Voya 2013 Annual Report Download - page 318

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following transactions related to the Company’s IPO took place on or after April 11, 2013 and before
December 31, 2013:
• the Company filed an amended and restated Certificate of Incorporation, under which the Company is
authorized to issue up to 1,000,000,000 shares, of which 900,000,000 shares, par value $0.01 per share
are designated as common stock and 100,000,000 shares, par value $0.01 per share are designated as
preferred stock;
• the filing of the amended and restated Certificate of Incorporation effected a 2,295.248835 -for-1 stock
split of the Company’s then outstanding common stock, resulting in 230,079,120 shares of common
stock issued as of April 11, 2013;
• the Company’s common shares began trading under the ticker symbol VOYA on the New York Stock
Exchange;
• ING U.S., Inc. issued 30,769,230 shares of the Company’s common stock to the public in the IPO;
• ING Group sold 44,201,773 shares of the Company’s common stock to the public in the IPO;
• ING Group sold 37,950,000 shares of the Company’s common stock in the Secondary Offering;
• the Company issued shares of common stock in respect of vested deal incentive awards held by certain
employees of the Company.
The following table summarizes the rollforward of common shares used in calculating the weighted average
shares utilized in the basic earnings per common share calculation for the periods indicated:
Years Ended December 31,
(shares in millions) 2013 2012(1) 2011(1)
Common stock—issued:
Balance, beginning of period ............................. 230.1 230.1 230.1
Shares issued ......................................... 30.8 — —
Issuance of shares for share-based incentive compensation ..... 0.9 — —
Balance, end of period .............................. 261.8 230.1 230.1
Treasury stock:
Balance, beginning of period ............................. 0.1 0.1 0.1
Balance, end of period .............................. 0.1 0.1 0.1
Common shares outstanding, end of period .................. 261.7 230.0 230.0
(1) Share amounts give retroactive effect to the 2,295.248835-to-1 stock split effected on April 11, 2013.
Warrants
On May 7, 2013, the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the
Company’s common stock, a number of shares equal in the aggregate to 9.99% of the outstanding shares of
common stock at that date. The warrants have an exercise price of $48.75 per share of common stock, are
exercisable from May 7, 2014 to May 7, 2023 and are subject to certain exercise restrictions. The warrants are
net share settled and are classified as permanent equity. They were recorded at their fair value determined on the
issuance date of May 7, 2013 in the amount of $94.0 as an addition and reduction to Additional-paid-in-capital.
Warrant holders are not entitled to receive dividends. ING Group and its subsidiaries may not exercise the
warrants until January 1, 2017.
308