timeframe to a limited class of potential buyers that resulted in a favorable price to the Company for these assets. This gain, recognized on the bargain purchase, was included in Other Income in the Company's results during the second quarter of 2010. In connection with the Alltel Acquisition, the Company incurred $13.6 million of external acquisition-related costs during 2010 relating to legal, accounting and consulting services. The weighted average amortization period of the amortizable intangible assets (customer relationships and trade name license) is 12.7 years.

The Company completed the transition of its Alltel customers to its own information technology and customer service platforms in July 2011 and as a result, eliminated most of the duplicate costs associated with the migration in the third quarter of 2011.

Merger with M3 Wireless, Ltd.

On May 2, 2011, the Company completed the merger of its Bermuda wireless operations, Bermuda Digital Communications, Ltd. ("BDC"), with that of M3 Wireless, Ltd. ("M3"), a wireless provider in Bermuda (the "CellOne Merger"). As part of the CellOne Merger, M3 merged with and into BDC, and the combined entity will continue to operate under BDC's CellOne brand. As a result of the CellOne Merger, the Company's 58% ownership interest in BDC was reduced to a controlling 42% interest in the combined entity. Since the Company has the right to designate the majority of seats on the combined entity's board of directors and therefore controls its management and policies, the Company has consolidated the results of the combined entity in its consolidated financial statements effective on the date of the CellOne Merger.

The CellOne Merger was accounted for using the purchase method and M3's results of operations since May 2, 2011 have been included in the Company's Island Wireless segment as reported in Note 14. The total consideration of the CellOne Merger was allocated to the assets acquired and liabilities assumed at their estimated fair values as of the date of the CellOne Merger as determined by management. The consideration paid for M3 was determined based on the estimated fair value of the equity of M3. The table below represents the assignment of the total consideration to the tangible and intangible assets and liabilities of M3 based on their merger date fair values (in thousands) noting that Bermuda is a non-taxable jurisdiction:


Total consideration	$	6,655

Purchase price allocation:
Net working capital	$	675
Property, plant and equipment		10,577
Customer relationships		2,600
Telecommunications licenses		6,100
Goodwill		3,105
Note payable-affiliate (see Note 7)		(7,012	)
Other long term liabilities		(200	)
Non-controlling interests		(9,190	)

Net assets acquired	$	6,655

The amortization period of the customer relationships is 12.0 years. Revenues and net income for M3 since the completion of the merger were immaterial to the Company's consolidated financial statements. The value of the goodwill, which was generated in Bermuda, noting that Bermuda is a non-taxable jurisdiction, from the CellOne Merger can be attributed to a number of business factors including, but not limited to, the reputation of M3 as a retail provider of wireless services and a network operator, M3's reputation for customer care and the strategic position M3 holds in Bermuda.

The following table reflects unaudited pro forma results of operations of the Company for 2009, 2010 and 2011 assuming that the acquisitions of Alltel and M3 had occurred at the beginning of the earliest period presented (in thousands, except per share data):

	Year Ended December 31, 2009				Year Ended December 31, 2010				Year Ended December 31, 2011

	As Reported		As Adjusted		As Reported		As Adjusted		As Reported		As Adjusted
Revenue	$	242,281	$	933,586	$	619,145	$	892,768	$	759,196	$	765,284
Net income attributable to ATN stockholders		35,539		85,346		38,454		56,502		21,794		22,329
Earnings per share:
Basic	$	2.33	$	5.60	$	2.51	$	3.69	$	1.42	$	1.45
Diluted	$	2.32	$	5.55	$	2.48	$	3.65	$	1.41	$	1.44

The unaudited pro forma data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have occurred if the acquisitions had been consummated on these dates or of future operating results of the combined company following this transaction.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 67-73
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+ Details

ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2011

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

4. ACCOUNTS RECEIVABLE

As of December 31, 2010 and 2011, accounts receivable consist of the following (in thousands):

	2010			2011

Retail	$	43,626		$	47,259
Wholesale		29,667			37,293
Other		415			1,946

Accounts receivable		73,708			86,498
Less: allowance for doubtful accounts		(13,838	)		(15,339	)

Total accounts receivable, net	$	59,870		$	71,159

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

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-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
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-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

FIXED ASSETS

12 Months Ended

Dec. 31, 2011

FIXED ASSETS

FIXED ASSETS

5. FIXED ASSETS

As of December 31, 2010 and 2011, property, plant and equipment consist of the following (in thousands):

	Useful Life (in Years)	2010			2011

Telecommunications equipment and towers	5-15	$	549,865		$	666,969
Office and computer equipment	3-10		61,792			47,063
Buildings	15-39		22,642			18,017
Transportation vehicles	3-10		7,056			7,679
Leasehold improvements	Shorter of useful life or lease term		19,950			20,515
Land	—		7,122			6,653
Furniture and fixtures	5-10		7,088			8,120

Total plant in service			675,515			775,016
Construction in progress			29,773			38,375

Total property, plant, and equipment			705,288			813,391
Less: Accumulated depreciation			(241,397	)		(330,188	)

Net fixed assets		$	463,891		$	483,203

Depreciation and amortization of fixed assets using the straight-line method over the assets' estimated useful life for the years ended December 31, 2009, 2010 and 2011 was $38.5 million, $68.5 million and $93.6 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2011

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company tests goodwill for impairment on an annual basis, which has been determined to be as of December 31 of each fiscal year. The Company also tests goodwill between annual tests if an event occurs or circumstances change that indicate that the fair value of a reporting unit may be below its carrying value.

Goodwill impairment is determined using a two-step process. The first step involves a comparison of the estimated fair value of a reporting unit to its carrying amount, including goodwill. In performing the first step, the Company determines the fair value of a reporting unit using a discounted cash flow ("DCF") analysis. Determining fair value requires the exercise of significant judgment, including judgments about appropriate discount rates, perpetual growth rates, and the amount and timing of expected future cash flows. Discount rates are based on a weighted-average cost of capital ("WACC"), which represents the average rate a business must pay its providers of debt and equity. The cash flows employed in the DCF analysis were derived from internal earnings and forecasts and external market forecasts. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. If the carrying amount of a reporting unit exceeds its estimated fair value, then the second step of the goodwill impairment test must be performed.

The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with its carrying amount of goodwill to measure the amount of impairment loss, if any. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination, whereby the estimated fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess.

The Company performed its annual impairment assessment of its goodwill as of December 31, 2010 and determined that no impairment charges were required, as the fair value of each reporting exceeded its book value.

The Company performed its annual impairment assessment of its goodwill as of December 31, 2011. As a result of economic conditions for one of the Company's reporting units in the Island Wireless segment which contributed to a decline in expected future cash flows, it was determined that the book value of one of the Island Wireless reporting units exceeded its fair value. As a result, it was concluded that all of the goodwill recorded in a reporting unit within the Company's Island Wireless segment was impaired. In connection with this assessment, the Company recorded a non-cash goodwill impairment charge of $2.4 million during the year ended December 31, 2011.

The changes in the carrying amount of goodwill, by operating segment, for the three years ended December 31, 2011 were as follows (in thousands):

	U.S. Wireless		U.S. Wireline		Island Wireless			Consolidated

Balance at December 31, 2009	$	32,148	$	7,491	$	3,060		$	42,699
Acquired goodwill		—		—		1,698			1,698

Balance at December 31, 2010		32,148		7,491		4,758			44,397
Acquired goodwill		—		—		3,105			3,105
Impairment charge		—		—		(2,425	)		(2,425	)

Balance at December 31, 2011	$	32,148	$	7,491	$	5,438		$	45,077

Telecommunications Licenses

Telecommunications licenses are tested for impairment on a subsidiary by subsidiary basis, The Company performed its test of the fair values of licenses using a discounted cash flow model (the Greenfield Approach). The Greenfield Approach assumes a company initially owns only the telecommunications licenses, and then makes investments required to build an operation comparable to the one that currently utilizes the licenses. The projected cash flows are based on certain financial factors, including revenue growth rates, margins, and churn rates.

This model then incorporates cash flow assumptions regarding investment in the network, development of distribution channels and the subscriber base, and other inputs for making the business operational. The Company based the assumptions, which underlie the development of the network, subscriber base and other critical inputs of the discounted cash flow model on a combination of average marketplace participant data and our historical results, trends and business plans. The Company also used operating metrics such as capital investment per subscriber, acquisition costs per subscriber, minutes of use per subscriber, etc., to develop the projected cash flows. Since we included the cash flows associated with these other inputs in the annual cash flow projections, the present value of the unlevered free cash flows of the segment, after investment in the network, subscribers, etc., is attributable to the telecommunications licenses. The terminal value of the subsidiary, which incorporates an assumed sustainable growth rate, is also discounted and is likewise attributed to the licenses. We used a discount rate based on the optimal long-term capital structure of a market participant and its associated cost of debt and equity, to calculate the present value of the projected cash flows.

Based upon the results of the Company's impairment tests, it was determined that no impairment of any of the Company's telecommunications licenses existed during the three years ended December 31, 2011.

The changes in the carrying amount of the Company's telecommunications licenses, by operating segment, for the three years ended December 31, 2011 were as follows (in thousands):

	U.S. Wireless		U.S. Wireline		Island Wireless		Consolidated

Balance at December 31, 2009	$	19,733	$	31	$	12,728	$	32,492
Acquired licenses		44,061		—		4,290		48,351

Balance at December 31, 2010		63,794		31		17,018		80,843
Acquired licenses		525		—		6,100		6,625

Balance at December 31, 2011	$	64,319	$	31	$	23,118	$	87,468

Customer Relationships

The customer relationships are being amortized, on an accelerated basis, over the expected period during which their economic benefits are to be realized. The Company recorded $0.6 million, $8.0 million, and $10.3 million of amortization related to customer relationships during 2009, 2010, and 2011 respectively.

Customer relationships as of December 31, 2010, by operating segment, are as follows:

	U.S. Wireless			U.S. Wireline			Island Wireless			Consolidated

Gross	$	55,500		$	5,040		$	428		$	60,968
Accumulated amortization		(7,389	)		(4,474	)		(74	)		(11,937	)

Net	$	48,111		$	566		$	354		$	49,031

Customer relationships as of December 31, 2011, by operating segment, are as follows:

	U.S. Wireless			U.S. Wireline			Island Wireless			Consolidated

Gross	$	55,500		$	5,040		$	3,028		$	63,568
Accumulated amortization		(16,886	)		(4,969	)		(399	)		(22,254	)

Net	$	38,614		$	71		$	2,629		$	41,314

Future amortization of customer relationships, by operating segment, is as follows (in thousands):

	U.S. Wireless		U.S. Wireline		Island Wireless		Consolidated

2012	$	7,985	$	71	$	464	$	8,520
2013		6,443		—		414		6,857
2014		5,468		—		376		5,844
2015		4,769		—		343		5,112
2016		4,088		—		309		4,397
Thereafter		9,861		—		723		10,584

Total	$	38,614	$	71	$	2,629	$	41,314

Trade Name License

Trade name licenses as of December 31, 2010, by operating segment are as follows:

	U.S. Wireless			Island Wireless			Consolidated

Gross	$	13,400		$	417		$	13,817
Accumulated amortization		(326	)		(—	)		(326	)

Net	$	13,074		$	417		$	13,491

Trade name licenses as of December 31, 2011, by operating segment are as follows:

	U.S. Wireless			Island Wireless			Consolidated

Gross	$	13,400		$	417		$	13,817
Accumulated amortization		(804	)		(—	)		(804	)

Net	$	12,596		$	417		$	13,013

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2011

LONG-TERM DEBT

LONG-TERM DEBT

7. LONG-TERM DEBT

Long-term debt comprises the following (in thousands):

	December 31, 2010			December 31, 2011

Notes payable—Bank:
Term loans	$	264,306		$	252,113
Revolver loan		24,000			28,156
Note payable—other		—			5,752

Total outstanding debt		288,306			286,021
Less: current portion		(12,194	)		(25,068	)

Total long-term debt		276,112			260,953
Less: debt discount		(4,063	)		(3,807	)

Net carrying amount	$	272,049		$	257,146

Loan Facilities—Bank

On January 20, 2010, the Company amended and restated its then existing credit facility with CoBank (the "2010 Credit Facility"). The 2010 Credit Facility provided for $225.0 million in term loans and a $73.9 million revolver loan.

On September 30, 2010, the Company further amended the 2010 Credit Facility by adding a $50.0 million term loan and expanding the revolver loan to $100.0 million (which includes a $10 million swingline sub-facility). This amended facility (the "Amended 2010 Credit Facility") also provides for additional term loans up to an aggregate $50.0 million, subject to lender approval. As of December 31, 2011, $252.1 million was outstanding under the term loans and $28.2 million was outstanding under the revolver loan.

The term loans mature on September 30, 2014 and require certain quarterly repayment obligations. The revolver loan matures on September 10, 2014. The Company may prepay the Amended 2010 Credit Facility at any time without premium or penalty, other than customary fees for the breakage of LIBOR loans.

As a result of an amendment entered into on September 16, 2011, amounts borrowed under the Amended 2010 Credit Facility bear interest at a rate equal to, at the Company's option, either (i) the London Interbank Offered Rate (LIBOR) plus an applicable margin ranging between 2.75% to 4.25% or (ii) a base rate plus an applicable margin ranging from 1.75% to 3.25% (or, in the case of amounts borrowed under the swingline sub-facility, an applicable margin ranging from 1.25% to 2.75%). The applicable margin is determined based on the ratio of the Company's indebtedness to its EBITDA (each as defined in the Amended 2010 Credit Facility agreement). Borrowings as of December 31, 2011, after considering the effect of the interest rate swap agreements as described in Note 8, bore a weighted-average interest rate of 5.09%.

Under the terms of the Amended 2010 Credit Facility, as amended, the Company must also pay a commitment fee ranging from 0.375% to 0.50% of the average daily unused portion of the revolver loan over each calendar quarter.

The Amended 2010 Credit Facility contains customary representations, warranties and covenants, including covenants by the Company limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. In addition, the Amended 2010 Credit Facility contains financial covenants by the Company that (i) impose a maximum ratio of indebtedness to EBITDA, (ii) require a minimum ratio of EBITDA to cash interest expense, (iii) require a minimum ratio of equity to consolidated assets and (iv) require a minimum ratio of EBITDA to fixed charges. As previously disclosed, on June 30, 2011 the Company amended certain of these financial covenants to allow an increased ratio of indebtedness to EBITDA and amended the definition of fixed charges. As of December 31, 2011, the Company was in compliance with all of the financial covenants of the Amended 2010 Credit Facility, as amended.

Note Payable—Other

In connection with the CellOne Merger with M3 Wireless, Ltd., the Company assumed a term loan of approximately $7.0 million owed to Keytech Ltd., the former parent company of M3 and current 42% minority shareholder in the Company's Bermuda operations. The term loan requires quarterly repayments of principal, matures on March 15, 2015 and bears interest at a rate of 7% per annum.

The Company believes that the carrying value of its debt approximates fair value. Future principal repayments of the term loans are as follows:

	Principal Repayment

	(in thousands)
2012	$	25,068
2013		25,068
2014		235,394
2015		491
2016		—
Thereafter		—

Total principal repayments	$	286,021

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2011

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Cash Flow Hedge of Interest Rate Risk

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of interest rate swaps designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company uses its derivatives to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. No hedge ineffectiveness was recognized during any of the periods presented.

The total outstanding notional amount of cash flow hedges was $143 million as of December 31, 2011.

Amounts reported in accumulated other comprehensive income related to the interest rate swaps are reclassified to interest expense as interest payments are accrued on the Company's variable-rate debt. For the year ended December 31, 2012, the Company estimates that an additional $3.7 million will be reclassified as an increase to interest expense due to the interest rate swaps since the hedge interest rate exceeds the current variable interest rate on the debt.

The table below presents the fair value of the Company's derivative financial instrument as well as its classification on the consolidated balance sheet as of December 31, 2010 and December 31, 2011 (in thousands):

	Liability Derivatives

		Fair Value as of
	Balance Sheet Location	December 31, 2010		December 31, 2011
Derivatives designated as hedging instruments:
Interest Rate Swaps	Other liabilities	$	7,687	$	11,337
Total derivatives designated as hedging instruments		$	7,687	$	11,337

The table below presents the effect of the Company's derivative financial instruments on the consolidated income statements for the years December 31, 2010 and 2011 (in thousands):

Year Ended December 31,	Derivative in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)

2010	Interest Rate Swap	$	5,625	Interest expense	$	(3,027	)
2011	Interest Rate Swap		7,816	Interest expense		(4,172	)

Credit-risk-related Contingent Features

The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

As of December 31, 2011, the fair value of the interest rate swaps liability position related to these agreements was $11.3 million. As of December 31, 2011, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2011, it would have been required to settle its obligations under these agreements at their termination values of $11.3 million.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
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+ Details

EQUITY

12 Months Ended

Dec. 31, 2011

EQUITY

EQUITY

9. EQUITY

Common Stock

The Company has paid quarterly dividends on its common stock since January 1999.

Treasury Stock

During 2009, the Company reissued 791 shares from treasury to a director under the Director's Remuneration Plan. Also, during the fourth quarter of 2009, the Company repurchased 2,981 shares of its common stock at an aggregate cost of $134,360 or an average price of $45.07 per share from employees to satisfy tax obligations upon vesting of restricted stock.

During 2010, the Company reissued 790 shares from treasury to a director under the Director's Remuneration Plan. Also, during the fourth quarter of 2010, the Company repurchased 1,331 shares of its common stock at an aggregate cost of $43,923 or an average price of $33.00 per share from employees to satisfy tax obligations upon vesting of restricted stock.

During 2011, the Company repurchased 5,470 shares of its common stock at an aggregate cost of $218,255 or an average price of $39.40 per share from employees to satisfy tax obligations upon vesting of restricted stock.

Stock-Based Compensation

In May 2008, at the Company's Annual Meeting of Stockholders, the Company's stockholders approved the 2008 Equity Incentive Plan (the "2008 Plan"). The 2008 Plan replaced the 1998 Stock Option Plan, the 2005 Restricted Stock Plan and the Director's Remuneration Plan (collectively and including the 2008 Plan the "Share Based Plans"), under which no further awards will be made. The 2008 Plan allows for the grant of stock options, restricted stock, restricted stock units, stock equivalents and awards of shares of common stock that are not subject to restrictions or forfeiture. The 2008 Plan was amended in 2011 to increase the total number of shares reserved to be granted under the 2008 Plan from 1,500,000 to 2,000,000.

Stock Options

Stock options issued under the Share Based Plans have terms of either seven or ten years and vest annually and ratably over a period of four years.

The following table summarizes stock option activity under the Company's share-based plans for the years ended December 31, 2010 and 2011:

Year Ended December 31, 2010

	Number of Options			Weighted Avg. Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2010		539,875		$	25.49
Granted		172,500			46.63
Forfeited		(1,125	)		20.79
Exercised		(85,500	)		19.33

Outstanding at December 31, 2010		625,750		$	32.17		6.88	$	5,305,529

Vested and expected to vest at December 31, 2010		575,889		$	31.37		6.72	$	5,151,035

Exercisable at December 31, 2010		339,004		$	26.14		5.59	$	4,145,915

Year Ended December 31, 2011

	Number of Options			Weighted Avg. Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2011		625,750		$	32.17
Granted		146,500			33.29
Forfeited		—			—
Exercised		(51,602	)		22.77

Outstanding at December 31, 2011		720,648			33.07		6.79		5,617,669

Vested and expected to vest at December 31, 2011		674,469			32.74		6.66		5,248,211

Exercisable at December 31, 2011		409,149		$	29.44		5.41		4,259,541

The unvested options as of December 31, 2011 represent $3.1 million in unamortized stock based compensation which will be recognized over a weighted average term of 2.7 years.

The following table summarizes information relating to options granted and exercised during 2009, 2010 and 2011:

	2009		2010		2011

Weighted-average of fair value of options granted	$	6.55	$	18.26	$	13.18
Aggregate intrinsic value of options exercised		25,288		2,141,320		821,582
Cash proceeds received upon exercise of options		73,500		1,652,912		1,174,983
Tax benefits realized upon exercise of options		25,000		593,503		—

The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between our closing common stock price on December 31st and the exercise price, multiplied by the number of the in-the-money stock options) that would have been received by the stock option holders had all stock options holders exercised their stock options on December 31st. The amount of aggregate intrinsic value will change based on the fair market value of our common stock.

The estimated fair value of the options granted were determined using a Black Scholes option pricing model, based on the following weighted average assumptions:

	Options Granted in

	2009	2010	2011
Risk-free interest rate	1.8%	2.5%	2.1%
Expected dividend yield	3.0%	2.5%	2.7%
Expected life	6.25 years	6.25 years	6.25 years
Expected volatility	42%	50%	51%

The Company recognized $842,000, $1,145,000 and $1,579,000, respectively, of stock compensation expense relating to the granting of stock options during 2009, 2010 and 2011, respectively.

Restricted Stock

Restricted stock issued under the Share Based Plans vest ratably over four years.

The following table summarizes restricted stock activity during the year ended December 31, 2011:



Unvested as of January 1, 2011	76,287		42.10
Granted	21,925		34.64
Vested and issued	(30,439	)	38.21

Unvested as of December 31, 2011	67,773		41.43

The weighted-average grant date fair value of shares granted for 2010 and 2011 were $46.50 per share and $34.64 per share, respectively. In connection with the grant of restricted shares, the Company recognized $395,000, $898,000 and $1,225,000 of compensation expense within its income statements for 2009, 2010 and 2011, respectively.

The unvested shares as of December 31, 2011 represent $2.0 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.4 years.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 3
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2011

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

The components of income before income taxes for the years ended December 31, 2009, 2010 and 2011 are as follows (in thousands):

	2009		2010		2011

Domestic	$	41,399	$	39,958	$	28,397
Foreign		26,344		17,230		14,068

Total	$	67,743	$	57,188	$	42,465

The following is a reconciliation from the tax computed at statutory income tax rates to the Company's income tax expense for the years ended December 31, 2009, 2010, and 2011 (in thousands):

	2009			2010			2011

Tax computed at statutory U.S. federal income tax rates	$	23,741		$	20,050		$	14,863
Income taxes in excess (below) statutory U.S. tax rates:
Guyana		4,072			3,351			2,096
Bermuda and Turks & Caicos		761			1,535			2,854
Valuation allowance on foreign tax credits		—			5,250			—
Bargain purchase gain		—			(9,458	)		—
Foreign tax reserve		(183	)		(125	)		556
State taxes		2,402			(21	)		149
Other, net		368			(975	)		51

Income tax expense	$	31,160		$	19,607		$	20,569

The components of income tax expense (benefit) for the years ended December 31, 2009, 2010 and 2011 are as follows (in thousands):

	2009			2010			2011

Current:
United States—Federal	$	12,297		$	6,517		$	(19,716	)
United States—State		2,467			1,654			(16	)
Foreign		14,776			11,784			12,721

Total current income tax expense (benefit)		29,540			19,955			(7,011	)

Deferred:
United States—Federal		1,836			2,333			29,553
United States—State		1,273			(1,467	)		197
Foreign		(1,489	)		(1,214	)		(2,170	)

Total deferred income tax expense (benefit)		1,620			(348	)		27,580

Total income tax expense (benefit)	$	31,160		$	19,607		$	20,569

Consolidated:
United States—Federal	$	14,133		$	8,850		$	9,837
United States—State		3,740			187			181
Foreign		13,287			10,570			10,551

Total income tax expense	$	31,160		$	19,607		$	20,569

The significant components of deferred tax assets and liabilities are as follows as of December 31, 2010 and 2011 (in thousands):

	2010			2011

Deferred tax assets:
Receivables reserve	$	4,435		$	4,852
Temporary differences not currently deductible for tax		11,352			11,348
Foreign tax credit carryforwards		16,983			16,755
Interest rate swap		4,434			4,535
Net operating losses		421			9,719
Pension benefits		397			640
Valuation allowance		(16,983	)		(17,315	)

Total deferred tax asset	$	21,039		$	30,534

Deferred tax liabilities:
Property, plant and equipment, net	$	24,592		$	55,762
Intangible assets, net		33,913			41,757

Total deferred tax liabilities		58,505			97,519

Net deferred tax liabilities	$	37,466		$	66,985

Deferred tax assets and liabilities are reflected in the accompanying consolidated balance sheets as follows (in thousands):

	2010		2011

Deferred tax assets:
Current	$	15,787	$	21,921
Long term		—		—

Total deferred tax asset	$	15,787	$	21,921

Deferred tax liabilities:
Current	$	—	$	—
Long term		53,253		88,906

Total deferred tax liabilities	$	53,253	$	88,906

Net deferred tax liabilities	$	37,466	$	66,985

As of December 31, 2011, the Company estimated that it had federal net operating loss carryforwards of $22.3 million that begin to expire in 2031 and state net operating loss carryforwards of $29.1 million that begin to expire in 2015.

As part of the Alltel Acquisition and the associated levels of future debt and interest service, the Company re-examined its projected mix of foreign source and U.S.-source earnings and concluded it is more likely than not that it will not generate enough foreign source income to utilize its existing foreign tax credits prior to their expiration date. As a result, the Company has placed a full valuation allowance against those credits during 2010. As of December 31, 2011, the Company continued to maintain a full valuation allowance against those credits.

The undistributed earnings of the Company's foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no U.S. federal and state income taxes have been provided thereon. Determination of the amount of unrecognized deferred U.S. income tax liability is not practical because of the complexities associated with its hypothetical calculation; however, unrecognized foreign tax credits would be available to reduce a portion of the U.S. tax liability.

The following shows the activity related to unrecognized tax benefits during the three years ended December 31, 2011 (in thousands):


Gross unrecognized tax benefits at December 31, 2008	$	5,690
Lapse in statute of limitations		(183	)

Gross unrecognized tax benefits at December 31, 2009		5,507
Increase in tax positions		1,030
Lapse in statute of limitations		(125	)

Gross unrecognized tax benefits at December 31, 2010		6,412
Increase in tax positions		590
Lapse in statute of limitations		(50	)

Gross unrecognized tax benefits at December 31, 2011	$	6,952

All $7.0 million of unrecognized tax benefits would affect the effective tax rate if recognized. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes, if material.

The Company and its subsidiaries file income tax returns in the U.S. and in various state and local jurisdictions. The statute of limitations related to the consolidated U.S. federal income tax return is closed for all tax years up to and including 2007. The expiration of the statute of limitations related to the various state income tax returns that the Company and subsidiaries file varies by state. The Company's consolidated federal tax return and any significant state tax returns are not currently under examination. The Company does not expect that the amount of unrecognized tax benefits relating to U.S. tax matters will change significantly within the next 12 months.

The Company also files an income tax return in Guyana. See Note 12 relating to certain tax matters pertaining to those filings. There is no expected settlement date of those matters and upon settlement, which might not occur in the near future, the payment may vary significantly from the amounts currently recorded. The Company will continue to update amounts recorded as new developments arise.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2011

RETIREMENT PLANS

RETIREMENT PLANS

11. RETIREMENT PLANS

The Company has a noncontributory defined benefit pension plan for eligible employees of GT&T who meet certain age and employment criteria. Company contributions to fund the plan are intended to provide not only for benefits attributed for service to date but also for those expected to be earned in the future. The Company's funding policy is to contribute to the plan such amounts as are actuarially determined to meet funding requirements. The benefits are based on the participants' average salary or hourly wages during the last three years of employment and credited service years.

The weighted-average rates assumed in the actuarial calculations for the pension plan are as follows as of December 31, 2009, 2010 and 2011:



Discount rate	7.50	%	7.00	%	6.25	%
Annual salary increase	7.50	%	7.50	%	7.50	%
Expected long-term return on plan assets	8.00	%	8.00	%	8.00	%

The expected long-term rate of return on pension plan assets was determined based on several factors including input from pension investment consultants, projected long-term returns of equity and bond indices in Guyana and elsewhere, including the United States, and historical returns over the life of the related obligations of the fund. The Company, in conjunction with its pension investment consultants, reviews its asset allocation periodically and rebalances its investments when appropriate in an effort to earn the expected long-term returns. The Company will continue to evaluate its long-term rate of return assumptions at least annually and will adjust them as necessary.

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2010 and 2011 (in thousands):

	2010			2011

Projected benefit obligations:
Balance at beginning of year:	$	10,650		$	12,580
Service cost		545			617
Interest cost		784			865
Benefits paid		(249	)		(659	)
Actuarial (loss)/benefit		850			(48	)

Balance at end of year	$	12,580		$	13,355

Plan net assets:
Balance at beginning of year:	$	10,231		$	11,736
Actual return on plan assets		904			83
Company contributions		850			834
Benefits paid		(249	)		(659	)

Balance at end of year	$	11,736		$	11,994

Under funded status of plan	$	(844	)	$	(1,361	)

The Company's investment policy for its pension assets is to have a reasonably balanced investment approach, with a long-term bias toward debt investments. The Company's strategy allocates plan assets among equity, debt and other assets in both Guyana and the United States to achieve long-term returns without significant risk to principal. The fund is prohibited under Guyana law from investing in the equity, debt or other securities of the employer, its subsidiaries or associates of the employer or any company of which the employer is a subsidiary or an associate. Furthermore, the plan must invest between 70%-80% of its total plan assets within Guyana.

The fair values for the pension plan's net assets, by asset category, at December 31, 2011 are as follows (in thousands):

Asset Category	Total		Level 1		Level 2		Level 3

Cash, cash equivalents, money markets and other	$	9,632	$	8,973	$	659	$	—
Equity securities		958		903		55		—
Fixed income securities		1,404		—		1,404		—

Total	$	11,994	$	9,876	$	2,118	$	—

The plan's weighted-average asset allocations at December 31, 2010 and 2011, by asset category are as follows:



Cash, cash equivalents, money markets and other	77.1	%	80.3	%
Equity securities	9.9		8.0
Fixed income securities	13.0		11.7

Total	100.0	%	100.0	%

Amounts recognized on the Company's consolidated balance sheets consist of (in thousands):

	As of December 31,

	2010			2011
Other liabilities	$	(844	)	$	(1,361	)
Accumulated other comprehensive loss, net of tax		2,440			2,714

Total	$	1,596		$	1,353

Amounts recognized in accumulated other comprehensive loss consist of (in thousands):

	2010			2011

Net actuarial loss	$	(4,790	)	$	(5,390	)
Prior service cost		(11	)		—

Accumulated other comprehensive loss, pre-tax	$	(4,801	)	$	(5,390	)

Accumulated other comprehensive loss, net of tax	$	(2,440	)	$	(2,714	)

Components of the plan's net periodic pension cost are as follows for the years ended December 31, 2009, 2010 and 2011 (in thousands):

	2009			2010			2011

Service cost	$	528		$	545		$	617
Interest cost		736			784			865
Expected return on plan assets		(798	)		(835	)		(961	)
Amortization of unrecognized net actuarial loss		167			177			229
Amortization of prior service costs		11			11			11

Net periodic pension cost	$	644		$	682		$	761

For 2012, the Company expects to contribute approximately $900,000 to its pension plan and amortize $281,000 of unrecognized net actuarial loss.

The following estimated pension benefits, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as indicated below (in thousands):

Fiscal Year	Pension Benefits

2012	$	346
2013		400
2014		429
2015		473
2016		532
2017-2021	$	3,717

	$	5,897

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2011

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12. COMMITMENTS AND CONTINGENCIES

The Company and its subsidiaries are subject to certain regulatory and legal proceedings and other claims arising in the ordinary course of business, some of which involve claims for damages and taxes that are substantial in amount. The Company believes that, except for the items discussed below, for which the Company is currently unable to predict the final outcome, the disposition of proceedings currently pending will not have a material adverse effect on the Company's financial position or results of operations.

Currently, GT&T holds an exclusive license to provide domestic fixed services and international voice and data services in Guyana. The license, whose initial term of twenty years was scheduled to expire at the end of 2010, allowed for GT&T, at its sole option, to extend the term for an additional twenty years, until December 2030. GT&T exercised its extension right, in accordance with the terms of its License and its agreement with the Government of Guyana, in November 2009.

Since 2001, the Government of Guyana has stated its intention to introduce additional competition into Guyana's telecommunications sector. Since that time, the Company and GT&T have met on several occasions with officials of the Government of Guyana to discuss potential modifications of GT&T's exclusivity and other rights under the existing agreement and License. In August 2011, the Government of Guyana introduced draft legislation in Parliament that, if enacted, would have had the effect of terminating the Company's exclusive license rights by permitting other telecommunications carriers to receive licenses to provide domestic fixed services and international voice and data services in Guyana. Along with the draft legislation, the Government also released drafts of new regulations and licenses (hereinafter referred to collectively as "Draft Laws"). The Draft Laws would also introduce material changes to many other features of Guyana's existing telecommunications regulatory regime, however, the legislation was withdrawn from Parliament without being acted upon in September 2011. The Company cannot predict when or if the proposed legislation will be introduced in a future session of the Guyanese Parliament or, if adopted and signed into law, the manner in which it would be implemented by the Minister of Telecommunications and the PUC. Although the Company believes that it would be entitled to damages or other compensation for any involuntary termination of its contractual exclusivity rights, it cannot guarantee that the Company would prevail in a proceeding to enforce its rights or that its actions would effectively halt any unilateral action by the Government.

As previously reported, Digicel in January 2010 Digicel terminated the interconnection agreement between the two carriers. Although the agreement was no longer in force, GT&T and Digicel continued to provide interconnection services to each other. GT&T and Digicel signed a settlement agreement with respect to various issues, including the amounts owed by Digicel to GT&T for services provided during the 2010 fiscal year as well as certain rates to be charged in the future. In December 2010, the Guyana PUC approved this settlement agreement. Subsequently the parties negotiated the terms of a new interconnection agreement, which the PUC approved in October 2011.

Historically, GT&T has been subject to other litigation proceedings and disputes in Guyana that, while not conclusively resolved, to the Company's knowledge have not been the subject of discussions or other significant activity in the last five years. It is possible, though we believe not likely, that these disputes, as discussed below, may be revived. The Company believes that none of these additional proceedings would, in the event of an adverse outcome, have a material impact on the Company's consolidated financial position, results of operation or liquidity.

In a letter dated September 8, 2006, the National Frequency Management Unit (NFMU) agreed that total spectrum fees in Guyana should not increase for the years 2006 and 2007. However, that letter implied that spectrum fees in 2008 and onward may be increased beyond the amount GT&T agreed to with the Government. GT&T has objected to the NFMU's proposed action and reiterated its position that an increase in fees prior to development of an acceptable methodology would violate the Government's prior agreement. In 2011, GT&T paid the NFMU $2.6 million, representing payments in full for 2008, 2009 and 2010. However, by letter dated November 23, 2011, the NFMU stated that it did not concur with GT&T's inference that the amount was payment in full for the specified years as it was their continued opinion that the final calculation for GSM spectrum fees was not agreed upon and was still an outstanding issue. By further letter dated November 24, 2011, the NFMU further rejected a proposal that was previously submitted jointly by GT&T and Digicel which outlined a recommended methodology for the calculation of these fees. The NFMU stated that it would prepare its own recommendation which it would send to the Minister of Telecoms for decision of the matter. There have been no further discussions on this subject and GT&T has not had the opportunity to review any recommendation made to the Minister.

In November 2007, Caribbean Telecommunications Limited ("CTL") filed a complaint in the U.S. District Court for the District of New Jersey against GT&T and ATN claiming breach of an interconnection agreement for domestic cellular services in Guyana and related claims. CTL asserted over $200 million in damages. GT&T and ATN moved to dismiss the complaint on procedural and jurisdictional grounds. On January 26, 2009, the court granted the motions to dismiss the complaint on the grounds asserted. On November 7, 2009, CTL filed a similar claim against GT&T and the PUC in the High Court of Guyana. The Company believes the claim is without merit and is duplicative of a previous claim filed by CTL in Guyana that was dismissed. There has been no action on this matter since the 2009 filing.

On May 8, 2009, Digicel filed a lawsuit in Guyana challenging the legality of GT&T's exclusive license rights under Guyana's constitution. Digicel initially filed this lawsuit against the Attorney General of Guyana in the High Court. On May 13, 2009, GT&T petitioned to intervene in the suit in order to oppose Digicel's claims and that petition was granted on May 18, 2009. GT&T filed an answer to the charge on June 22, 2009 and the case is pending. The Company believes that any legal challenge to GT&T's exclusive license rights granted in 1990 is without merit and the Company intends to vigorously defend against such a legal challenge.

On February 17, 2010, GT&T filed a lawsuit in the High Court of Guyana asserting that, despite its denials, Digicel is engaged in international bypass in violation of GT&T's exclusive license rights, the interconnection agreement between the parties, and the laws of Guyana. GT&T is seeking, among other things, injunctive relief to stop the illegal bypass activity, actual damages in excess of $9 million and punitive damages of approximately $5 million. Digicel filed counterclaims alleging that GT&T has violated the terms of the interconnection agreement and Guyana laws. GT&T intends to vigorously prosecute this suit.

GT&T is also involved in several legal claims regarding its tax filings with the Guyana Revenue Authority dating back to 1991 regarding the deductibility of intercompany advisory fees as well as other tax assessments. Should GT&T be held liable for any of the disputed tax assessments, totaling $36.8 million, the Company believes that the Government of Guyana would then be obligated to reimburse GT&T for any amounts necessary to ensure that GT&T's return on investment was no less than 15% per annum for the relevant periods.

For all of the above regulatory, litigation, or related matters, the Company believes some adverse outcome is probable and has accordingly accrued $5.0 million as of December 31, 2011.

Lease Commitments and Other Obligations

The Company leases approximately 279,000 square feet for its operations centers, administrative offices and retail stores as well as certain tower sites under non-cancelable operating leases. The Company's obligation for payments under these leases is as follows at December 31, 2011 (in thousands):


2012	$	40,819
2013		34,858
2014		28,262
2015		22,010
2016		12,545
Thereafter		28,267

Total obligations under operating leases	$	166,761

Rent expense for the years 2009, 2010 and 2011 was $8.4 million, $33.3 million and $57.4 million, respectively.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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-Name Accounting Standards Codification
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-Topic 825
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2011

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

13. RELATED-PARTY TRANSACTIONS

Aruba

In June 2010, the Company entered into a joint venture to purchase a controlling interest in a wireless telecommunications enterprise in bankruptcy proceedings and operating on the island of Aruba. The joint venture, which is consolidated in the Company's financial statements, is conducted through a newly-created company named Caribbean Telecom Partners, LLC ("CTP"), in which it invested $3.1 million in exchange for a 51% controlling interest. CTP is governed by a three-member board of directors, which consists of two members designated by the Company and one member designated by a member of the Company's Board of Directors, Brian A. Schuchman, who, through a company wholly-owned by him, owns the remaining 49% interest. Mr. Schuchman has historically overseen the day-to-day management of CTP and, through CTP, the day-to-day management of the underlying Aruba telecommunications business. While he will remain heavily involved in the Company's Aruba operations, it is likely that Mr. Schuchman will no longer serve as principal operating officer of CTP beginning sometime in 2012. The Audit Committee of the Company's Board approved the above-described arrangement with Mr. Schuchman after review in accordance with the Company's Related Person Transaction policy.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

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-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2011

SEGMENT REPORTING

SEGMENT REPORTING

14. SEGMENT REPORTING

The Company has four reportable segments for separate disclosure in accordance with the FASB's authoritative guidance on disclosures about segments of an enterprise. Those four segments are: i) U.S. Wireless, which generates all of its revenues in and has all of its located assets in the United States, ii) International Integrated Telephony, which generates all of its revenues in and has all of its assets located in Guyana, iii) Island Wireless, which generates its revenues in and has all of its assets located in Bermuda, the U.S. Virgin Islands, Aruba and Turks and Caicos and iv) U.S. Wireline, which generates all of its revenues in and has all of its assets located in the United States. The operating segments are managed separately because each offers different services and serves different markets.

The following tables provide information for each operating segment (in thousands):

For the Year Ended December 31, 2009

	U.S. Wireless		International Integrated Telephony		Island Wireless			U.S. Wireline			Reconciling Items			Consolidated
Revenue
U.S. Wireless:
Retail	$	—	$	—	$	—		$	—		$	—		$	—
Wholesale		104,689		—		—			—			—			104,689
International Wireless		—		21,076		23,728			—			—			44,804
Wireline		—		69,496		—			18,953			—			88,449
Equipment and Other		—		478		3,861			—			—			4,339

Total Revenue		104,689		91,050		27,589			18,953			—			242,281
Depreciation and amortization		14,626		16,740		4,633			2,648			242			38,889
Non-cash stock-based compensation		—		—					127			1,278			1,405
Operating income (loss)		54,176		35,309		(2,580	)		(641	)		(16,573	)		69,691

For the Year Ended December 31, 2010

	U.S. Wireless		International Integrated Telephony		Island Wireless			U.S. Wireline			Reconciling Items			Consolidated
Revenue
U.S. Wireless:
Retail	$	293,126	$	—	$	—		$	—		$	—		$	293,126
Wholesale		159,807		—		—			—			—			159,807
International Wireless		—		24,689		25,926			—			—			50,615
Wireline		359		64,196		—			19,933			—			84,488
Equipment and Other		27,799		563		2,747			—			—			31,109

Total Revenue		481,091		89,448		28,673			19,933			—			619,145
Depreciation and amortization		50,662		17,480		5,271			2,936			387			76,736
Non-cash stock-based compensation		—		—		—			10			2,034			2,044
Operating income (loss)		48,226		27,371		(6,410	)		(288	)		(30,615	)		38,284

For the Year Ended December 31, 2011

	U.S. Wireless		International Integrated Telephony		Island Wireless			U.S. Wireline		Reconciling Items			Consolidated
Revenue
U.S. Wireless:
Retail		370,218		—		—			—		—			370,218
Wholesale		201,993		—		—			—		—			201,993
International Wireless		—		27,138		45,865			—		—			73,003
Wireline		556		64,471		—			19,930		—			84,957
Equipment and Other		22,883		832		5,310			—		—			29,025

Total Revenue		595,650		92,441		51,175			19,930		—			759,196
Depreciation and amortization		72,106		18,058		9,855			3,182		899			104,100
Non-cash stock-based compensation		512		—		—			—		2,766			3,278
Operating income (loss)		56,664		26,734		(10,153	)		255		(18,249	)		55,251

	Segment Assets

	U.S. Wireless		International Integrated Telephony		Island Wireless		U.S. Wireline		Reconciling Items		Consolidated
December 31, 2010:
Net fixed assets	$	290,985	$	129,222		31,916		8,437		3,331		463,891
Goodwill		32,148		—		4,758		7,491		—		44,397
Total assets		536,341		161,823		65,549		22,847		36,384		822,944
December 31, 2011:
Net fixed assets		296,279		129,069		40,446		9,126		8,283		483,203
Goodwill		32,148		—		5,438		7,491		—		45,077
Total assets		544,388		171,676		84,057		22,790		51,315		873,731

	Capital Expenditures

Year Ended December 31,	U.S. Wireless		International Integrated Telephony		Island Wireless		U.S. Wireline		Reconciling Items		Consolidated
2008		24,694		24,975		8,186		1,120		744		59,719
2009		88,522		26,019		13,896		2,050		5,201		135,688
2011		67,843		19,317		7,485		3,336		3,420		101,401

Reconciling items refer to corporate overhead matters and consolidating adjustments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2011

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

15. QUARTERLY FINANCIAL DATA (UNAUDITED)

Following is a summary of the Company's quarterly results of operations for the years ended December 31, 2010 and 2011 (in thousands):

	2010 Consolidated for the Three Months Ended

	March 31			June 30			September 30			December 31
Total revenue	$	55,096		$	164,424		$	204,960		$	194,665
Operating expenses		47,673			156,650			191,134			185,404

Income from operations		7,423			7,774			13,826			9,261
Other income (expense), net		(1,108	)		25,237			(2,742	)		(2,482	)

Income before income taxes		6,315			33,011			11,084			6,779
Income taxes		2,456			7,969			5,022			4,160

Net income		3,859			25,042			6,062			2,619
Net (income) loss attributable to non-controlling interests, net of tax		147			(238	)		303			660

Net income attributable to Atlantic Tele-Network, Inc. stockholders	$	4,006		$	24,804		$	6,365		$	3,279

Earnings per share (basic)	$	0.27		$	1.62		$	0.41		$	0.21

Earnings per share (diluted)	$	0.26		$	1.60		$	0.41		$	0.21

	2011 Consolidated for the Three Months Ended

	March 31			June 30			September 30			December 31
Total revenue	$	188,154		$	193,753		$	194,346		$	182,943
Operating expenses		177,765			187,476			166,700			172,004

Income from operations		10,389			6,277			27,646			10,939
Other income (expense), net		(2,579	)		(3,907	)		(3,237	)		(3,062	)

Income before income taxes		7,810			2,370			24,409			7,877
Income taxes		3,830			1,052			11,193			4,494

Net income		3,980			1,318			13,216			3,383
Net (income) loss attributable to non-controlling interests, net of tax		517			497			(1,880	)		763

Net income attributable to Atlantic Tele-Network, Inc. stockholders	$	4,497		$	1,815		$	11,336		$	4,146

Earnings per share (basic)	$	0.29		$	0.12		$	0.74		$	0.27

Earnings per share (diluted)	$	0.29		$	0.12		$	0.73		$	0.27

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2011

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

VALUATION AND QUALIFYING ACCOUNTS

(Amounts in Thousands)

	Balance at Beginning of Year		Charged to Costs and Expenses		Deductions		Balance at End of Year

YEAR ENDED, December 31, 2009
Description:
Valuation allowance on foreign tax credit carryforwards	$	11,734	$	—	$	—	$	11,734
Allowance for doubtful accounts		2,470		1,592		30		4,032

	$	14,204	$	1,592	$	30	$	15,766

YEAR ENDED, December 31, 2010
Description:
Valuation allowance on foreign tax credit carryforwards	$	11,734	$	5,249	$	—	$	16,983
Allowance for doubtful accounts		4,032		17,261		7,455		13,838

	$	15,766	$	22,510	$	7,455	$	30,821

YEAR ENDED, December 31, 2011
Description:
Valuation allowance on foreign tax credit carryforwards	$	16,983	$	—	$	228	$	16,755
Valuation allowance on foreign net operating losses		—		560		—		560
Allowance for doubtful accounts		13,838		14,822		13,321		15,339

	$	30,821	$	15,382	$	13,549	$	32,654