Invacare 2008 Annual Report Download - page 72

Download and view the complete annual report

Please find page 72 of the 2008 Invacare annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 120

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
INVACARE CORPORATION AND SUBSIDIARIES
Common
Stock
Class B
Stock
Additional
Paid-in-
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Earnings (Loss)
Unearned
Compen-
sation
Treasury
Stock Total
(In thousands)
January 1, 2006 Balance ............ $7,925 $278 $139,942 $ 598,025 $ 47,480 $(1,692) $(38,265) $ 753,693
Cumulative effect adjustment, adoption
of SAB 108, net of tax ............ (1,912) (1,912)
Adjustment upon adoption of
FAS 123R ...................... (1,692) 1,692 —
Exercise of stock options ............ 59 4,911 (4,314) 656
Non-qualified stock option expense .... 512 512
Restricted stock awards ............. 29 1,046 1,075
Net loss .......................... (317,774) (317,774)
Foreign currency translation
adjustments ..................... 64,386 64,386
Unrealized gains on cash flow hedges . . 2,303 2,303
Marketable securities holding loss ..... (41) (41)
Total comprehensive loss ............ (251,126)
Adjustment to initially apply FASB
Statement No. 158, net of tax ....... (14,940) (14,940)
Dividends ........................ (1,589) (1,589)
December 31, 2006 Balance ......... 8,013 278 144,719 276,750 99,188 — (42,579) 486,369
Exercise of stock options ............ 1 42 43
Non-qualified stock option expense .... 1,232 1,232
Restricted stock awards ............. 20 1,302 (298) 1,024
Net earnings ...................... 1,190 1,190
Foreign currency translation
adjustments ..................... 66,373 66,373
Unrealized loss on cash flow hedges . . . (3,334) (3,334)
Defined benefit plans amortization of
prior service costs and unrecognized
losses .......................... 2,701 2,701
Marketable securities holding gain ..... 41 41
Total comprehensive income ......... 66,971
Dividends ........................ (1,596) (1,596)
December 31, 2007 Balance ......... 8,034 278 147,295 276,344 164,969 — (42,877) 554,043
Exercise of stock options ............ 61 5,697 (5,011) 747
Non-qualified stock option expense .... 1,961 1,961
Restricted stock awards ............. 24 1,314 (333) 1,005
Net earnings ...................... 38,551 38,551
Foreign currency translation
adjustments ..................... (124,361) (124,361)
Unrealized loss on cash flow hedges . . . (387) (387)
Defined benefit plans:
Amortization of prior service costs
and unrecognized losses and
credits ..................... 2,513 2,513
Plan amendment giving rise to prior
service credit ................ 12,455 12,455
Amounts arising during the year,
primarily due to the addition of
new participants ............. (4,287) (4,287)
Marketable securities holding loss ..... (113) (113)
Total comprehensive loss ............ (75,629)
Dividends ........................ (1,599) (1,599)
December 31, 2008 Balance ......... $8,119 $278 $156,267 $ 313,296 $ 50,789 $ — $(48,221) $ 480,528
See notes to consolidated financial statements.
FS-6