Sallie Mae 2009 Annual Report Download - page 198

11. Stockholders’ Equity (Continued)
The following table summarizes the Company’s common share repurchases and issuances for the years
ended December 31, 2009, 2008 and 2007. Equity forward activity for the year ended December 31, 2007 is
also reported.
(Shares in millions) 2009 2008 2007
Years Ended December 31,
Common shares repurchased:
Open market .......................................... — — 1.8
Equity forward contracts ................................. — — 4.2
Equity forward contracts agreed to be settled
(1)
................ — — 44.0
Benefit plans
(2)
........................................ .3 1.0 3.3
Total shares repurchased ................................. .3 1.0 53.3
Average purchase price per share ........................... $20.29 $24.51 $44.59
Common shares issued .................................... 17.8 1.9 109.2
Equity forward contracts: ..................................
Outstanding at beginning of period ......................... — — 48.2
New contracts ......................................... — — —
Settlements ........................................... — — (4.2)
Agreed to be settled
(1)
................................... — — (44.0)
Outstanding at end of period .............................. — — —
Authority remaining at end of period for repurchases .............. 38.8 38.8 38.8
(1)
On December 31, 2007, the Company and Citibank agreed to physically settle the contract as detailed above. Consequently, the
common shares outstanding and shareholders’ equity on the Company’s year-end balance sheet reflect the physical settlement of
the equity forward contract. At December 31, 2007, the 44 million shares under this equity forward contract were reflected in
treasury stock.
(2)
Shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and
shares tendered by employees to satisfy option exercise costs.
The closing price of the Company’s common stock on December 31, 2009 was $11.27.
F-71
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)