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36
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
Common Stock
Number
of Shares
Outstanding Amount
Additional
Paid-in
Capital
Treasury
Stock,
At Cost
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Comprehensiv
e
Income (Loss)
Balances, January 1, 2008
36,092
383 173,381 (26,324) 176,684 11,711
Stock-based compensation expense 3,794
Issuance of restricted stock
104
1 283 46
Exercise of stock options
503
5 184 944
Repurchase of Treasury Stock
(475
) (5,824)
Income tax benefit on stock-based
compensation 1,599
Cumulative effect of adoption of FIN 48
Change in cumulative translation adjustment (18,629)
(18,629
)
Dividends paid (37,126)
Net income
52,843 52,84
3
Total comprehensive income 34,
214
Balances, December 31, 2008
36,224
389 179,241 (31,158) 192,401 (6,918)
Stock-based compensation expense 2,818
Issuance of restricted stock
105
(754) 1,183
Retired restricted stock (10) (15)
Exercise of stock options
221
(1,537) 2,619
Repurchase of treasury stock
(99
) (1,174)
Income tax benefit on stock-based
compensation 750
Change in cumulative translation adjustment 8,276 8,
276
Dividends paid (27,611)
Net income
46,185 46,
185
Total comprehensive income
54,461
Balances, December 31, 2009
36,451
$ 389 $ 180,508 $
(28,545
) $ 210,975 $
1,358
Stock-based compensation expense 2,377
Issuance of restricted stock
106
(420) 1,259
Restricted stock withheld for employee taxes
(36)
(367) (432)
Exercise of stock options
234
(1,754) 2,771
Income tax benefit on stock-based
compensation 1,175
Change in cumulative translation adjustment (2,577) (2,577
)
Net income
42,551 42,
551
Total comprehensive income $ 39,974
Balances, December 31, 2010
36,755
$ 389 $ 181,519 $ (24,947
)
$ 253,526 $ (1,219
)
See notes to consolidated financial statements.