Financial Information
The following graph compares the performance of our Class A Common Stock from January 1, 2010 to the end of fiscal year 2014 with the performance of the Standard & Poor’s Corporation Composite 500 Index and the Standard & Poor’s Hotels, Resorts & Cruise Lines Index. The graph assumes an initial investment of $100 on January 1, 2010, and reinvestment of dividends. On November 21, 2011 we completed a spin-off of our timeshare operations and timeshare development business through a special tax-free dividend to our shareholders of all of the issued and outstanding common stock of our then wholly owned subsidiary Marriott Vacations Worldwide Corporation (“MVW”). As of the spin-off date, Marriott no longer beneficially owns any shares of MVW common stock. In conjunction with the spin-off, our shareholders received one share of MVW common stock for every ten shares of our common stock that were held on the record date. We reflect the effect of the spin-off in the cumulative total return of our common stock as a reinvested dividend. See Footnote No. 15, “SPIN-OFF” of the Notes to our Financial Statements in our 2011 Form 10-K for more information on the spin-off.
NOTE: At the end of fiscal year 2014, the S&P 500 Hotels, Resorts & Cruise Lines Index consisted of Carnival Corporation, Starwood Hotels & Resorts Worldwide Inc., Marriott International, Inc., Wyndham Worldwide Corporation and Royal Caribbean Cruises Ltd. Royal Caribbean Cruises Ltd is an addition to the index from the end of the 2013 fiscal year.