Goldman Sachs 2015 Annual Report Download - page 192

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Note 19.
Shareholders’ Equity
Common Equity
Dividends declared per common share were $2.55 in 2015,
$2.25 in 2014 and $2.05 in 2013. On January 19, 2016,
Group Inc. declared a dividend of $0.65 per common share
to be paid on March 30, 2016 to common shareholders of
record on March 2, 2016.
The firm’s share repurchase program is intended to help
maintain the appropriate level of common equity. The
share repurchase program is effected primarily through
regular open-market purchases (which may include
repurchase plans designed to comply with Rule 10b5-1),
the amounts and timing of which are determined primarily
by the firm’s current and projected capital position, but
which may also be influenced by general market conditions
and the prevailing price and trading volumes of the firm’s
common stock. Prior to repurchasing common stock, the
firm must receive confirmation that the Federal Reserve
Board does not object to such capital actions.
The table below presents the amount of common stock
repurchased by the firm under the share repurchase
program.
Year Ended December
in millions, except per share amounts 2015 2014 2013
Common share repurchases 22.1 31.8 39.3
Average cost per share $189.41 $171.79 $157.11
Total cost of common share
repurchases $ 4,195 $ 5,469 $ 6,175
Pursuant to the terms of certain share-based compensation
plans, employees may remit shares to the firm or the firm
may cancel restricted stock units (RSUs) or stock options to
satisfy minimum statutory employee tax withholding
requirements and the exercise price of stock options. Under
these plans, during 2015, 2014 and 2013, employees
remitted 35,217 shares, 174,489 shares and 161,211 shares
with a total value of $6 million, $31 million and
$25 million, and the firm cancelled 5.7 million, 5.8 million
and 4.0 million of RSUs with a total value of $1.03 billion,
$974 million and $599 million. Under these plans, the firm
also cancelled 2.0 million and 15.6 million of stock options
with a total value of $406 million and $2.65 billion during
2015 and 2014, respectively.
Preferred Equity
The tables below present details about the perpetual
preferred stock issued and outstanding as of
December 2015.
Series
Shares
Authorized
Shares
Issued
Shares
Outstanding
Depositary Shares
Per Share
A 50,000 30,000 29,999 1,000
B 50,000 32,000 32,000 1,000
C 25,000 8,000 8,000 1,000
D 60,000 54,000 53,999 1,000
E 17,500 17,500 17,500 N/A
F 5,000 5,000 5,000 N/A
I 34,500 34,000 34,000 1,000
J 46,000 40,000 40,000 1,000
K 32,200 28,000 28,000 1,000
L 52,000 52,000 52,000 25
M180,000 80,000 80,000 25
Total 452,200 380,500 380,498
1. In April 2015, Group Inc. issued 80,000 shares of Series M perpetual 5.375%
Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series M Preferred
Stock).
Series
Liquidation
Preference
Redemption
Price Per Share
Redemption
Value
($ in millions)
A $ 25,000
$25,000 plus declared and
unpaid dividends $ 750
B 25,000
$25,000 plus declared and
unpaid dividends 800
C 25,000
$25,000 plus declared and
unpaid dividends 200
D 25,000
$25,000 plus declared and
unpaid dividends 1,350
E 100,000
$100,000 plus declared and
unpaid dividends 1,750
F 100,000
$100,000 plus declared and
unpaid dividends 500
I 25,000
$25,000 plus accrued and
unpaid dividends 850
J 25,000
$25,000 plus accrued and
unpaid dividends 1,000
K 25,000
$25,000 plus accrued and
unpaid dividends 700
L 25,000
$25,000 plus accrued and
unpaid dividends 1,300
M 25,000
$25,000 plus accrued and
unpaid dividends 2,000
Total $11,200
180 Goldman Sachs 2015 Form 10-K