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Table of Contents
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
See notes to consolidated financial statements.
43
Common Stock
Accumulated
Number
of Shares
Out-
standing
Amount
Additional
Paid-in
Capital
Treasury
Stock,
At Cost
Retained
Earnings
Other
Comprehensive
Income (Loss),
Net of Tax
Unearned
Restricted
Stock
Compensation
Comprehensive
Income (Loss)
Balances, January 1, 2006
34,761
$
382
$
177,574
$
(40,772
)
$
98,927
$
893
$
(4,162
)
$
—
Reversal of unamortized unearned
restricted stock compensation
(4,162
)
4,162
Stock
-
based compensation expense
2,330
Issuance of restricted stock,net
100
1
Exercise of stock options
480
(4,039
)
5,641
Income tax benefit on stock-based
compensation
1,280
Change in cumulative translation
adjustment
6,288
6,288
Net income
45,147
45,147
Total comprehensive income
51,435
Balances, December 31, 2006
35,341
383
172,983
(35,131
)
144,074
7,181
—
Stock
-
based compensation expense
4,009
Issuance of restricted stock
205
(2,843
)
2,406
Exercise of stock options
546
(3,569
)
6,401
Income tax benefit on stock-based
compensation
2,801
Cumulative effect of adoption of FIN
48
(283
)
Change in cumulative translation
adjustment net
4,530
4,530
Dividends paid
(36,588
)
Net income
69,481
69,481
Total comprehensive income
74,011
Balances, December 31, 2007
36,092
383
173,381
(26,324
)
176,684
11,711
—
Stock
-
based compensation expense
3,794
Issuance of restricted stock
104
1
283
46
Exercise of stock options
503
5
184
944
Repurchase of treasury stock
(475
)
(5,824
)
Income tax benefit on stock-based
compensation
1,599
Change in cumulative translation
adjustment net
(18,629
)
(18,629
)
Dividends paid
(37,126
)
Net income
52,843
52,843
Total comprehensive income
$
34,214
Balances, December 31, 2008
36,224
$
389
$
179,241
$
(31,158
)
$
192,401
$
(6,918
)
$
—