Red Lobster 2005 Annual Report Download - page 32

Consolidated Statements of Changes in Stockholders’ Equity and Accumulated Other
Comprehensive Income (Loss)
Financial Review 2005
40 Darden Restaurants
Common Accumulated Other Total
Stock and Retained Treasury Comprehensive Unearned Officer Notes Stockholders’
(In thousands, except per share data) Surplus Earnings Stock Income (Loss) Compensation Receivable Equity
Balance at May 26, 2002 $1,474,054 $700,986 $(1,044,915) $(12,414) $(46,108) $(1,997) $1,069,606
Comprehensive income:
Net earnings – 225,979 – – – – 225,979
Other comprehensive income (loss):
Foreign currency adjustment – – – 1,995 – – 1,995
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 227,747
Cash dividends declared ($0.08 per share) – (13,501) – – – – (13,501)
Stock option exercises (3,133 shares) 27,261 – 1,652 – – – 28,913
Issuance of restricted stock (148 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
Repayment of officer notes, net – – – – – 418 418
Balance at May 25, 2003 $1,525,957 $913,464 $(1,254,293) $(10,646) $(42,848) $(1,579) $1,130,055
Comprehensive income:
Net earnings – 227,173 – – – – 227,173
Other comprehensive income (loss):
Foreign currency adjustment – – – 337 – – 337
Change in fair value of derivatives, net of tax of $51 – – – 205 – – 205
Minimum pension liability adjustment, net of tax
benefit of $45 – – – (69) – – (69)
Total comprehensive income 227,646
Cash dividends declared ($0.08 per share) – (12,984) – – – – (12,984)
Stock option exercises (3,464 shares) 30,972 – 3,685 – – – 34,657
Issuance of restricted stock (409 shares),
net of forfeiture adjustments 7,605 – 173 – (7,778) – –
Earned compensation – – – – 4,198 – 4,198
ESOP note receivable repayments – – – – 5,027 – 5,027
Income tax benefits credited to equity 15,650 – – – – – 15,650
Purchases of common stock for treasury (10,749 shares) – – (235,462) – – – (235,462)
Issuance of treasury stock under Employee
Stock Purchase Plan and other plans (357 shares) 3,931 – 2,129 – – – 6,060
Repayment of officer notes – – – – – 441 441
Balance at May 30, 2004 $1,584,115 $1,127,653 $(1,483,768) $(10,173) $(41,401) $(1,138) $1,175,288
Comprehensive income:
Net earnings – 290,606 – – – – 290,606
Other comprehensive income (loss):
Foreign currency adjustment – – – 1,450 – – 1,450
Change in fair value of derivatives, net of tax of $1,503 – – – (243) – – (243)
Minimum pension liability adjustment, net of tax
benefit of $56 – – – 90 – – 90
Total comprehensive income 291,903
Cash dividends declared ($0.08 per share) – (12,505) – – – – (12,505)
Stock option exercises (6,615 shares) 62,464 – 7,081 – – – 69,545
Issuance of restricted stock (378 shares),
net of forfeiture adjustments 9,535 – – – (9,535) – –
Earned compensation – – – – 7,464 – 7,464
ESOP note receivable repayments – – – – 3,393 – 3,393
Income tax benefits credited to equity 42,996 – – – – – 42,996
Purchases of common stock for treasury (11,343 shares) – – (311,686) – – – (311,686)
Issuance of treasury stock under Employee Stock Purchase
Plan and other plans (296 shares) 4,226 – 1,932 – – – 6,158
Issuance of treasury stock under Employee Stock
Ownership Plan (50 shares) – – 1,606 – (1,606) – –
Repayment of officer notes – – – – – 463 463
Balance at May 29, 2005 $1,703,336 $1,405,754 $(1,784,835) $ (8,876) $(41,685) $ (675) $1,273,019
See accompanying notes to consolidated financial statements.