Pitney Bowes 2009 Annual Report Download - page 80

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
62
11. Stockholders’ Equity (Deficit)
At December 31, 2009, 480,000,000 shares of common stock, 600,000 shares of cumulative preferred stock, and 5,000,000 shares of
preference stock were authorized. At December 31, 2009, 207,197,828 shares of common stock (net of 116,140,084 shares of treasury
stock), 85 shares of 4% convertible cumulative preferred stock (4% preferred stock) and 32,079 shares of $2.12 convertible preference
stock ($2.12 preference stock) were issued and outstanding. In the future, the Board of Directors can issue the balance of unreserved
and unissued preferred stock (599,915 shares) and preference stock (4,967,921 shares). The Board will determine the dividend rate,
terms of redemption, terms of conversion (if any) and other pertinent features. At December 31, 2009, unreserved and unissued
common stock (exclusive of treasury stock) amounted to 115,390,571 shares.
The 4% preferred stock outstanding, entitled to cumulative dividends at the rate of $2 per year, can be redeemed at the Company’s
option, in whole or in part at any time, at the price of $50 per share, plus dividends accrued to the redemption date. Each share of the
4% preferred stock can be converted into 24.24 shares of common stock, subject to adjustment in certain events.
The $2.12 preference stock is entitled to cumulative dividends at the rate of $2.12 per year and can be redeemed at the Company’s
option at the rate of $28 per share. Each share of the $2.12 preference stock can be converted into 16.53 shares of common stock,
subject to adjustment in certain events.
Cash dividends paid on common stock were $1.44 per share, $1.40 per share and $1.32 per share for 2009, 2008, and 2007,
respectively.
At December 31, 2009, a total of 532,326 shares of common stock were reserved for issuance upon conversion of the 4% preferred
stock (2,060 shares) and $2.12 preference stock (530,266 shares). In addition, 40,739,191 shares of common stock were reserved for
issuance under our dividend reinvestment and other corporate plans.
The following table summarizes the preferred, preference and common stock outstanding:
Common Stock
Preferred
Stock Preference
Stock Issued Treasury Outstanding
Balance, December 31, 2006 135 39,607 323,337,912 (102,724,590) 220,613,322
Repurchase of common stock (9,075,104)
Issuances of common stock 2,934,801
Conversions of common stock - (2,538) 41,940
Balance, December 31, 2007 135 37,069 323,337,912 (108,822,953) 214,514,959
Repurchase of common stock (9,246,535)
Issuances of common stock 896,030
Conversions of common stock - (1,013) 16,739
Balance, December 31, 2008 135 36,056 323,337,912 (117,156,719) 206,181,193
Repurchase of common stock -
Issuances of common stock 949,689
Conversions of common stock (50) (3,977) 66,946
Balance, December 31, 2009 85 32,079 323,337,912 (116,140,084) 207,197,828