Classmates.com 2006 Annual Report Download - page 92
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Board-approved repurchase program. Upon vesting, the Company currently does not collect the applicable withholding taxes for RSUs from
employees. Instead, the Company automatically withholds, from the RSUs that vest, the portion of those shares with a fair market value equal to
the amount of the withholding taxes due. The Company then pays the applicable withholding taxes in cash, which is accounted for as a
repurchase of common stock. The first RSU vest occurred in February 2006. In the year ended December 31, 2006, approximately 215,000
shares were withheld from RSUs that vested in order to pay the applicable employee withholding taxes.
Dividends
Dividends are paid on common shares and RSUs outstanding as of the record date.
In May, August and October of 2005, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share of common
stock. The quarterly dividends were paid on May 31, 2005, August 31, 2005 and November 30, 2005 and totaled $12.6 million, $12.7 million
and $12.8 million, respectively.
The Company’s Board of Directors declared quarterly dividends of $0.20 per share in February 2006, May 2006, August 2006 and
November 2006 which were paid on February 28, 2006, May 31, 2006, August 31, 2006 and November 30, 2006 and totaled $12.9 million,
$13.4 million, $13.5 million and $13.7 million, respectively.
In February 2007, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share of common stock. The record
date for the dividend was February 14, 2007 and the dividend, which totaled $13.7 million, was paid on February 28, 2007.
The payment of future dividends is discretionary and will be subject to determination by the Board of Directors each quarter following its
review of the Company’s financial performance. Dividends are declared and paid out of the Company’s surplus, as defined and computed in
accordance with the General Corporation Law of the State of Delaware.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) is as follows (in thousands):
F- 30
Unrealized
gain (loss) on
short-term
investments,
net of tax
Unrealized
gain on
derivative,
net of tax
Foreign
currency
translation
Accumulated
Other
Comprehensive
Income (Loss)
Balance at January 1, 2004
$
1,648
$
—
$
—
$
1,648
Current per iod change
(1,666
)
—
9
(1,657
)
Balance at December 31, 2004
(18
)
—
9
(9
)
Current period change
(282
)
83
(119
)
(318
)
Balance at December 31, 2005
(300
)
83
(110
)
(327
)
Current period change
172
(83
)
(7
)
82
Balance at December 31, 2006
$
(128
)
$
—
$
(
117
)
$
(245
)