Red Lobster 2003 Annual Report Download - page 31

2003 ANNUAL REPORT 29
Financial Review 2003
Consolidated Statements of Changes in StockholdersÕ Equity
and Accumulated Other Comprehensive Income
Common Accumulated
Stock Other Officer Total
and Retained Treasury Comprehensive Unearned Notes Stockholders’
(In thousands, except per share data) Surplus Earnings Stock Income Compensation Receivable Equity
Balance at May 28, 2000 $1,351,707 $344,579 $ (666,837) $(12,457) $(56,522) $(1,868) $ 958,602
Comprehensive income:
Net earnings – 197,000 – – – – 197,000
Other comprehensive income, foreign
currency adjustment – – – (645) – – (645)
Total comprehensive income 196,355
Cash dividends declared ($0.053 per share) – (9,458) – – – – (9,458)
Stock option exercises (4,670 shares) 33,158 – – – – – 33,158
Issuance of restricted stock (443 shares),
net of forfeiture adjustments 3,986 – 1,035 – (5,109) – (88)
Earned compensation – – – – 4,164 – 4,164
ESOP note receivable repayments – – – – 8,145 – 8,145
Income tax benefits credited to equity 15,287 – – – – – 15,287
Purchases of common stock for treasury (12,660 shares) – – (176,511) – – – (176,511)
Issuance of treasury stock under Employee Stock
Purchase Plan and other plans (336 shares) 1,661 – 2,059 – – – 3,720
Issuance of officer notes, net – – – – – (56) (56)
Balance at May 27, 2001 $1,405,799 $532,121 $ (840,254) $(13,102) $(49,322) $(1,924) $1,033,318
Comprehensive income:
Net earnings – 237,788 – – – – 237,788
Other comprehensive income:
Foreign currency adjustment – – – 169 – – 169
Change in fair value of derivatives,
net of tax of $234 – – – 380 – – 380
Minimum pension liability adjustment,
net of tax benefit of $177 – – – (288) – – (288)
Total comprehensive income 238,049
Cash dividends declared ($0.053 per share) – (9,225) – – – – (9,225)
Stock option exercises (4,310 shares) 34,742 – 1,364 – – – 36,106
Issuance of restricted stock (374 shares),
net of forfeiture adjustments 5,666 – 815 – (6,493) – (12)
Earned compensation – – – – 4,392 – 4,392
ESOP note receivable repayments – – – – 5,315 – 5,315
Income tax benefits credited to equity 24,989 – – – – – 24,989
Purchases of common stock for treasury (8,972 shares) – – (208,578) – – – (208,578)
Issuance of treasury stock under
Employee Stock Purchase Plan and
other plans (290 shares) 2,858 – 1,738 – – – 4,596
Issuance of officer notes, net – – – – – (73) (73)
Balance at May 26, 2002 $1,474,054 $760,684 $(1,044,915) $(12,841) $(46,108) $(1,997) $1,128,877
Comprehensive income:
Net earnings – 232,260 – – – – 232,260
Other comprehensive income:
Foreign currency adjustment – – – 2,579 – – 2,579
Change in fair value of derivatives, net of tax of $0 – – – 2 – – 2
Minimum pension liability adjustment,
net of tax benefit of $141 – –– (229) – – (229)
Total comprehensive income 234,612
Cash dividends declared ($0.080 per share) – (13,501) – – – – (13,501)
Stock option exercises (3,133 shares) 27,261 – 1,652 – – – 28,913
Issuance of restricted stock (177 shares), net
of forfeiture adjustments 4,429 – 600 – (5,029) – –
Earned compensation – – – – 3,579 – 3,579
ESOP note receivable repayments – – – – 4,710 – 4,710
Income tax benefits credited to equity 16,385 – – – – – 16,385
Purchases of common stock for treasury (10,746 shares) – – (213,311) –– – (213,311)
Issuance of treasury stock under Employee
Stock Purchase Plan and other plans (280 shares) 3,828 – 1,681 – – – 5,509
Issuance of officer notes, net – – – – – 418 418
Balance at May 25, 2003 $1,525,957 $979,443 $(1,254,293) $(10,489) $(42,848) $(1,579) $1,196,191
See accompanying notes to consolidated financial statements.