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CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS’ EQUITY
Deferred Accumulated
Capital Contribution Other
(Thousands of Dollars, except share information) Common Shares Surplus, Plan - Retained Comprehensive Treasury
Shares Amount Paid In ESOP Earnings Income/(Loss) Stock Total
Balance as of
January 1, 2006 153,225,892 $ 874,489 $ 1,437,561 $(46,884 ) $ 504,301 $ 19,987 $(360,210) $ 2,429,244
Net income for 2006 470,578 470,578
Dividends on common shares - $0.725 per share (112,219 ) (112,219 )
Issuance of common shares, $5 par value 522,535 2,612 6,882 9,494
Allocation of benefits - ESOP 523,452 (618 ) 12,118 11,500
Change in restricted shares, net (38,738 ) 4,293 (690) 3,603
Tax deduction for stock options exercised
and Employee Stock Purchase
Plan disqualifying dispositions 1,112 1,112
Capital stock expenses, net 356 356
Adjustment to funded status of pension,
SERP and other post retirement plans (SFAS No. 158) (4,246 ) (4,246 )
Other comprehensive loss (11,243 ) (11,243 )
Balance as of
December 31, 2006 154,233,141 877,101 1,449,586 (34,766 ) 862,660 4,498 (360,900) 2,798,179
Adoption of FIN 48 - accounting for
uncertainty of income taxes (41,816 ) (41,816 )
Net income for 2007 246,483 246,483
Dividends on common shares - $0.775 per share (120,535 ) (120,535 )
Issuance of common shares, $5 par value 504,455 2,522 6,534 9,056
Allocation of benefits - ESOP 363,470 2,129 8,414 10,543
Change in restricted shares, net (21,104 ) 4,368 (627) 3,741
Change in treasury stock (192 ) 6 (6) -
Tax deduction for stock options exercised
and Employee Stock Purchase
Plan disqualifying dispositions 3,183 3,183
Capital stock expenses, net 140 140
Other comprehensive income 4,861 4,861
Balance as of
December 31, 2007 155,079,770 879,623 1,465,946 (26,352 ) 946,792 9,359 (361,533) 2,913,835
Net income for 2008 260,828 260,828
Dividends on common shares - $0.825 per share (129,026 ) (129,026)
Issuance of common shares, $5 par value 287,581 1,438 4,086 5,524
Allocation of benefits - ESOP 469,601 865 10,871 11,736
Change in restricted shares, net (2,591 ) 2,436 (70) 2,366
Tax deduction for stock options exercised
and Employee Stock Purchase
Plan disqualifying dispositions 1,622 1,622
Capital stock expenses, net 51 51
Other comprehensive loss (46,624 ) (46,624 )
Balance as of
December 31, 2008 155,834,361 $ 881,061 $ 1,475,006 $(15,481 ) $ 1,078,594 $(37,265 ) $(361,603 ) $ 3,020,312
50
The accompanying notes are an integral part of these consolidated financial statements.