Morgan Stanley 2015 Annual Report Download - page 90

stock upon liquidation. The Series J Preferred Stock offering (net of related issuance costs) resulted in proceeds of
approximately $1,493 million.
On December 15, 2015, the Company announced that the Board declared a quarterly dividend for preferred stock
shareholders of record on December 31, 2015, that was paid on January 15, 2016.
Preferred Stock Dividends.
Series Preferred Stock Description
Quarterly
Dividend
per Share(1)
A Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each representing a
1/1,000th interest in a share of preferred stock and each having a dividend of $0.25556)
$ 255.56
C 10% Non-Cumulative Non-Voting Perpetual Preferred Stock 25.00
E Fixed-to-Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each
representing a 1/1,000th interest in a share of preferred stock and each having a dividend of $0.44531)
445.31
F Fixed-to-Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each
representing a 1/1,000th interest in a share of preferred stock and each having a dividend of $0.42969)
429.69
G 6.625% Non-Cumulative Preferred Stock (represented by depositary shares, each representing a
1/1,000th interest in a share of preferred stock and each having a dividend of $0.41406)
414.06
H Fixed-to-Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each
representing a 1/25th interest in a share of preferred stock and each having a dividend of $27.25000)(1)
681.25
I Fixed-to-Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each
representing a 1/1,000th interest in a share of preferred stock and each having a dividend of $0.39844)
398.44
J Fixed-to-Floating Rate Non-Cumulative Preferred Stock (represented by depositary shares, each
representing a 1/25th interest in a share of preferred stock and each having a dividend of $27.75000)(2)
693.75
(1) Dividend on Series H Preferred Stock is payable semiannually until July 15, 2019 and quarterly thereafter.
(2) Dividend on Series J Preferred Stock is payable semiannually until July 15, 2020 and quarterly thereafter.
Tangible Equity.
Tangible Equity Measures—Period End and Average.
Balance at Average Balance(1)
December 31, 2015 December 31, 2014 2015 2014
(dollars in millions)
Common equity ................................. $ 67,662 $ 64,880 $ 66,936 $ 65,284
Preferred equity ................................. 7,520 6,020 7,174 4,774
Morgan Stanley shareholders’ equity ................ 75,182 70,900 74,110 70,058
Junior subordinated debentures issued to capital trusts . . 2,870 4,868 3,640 4,866
Less: Goodwill and net intangible assets ............. (9,564) (9,742) (9,661) (9,737)
Tangible Morgan Stanley shareholders’ equity(2) ...... $ 68,488 $ 66,026 $ 68,089 $ 65,187
Common equity ................................. $ 67,662 $ 64,880 $ 66,936 $ 65,284
Less: Goodwill and net intangible assets ............. (9,564) (9,742) (9,661) (9,737)
Tangible common equity(2) ....................... $ 58,098 $ 55,138 $ 57,275 $ 55,547
(1) Average balances were calculated based upon month-end balances.
(2) Tangible Morgan Stanley shareholders’ equity and tangible common equity are non-GAAP financial measures that the Company and investors considertobea
useful measure to assess capital adequacy.
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