Red Lobster 2007 Annual Report Download - page 37

Darden Restaurants, Inc. Annual Report 2007 35
C Consolidated Statements of Changes in Stockholders’ Equity and
Accumulated Other Comprehensive Income (Loss)
Common Accumulated Other Total
Stock and Retained Treasury Comprehensive Unearned Officer Notes Stockholders’
(In millions, except per share data) Surplus Earnings Stock Income (Loss) Compensation Receivable Equity
Balances at May 30, 2004 $1,584.1 $1,127.6 $(1,483.7) $(10.2) $(41.4) $ (1.1) $1,175.3
Comprehensive income:
Net earnings – 290.6 – – – – 290.6
Other comprehensive income (loss):
Foreign currency adjustment – – – 1.4 – – 1.4
Change in fair value of derivatives,
net of tax of $1.5 – – – (0.2) – – (0.2)
Minimum pension liability adjustment,
net of tax benefit of $0.1 – – – 0.1 – – 0.1
Total comprehensive income 291.9
Cash dividends declared ($0.08 per share) – (12.5) – – – – (12.5)
Stock option exercises (6.6 shares) 62.5 – 7.1 – – – 69.6
Issuance of restricted stock (0.4 shares), net
of forfeiture adjustments 9.5 – – – (9.5) – –
Stock-based compensation – – – – 7.5 – 7.5
ESOP note receivable repayments – – – – 3.4 – 3.4
Income tax benefits credited to equity 43.0 – – – – – 43.0
Purchases of common stock for treasury (11.3 shares) – – (311.7) – – – (311.7)
Issuance of treasury stock under Employee
Stock Purchase Plan and other plans (0.3 shares) 4.2 – 1.9 – – – 6.1
Issuance of treasury stock under Employee
Stock Ownership Plan (0.05 shares) – – 1.6 – (1.6) – –
Repayment of officer notes – – – – – 0.4 0.4
Balances at May 29, 2005 $1,703.3 $1,405.7 $(1,784.8) $(8.9) $(41.6) $(0.7) $1,273.0
Comprehensive income:
Net earnings – 338.2 – – – – 338.2
Other comprehensive income (loss):
Foreign currency adjustment – – – 3.9 – – 3.9
Change in fair value of derivatives,
net of tax of $0.4 – – – (0.5) – – (0.5)
Total comprehensive income 341.6
Cash dividends declared ($0.40 per share) – (59.2) – – – – (59.2)
Stock option exercises (3.9 shares) 49.3 – 6.3 – – – 55.6
Issuance of restricted stock (0.4 shares), net
of forfeiture adjustments 13.5 – – – (13.5) – –
Stock-based compensation – – – – 7.4 – 7.4
ESOP note receivable repayments – – – – 3.5 – 3.5
Income tax benefits credited to equity 34.3 – – – – – 34.3
Purchases of common stock for treasury (11.9 shares) – – (434.2) – – – (434.2)
Issuance of treasury stock under Employee
Stock Purchase Plan and other plans (0.2 shares) 6.0 – 1.5 – – – 7.5
Repayment of officer notes – – – – – 0.3 0.3
Balances at May 28, 2006 $1,806.4 $1,684.7 $(2,211.2) $ (5.5) $(44.2) $ (0.4) $1,229.8
Comprehensive income:
Net earnings – 201.4 – – – – 201.4
Other comprehensive income (loss):
Foreign currency adjustment – – – 0.5 – – 0.5
Change in fair value of derivatives, net of tax of 1.9 – – – 4.0 – – 4.0
Total comprehensive income 205.9
Adjustment related to adoption of SFAS No. 158,
net of tax of $19.6 – – – (31.8) – – (31.8)
Cash dividends declared ($0.46 per share) – (65.7) – – – – (65.7)
Stock option exercises (3.6 shares) 46.1 – 4.8 – – – 50.9
Reclassification of unearned compensation
(transition of SFAS 123 (R)) (20.2) – – – 20.2 – –
Stock-based compensation 26.2 – – – – – 26.2
ESOP note receivable repayments – – – – 3.3 – 3.3
Income tax benefits credited to equity 40.0 – – – – – 40.0
Purchases of common stock for treasury (9.4 shares) – – (371.2) – – – (371.2)
Issuance of treasury stock under Employee
Stock Purchase Plan and other plans (0.2 shares) 5.8 – 1.1 – 0.1 – 7.0
Repayment of officer notes – – – – – 0.1 0.1
Balances at May 27, 2007 $1,904.3 $1,820.4 $(2,576.5) $ (32.8) $(20.6) $(0.3) $1,094.5
See accompanying notes to consolidated financial statements.