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41
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except per share data)
Preferred
stock
Preference
stock
Common
stock
Capital in
excess
of par value
Comprehensive
income
Retained
earnings
Accumulated other
comprehensive
income (loss)
Treasury stoc
k
at cost
Balance, December 31, 2004.....
$ 19 $ 1,252 $ 323,338 $ 201,704 $ 4,100,771 $ 135,526 $ (3,413,458)
Net income .................................. $ 508,611 508,611
Other comprehensive income,
net of tax:
Foreign currency translations. (54,499) (54,499)
Net unrealized gain on
derivative instruments..........
1,605
1,605
Minimum pension liability..... (5,715) (5,715)
Comprehensive income............... $ 450,002
Cash dividends:
Preferred ($2.00 per share) .... (1)
Preference ($2.12 per share) .. (93)
Common ($1.24 per share) .... (284,254)
Issuances of common stock......... (8,468) (583) 85,569
Conversions to common stock .... (2) (94) (2,056) 2,152
Stock-based compensation.......... 31,728
Repurchase of common stock ..... (258,803)
Balance, December 31, 2005..... 17 1,158 323,338 222,908 4,324,451 76,917 (3,584,540)
Adjustment to initially apply
SAB 108, net of tax..................
(4,618)
Adjusted Retained Earnings........ 4,319,833
Net income .................................. $ 105,347 105,347
Other comprehensive income,
net of tax:
Foreign currency translations 83,183 83,183
Net unrealized loss on
derivative instruments..........
(20)
(20)
Minimum pension liability..... 5,405 5,405
Comprehensive income............... $ 193,915
Adjustment to initially apply
SFAS 158, net of tax ................
(297,229)
Cash dividends:
Preferred ($2.00 per share) .... (1)
Preference ($2.12 per share) .. (86)
Common ($1.28 per share) .... (284,965)
Issuances of common stock......... (11,575) 113,142
Conversions to common stock .... (10) (90) (2,132) 2,232
Stock-based compensation.......... 26,357
Repurchase of common stock ..... (400,000)
Balance, December 31, 2006..... 7
)1,068) 323,338) 235,558 4,140,128)(131,744) (3,869,166)
Net income .................................. $ 366,781 366,781
Other comprehensive income,
net of tax:
Foreign currency translations. 164,728 164,728
Net unrealized gain on
derivative instruments..........
2,801
2,801
Net unrealized gain on
on investment securities ....... 352 352
Net gain on pension and
postretirement plans ............. 30,347
Amortization of pension
and postretirement costs...... 22,172
22,172
Comprehensive income............... $ 556,834
Initial ad
j
ustment for FIN 48
(
84
,
363
)
Cash dividends:
Preferred ($2.00 per share) ....
Preference ($2.12 per share) .. (81)
Common ($1.32 per share) .... (288,709)
Issuances of common stock......... (7,967) 111,925
Conversions to common stock .... (65) (1,530) 1,595
Stock-based compensation.......... 26,124
Repurchase of common stock ..... (399,996)
Balance, December 31, 2007..... $ 7 $ 1,003 $ 323,338 $ 252,185 $ 4,133,756 $ 88,656 $ (4,155,642)
Treasury shares of 3.0 million, 3.0 million and 2.3 million were issued under employee plans in 2007, 2006 and 2005,
respectively. We repurchased 9.1 million, 9.2 million and 5.4 million shares in 2007, 2006 and 2005, respectively.
See Notes to Consolidated Financial Statements