FairPoint Communications 2003 Annual Report Download - page 31
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Balance at December 31, 2000 45,527 $455 — $— 4,269 $ 43 227,245 (9,707)440 (154,098)64,378
Net loss — — — — — — — — — (211,600)(211,600)
Compensation expense for stock-
based awards — — — — — — 1,337 (1,138) — — 199
Forfeit of unvested stock options — — — — — — (10,845)10,845 — — —
Other comprehensive loss from
available-for-sale securities — — — — — — — — (118) — (118)
Exercise of stock options 92 1 — — — — 299 — — — 300
Other comprehensive loss from
cash flow hedges — — — — — — — — (2,569) — (2,569)
Repurchase and cancellation of
shares of common stock (8) — — — — — (100) — — — (100)
Balance at December 31, 2001 45,611 456 — — 4,269 43 217,936 — (2,247)(365,698)(149,510)
Net income — — — — — — — — — 13,239 13,239
Compensation expense for stock-
based awards — — — — — — 924 — — — 924
Other comprehensive loss from
available-for-sale securities — — — — — — — — (322) — (322)
Other comprehensive income
from cash flow hedges — — — — — — — — 1,437 — 1,437
Preferred stock accretion — — — — — — (1,000) — — — (1,000)
Preferred stock dividends — — — — — — (10,918) — — — (10,918)
Balance at December 31, 2002 45,611 456 — — 4,269 43 206,942 — (1,132)(352,459)(146,150)
Net income — — — — — — — — — 1,671 1,671
Compensation expense for stock-
based awards — — — — — — 15 — — — 15
Other comprehensive loss from
available-for-sale securities — — — — — — — — 1,469 — 1,469
Other comprehensive income
from cash flow hedges — — — — — — — — 1,029 — 1,029
Repurchase redeemable
preferred stock — — — — — — — — — 2,905 2,905
Preferred stock accretion — — — — — — (729) — — — (729)
Preferred stock dividends — — — — — — (8,163) — — — (8,163)
Balance at December 31, 2003 45,611 $456 — $— 4,269 $ 43 198,065 — 1,366 (347,883)(147,953)
See accompanying notes to consolidated financial statements.
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Net income (loss) $(211,600) 13,239 1,671
Other comprehensive income (loss):
Available-for-sale securities:
Unrealized holding gains (losses) $833 (8,491) 1,618
Less reclassification adjustment for gain
realized in net income (loss) (951) (7) (149)
Reclassification for other than temporary loss
included in net income — (118)8,176 (322)— 1,469
Cash flow hedges:
Cumulative effect of a change in accounting