cash or other assets transferred (or liabilities incurred) to repurchase an equity award shall be charged to equity, to the extent that the amount paid does not exceed the fair value of the equity instruments repurchased at the repurchase date. Any excess of the repurchase price over the fair value of the instruments repurchased shall be recognized as additional compensation cost. The company paid $7.4 million as the fair value of shares reacquisition from employees and the excess $2.6 million paid
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shareholders had been somewhat below average. Blaine’s return on equity (ROE) was significantly below that of its publicly traded peers. Moreover, its earnings per share had fallen significantly since 2004, partly due to dilutive acquisitions. Stock price appreciation, during 2004-2006, compounded annual return for BKI’s shareholders, including dividends and stock price appreciation were approximately 11% per year which was below the 16% annul compounded returned by shareholders of Blaine’s peer group during
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responsible for the following paragraphs: 7,240 – 7,260.20 7,306 7,370 7,380 7,500 7,600 7,720 8,000 – 8,300 Change in use of a principal residence Special relief for tax-deferred elections made prior to March 4, 2010 Capital gains deferral Certain shares deemed to be capital property Death of a taxpayer Leaving and entering Canada Allowable business investment losses All of Chapter 8 Income for the year = (a) + (b) – (c) – (d) (a) Income from: + + + + Plus: (b) Net TCG for the year (cannot be negative)
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Refreshing A Thirsty World Chief Financial Officer CAGNY 2012 Gary Fayard Forward-Looking Statements This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements
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through time. (50 marks) UST should undertake the $1 billion recapitalization. Valuation Impact of recapitalization (in millions, except per-share data and ratios) Status Quo (12/31/1998) $1 billion Recap Plan PV Tax Shields 0 38% Market Value of UST $6470.8 $6646.6 Net Debt 0 $1,000.0 Stock price $34.88 $42.38 Shares repurchased NA 4346330 Shares outstanding 185,516,055 156847330 Market value of Equity $6470.8 $6646.6 Debt/Equity ratio 0 0.15 Market value of UST(status quo) It was
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world in 1988. Overall sales and net income for fiscal year 1988 increased from their 1987 figures. In August of 1988, a merger proposal from City Capital offered $70 per share. On August 8, 1988, the board of directors met to discuss a restructuring plan that included selling the apparel group, paying a dividend, and/or repurchasing common stock. However, the proposal from City Capital required an evaluation of the takeover bid. Board members approved a “golden parachute” severance package
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Journal of Financial Economics 49 (1998) 283—306 Market efficiency, long-term returns, and behavioral finance Eugene F. Fama* Graduate School of Business, University of Chicago, Chicago, IL 60637, USA Received 17 March 1997; received in revised form 3 October 1997 Abstract Market efficiency survives the challenge from the literature on long-term return anomalies. Consistent with the market efficiency hypothesis that the anomalies are chance results, apparent overreaction to information is about
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Chief Executive Tim Cook told The Wall Street Journal that Apple had bought back $14 billion of its shares even though “he was surprised by the 8% drop[of its stock market price] on Jan. 28.” But Mr. Cook plans to continually accelerate its total $60 billion stock-repurchase program, and Apple has bought back $40 billion of its shares over the past 12 months. Meanwhile, he believes that repurchase program is a sign of confidence as his words, “we are really confident on what we are doing and what
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income in the form of dividends. Stockholders also elect directors who run the company. Stakeholders are groups of people who have an interest in how the firm is run. These include stockholders, employees, management, creditors and customers among others. Each group is interested in the firm’s operation and profitability for its own reasons. All stockholders are stakeholders, but not all stakeholders are stockholders. 2. The two common sources of corporate financing are stocks (shares) and bonds. Shareholders
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capitalization. Under the VEP, Ford would return as much as $10 billion of this cash to shareholders. In exchange for each share currently held, the plan would give stockholders one new share plus the choice of receiving $20 either in cash or additional new Ford common shares. Ford also announced that it would distribute ownership of its Visteon Corp. parts unit to shareholders. Ford’s share price had performed poorly over the previous year (Exhibit 1), and the proposal drew a positive reaction from analysts
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