Frontier Communications 2005 Annual Report Download - page 56

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F-7
CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For The Years Ended December 31, 2005, 2004 and 2003
($ in thousands, except for per-share amounts)
Additional
Paid-In
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Common Stock Treasury Stock
Shares Amount Shares Amount
Balance December 31, 2002 . 294,080 $ 73,520 $ 1,943,406 $ (553,033) $ (102,169) (11,598) $ (189,585) $ 1,172,139
Stock plans . . . . . . . . . . . . . . 1,354 338 9,911 — — 873 14,450 24,699
Net income . . . . . . . . . . . . . . — — — 187,852 — — — 187,852
Other comprehensive
income, net of tax and
reclassifications
adjustments . . . . . . . . . . — — — — 30,493 — — 30,493
Balance December 31, 2003 . 295,434 73,858 1,953,317 (365,181) (71,676) (10,725) (175,135) 1,415,183
Stock plans . . . . . . . . . . . . . . 4,821 1,206 14,236 — — 6,407 106,823 122,265
Conversion of EPPICS . . . . . 10,897 2,724 133,621 — — 725 11,646 147,991
Conversion of Equity Units . 28,483 7,121 396,221 — — 3,591 56,658 460,000
Dividends on common stock
of $2.50 per share . . . . . — — (832,768) — — — — (832,768)
Net income . . . . . . . . . . . . . . — — — 72,150 — — — 72,150
Tax benefit on equity
forward contracts . . . . . — — — 5,312 — — — 5,312
Other comprehensive loss,
net of tax and
reclassifications
adjustments . . . . . . . . . . — — — — (27,893) — — (27,893)
Balance December 31, 2004 . 339,635 84,909 1,664,627 (287,719) (99,569) (2) (8) 1,362,240
Stock plans . . . . . . . . . . . . . . 2,096 524 24,039 — — 2,598 34,689 59,252
Conversion of EPPICS . . . . . 2,225 556 24,308 — — 391 5,115 29,979
Dividends on common stock
of $1.00 per share . . . . . — — (338,364) — — — — (338,364)
Shares repurchased. . . . . . . . — — — — — (18,775) (250,000) (250,000)
Net income . . . . . . . . . . . . . . — — — 202,375 — — — 202,375
Other comprehensive loss,
net of tax and
reclassifications
adjustments . . . . . . . . . . — — — — (23,673) — — (23,673)
Balance December 31, 2005 . 343,956 $ 85,989 $ 1,374,610 $ (85,344) $ (123,242) (15,788) $ (210,204) $ 1,041,809
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For The Years Ended December 31, 2005, 2004 and 2003
($ in thousands, except for per-share amounts)
2005 2004 2003
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 202,375 $ 72,150 $ 187,852
Other comprehensive income (loss), net of tax
and reclassifications adjustments* . . . . . . . . . . . . . . . . . . . . . . . (23,673 ) (27,893 ) 30,493
Total comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 178,702 $ 44,257 $ 218,345
* Consists of unrealized holding (losses)/gains of marketable securities, realized gains taken to income as a result
of the sale of securities and minimum pension liability (see Note 21).
The accompanying Notes are an integral part of these Consolidated Financial Statements.