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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
58
11. Stockholders’ Deficit
At December 31, 2010, 480,000,000 shares of common stock, 600,000 shares of cumulative preferred stock, and 5,000,000 shares of
preference stock were authorized. The following table summarizes the preferred, preference and common stock, net of treasury
shares, outstanding.
Common Stock
Preferred
Stock Preference
Stock Issued Treasury Outstanding
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 to 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 to common stock (50) (3,977) - 66,946
Balance, December 31, 2009 85 32,079 323,337,912 (116,140,084) 207,197,828
Repurchase of common stock - - - (4,687,304)
Issuances of common stock - - - 876,794
Conversions to common stock - (4,296) - 43,684
Balance, December 31, 2010 85 27,783 323,337,912 (119,906,910) 203,431,002
Unissued and unreserved shares
at December 31, 2010 599,915 4,972,217 116,473,634
At December 31, 2010, preferred stock (4% preferred stock) outstanding was entitled to cumulative dividends at a rate of $2 per year.
The preferred stock is redeemable at our option, in whole or in part at any time, at a 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.
At December 31, 2010, preference stock ($2.12 preference stock) was entitled to cumulative dividends at a rate of $2.12 per year. The
preference stock is redeemable at our 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.
The Board of Directors will determine the dividend rate, terms of redemption, terms of conversion (if any) and other pertinent features
of future issuances of preferred stock or preference stock.
Cash dividends paid on common stock were $1.46 per share, $1.44 per share and $1.40 per share for 2010, 2009, and 2008,
respectively.
At December 31, 2010, 2,060 shares of common stock were reserved for issuance upon conversion of the 4% preferred stock and
459,253 shares of common stock were reserved for issuance upon conversion of the $2.12 preference stock. In addition, 39,727,141
shares of common stock were reserved for issuance under our dividend reinvestment and other corporate plans.