Sallie Mae 2009 Annual Report Download - page 134

Download and view the complete annual report

Please find page 134 of the 2009 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 256

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256

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
Noncontrolling
Interest
Total
Equity
Common Stock Shares
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 $11,360 $5,234,895
Comprehensive income:
Net income (loss) ........... (212,626) (212,626) 3,932 (208,694)
Other comprehensive income, net
of tax:
Change in unrealized gains
(losses) on investments, net of
tax................. (45,360) (45,360) (45,360)
Change in unrealized gains
(losses) on derivatives, net of
tax................. (71,412) (71,412) (71,412)
Defined benefit pension plans
adjustment ............ (1,413) (1,413) (1,413)
Comprehensive income ......... (330,811) 3,932 (326,879)
Cash dividends:
Preferred stock, Series A ($3.49
per share) . ............. (11,501) (11,501) (11,501)
Preferred stock, Series B ($4.09
per share) . ............. (15,927) (15,927) (15,927)
Preferred stock, Series C ($69.48
per share) . ............. (83,128) (83,128) (83,128)
Restricted stock dividend . . . . .... (1,852) (1,852) (1,852)
Issuance of common shares . . .... 1,908,595 3,667 1,912,262 382 38,575 79 39,036 39,036
Issuance of preferred shares . . .... 150,000 150,000 (4,005) (650) 145,345 145,345
Conversion of preferred shares. .... (230) 9,595 9,595 (230) 2 228 — —
Tax benefit related to employee stock
option and purchase plans . . .... (16,981) (16,981) (16,981)
Stock-based compensation cost .... 76,121 76,121 76,121
Cumulative effect of accounting
change . . . . ............. (194,655) 194,655 — —
Repurchase of common shares:
Benefit plans ............. (1,010,673) (1,010,673) (24,767) (24,767) (24,767)
Acquisition of noncontrolling interest
in Purchased Paper business . .... — (4,355) (4,355)
Noncontrolling interest — other .... — (3,667) (3,667)
Balance at December 31, 2008 .... 8,449,770 534,411,271 (66,958,400) 467,452,871 $1,714,770 $106,883 $4,684,112 $ (76,476) $ 426,175 $(1,856,394) $4,999,070 $ 7,270 $5,006,340
See accompanying notes to consolidated financial statements
F-7