Entergy 2003 Annual Report Download - page 74

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72
ENTERGY CORPORATION AND SUBSIDIARIES 2003
NOTE 7. PREFERRED STOCK
The number of shares authorized and outstanding and dollar value of preferred stock for Entergy Corporation subsidiaries
as of December 31, 2003 and 2002 are presented below. Only the Entergy Gulf States series “with sinking fund” contain
mandatory redemption requirements. All other series are redeemable at Entergy’s option. ($ in thousands)
Shares Authorized Total
and Outstanding Dollar Value
2003 2002 2003 2002
Entergy Corporation
U.S. Utility Preferred Stock:
Without sinking fund
Entergy Arkansas, 4.32% - 7.88% Series 1,613,500 1,613,500 $116,350 $116,350
Entergy Gulf States, 4.20% - 7.56% Series 473,268 473,268 47,327 47,327
Entergy Louisiana, 4.16% - 8.00% Series 2,115,000 2,115,000 100,500 100,500
Entergy Mississippi, 4.36% - 8.36% Series 503,807 503,807 50,381 50,831
Entergy New Orleans, 4.36% - 5.56% Series 197,798 197,798 19,780 19,780
Total without sinking fund 4,903,373 4,903,373 $334,337 $334,337
With sinking fund:
Entergy Gulf States, Adjustable Rate 7.0% (a) 208,519 243,269 $ 20,852 $ 24,327
Total with sinking fund 208,519 243,269 $ 20,852 $ 24,327
Fair Value of Preferred Stock with sinking fund (b) $ 15,354 $ 20,792
Totals may not foot due to rounding.
(a)Represents weighted-average annualized rate for 2003.
(b)Fair values were determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.
There is additional disclosure of fair value of financial instruments in Note 15 to the consolidated financial statements.
All outstanding preferred stock is cumulative.
Changes in the preferred stock of Entergy during the past three years were:
Number of Shares
2003 2002 2001
Preferred Stock Retirements
Entergy Gulf States
$100 par value (34,500) (18,579) (49,237)
Entergy Louisiana
$100 par value – – (350,000)
Entergy Gulf States has annual sinking fund requirements of $3.45 million through 2008 for its preferred stock outstanding.
NOTE 8. COMMON EQUITY
COMMON STOCK
Treasury Stock
Treasury stock activity for Entergy for 2003 and 2002 ($ in thousands):
2003 2002
Treasury Shares Cost Treasury Shares Cost
Beginning Balance, January 1 25,752,410 $ 747,331 27,441,384 $ 758,820
Repurchases 155,000 8,135 2,885,000 118,499
Issuances:
Equity Ownership/Equity Awards Plans (6,622,095) (194,057) (4,567,054) (129,748)
Directors’ Plan (8,870) (257) (6,920) (240)
Ending Balance, December 31 19,276,445 $ 561,152 25,752,410 $ 747,331
Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’
Plan), the Equity Ownership Plan of Entergy Corporation and Subsidiaries (Equity Ownership Plan), the Equity Awards
Plan, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compen-
sation in the form of a fixed number of shares of Entergy Corporation common stock.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
continued