MetLife 2013 Annual Report Download - page 186

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
16. Equity (continued)
Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Series A and Series B
preferred shares was as follows:
Dividend
Declaration Date Record Date Payment Date Series A Per Share Series A Aggregate Series B Per Share Series B Aggregate
(In millions, except per share data)
November 15, 2013 November 30, 2013 December 16, 2013 $0.253 $ 7 $0.406 $24
August 15, 2013 August 31, 2013 September 16, 2013 $0.256 6 $0.406 24
May 15, 2013 May 31, 2013 June 17, 2013 $0.256 7 $0.406 24
March 5, 2013 February 28, 2013 March 15, 2013 $0.250 6 $0.406 24
$26 $96
November 15, 2012 November 30, 2012 December 17, 2012 $0.253 $ 7 $0.406 $24
August 15, 2012 August 31, 2012 September 17, 2012 $0.256 6 $0.406 24
May 15, 2012 May 31, 2012 June 15, 2012 $0.256 7 $0.406 24
March 5, 2012 February 29, 2012 March 15, 2012 $0.253 6 $0.406 24
$26 $96
November 15, 2011 November 30, 2011 December 15, 2011 $0.253 $ 7 $0.406 $24
August 15, 2011 August 31, 2011 September 15, 2011 $0.256 6 $0.406 24
May 16, 2011 May 31, 2011 June 15, 2011 $0.256 7 $0.406 24
March 7, 2011 February 28, 2011 March 15, 2011 $0.250 6 $0.406 24
$26 $96
See Note 23 for information on subsequent dividends declared.
Convertible Preferred Stock
In connection with the financing of the ALICO Acquisition in November 2010, MetLife, Inc. issued to AM Holdings 6,857,000 shares of Convertible
Preferred Stock with a $0.01 par value per share, a liquidation preference of $0.01 per share and a fair value of $2.8 billion. On March 8, 2011,
MetLife, Inc. repurchased and canceled all of the Convertible Preferred Stock for $3.0 billion in cash, which resulted in a preferred stock redemption
premium of $146 million.
Common Stock
Issuances
In September 2013, MetLife, Inc. issued 22,679,955 new shares of its common stock for $1.0 billion. The issuance was made in connection with
the settlement of the Series D Purchase Contracts. See Note 15.
In October 2012, MetLife, Inc. issued 28,231,956 new shares of its common stock for $1.0 billion. The issuance was made in connection with the
settlement of the Series C Purchase Contracts. See Note 15.
In March 2011, MetLife, Inc. issued 68,570,000 new shares of its common stock in a public offering at a price of $43.25 per share for gross
proceeds of $3.0 billion. In connection with this offering of common stock, $16 million of issuance costs were incurred which have been recorded as a
reduction of additional paid-in capital. The proceeds were used to repurchase the Convertible Preferred Stock issued to AM Holdings in
November 2010.
During the years ended December 31, 2013, 2012 and 2011, 7,663,446, 5,497,752 and 3,549,211 new shares of common stock were issued
for $250 million, $171 million and $115 million, respectively, to satisfy various stock option exercises and other stock-based awards. There were no
shares of common stock issued from treasury stock during each of the years ended December 31, 2013, 2012 and 2011.
Repurchase Programs
At December 31, 2013, MetLife, Inc. had $1.3 billion remaining under its common stock repurchase program authorizations. During the years
ended December 31, 2013, 2012 and 2011, no shares of common stock were repurchased under these repurchase program authorizations.
Under the aforementioned authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market
(including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934) and in
privately negotiated transactions. Any future common stock repurchases will be dependent upon several factors, including the Company’s capital
position, its liquidity, its financial strength and credit ratings, general market conditions and the market price of MetLife, Inc.’s common stock compared
to management’s assessment of the stock’s underlying value and applicable regulatory approvals, as well as other legal and accounting factors.
178 MetLife, Inc.