Jack In The Box 2008 Annual Report Download - page 76

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10. STOCKHOLDERS’ EQUITY
Preferred stock — We have 15,000,000 shares of preferred stock authorized for issuance at a par value of $.01
per share. No preferred shares have been issued.
Stock split — On August 3, 2007, our Board of Directors approved a two-for-one split of our common stock,
that was effected in the form of a 100% stock dividend on October 15, 2007. In connection with the stock split, our
shareholders approved, on September 21, 2007, an amendment to our Certificate of Incorporation to increase the
number of authorized common shares from 75.0 million to 175.0 million.
Repurchases of common stock — In November 2007, the Board approved a program to repurchase up to
$200.0 million in shares of our common stock over three years expiring November 9, 2010. We repurchased
3.9 million shares at an aggregate cost of $100.0 million during fiscal 2008. As of September 28, 2008, the total
remaining amount authorized for repurchase was $100.0 million.
Pursuant to a tender offer in December 2006, we accepted for purchase approximately 2.3 million shares of
common stock at a purchase price of $61.00 per share, for a total cost of $143.3 million. In December 2006, the
Board of Directors authorized a program to repurchase up to 3.3 million shares of our common stock in calendar
year 2007 to complete the repurchase of the total shares authorized in the Tender Offer. In the second quarter of
2007, under a 10b5-1 plan, we repurchased 3.2 million shares for $220.1 million. The Tender Offer and the
additional repurchase program were funded through the new credit facility and available cash, and all shares
repurchased were subsequently retired.
Pursuant to a stock repurchase program authorized by the Board of Directors in 2005, we repurchased
1,582,881 and 1,444,700 shares of our common stock for $100.0 million and $50.0 million during 2007 and 2006,
respectively.
Comprehensive income — Our total comprehensive income, net of taxes, was as follows (in thousands):
2008 2007 2006
Net earnings ...................................... $119,279 $125,583 $107,067
Net unrealized gains (losses) related to cash flow hedges ..... (3,210) (2,055) 297
Tax effect ........................................ 1,226 801 (117)
(1,984) (1,254) 180
Net realized gains reclassified into net earnings on liquidation
of interest rate swaps .............................. — (371) —
Tax effect ........................................ — 137 —
— (234) —
Effect of unrecognized net actuarial losses and prior service
cost in 2008 and and 2007, minimum pension liability
adjustment in 2006 ............................... 11,907 3,917 45,150
Tax effect ........................................ (4,628) (1,524) (17,563)
7,279 2,393 27,587
Total comprehensive income ........................ $124,574 $126,488 $134,834
F-30
JACK IN THE BOX INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)