Goldman Sachs 2003 Annual Report Download - page 72

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Consolidated Statements of Changes in Shareholders’ Equity
70 GOLDMAN SACHS 2003 ANNUAL REPORT
The accompanying notes are an integral part of these consolidated financial statements.
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001
Common stock, par value $0.01 per share
Balance, beginning of year $5 $5 $5
Issued ———
Balance, end of year 555
Restricted stock units and employee stock options
Balance, beginning of year 3,517 4,561 4,771
Issued 339 507 657
Delivered (714) (1,293) (600)
Forfeited (156) (257) (267)
Options exercised (2) (1) —
Balance, end of year 2,984 3,517 4,561
Additional paid-in capital
Balance, beginning of year 12,750 11,766 11,116
Issuance of common stock 709 865 527
Excess net tax benefit related to delivery of stock-based awards 103 119 123
Balance, end of year 13,562 12,750 11,766
Retained earnings
Balance, beginning of year 7,259 5,373 3,294
Net earnings 3,005 2,114 2,310
Dividends declared (350) (228) (231)
Balance, end of year 9,914 7,259 5,373
Unearned compensation
Balance, beginning of year (845) (1,220) (1,878)
Restricted stock units granted (6) (387) (375)
Restricted stock units forfeited 48 95 108
Amortization of restricted stock units 464 667 925
Balance, end of year (339) (845) (1,220)
Accumulated other comprehensive income/(loss)
Balance, beginning of year (122) (168) (130)
Currency translation adjustment, net of tax 128 46 (38)
Balance, end of year 6(122) (168)
Treasury stock, at cost, par value $0.01 per share
Balance, beginning of year (3,561) (2,086) (648)
Repurchased (939) (1,475) (1,438)
Balance, end of year (4,500) (3,561) (2,086)
$21,632 $19,003 $18,231