Travelers 2003 Annual Report Download - page 19
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17
Shareholders' Equity
k) Preferred stock —
i. Adjustment to record convertible preferred stock at fair value $ 119
ii. Adjustment to record the guaranteed obligation under the Preferred Stock
Ownership Plan at fair value $ (2)
l) Net adjustment to remove the historical par value of TPC class A common stock,
class B common stock, additional paid-in capital and treasury stock $ (8,641)
m) Adjustment to remove SPC's retained earnings and accumulated other changes
in equity from nonowner sources $ (3,495)
n) Adjustment to SPC's no par value common stock to record the impact of "l" and
"m" above $ 12,136
o) Adjustment to record the excess of the fair value of SPC's no par value common
stock over its historical common shareholders' equity based on shares
outstanding at December 31, 2003 at an average of the closing price of SPC
common stock for the two trading days before through the two trading days after
November 17, 2003, the day SPC and TPC announced their merger agreement $ 2,146
p) Adjustment to record the fair value of SPC's outstanding stock options $ 192