Alcoa 2010 Annual Report Download - page 130
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In March 2009, Alcoa issued 172.5 million shares of common stock at a price of $5.25 per share. The issuance of
common stock included 22.5 million shares related to the exercise of an over-allotment option by the underwriters. The
underwriting discount and third-party expenses for the issuance of the common stock were $30, which was recorded as
a decrease to additional capital. The common stock was issued under Alcoa’s shelf registration statement dated
March 10, 2008. The net proceeds from the issuance of common stock ($876) and the convertible notes (see Note K)
were used to prepay the $1,300 outstanding under Alcoa’s 364-day revolving credit facility (see Note K). The
remaining net proceeds were used for general corporate purposes.
In March 2009, the quarterly common stock dividend was reduced from $0.17 per share to $0.03 per share in
connection with a series of financial actions initiated to improve liquidity.
As of December 31, 2010, 110 million and 102 million shares of common stock were reserved for issuance upon
conversion of convertible notes (maximum amount – see Note K) and under Alcoa’s stock-based compensation plans,
respectively. Alcoa issues shares from treasury stock to satisfy the exercise of stock options and the conversion of
stock awards.
Alcoa had a share repurchase program (expired on December 31, 2010) that authorized the purchase of up to 25% (or
approximately 217 million shares) of its outstanding common stock at December 31, 2006, in the open market or
through privately negotiated transactions, directly or through brokers or agents. During the term of this program (began
in October 2007), Alcoa repurchased 101 million shares (share repurchases were suspended in October 2008 to
preserve liquidity in light of the then global economic downturn).
Share Activity (number of shares)
Common stock
Treasury Outstanding
Balance at end of 2007 97,172,738 827,401,800
Repurchased 33,421,626 (33,421,626)
Issued for stock-based compensation plans (6,337,194) 6,337,194
Balance at end of 2008 124,257,170 800,317,368
Public offering - 172,500,000
Issued for stock-based compensation plans (1,561,452) 1,561,452
Balance at end of 2009 122,695,718 974,378,820
Private placement - 44,313,146
Conversion of convertible notes (K) - 310
Issued for stock-based compensation plans (3,333,689) 3,333,689
Balance at end of 2010 119,362,029 1,022,025,965
122