Sallie Mae 2007 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, 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) $3,102,304
Comprehensive income:
Net income ............................. 1,382,284 1,382,284
Other comprehensive income:
Change in unrealized gains (losses) on investments, net of
tax................................ (85,058) (85,058)
Change in unrealized gains (losses) on derivatives, net of
tax................................ 13,098 13,098
Minimum pension liability adjustment, net of tax . . . . . . (802) (802)
Comprehensive income ........................ 1,309,522
Cash dividends:
Common stock ($.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) $3,791,425
Comprehensive income:
Net income ............................. 1,156,956 1,156,956
Other comprehensive income:
Change in unrealized gains (losses) on investments, net of
tax................................ (41,953) (41,953)
Change in unrealized gains (losses) on derivatives, net of
tax................................ 4,990 4,990
Minimum pension liability adjustment, net of tax . . . . . . (569) (569)
Comprehensive income ........................ 1,119,424
Adjustment to initially apply SFAS No. 158, net of tax . . . . . 18,733 18,733
Cash dividends:
Common stock ($.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
F-6