MoneyGram 2011 Annual Report Download - page 121

Table of Contents
for the remainder as accumulated and unpaid dividends were included in the redemption price of the Series B Stock.
At December 31, 2010 the Company had 800,000 shares and 500,000 shares, respectively, of B and B−1 Stock authorized. For 2010, 495,000 shares and
272,500 shares, respectively, of B and B−1 Stock were issued and outstanding. Following is a summary of mezzanine equity activity:
(Amounts in thousands) B Stock B−1 Stock Series B Stock
Balance at December 31, 2009 539,084 325,244 864,328
Dividends accrued 80,622 44,383 125,005
Accretion 8,493 1,527 10,020
Balance at December 31, 2010 628,199 371,154 999,353
Dividends accrued 19,951 10,983 30,934
Accretion 67,946 12,078 80,024
Conversion (716,096) (394,215) (1,110,311)
Balance at December 31, 2011 $ — $ — $ —
Note 12 — Stockholders’ Deficit
Reverse Stock Split — On November 14, 2011, the Company filed a certificate of amendment to its Amended and Restated Certificate of Incorporation to
effect a reverse stock split of the Company’s common stock at a reverse stock split ratio of 1−for−8 and to decrease the number of authorized shares of
common stock from 1,300,000,000 to 162,500,000. As the par value of common stock was not affected, $3.5 million was transferred from common stock to
additional paid in capital. In connection with the reverse stock split, the conversion ratio of the D Stock to common stock decreased from 1,000 to 125. All
share and per share amounts have been retroactively adjusted to reflect the stock split with the exception of the Company’s treasury stock, which was not a
part of the reverse stock split.
Following is a summary of the activity of the Company’s stock authorized, issued and outstanding at December 31:
D Stock Common Stock Treasury
Stock
(Amounts in thousands) Authorized Issued Outstanding Authorized Issued Outstanding
December 31, 2009 — — 162,500 16,355 10,314 (6,041)
Stock option exercises and release of restricted stock, net of shares
withheld for taxes — — — — (966) 139 1,105
December 31, 2010 — — — 162,500 15,389 10,453 (4,936)
Conversion of B Stock to common stock — — — 39,325 39,325 —
Conversion of Series B−1 Stock to D stock — 173 173 — — —
Conversion of D stock to common stock — (64) (64) 7,994 7,994 —
Stock option exercises and release of restricted stock units — — — (444) 63 507
December 31, 2011 200 109 109 162,500 62,264 57,835 (4,429)
On September 27, 2011, the Company filed a Certificate of Elimination to eliminate the Company’s Series A Junior Participating Preferred Stock, par value
$0.01 per share (the “Series A shares”), which results in the shares resuming their status as undesignated preferred stock of the Company. At December 31,
2010, the Company had 2,000,000 shares of Series A Junior Participating Preferred Stock authorized. There was no Series A Junior Participating Preferred
Stock issued or outstanding in 2011 and 2010.
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