Frontier Communications 2006 Annual Report Download - page 55

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For The Years Ended December 31, 2006, 2005 And 2004
( dollars and shares in thousands, except for per-share amounts)
Common Stock Additional
Paid-In
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock Total
Shareholders’
EquityShares Amount Shares Amount
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
Cumulative Effect
Adjustment (see Note 5) .......... — — — 36,392 — — — 36,392
Stock plans ...................... — — (1,875) — — 2,908 38,793 36,918
Conversion of EPPICS ............. — — (2,563) — — 1,389 18,488 15,925
Dividends on common stock
of $1.00 per share ............... — — (162,773) (160,898) — — — (323,671)
Shares repurchased ................ (10,200) (135,239) (135,239)
Net income ...................... — — — 344,555 — — — 344,555
Pension Liability Adjustment, after
adoption of SFAS 158, net of
taxes ......................... — — — — (83,634) — — (83,634)
Other comprehensive income, net of
tax and reclassifications
adjustments .................... — — — — 124,977 — — 124,977
Balance December 31, 2006 ........ 343,956 $85,989 $1,207,399 $ 134,705 $ (81,899) (21,691) $(288,162) $1,058,032
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For The Years Ended December 31, 2006, 2005 and 2004
($ in thousands, except for per-share amounts)
2006 2005 2004
Net income .......................................... $344,555 $202,375 $ 72,150
Other comprehensive income (loss), net of tax and
reclassifications adjustments* .......................... 124,977 (23,673) (27,893)
Total comprehensive income ........................ $469,532 $178,702 $ 44,257
* 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 and other post-retirement liabilities
(see Note 21).
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7