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CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT AND COMPREHENSIVE INCOME
(In thousands, except share amounts)
Common
Stock -
Shares
Outstanding
Common
Stock -
Par
Value
Additional
Paid-in-
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Deferred
Compensation
Treasury
Stock
Comprehensive
income
Retained
Earnings
Total
Balance as of December 31, 2004 .............................
.
32,312,433 $ 323 $ 76,869 $ 1,400 $ (1,600 ) $ (631,312) $ 351,267 $ (203,053)
Comprehensive income
Net income .................................................................
.
— — — — — — $ 87,565 87,565 87,565
Other comprehensive income, net of tax:
Foreign currency translation adjustments ...
.
— — — — — — (351 ) — (351)
Amortization of deferred gain on hedge,
net of taxes...........................................
.
— — — — — — (67 ) — (67)
Unrealized loss on available for sale
securities, net of taxes..........................
.
— — — — — — (25 ) — (25)
Reclassification adjustment for gains on
available for sale securities included
in net income........................................
.
— — — — — — (98 ) — (98)
Other comprehensive income......................
.
— — — (541 ) — — (541 ) — —
Comprehensive income..............................................
.
$ 87,024
Exercise of stock options ...........................................
.
1,275,737 13 2,087 — — 21,997 — 24,097
Issuance and cancellation of restricted stock .............
.
149,283 1 (7,876) — — 7,875 — —
Stock compensation related to stock options.............
.
— — 1,806 — — — — 1,806
Amortization of deferred compensation related to
restricted stock grants .........................................
.
— — 2,680 — 802 — — 3,482
Dividends declared.....................................................
.
— — — — — — (31,410) (31,410)
Treasury purchases.....................................................
.
(1,107,466) (11) — — — (49,111) — (49,122)
Two-for-one common stock split...............................
.
32,589,654 326 (326) — — — — —
Balance as of December 31, 2005 .............................
.
65,219,641 $ 652 $ 75,240 $ 859 $ (798 ) $ (650,551) $ 407,422 $ (167,176)
Comprehensive income
Net income .................................................................
.
— — — — — — $ 112,787 112,787 112,787
Other comprehensive income, net of tax:
Foreign currency translation adjustments ...
.
— — — — — — 314 — 314
Amortization of deferred gain on hedge,
net of taxes...........................................
.
— — — — — — (67 ) — (67)
Other comprehensive income......................
.
— — — 247 — — 247 — —
Comprehensive income..............................................
.
$ 113,034
Exercise of stock options ...........................................
.
1,037,979 11 3,249 — — 17,937 — 21,197
Issuance and cancellation of restricted stock .............
.
114,500 1 (6,099) — — 6,098 — —
Stock compensation related to stock options.............
.
— — 4,023 — — — — 4,023
Amortization of deferred compensation related to
restricted stock grants .........................................
.
— — 6,074 — — — — 6,074
Dividends declared.....................................................
.
— — — — — — (36,859) (36,859)
Treasury purchases.....................................................
.
(28,793) — — — — (1,341) — (1,341)
Issuance of treasury shares ........................................
.
12,226 — — — — 546 — 546
Reclassification required by SFAS No. 123R ...........
.
— — (798) — 798 — — —
Adjustment to initially apply SFAS No. 158, net of
tax of $1.1 million ..............................................
.
— — — (1,878 ) — — — (1,878)
Balance as of December 31, 2006 .............................
.
66,355,553 $ 664 $ 81,689 $ (772 ) $ — $ (627,311) $ 483,350 $ (62,380)
Comprehensive income
Net income ................................................................
.
— — — — — — $ 111,301 111,301 111,301
Other comprehensive income, net of tax:
Amortization of pension related costs,
net of tax .............................................
.
Prior service costs......................................
.
— — — — — — 27 — 27
Actuarial loss .............................................
.
— — — — — — 37 — 37
Pension curtailment and
remeasurement, net of tax.................
.
— — — — — — 758 — 758
Actuarial pension loss, net of tax .............
.
— — — — — — (319 ) — (319)
Foreign currency translation
adjustments ........................................
.
— — — — — — 682 — 682
Amortization of deferred gain on hedge,
net of taxes ..........................................
.
— — — — — — (67 ) — (67)
Other comprehensive income...................
.
— — — 1,118 — — 1,118 — —
Comprehensive income............................................
.
$ 112,419
Exercise of stock options .........................................
.
565,261 6 2,297 — — 9,508 11,811
Issuance and cancellation of restricted stock ........
.
113,684 1 (4,908) — — 4,907 — —
Stock compensation related to stock options.........
.
— — 3,378 — — — — 3,378
Amortization of deferred compensation related
to restricted stock grants..................................
.
— — 6,864 — — — — 6,864
Dividends declared...................................................
.
— — — — — — (40,726) (40,726)
Treasury purchases..................................................
.
(4,959,378) (50) — — — (185,818) — (185,868)
Issuance of treasury shares .....................................
.
16,559 — — — — 604 — 604
Cumulative impact of the adoption of FIN 48.......
.
— — (3,077) — — — (86) (3,163)
Balance as of December 31, 2007............................
.
62,091,679 $ 621 $ 86,243 $ 346 $ — $ (798,110) $ 553,839 $ (157,061)
The accompanying notes are an integral part of these consolidated financial statements.
52