Goldman Sachs 2002 Annual Report Download - page 66

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Consolidated Statem ents of Changes in Shareholders’ Equity
GO L D M A N SA CH S 2002 A N N UAL R EPO RT 63
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2002 2001 2000
Common stock, par value $0.01 per share
Balance, beginning of year $ 5 $ 5 $ 4
Issued ——1
Balance, end of year 555
Restricted stock units
Balance, beginning of year 4,542 4,760 4,339
Granted 498 648 1,150
Delivered (1,293) (600) (507)
Forfeited (253) (266) (222)
Balance, end of year 3,494 4,542 4,760
Nonvoting common stock, par value $0.01 per share
Balance, beginning of year ———
Exchanged ———
Balance, end of year ———
Additional paid-in capital
Balance, beginning of year 11,785 11,127 7,359
Issuance of common stock 869 535 3,651
Issuance of common stock contributed to a defined contribution plan ——1
Tax benefit related to delivery of equity-based awards 119 123 116
Balance, end of year 12,773 11,785 11,127
Retained earnings
Balance, beginning of year 5,373 3,294 444
Net earnings 2,114 2,310 3,067
Dividends declared (228) (231) (217)
Balance, end of year 7,259 5,373 3,294
Unearned compensation
Balance, beginning of year (1,220) (1,878) (2,038)
Restricted stock units granted (387) (375) (842)
Restricted stock units forfeited 95 108 163
Amortization of restricted stock units 667 925 839
Balance, end of year (845) (1,220) (1,878)
Accumulated other comprehensive (loss)/income
Balance, beginning of year (168) (130) 37
Currency translation adjustment 46 (38) (167)
Balance, end of year (122) (168) (130)
Treasury stock, at cost, par value $0.01 per share
Balance, beginning of year (2,086) (648) —
Shares repurchased (1,475) (1,438) (648)
Balance, end of year (3,561) (2,086) (648)
$19,003 $18,231 $16,530
The accompanying notes are an integral part of these consolidated financial statements.