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SHUTTERFLY, INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND

STOCKHOLDERS’ EQUITY (DEFICIT) (Continued)

(In thousands)

The accompanying notes are an integral part of these consolidated financial statements.

Redeemable

Accumulated

Convertible

Additional

Deferred

Other

Total

Preferred Stock

Common Stock

Paid

-

In

Stock

-

Based

Accumulated

Comprehensive

Stockholders

’

Shares

Amount

Shares

Amount

Capital

Compensation

Deficit

Loss

Equity(Deficit)

Balances, December 31, 2006

—

—

23,705

$ 2

$181,890

$(191)

$(30,340)

$(35)

$151,326

Issuance of common stock

upon net exercise of

warrants

—

—

27

—

—

—

—

—

—

Issuance of common stock

upon exercise of options,

net of repurchases

—

—

1,073

—

4,983

—

—

—

4,983

Cancellation of common stock

options and restricted shares

—

—

—

—

(

162)

162

—

—

—

Amortization of deferred

stock-based compensation, net

of cancellations

—

—

—

—

—

1

—

—

1

Employees stock-based

compensation expense

recognized under

SFAS No. 123R, net of

estimated forfeiture

—

—

—

—

4,111

—

—

—

4,111

Tax benefit of stock options

—

—

—

—

27

—

—

—

27

Change in unrealized loss in

investments, net of tax

—

—

—

—

—

—

—

23

23

Net income

—

—

—

—

—

—

10,095

—

10,095

Total comprehensive income

—

—

—

—

—

—

—

—

10,118

Balances, December 31, 2007

—

—

24,805

$ 2

$190,849

$ (28)

$(20,245)

$(12)

$170,566

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