Frontier Communications 2007 Annual Report Download - page 57

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 and 2005
(dollars and shares in thousands, except for per-share amounts)
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Common Stock Additional
Paid-In
Capital
Retained
Earnings
(Deficit)
Treasury Stock
Shares Amount Shares Amount
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 No. 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
Stock plans ...................... — — (6,237) 667 — 1,824 25,399 19,829
Acquisition of Commonwealth ...... 5,500 1,375 77,939 — — 12,640 168,121 247,435
Conversion of EPPICS ............. — — (549) — — 291 3,888 3,339
Conversion of Commonwealth
notes ......................... — — 1,956 — — 2,508 34,775 36,731
Dividends on common stock of $1.00
per share ...................... — — — (336,025) — — — (336,025)
Shares repurchased ................ — — — — — (17,279) (250,000) (250,000)
Net income ...................... — — — 214,654 — — — 214,654
Other comprehensive income, net of
tax and reclassifications
adjustments .................... — — — — 3,904 — — 3,904
Balance December 31, 2007 ........ 349,456 $87,364 $1,280,508 $ 14,001 $ (77,995) (21,707) $(305,979) $ 997,899
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For The Years Ended December 31, 2007, 2006 and 2005
($ in thousands)
2007 2006 2005
Net income .......................................................................... $214,654 $344,555 $202,375
Other comprehensive income (loss), net of tax and reclassifications adjustments* ................... 3,904 124,977 (23,673)
Total comprehensive income ........................................................ $218,558 $469,532 $178,702
* Consists of amortization of pension and post retirement costs, 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 20).
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7