Sallie Mae 2006 Annual Report Download - page 127
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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, 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) $3,791,425
Comprehensive income:
Net income . . . ........................ 1,156,956 1,156,956
Other comprehensive income:
Change in unrealized gains (losses) on investments,
netoftax ......................... (41,953) (41,953)
Change in unrealized gains (losses) on derivatives,
netoftax ......................... 4,990 4,990
Minimum pension liability adjustment, net of tax . . . (569) (569)
Comprehensive income . . .................... 1,119,424
Adjustment to initially apply SFAS No. 158, net of
tax............................... 18,733 18,733
Cash dividends:
Common stock ($.97 per share) ............... (398,414) (398,414)
Preferred stock, Series A ($3.48 per share) . . . ..... (11,500) (11,500)
Preferred stock, Series B ($5.82 per share) . . . ..... (23,420) (23,420)
Issuance of common shares ................... 6,629,455 64,141 6,693,596 1,326 204,996 3,499 209,821
Preferred stock issuance costs and related amortization . . . 647 (647) —
Tax benefit related to employee stock option and purchase
plan . . . ............................. 54,522 54,522
Stock-based compensation cost . . ............... 71,399 71,399
Repurchase of common shares:
Open market repurchases ................... (2,159,827) (2,159,827) (100,000) (100,000)
Equity forwards:
Settlement cost, cash .................... (5,395,979) (5,395,979) (295,376) (295,376)
(Gain)/loss on settlement . . . ............... — — 10,907 10,907
Benefit plans . ........................ (1,657,788) (1,657,788) (87,479) (87,479)
Balance at December 31, 2006 ................ 7,300,000 433,112,982 (22,496,170) 410,616,812 $565,000 $86,623 $2,565,211 $349,111 $1,834,718 $(1,040,621) $4,360,042
See accompanying notes to consolidated financial statements.
F-8