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SANDISK CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Common
Stock
Shares
Common
Stock
Par
Value
Capital in
Excess of
Par Value
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Deferred
Compensation
Total
Stockholders’
Equity
(In thousands)
Balance at January 1, 2006 ................. 188,222 $188 $1,621,819 $ 906,624 $ 2,635 $(7,475) $ 2,523,791
Net income ............................. 198,896 198,896
Unrealized income on available-for-sale
investments ........................... 2,315 2,315
Unrealized loss on investments in foundries . . . (227) (227)
Foreign currency translation ................ 770 770
Comprehensive income ................... 201,754
Issuance of shares pursuant to equity plans .... 4,861 5 87,049 87,054
Issuance of stock pursuant to employee stock
purchase plan ......................... 264 9,250 9,250
Issuance of restricted stock ................. 63 —
Income tax benefit from stock options
exercised ............................. 61,453 61,453
Share-based compensation expense and reversal
of deferred compensation ................ 96,415 7,475 103,890
Purchased calls .......................... (386,090) (386,090)
Sold warrants ........................... 308,672 308,672
Tax benefit on purchased calls .............. 145,556 145,556
Issuance of stock and equity awards related to
acquisitions ........................... 33,108 33 1,686,356 1,686,389
Reclass of premium on assumed msystems
convertible debt ....................... 26,415 26,415
Balance at December 31, 2006 .............. 226,518 226 3,656,895 1,105,520 5,493 — 4,768,134
Net income ............................. 218,357 218,357
Unrealized income on available-for-sale
investments ........................... 6,770 6,770
Foreign currency translation ................ 15,797 15,797
Unrealized income on hedging activities ...... 4,415 4,415
Comprehensive income ................... 245,339
Issuance of shares pursuant to equity plans .... 4,724 5 87,010 87,015
Issuance of stock pursuant to employee stock
purchase plan ......................... 386 13,296 13,296
Income tax benefit from stock options
exercised ............................. 18,442 18,442
Share-based compensation expense .......... 132,647 132,647
Cumulative effect to prior year related to
unrecognized tax benefits upon adoption of
FIN48............................... (4,756) (993) (5,749)
Share repurchases ........................ (7,461) (7) (106,785) (192,815) (299,607)
Consolidated venture capital contributions .... — 100 100
Balance at December 30, 2007 .............. 224,167 224 3,796,849 1,130,069 32,475 — 4,959,617
Net loss ................................ (2,056,776) (2,056,776)
Unrealized loss on available-for-sale
investments ........................... (22,650) (22,650)
Foreign currency translation ................ 77,368 77,368
Unrealized income on hedging activities ...... 101,784 101,784
Comprehensive loss ...................... (1,900,274)
Issuance of shares pursuant to equity plans .... 1,005 1 5,397 5,398
Issuance of stock pursuant to employee stock
purchase plan ......................... 956 1 14,302 14,303
Income tax benefit from stock options
exercised ............................. (3,945) (3,945)
Share-based compensation expense .......... 98,719 98,719
Change in unrecognized tax benefits as a result
of settlement and expiration of statute of
limitations ............................ 981 981
Balance at December 28, 2008 .............. 226,128 $226 $3,912,303 $ (926,707) $188,977 $ — $ 3,174,799
The accompanying notes are an integral part of these consolidated financial statements.
F-6