Goldman Sachs 2007 Annual Report Download - page 90

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Consolidated Statements of Changes in Shareholders’ Equity
Year Ended November
(in millions, except per share amounts) 2007 2006 2005
Preferred stock
Balance, beginning of year $ 3,100 $ 1,750 $ —
Issued — 1,350 1,750
Balance, end of year 3,100 3,100 1,750
Common stock, par value $0.01 per share
Balance, beginning of year 6 6 6
Issued — — —
Balance, end of year 6 6 6
Restricted stock units and employee stock options
Balance, beginning of year 6,290 3,415 2,013
Issuance and amortization of restricted stock units and employee stock options 4,684 3,787 1,871
Delivery of common stock underlying restricted stock units (1,548) (781) (423)
Forfeiture of restricted stock units and employee stock options (113) (129) (37)
Exercise of employee stock options (11) (2) (9)
Balance, end of year 9,302 6,290 3,415
Additional paid-in capital
Balance, beginning of year 19,731 17,159 15,501
Issuance of common stock, including the delivery of common stock
underlying restricted stock units and proceeds from the exercise
of employee stock options 2,338 2,432 1,580
Cancellation of restricted stock units in satisfaction of withholding
tax requirements (929) (375) (163)
Stock purchase contract fee related to automatic preferred enhanced
capital securities (20) — —
Preferred stock issuance costs — (1) (31)
Excess net tax benefit related to share-based compensation 908 653 272
Cash settlement of share-based compensation (1) (137) —
Balance, end of year 22,027 19,731 17,159
Retained earnings
Balance, beginning of year, as previously reported 27,868 19,085 13,970
Cumulative effect of adjustment from adoption of SFAS No. 157, net of tax 51 — —
Cumulative effect of adjustment from adoption of SFAS No. 159, net of tax (45) — —
Balance, beginning of year, after cumulative effect of adjustments 27,874 19,085 13,970
Net earnings 11,599 9,537 5,626
Dividends and dividend equivalents declared on common stock
and restricted stock units (639) (615) (494)
Dividends declared on preferred stock (192) (139) (17)
Balance, end of year 38,642 27,868 19,085
Unearned compensation
Balance, beginning of year — — (117)
Amortization of restricted stock units — — 117
Balance, end of year — — —
Accumulated other comprehensive income/(loss)
Balance, beginning of year 21 — 11
Adjustment from adoption of SFAS No. 158, net of tax (194) — —
Currency translation adjustment, net of tax 39 45 (27)
Minimum pension liability adjustment, net of tax 38 (27) (11)
Net gains/(losses) on cash flow hedges, net of tax (2) (7) 9
Net unrealized gains/(losses) on available-for-sale securities, net of tax (12) 10 18
Reclassification to retained earnings from adoption of SFAS No. 159, net of tax (8) — —
Balance, end of year (118) 21 —
Common stock held in treasury, at cost
Balance, beginning of year (21,230) (13,413) (6,305)
Repurchased (8,956) (7,817) (7,108)
Reissued 27 — —
Balance, end of year (30,159) (21,230) (13,413)
Total shareholders’ equity $ 42,800 $ 35,786 $ 28,002
The accompanying notes are an integral part of these consolidated financial statements.
88 Goldman Sachs 2007 Annual Report