Quest Diagnostics 2008 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2008 Quest Diagnostics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
(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, 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)
Net income . . . . . . ........................ 581,490 $581,490
Currency translation . . . . . . . . . . . . . . . . . ..... (94,326) (94,326)
Market valuation, net of tax benefit of
$261 . . . . . . . . . . ........................ (398) (398)
Reversal of market adjustment, net of tax
expense of $(1,257) . . . . . . . . . . . . . . . ..... 2,161 2,161
Deferred loss, less reclassifications . . . ..... (784) (784)
Comprehensive income . . . . . . . . . . . . . . ..... $488,143
Dividends declared . . . . . . . . . . . . . . . . . . ..... (77,555)
Issuance of common stock under benefit
plans . . . . . . . . . . ........................ 913 4 81 18,248
Stock-based compensation expense . . . ..... 63,055 7,526
Exercise of stock options . . . . . . . . . . . . ..... 987 (18,148) 48,659
Shares to cover employee payroll tax
withholdings on stock issued under
benefit plans. . . ........................ (56) (962) (1,614)
Tax benefits associated with stock-based
compensation plans . . . . . . . . . . . . . . . ..... 6,881
Purchases of treasury stock . . . . . . . . . . ..... (5,510) (253,997)
Other. . . . . . . . . . . . ........................ 333
Balance, December 31, 2008 ............. 190,374 $2,141 $2,262,065 $2,561,679 $ - $(68,068) $(1,152,921)
The accompanying notes are an integral part of these statements.
F-5