World Fuel Services 2002 Annual Report Download - page 60

Also, at December 31, 2002, we have U.S. federal capital losses of approximately $1.6 million. Current U.S. federal
laws allow capital losses to be carried back three years and forward five years, and we are currently evaluating the available
carry periods to maximize our tax benefits. The capital losses, if unused, will expire in 2007.
During the year ended March 31, 2002, the Internal Revenue Service (“IRS”) completed an examination of our
consolidated U.S. Federal income tax returns for the years ended March 31, 1999 and 1998. The results of the IRS
examination did not have a material effect on our consolidated financial statements.
5. Stockholders’ Equity
Common Stock Grants
During the nine months ended December 31, 2002 and the years ended March 31, 2002, 2001 and 2000, we issued 3,500
shares, 3,000 shares, 2,500 shares, and 2,000 shares, respectively, of our common stock to our non-employee directors
pursuant to a stock grant program whereby each non-employee director is given an annual stock grant of 500 shares of our
common stock. In September 2002, two non-employee directors received an additional common stock grant of 300 shares.
In January 2001, we issued an additional 1,000 shares of our common stock to one non-employee director. These additional
common stock grants were for additional services performed by such individuals for the Board of Directors committees.
Based on the market value of our common stock on the date of grant, we recorded non-employee director compensation cost
of $35 thousand for the nine months ended December 31, 2002, and $39 thousand, $29 thousand, and $31 thousand for the
years ended March 31, 2002, 2001, and 2000.
Dividends
We declared cash dividends of $0.225 and $0.325 per share of common stock for the nine months ended December 31,
2002 and 2001, respectively, $0.40 per share of common stock for the year ended March 31, 2002, and $0.20 per share of
common stock for the years ended March 31, 2001 and 2000. Included in the cash dividend for the nine months ended
December 31, 2001 and the year ended March 31, 2002 was a special cash dividend of $0.10 declared in May 2001.
Treasury Stock
Our Board of Directors, from time to time, has authorized certain stock repurchase programs whereby we could
repurchase our common stock, subject to certain restrictions pursuant to our credit facility. The following summarizes the
status of our treasury stock repurchase programs at December 31, 2002 (in thousands, except average price per share data):
Remaining
Authorized Authorized
Stock Aggregate Average Stock
Repurchase Program Repurchases Shares Cost Price Repurchases
August 1998 6,000$ 616 6,000$ 9.74$ -$
January 2000 10,000 1,391 10,000 7.19 -
September 2000 10,000 368 3,987 10.83 6,013
2,375 19,987$
Repurchases
Outside of the treasury stock repurchase programs, we acquired approximately 22 thousand shares of our common stock
in 1998 with an aggregate cost of $194 thousand.
Our Board of Directors also resolved that the repurchased shares may be reissued for any proper corporate purpose,
including without limitation, future acquisitions. In March 2002, we began reissuing our repurchased shares in connection
with restricted stock grants to employees, non-restricted stock grants to non-employee directors, and exercises of stock
options by employee and non-employee directors. The difference between the aggregate cost of the repurchased shares and
the fair value of the restricted stock grants at the date of grant or the proceeds from the employee stock option exercises is
recorded in Capital in excess of par value in the accompanying Consolidated Balance Sheets. As of December 31, 2002, we
have reissued 326 thousand shares of treasury stock with an aggregate cost of $2.7 million.
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