Sallie Mae 2006 Annual Report Download - page 126

SLM CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands, except share and per share amounts)
Preferred
Stock
Shares Issued Treasury Outstanding
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury
Stock
Total
Stockholders’
Equity
Common Stock Shares
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) $2,630,046 Comprehensive income:
Net income . . ........................ 1,913,270 1,913,270
Other comprehensive income: Change in unrealized gains (losses) on investments,
netoftax.......................... (42,849) (42,849)
Change in unrealized gains (losses) on derivatives, net
oftax ............................ 57,644 57,644
Minimum pension liability adjustment, net of tax .... 256 256
Comprehensive income . . ................... 1,928,321
Cash dividends:
Common stock ($.74 per share) .............. (321,313) (321,313)
Preferred stock, Series A ($3.48 per share) . . . ..... (11,501) (11,501)
Issuance of common shares .................. 10,623,412 61,810 10,685,222 2,125 280,890 2,449 285,464
Tax benefit related to employee stock option and
purchase plan . ........................ 58,606 58,606
Stock-based compensation cost . . .............. 12,724 12,724
Repurchase of common shares:
Open market repurchases .................. (563,500) (563,500) (21,554) (21,554)
Equity forwards:
Settlement cost, cash ................... (19,323,760) (19,323,760) (694,050) (694,050)
Settlement cost, net settlement ............. (13,393,350) (13,393,350) (629,331) (629,331)
(Gain)/loss 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) $3,102,304
Comprehensive income:
Net income . . ........................ 1,382,284 1,382,284
Other comprehensive income:
Change in unrealized gains (losses) on investments,
netoftax......................... (85,058) (85,058)
Change in unrealized gains (losses) on derivatives,
netoftax......................... 13,098 13,098
Minimum pension liability adjustment, net of tax . . (802) (802)
Comprehensive income . . ................... 1,309,522
Cash dividends:
Common stock ($.85 per share) .............. (355,368) (355,368)
Preferred stock, Series A ($3.48 per share) . . . ..... (11,511) (11,511)
Preferred stock, Series B ($2.28 per share) . . . ..... (10,025) (10,025)
Issuance of common shares .................. 8,217,119 79,122 8,296,241 1,643 250,171 4,097 255,911
Retirement of common stock in treasury ........... (65,000,000) 65,000,000 — (13,000) (2,415,010) 2,428,010 —
Issuance of preferred shares .................. 4,000,000 400,000 400,000
Preferred stock issuance costs and related amortization . . (2,888) (367) (3,255) Tax benefit related to employee stock option and
purchase plan . ........................ 66,500 66,500
Stock-based compensation cost . . .............. 14,404 14,404
Repurchase of common shares:
Equity forwards:
Settlement cost, cash ................... (13,114,120) (13,114,120) (655,433) (655,433)
Settlement cost, net settlement ............. (4,154,183) (4,154,183) (227,400) (227,400)
(Gain)/loss on settlement . . . .............. — — (17,315) (17,315)
Benefit plans ........................ (1,523,517) (1,523,517) (76,909) (76,909)
Balance at December 31, 2005 ................ 7,300,000 426,483,527 (13,346,717) 413,136,810 $565,000 $ 85,297 $2,233,647 $367,910 $ 1,111,743 $ (572,172) $3,791,425
See accompanying notes to consolidated financial statements.
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