Annual Report 1996 |
Consolidated Statement of Changes in Common Stockholders' Equity |
Polaroid Corporation and Subsidiary Companies |
Years ended December 31, |
|||
(In millions, except number of shares) | 1996 |
1995 |
1994 |
Common stock | |||
Balance at January 1 (75,427,550 shares in 1996, 1995 and 1994) | $75.4 |
$75.4 |
$75.4 |
Balance at December 31 | 75.4 |
75.4 |
75.4 |
Additional paid-in capital | |||
Balance at January 1 | 401.9 |
387.2 |
385.6 |
Issuance of shares in connection with stock incentive plan (Note 10) | 6.1 |
11.3 |
1.6 |
Stock options exercised - tax benefit | 1.4 |
3.4 |
- |
Balance at December 31 | 409.4 |
401.9 |
387.2 |
Retained earnings | |||
Balance at January 1 | 1,525.8 |
1,692.1 |
1,602.0 |
Net earnings/(loss) | (41.1) |
(140.2) |
117.2 |
Dividends declared - common stock | (27.3) |
(27.3) |
(27.9) |
ESOP dividend tax benefit received on unallocated shares | .4 |
1.2 |
.8 |
Balance at December 31 | 1,457.8 |
1,525.8 |
1,692.1 |
Less: | |||
Treasury stock | |||
Balance at January 1 (29,894,724 shares in 1996, 29,429,928 shares in 1995, and 28,621,405 shares in 1994) | 1,205.4 |
1,174.5 |
1,145.5 |
Repurchase of shares (1,057,565 shares in 1996, 1,217,561 shares in 1995, and 941,300 in 1994) | 43.6 |
40.2 |
30.6 |
Issuance of shares in connection with stock incentive plan (344,129 shares in 1996, 752,765 shares in 1995, and 132,777 shares in 1994) | (4.2) |
(9.3) |
(1.6) |
Balance at December 31 (30,608,160 shares in 1996, 29,894,724 shares in 1995, and 29,429,928 shares in 1994) | 1,244.8 |
1,205.4 |
1,174.5 |
Deferred compensation | |||
Balance at January 1 | 80.0 |
115.8 |
150.2 |
Stock options - 1993 (Note 10) | (1.0) |
(1.0) |
(1.0) |
Loan repayments from ESOP Trust | (39.7) |
(35.9) |
(33.4) |
Restricted stock | .3 |
1.1 |
- |
Balance at December 31 | 39.6 |
80.0 |
115.8 |
Total common stockholders' equity | $658.2 |
$717.7 |
$864.4 |
See accompanying notes to consolidated financial statements.