Sallie Mae 2005 Annual Report Download - page 129

F-7
SLM CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands, except share and per share amounts)
Accumulated
Preferred Additional Other Total
Stock Common Stock Shares Preferred Common Paid-In Comprehensive Retained Treasury Stockholders’
Shares Issued Treasury Outstanding Stock Stock Capital Income (Loss) Earnings Stock Equity
Balance at December 31, 2002 ...................... 3,300,000 624,551,508 (166,812,720) 457,738,788 $ 165,000 $ 124,910 $ 1,102,574 $ 592,760 $ 2,718,226 $ (2,705,520) $ 1,997,950
Comprehensive income:
Netincome................................. 1,533,560 1,533,560
Other comprehensive income, net of tax: Change in
unrealized gains(losses) on investments, net of tax..... (172,897) (172,897)
Change in unrealized gains (losses) on derivatives, net of tax 7,057 7,057
Minimum pension liability adjustment............... (1,299) (1,299)
Comprehensive income .......................... 1,366,421
Cash dividends:
Common stock ($.28 per share) ................... (266,881) (266,881)
Preferred stock ($3.48 per share) .................. (11,501) (11,501)
Issuance of common shares........................ 12,263,832 90,456 12,354,288 2,454 293,405 3,238 299,097
Issuance of common shares due to exercise of stock warrants . 5,827,656 5,827,656 1,165 39,034 40,199
Retirement of common stock in treasury ............... ( 170,000,000) 170,000,000 — (34,000) (3,032,120) 3,066,120 —
Donationof common stock in treasury ................ 1,108,340 1,108,340 40,000 40,000
Tax benefit related to employee stock option and purchase plan . 57,632 57,632
Tax benefit related to exercise of stock warrants .......... 65,498 65,498
Premiums on equity forward purchase contracts .......... (17,361) (17,361)
Cumulative effect of accounting change................ 12,458 12,458
Repurchase of common shares:
Open market repurchases....................... (6,718,199) (6,718,199) (253,276) (253,276)
Equity forwards:
Exercise cost, cash........................... (
20,190,640) (20,190,640) (568,877) (568,877)
Gain on settlement.......................... (38,290) (38,290)
Benefit plans.............................. (
2,441,990) (2,441,990) (93,023) (93,023)
Balance at December 31, 2003 ...................... 3,300,000 472,642,996 (24,964,753) 447,678,243 $ 165,000 $ 94,529 $ 1,553,240 $ 425,621 $ 941,284 $ (549,628) $ 2,630,046
Comprehensive income:
Netincome................................. 1,913,270 1,913,270
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on investments, net
of tax.................................. (42,849) (42,849)
Change in unrealized gains (losses) on derivatives, net
oftax.................................. 57,644 57,644
Minimum pension liability adjustment ............. 256 256
Comprehensive income .......................... 1,928,321
Cash dividends:
Common stock ($.74 per share) ................... (321,313) (321,313)
Preferred stock ($3.48 per share) .................. (11,501) (11,501)
Issuance of common shares........................ 10,623,412 61,810 10,685,222 2,125 293,614 2,449 298,188
Tax benefit related to employee stock option and purchase plan . 58,606 58,606
Repurchase of common shares:
Open market repurchases....................... (
563,500) (563,500) (21,554) (21,554)
Equity forwards:
Exercise cost, cash........................... (19,323,760) (19,323,760) (694,050) (694,050)
Exercise cost, net settlement.................... (
13,393,350) (13,393,350) (629,331) (629,331)
Gain on settlement.......................... — — (73,419) (73,419)
Benefit plans.............................. (1,450,466) (1,450,466) (61,689) (61,689)
Balance at December 31, 2004 ...................... 3,300,000 483,266,408 (59,634,019) 423,632,389 $ 165,000 $ 96,654 $ 1,905,460 $ 440,672 $ 2,521,740 $ (2,027,222) $ 3,102,304