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45
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
Capital Accumulated Total
in Othe
r
World Fuel Noncontrolling
Common Stock Excess o
f
Retained Comprehensive Shareholders’ Interest Total
Shares Amount Par
V
alue Earnings Loss Equity Equity Equity
Balance as of December 31, 2011 71,154 $ 712 $ 502,551 $ 836,222 $ (6,524) $ 1,332,961 $ 13,757 $ 1,346,718
Net income —
—
— 189,345 — 189,345 12,006 201,351
Cash dividends declared —
—
— (10,685) — (10,685) — (10,685)
Distribution of noncontrolling interest —
—
— — — — (1,313) (1,313)
A
mortization of share-based payment awards —
—
13,610 — — 13,610 — 13,610
Issuance of common stock related to share-
based payment awards including income tax
benefit of $3,681 1,028 9 6,401 — — 6,410 — 6,410
Purchases of common stock tendered by
employees to satisfy the required withholding
taxes related to share-based payment awards (35)
—
(4,973) — — (4,973) — (4,973)
Other comprehensive loss —
—
— — (9,494) (9,494) — (9,494)
Balance as of December 31, 2012 72,147 721 517,589 1,014,882 (16,018) 1,517,174 24,450 1,541,624
Net income —
—
— 203,075 — 203,075 4,085 207,160
Cash dividends declared —
—
— (10,658) — (10,658) — (10,658)
Investment by noncontrolling interest —
—
— — — — 17,524 17,524
Distribution of noncontrolling interest —
—
— — — — (15,489) (15,489)
Deconsolidation of crude oil transloading joint
venture —
—
— — — — (25,574) (25,574)
A
mortization of share-based payment awards —
—
16,075 — — 16,075 — 16,075
Issuance of common stock related to share-
based payment awards including income tax
benefit of $3,301 678 7 3,294 — — 3,301 — 3,301
Purchases of common stock tendered by
employees to satisfy the required withholding
taxes related to share-based payment awards (16)
—
(6,768) — — (6,768) — (6,768)
Purchases of common stock (926) (9) (34,991) — — (35,000) — (35,000)
Other comprehensive loss —
—
— — (13,301) (13,301) — (13,301)
Balance as of December 31, 2013 71,883 719 495,199 1,207,299 (29,319) 1,673,898 4,996 1,678,894
Net income (loss) —
—
— 221,747 — 221,747 (3,340) 218,407
Cash dividends declared —
—
— (10,596) — (10,596) — (10,596)
Initial noncontrolling interest upon acquisition of
businesses —
—
— — — — 19,448 19,448
Distribution of noncontrolling interest —
—
— — — — (11,581) (11,581)
A
mortization of share-based payment awards —
—
15,260 — — 15,260 — 15,260
Issuance of common stock related to share-
based payment awards including income tax
benefit of $1,028 477 5 1,023 — — 1,028 — 1,028
Purchases of common stock tendered by
employees to satisfy the required withholding
taxes related to share-based payment awards (51) (1) (5,083) — — (5,084) — (5,084)
Purchases of common stock (227) (2) (9,997) — — (9,999) — (9,999)
Other comprehensive loss —
—
— — (30,896) (30,896) — (30,896)
Balance as of December 31, 2014 72,082 $ 721 $ 496,402 $ 1,418,450 $ (60,215) $ 1,855,358 $ 9,523 $ 1,864,881
The accompanying notes are an integral part of these consolidated financial statements.