Frontier Communications 2008 Annual Report Download - page 58

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FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2008, 2007 and 2006
($ and shares in thousands, except for per-share amounts)
Shares Amount
Additional
Paid-In
Capital
Retained
Earnings (Deficit)
Accumulated
Other
Comprehensive
Loss Shares Amount
Total
Shareholders’
Equity
Common Stock Treasury Stock
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 reclassification
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 reclassification
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
Stock plans. . . . . . . . . . . . . . . . . . . . . . . . . — — (1,759) — — 1,096 15,544 13,785
Acquisition of Commonwealth. . . . . . . — — 1 — — 3 38 39
Conversion of EPPICS . . . . . . . . . . . . . . — — (74) — — 51 664 590
Conversion of Commonwealth notes . — — (801) — — 193 2,467 1,666
Dividends on common stock of
$1.00 per share. . . . . . . . . . . . . . . . . . . — — (159,939) (158,498) — — — (318,437)
Shares repurchased. . . . . . . . . . . . . . . . . . — — — — — (17,778) (200,000) (200,000)
Net income. . . . . . . . . . . . . . . . . . . . . . . . . — — — 182,660 — — — 182,660
Other comprehensive loss, net of tax
and reclassification adjustments . . . — — — — (159,157) — — (159,157)
Balance December 31, 2008 . . . . . . . . . 349,456 $87,364 $1,117,936 $ 38,163 $(237,152) (38,142) $(487,266) $ 519,045
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7