Sallie Mae 2008 Annual Report Download - page 110
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settle its outstanding equity forward contract (see Note 11, “Stockholders’ Equity,” for further discussion). The
remaining proceeds are used for general corporate purposes. The Company issued 9,781,170 shares of the
102 million share offering from its treasury stock. These shares were removed from treasury stock at an
average cost of $43.13, resulting in a $422 million decrease to the balance of treasury stock with an offsetting
$235 million decrease to retained earnings.
The closing price of the Company’s common stock on December 31, 2008 was $8.90.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
See Note 2 to the consolidated financial statements, “Significant Accounting Policies — Recently Issued
Accounting Pronouncements.”
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