JetBlue Airlines 2003 Annual Report Download - page 63

JETBLUE AIRWAYS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2003
Note 3—Leases (Continued)
Future minimum lease payments under noncancelable operating leases with initial or remaining
terms in excess of one year at December 31, 2003, are as follows (in thousands):
Aircraft Other
2004 ......................................... $ 71,825 $ 24,898
2005 ......................................... 79,653 24,185
2006 ......................................... 86,307 20,210
2007 ......................................... 84,257 7,609
2008 ......................................... 80,792 6,402
Thereafter ..................................... 565,249 24,783
Total minimum lease payments .................... $ 968,083 $ 108,087
Note 4—Stockholders’ Equity
On each of October 6, 2003 and October 23, 2002, our Board of Directors declared a
three-for-two split of our common stock, distributing 34.0 million shares on November 20, 2003, and
31.8 million shares on December 12, 2002, respectively. All common share and per share data for
periods prior to the November 20, 2003 stock split presented in the accompanying consolidated
financial statements and notes thereto have been restated to give effect to these stock splits.
Effective with our initial public offering on April 17, 2002, our authorized shares of capital stock
were increased to 500 million shares of common stock and 25 million shares of preferred stock, and all
outstanding shares of our convertible redeemable preferred stock were converted to common stock on
a one-for-one basis. The holders of our common stock are entitled to one vote per share on all matters
which require a vote by the Company’s stockholders as outlined in the articles of incorporation and the
by-laws.
Net proceeds, after deducting all expenses, of $167.4 million were raised from our initial public
offering of 15.2 million shares of common stock at a price to the public of $12.00 per share, all of
which shares were issued and sold by us.
On July 15, 2003, we completed a public offering of 4.5 million shares of our common stock at
$28.33 per share, raising net proceeds of $122.5 million, after deducting discounts and commissions
paid to the underwriters and other expenses incurred in connection with the offering. Net proceeds
were invested in short-term, investment-grade, interest-bearing instruments.
Unvested shares of common stock purchased by certain members of management in 1998 were
subject to repurchase by the Company upon their termination at the original purchase price. At
December 31, 2003, all 8.9 million shares were fully vested. At December 31, 2002 and 2001,
7.2 million and 5.4 million shares were vested under these agreements, respectively.
Pursuant to the Stockholder Rights Agreement, which became effective in February 2002, each
share of common stock has attached to it a right and, until the rights expire or are redeemed, each new
share of common stock issued by the Company will include one right. Upon the occurrence of certain
events, each right entitles the holder to purchase one one-thousandth of a share of Series A
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