Olympus 2009 Annual Report Download - page 52

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a company may, by a resolution of its board of directors, designate an amount not exceeding one-half of the prices of the new shares as
additional paid-in capital, which is included in capital surplus.
Under the Law, in cases where a dividend distribution of surplus is made, the smaller of an amount equal to 10% of the dividend or the
excess, if any, of 25% of common stock over the total of additional paid-in capital and legal earnings reserve must be set aside as addi-
tional paid-in capital or legal earnings reserve. Legal earnings reserve is included in retained earnings in the accompanying consolidated
balance sheets.
Under the Code, companies were required to set aside an amount equal to at least 10% of the aggregate amount of cash dividends and
other cash appropriations as legal earnings reserve until the total of legal earnings reserve and additional paid-in capital equaled 25% of
common stock.
Under the Code, legal earnings reserve and additional paid-in capital could be used to eliminate or reduce a deficit by a resolution of
the shareholders’ meeting or could be capitalized by a resolution of the board of directors. Under the Law, both of these appropriations
generally require a resolution of the shareholders’ meeting.
Additional paid-in capital and legal earnings reserve may not be distributed as dividends. Under the Code, however, on condition that
the total amount of legal earnings reserve and additional paid-in capital remained equal to or exceeds 25% of common stock, they were
available for distribution by resolution of the shareholders’ meeting. Under the Law, all additional paid-in capital and all legal earnings
reserve may be transferred to other capital surplus and other retained earnings, respectively, which are potentially available for dividends.
The maximum amount that the Company can distribute as dividends is calculated based on the non-consolidated financial statements
of the Company in accordance with Japanese laws and regulations.
A summary of information regarding the Consolidated Statement of Changes in Net Assets for the year ended March 31, 2009 is as follows:
Total number and class of shares issued and treasury stock
Class of Shares
As of the end of the
previous consolidated
fiscal year
(Number of shares)
Increase in the
current fiscal
year
(Number of shares)
Decrease in the
current fiscal
year
(Number of shares)
As of the end of the
current consolidated
fiscal year
(Number of shares)
Shares issued
Common stock .................................................................... 271,283,608 — — 271,283,608
Total ................................................................................... 271,283,608 — — 271,283,608
Treasury Stock
Common stock (Note) .......................................................... 1,044,440 3,044,782 — 4,089,222
Total ................................................................................... 1,044,440 3,044,782 — 4,089,222
Note: The increase in the number of shares in common stock of treasury stock, 2,958,000 share is due to the purchase of Common stock and 86,782 shares is due to the
purchase of stock of less than one unit share.
Dividends
Dividend paid
Resolution Class of shares
Amount of
dividends paid
(Millions of yen)
Dividends
per share
(Yen) Record Date Effective date
General Shareholders’ Meeting (June 27, 2008) .............. Common Stock ¥5,405 ¥20.00 March 31, 2008 June 30, 2008
(Thousands of
U.S. dollars) (U.S. dollars)
$56,895 $0.21
Resolution Class of shares
Amount of
dividends paid
(Millions of yen)
Dividends
per share
(Yen) Record Date Effective date
Board of Directors (November 6, 2008) ............................ Common Stock ¥5,345 ¥20.00 September 30, 2008 December 5, 2008
(Thousands of
U.S. dollars) (U.S. dollars)
$56,263 $0.21
Dividends resolved during the current period that will be effective after the period-end
Resolution Class of shares
Amount of
dividends paid
(Millions of yen) Funds of distribution
Dividends
per share
(Yen) Record Date Effective date
Not applicable ................................................... Common Stock — — — — —
(Thousands of
U.S. dollars) (U.S. dollars)
— —