Goldman Sachs 2004 Annual Report Download - page 74

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consolidated฀statements฀of฀changes฀in฀shareholders’฀equity
72฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT72฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT
฀ ฀ YEAR฀ENDED฀NOVEMBER
(IN฀MILLIONS,฀EXCEPT฀PER฀SHARE฀AMOUNTS)฀ 2004฀ 2003฀ 2002
Common stock, par value $0.01 per share
Balance, beginning of year $฀฀฀฀฀฀฀฀5฀ $฀฀฀฀฀฀฀฀5฀ $฀฀฀฀฀฀฀฀5
Issued 1฀ —฀ —
Balance, end of year 6฀ 5฀ 5
Restricted stock units and employee stock options
Balance, beginning of year 2,984฀ 3,517฀ 4,561
Issued 1,050฀ 339฀ 507
Delivered (1,948)฀ (714)฀ (1,293)
Forfeited฀(62)฀ (156)฀ (257)
Options exercised (11)฀ (2)฀ (1)
Balance, end of year 2,013฀ 2,984฀ 3,517
Additional paid-in capital
Balance, beginning of year 13,562฀ 12,750฀ 11,766
Issuance of common stock 1,609฀ 709฀ 865
Excess net tax benefit related to delivery of stock-based awards 330฀ 103฀ 119
Balance, end of year 15,501฀ 13,562฀ 12,750
Retained earnings
Balance, beginning of year฀9,914฀ 7,259฀ 5,373
Net earnings 4,553฀ 3,005฀ 2,114
Dividends declared (497)฀ (350)฀ (228)
Balance, end of year 13,970฀ 9,914฀ 7,259
Unearned compensation
Balance, beginning of year (339)฀ (845)฀ (1,220)
Restricted stock units granted —฀ (6)฀ (387)
Restricted stock units forfeited 11฀ 48฀ 95
Amortization of restricted stock units 211฀ 464฀ 667
Balance, end of year (117)฀ (339)฀ (845)
Accumulated other comprehensive income/(loss)
Balance, beginning of year 6฀ (122)฀ (168)
Currency translation adjustment, net of tax 5฀ 128฀ 46
Balance, end of year 11฀ 6฀ (122)
Treasury stock, at cost, par value $0.01 per share
Balance, beginning of year (4,500)฀ (3,561)฀ (2,086)
Repurchased (1,805)฀ (939)฀ (1,475)
Balance, end of year (6,305)฀ (4,500)฀ (3,561)
Total shareholders’ equity $25,079฀ $21,632฀ $19,003
The฀accompanying฀notes฀are฀an฀integral฀part฀of฀these฀consolidated฀financial฀statements.
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