Wells Fargo 2010 Annual Report Download - page 197
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 |
 |
ESOP CUMULATIVE CONVERTIBLE PREFERRED STOCK All
shares of our ESOP Cumulative Convertible Preferred Stock
(ESOP Preferred Stock) were issued to a trustee acting on behalf
of the Wells Fargo & Company 401(k) Plan (the 401(k) Plan).
Dividends on the ESOP Preferred Stock are cumulative from the
date of initial issuance and are payable quarterly at annual rates
based upon the year of issuance. Each share of ESOP Preferred
Stock released from the unallocated reserve of the 401(k) Plan is
converted into shares of our common stock based on the stated
value of the ESOP Preferred Stock and the then current market
price of our common stock. The ESOP Preferred Stock is also
convertible at the option of the holder at any time, unless
previously redeemed. We have the option to redeem the ESOP
Preferred Stock at any time, in whole or in part, at a redemption
price per share equal to the higher of (a) $1,000 per share plus
accrued and unpaid dividends or (b) the fair market value, as
defined in the Certificates of Designation for the ESOP Preferred
Stock.
Shares issued and outstanding
Carrying value
Adjustable
December 31,
December 31,
dividend rate
(in millions, except shares) 2010
2009
2010
2009
Minimum
Maximum
ESOP Preferred Stock
$1,000 liquidation preference per share
2010 287,161
-
$ 287
-
9.50
%
10.50
2008 104,854
120,289
105
120
10.50
11.50
2007 82,994
97,624
83
98
10.75
11.75
2006 58,632
71,322
59
71
10.75
11.75
2005 40,892
51,687
41
52
9.75
10.75
2004 26,815
36,425
27
37
8.50
9.50
2003 13,591
21,450
13
21
8.50
9.50
2002 3,443
11,949
3
12
10.50
11.50
2001 -
3,273
-
3
10.50
11.50
Total ESOP Preferred Stock (1) 618,382
414,019
$ 618
414
Unearned ESOP shares (2) $ (663)
(442)
(1) At December 31, 2010 and December 31, 2009, additional paid-in capital included $45 million and $28 million, respectively, related to preferred stock.
(2) We recorded a corresponding charge to unearned ESOP shares in connection with the issuance of the ESOP Preferred Stock. The unearned ESOP shares are reduced as
shares of the ESOP Preferred Stock are committed to be released.
195