Frontier Communications 2007 Annual Report Download - page 86

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
In addition, for the years ended December 31, 2007, 2006 and 2005, restricted stock awards of 1,209,000,
1,174,000 and 1,456,000 shares, respectively, are excluded from our basic weighted average shares outstanding
and included in our dilutive shares until the shares are no longer subject to restriction after the satisfaction of all
specified conditions.
EPPICS
At December 31, 2007 and 2006, we had 80,307 and 147,079 shares, respectively, of potentially dilutive
EPPICS, which were convertible into our common stock at a 4.3615 to 1 ratio at an exercise price of $11.46 per
share. If all EPPICS that remain outstanding as of December 31, 2007 are converted, we would issue
approximately 350,259 shares of our common stock. As a result of the September 2004 special, non-recurring
dividend, the EPPICS exercise price for conversion into common stock was reduced from $13.30 to $11.46.
These securities have been included in the diluted income per common share calculation for the periods ended
December 31, 2007, 2006 and 2005.
Stock Units
At December 31, 2007, 2006 and 2005, we had 225,427, 319,423, and 206,630 stock units, respectively,
issued under the Director Plans and the Non-Employee Directors’ Retirement Plan. These securities have not
been included in the diluted income per share of common stock calculation because their inclusion would have
had an antidilutive effect.
Share Repurchase Programs
In February 2007, our Board of Directors authorized us to repurchase up to $250.0 million of our common
stock in public or private transactions over the following twelve-month period. This share repurchase program
commenced on March 19, 2007. During 2007, we repurchased approximately 17.3 million shares of our common
stock at an aggregate cost of approximately $250.0 million. The repurchase program was completed on
October 15, 2007.
In February 2006, our Board of Directors authorized us to repurchase up to $300.0 million of our common
stock in public or private transactions over the following twelve-month period. This share repurchase program
commenced on March 6, 2006. During 2006, we repurchased approximately 10.2 million shares of our common
stock at an aggregate cost of approximately $135.2 million.
F-36