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FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008
($ and shares in thousands, except for per-share amounts)
Frontier Shareholders
Shares Amount
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss Shares Amount
Noncontrolling
Interest
Total
Equity
Common Stock Treasury Stock
Balance December 31,
2007. . . . . . . . . . . . . . . . . . . . 349,456 $ 87,364 $1,280,508 $ 14,001 $ (77,995) (21,707) $(305,979) $12,447 $1,010,346
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 . . . . . . . . . . . . . . . . . . . — — (159,939) (158,498) — — — — (318,437)
Shares repurchased. . . . . . . . . — — — — — (17,778) (200,000) — (200,000)
Net income. . . . . . . . . . . . . . . . — — — 182,660 — — — 1,614 184,274
Other comprehensive loss,
net of tax . . . . . . . . . . . . . . . — — — — (159,157) — — — (159,157)
Distributions. . . . . . . . . . . . . . . — — — — — — — (3,500) (3,500)
Balance December 31,
2008. . . . . . . . . . . . . . . . . . . . 349,456 87,364 1,117,936 38,163 (237,152) (38,142) (487,266) 10,561 529,606
Stock plans. . . . . . . . . . . . . . . . — — (5,359) — — 1,014 13,875 — 8,516
Dividends on common
stock . . . . . . . . . . . . . . . . . . . — — (156,176) (156,190) — — — — (312,366)
Net income. . . . . . . . . . . . . . . . — — — 120,783 — — — 2,398 123,181
Other comprehensive loss,
net of tax . . . . . . . . . . . . . . . — — — — (8,367) — — — (8,367)
Distributions. . . . . . . . . . . . . . . — — — — — — — (1,500) (1,500)
Balance December 31,
2009. . . . . . . . . . . . . . . . . . . . 349,456 87,364 956,401 2,756 (245,519) (37,128) (473,391) 11,459 339,070
Acquisition of the Acquired
Business . . . . . . . . . . . . . . . . 678,530 169,633 5,048,266 — — — — — 5,217,899
Stock plans. . . . . . . . . . . . . . . . — — (28,129) — — 2,997 40,105 — 11,976
Dividends on common
stock . . . . . . . . . . . . . . . . . . . — — (451,067) (78,322) — — — — (529,389)
Net income. . . . . . . . . . . . . . . . — — — 152,673 — — — 3,044 155,717
Other comprehensive
income, net of tax . . . . . . . — — — — 15,970 — — — 15,970
Distributions. . . . . . . . . . . . . . . — — — — — — — (1,500) (1,500)
Balance December 31,
2010. . . . . . . . . . . . . . . . . . . . 1,027,986 $256,997 $5,525,471 $ 77,107 $(229,549) (34,131) $(433,286) $13,003 $5,209,743
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7