Quest Diagnostics 2007 Annual Report Download - page 75

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005
(in thousands)
Shares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Unearned
Compen-
sation
Accumulated
Other
Comprehensive
(Loss)
Income
Treasury
Stock
Compre-
hensive
Income
Balance, December 31, 2004 ............. 196,220 $1,068 $2,195,346 $ 818,734 $ (11) $ 3,866 $(730,352)
Net income . . . . . . ........................ 546,277 $546,277
Currency translation . . . . . . . . . . . . . . . . . ..... (3,287) (3,287)
Market valuation, net of tax benefit of
$6,057 . . . . . . . . ........................ (9,238) (9,238)
Deferred gain, less reclassifications 2,454 2,454
Comprehensive income . . . . . . . . . . . . . . ..... $536,206
Adjustment for 2-for-1 stock split . . . . ..... 1,068 (1,068)
Dividends declared . . . . . . . . . . . . . . . . . . ..... (72,501)
Issuance of common stock under benefit
plans . . . . . . . . . . ........................ 516 1 4,620 (5,347) 17,683
Exercise of stock options . . . . . . . . . . . . ..... 3,893 (69,691) 168,026
Shares to cover employee payroll tax
withholdings on stock issued under
benefit plans. . . ........................ (7)
Tax benefits associated with stock-based
compensation plans . . . . . . . . . . . . . . . ..... 33,823
Conversion of contingent convertible
debentures . . . . . ........................ 5,632 12,510 237,136
Amortization of unearned compensation . . . 2,037
Purchases of treasury stock . . . . . . . . . . ..... (7,806) (390,163)
Balance, December 31, 2005 ............. 198,455 2,137 2,175,533 1,292,510 (3,321) (6,205) (697,670)
Net income . . . . . . ........................ 586,421 $586,421
Currency translation . . . . . . . . . . . . . . . . . ..... 2,460 2,460
Market valuation, net of tax benefit of
$2,501 . . . . . . . . ........................ (3,815) (3,815)
Reversal of market adjustment, net of tax
expense of $(5,053) . . . . . . . . . . . . . . . ..... 7,707 7,707
Deferred gain reclassifications . . . . . . . ..... (212) (212)
Comprehensive income . . . . . . . . . . . . . . ..... $592,561
Dividends declared . . . . . . . . . . . . . . . . . . ..... (78,676)
Reclassification upon adoption of
SFAS123R . . . . ........................ (3,321) 3,321
Issuance of common stock under benefit
plans . . . . . . . . . . ........................ 598 1 (2,158) 23,838
Stock-based compensation expense . . . ..... 55,478
Exercise of stock options . . . . . . . . . . . . ..... 3,782 (75,603) 177,927
Shares to cover employee payroll tax
withholdings on stock issued under
benefit plans. . . ........................ (13) (672)
Tax benefits associated with stock-based
compensation plans . . . . . . . . . . . . . . . ..... 35,816
Purchases of treasury stock . . . . . . . . . . ..... (8,873) (472,325)
Balance, December 31, 2006 ............. 193,949 2,138 2,185,073 1,800,255 — (65) (968,230)
Net income . . . . . . ........................ 339,939 $339,939
Currency translation . . . . . . . . . . . . . . . . . ..... 30,820 30,820
Market valuation, net of tax benefit of
$24 ................................... (36) (36)
Reversal of market adjustment, net of tax
expense of $(510). . . . . . . . . . . . . . . . . ..... 802 802
Deferred loss, less reclassifications . . . ..... (6,242) (6,242)
Comprehensive income . . . . . . . . . . . . . . ..... $365,283
Dividends declared . . . . . . . . . . . . . . . . . . ..... (77,304)
Issuance of common stock under benefit
plans . . . . . . . . . . ........................ 462 (1,974) 21,989
Stock-based compensation expense . . . ..... 56,853
Exercise of stock options . . . . . . . . . . . . ..... 2,447 (39,230) 120,158
Shares to cover employee payroll tax
withholdings on stock issued under
benefit plans. . . ........................ (24) (1) (1,229)
Tax benefits associated with stock-based
compensation plans . . . . . . . . . . . . . . . ..... 16,703
Purchases of treasury stock . . . . . . . . . . ..... (2,794) (145,660)
Adjustments upon adoption of FASB
Interpretation No. 48 . . . . . . . . . . . . . . ..... (10,441) (5,146)
Reimbursement from Corning Incorporated 2,345
Other. . . . . . . . . . . . ........................ 2,725
Balance, December 31, 2007 ............. 194,040 $2,137 $2,210,825 $2,057,744 $ — $25,279 $(971,743)
The accompanying notes are an integral part of these statements.
F-5