Sallie Mae 2007 Annual Report Download - page 128

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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, 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
Comprehensive income:
Net income . . ........................ (896,394) (896,394)
Other comprehensive income:
Change in unrealized gains (losses) on
investments, net of tax . . .............. (101,591) (101,591)
Change in unrealized gains (losses) on derivatives,
netoftax........................ (15,004) (15,004)
Defined benefit pension plans adjustment . ..... 3,848 3,848
Comprehensive income . ................... (1,009,141)
Cash dividends:
Common stock ($.25 per share) . . . .......... (102,658) (102,658)
Preferred stock, Series A ($3.49 per share) . . ..... (11,500) (11,500)
Preferred stock, Series B ($6.25 per share) . . ..... (24,796) (24,796)
Preferred stock, Series C ($.20 per share). . . ..... (201) (201)
Restricted stock dividend ................... (8) (8)
Issuance of common shares . . . .............. 99,380,099 9,816,534 109,196,633 19,876 1,940,708 (235,548) 423,446 2,148,482
Issuance of preferred shares . . . .............. 1,000,000 1,000,000 (30,678) (648) 968,674
Tax benefit related to employee stock option and
purchase plan ........................ 49,016 49,016
Stock-based compensation cost . .............. 65,917 65,917
Cumulative effect of accounting change .......... (5,761) (5,761)
Repurchase of common shares:
Open market repurchases . . . .............. (1,809,700) (1,809,700) (65,018) (65,018)
Equity forward settlement:
Settlement cost, cash .................. (4,110,929) (4,110,929) (164,437) (164,437)
(Gain)/loss on settlement . . .............. — — 54,716 54,716
Equity forwards agreed to be settled:
Settlement cost, cash .................. (44,039,890) (44,039,890) (1,992,938) (1,992,938)
(Gain)/loss on settlement . . .............. — — 1,105,975 1,105,975
Benefit plans . ........................ (3,311,239) (3,311,239) (152,829) (152,829)
Balance at December 31, 2007 ............... 8,300,000 532,493,081 (65,951,394) 466,541,687 $1,565,000 $106,499 $4,590,174 $ 236,364 $ 557,204 $(1,831,706) $ 5,223,535
See accompanying notes to consolidated financial statements.
F-7