World Fuel Services 2008 Annual Report Download - page 55

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
Common Stock
Capital
in
Excess
of Par
Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income TotalShares Amount
Balance at December 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . 27,370 $274 $157,436 $195,494 $ 143 $353,347
Netincome .................................... — — — 63,948 — 63,948
Cash dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (4,197) — (4,197)
Issuance of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . 202 2 (2) — — —
Amortization of share-based payment awards . . . . . . . . . — — 7,035 — — 7,035
Exercise of stock options, including income tax benefit
of$128 ..................................... 953 9 6,671 — — 6,680
Purchases of stock tendered by employees to satisfy the
required withholding taxes related to share-based
payment awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) — (1,050) — — (1,050)
Other ......................................... (13) — 185 — 21 206
Balance at December 31, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . 28,488 285 170,275 255,245 164 425,969
Netincome .................................... — — — 64,773 — 64,773
Cash dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (4,275) — (4,275)
Issuance of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . 108 1 (1) — — —
Amortization of share-based payment awards . . . . . . . . . — — 7,166 — — 7,166
Exercise of stock options, including income tax benefit
of$3,883 .................................... 96 1 4,938 — — 4,939
Purchases of stock tendered by employees to satisfy the
required withholding taxes related to share-based
payment awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (59) (1) (2,582) — — (2,583)
Cumulative adjustment for the adoption of FIN 48
(seeNote9) .................................. — — — (11,986) — (11,986)
Other ......................................... (54) — 3 — (129) (126)
Balance at December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . 28,579 286 179,799 303,757 35 483,877
Netincome .................................... — — — 105,039 — 105,039
Cash dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (4,345) — (4,345)
Amortization of share-based payment awards . . . . . . . . . — — 8,643 — — 8,643
Exercise of stock options, including income tax benefit
of$5,842 .................................... 328 3 7,149 — — 7,152
Purchases of stock tendered by employees to satisfy the
required withholding taxes related to share-based
payment awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) — (297) — — (297)
Shares issuance related to acquisition . . . . . . . . . . . . . . . . 410 4 9,880 — — 9,884
Foreign currency translation adjustment . . . . . . . . . . . . . . — — — — (3,340) (3,340)
Unrealized losses on qualifying cash flow hedges . . . . . . — — — — (1,096) (1,096)
Adoption of FAS No. 157 (see Note 11) . . . . . . . . . . . . . . — — — 2,502 — 2,502
Other ......................................... (11) — (132) — — (132)
Balance at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . 29,295 $293 $205,042 $406,953 $(4,401) $607,887
The accompanying notes are an integral part of these consolidated financial statements.
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