Xerox 2013 Annual Report Download - page 133
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Treasury Stock
We account for the repurchased common stock under the cost method and include such treasury stock as a
component of our common shareholder's equity. Retirement of treasury stock is recorded as a reduction of Common
stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors.
The following provides cumulative information relating to our share repurchase programs from their inception in
October 2005 through December 31, 2013 (shares in thousands):
Authorized share repurchase programs $ 6,500
Share repurchase cost $ 5,386
Share repurchase fees $ 9
Number of shares repurchased 493,492
In 2013, the Board of Directors authorized an additional $0.5 billion in share repurchase bringing the total cumulative
authorization to $6.5 billion. As of December 31, 2013, approximately $1.1 billion of that authority remained available.
The following table reflects the changes in Common and Treasury stock shares (shares in thousands):
Common Stock
Shares
Treasury Stock
Shares
Balance at December 31, 2010 1,397,578 —
Stock based compensation plans, net 11,027 —
Contributions to U.S. pension plan(1) 16,645 —
Acquisition of Treasury stock —87,943
Cancellation of Treasury stock (72,435) (72,435)
Other 34 —
Balance at December 31, 2011 1,352,849 15,508
Stock based compensation plans, net 17,343 —
Contributions to U.S. pension plan(1) 15,366 —
Acquisition of Treasury stock — 146,278
Cancellation of Treasury stock (146,862) (146,862)
Balance at December 31, 2012 1,238,696 14,924
Stock based compensation plans, net 28,731 —
Acquisition of Treasury stock —65,179
Cancellation of Treasury stock (58,102) (58,102)
Conversion of 2014 9% Notes 996 —
Balance at December 31, 2013 1,210,321 22,001
_____________________________
(1) Refer to Note 15 - Employee Benefits Plans for additional information.
Stock-Based Compensation
We have a long-term incentive plan whereby eligible employees may be granted restricted stock units (RSUs),
performance shares (PSs) and non-qualified stock options. We grant stock-based awards in order to continue to attract
and retain employees and to better align employees' interests with those of our shareholders. Each of these awards is
subject to settlement with newly issued shares of our common stock. At December 31, 2013 and 2012, 59 million and
50 million shares, respectively, were available for grant of awards.
Stock-based compensation expense was as follows:
Year Ended December 31,
2013 2012 2011
Stock-based compensation expense, pre-tax $ 90 $ 125 $ 123
Income tax benefit recognized in earnings 34 48 47
Xerox 2013 Annual Report
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