GLOBAL REACH. LEADlNG TECHNOLOGY. - Zonebourse.com

Joy Global Inc.
Notes to Consolidated Financial Statements
October 31, 2008
ed to performance At October 31, 2008 there was $5.4 million of unrecognized compensation expense related to performance
shares that is expected to be recognized over a weighted-average period of 1.9 years.
12. Shareholders’ Equity
0,000,000 of which We have 150,000,000 shares of authorized common stock, par value $1.00 per share, 50,000,000 of which
e last distribution were of distributed in connection with our July 12, 2001 emergence from bankruptcy. The last distribution of
5 stock splits) 1,233,423 was shares (2,775,111 shares after January 21, 2005 and December 12, 2005 stock splits) was
distributed starting on January 28, 2005, in accordance with the Plan of Reorganization.
0 shares have been We are authorized to issue 5,000,000 shares of preferred stock, of which 1,000,000 shares have been
share. None of designated the as Series A Junior Participating Preferred Stock of $1.00 par value per share. None of the
rectors”) declared preferred a shares have been issued. On July 15, 2002, our Board of Directors (“Directors”) declared a
n stock. Each right dividend of one preferred share purchase right for each outstanding share of common stock. Each right
rticipating Preferred entitles the holder to purchase one one-hundredth of a share of our Series A Junior Participating Preferred
e of our outstanding Stock for $100. Under certain circumstances, if a person or group acquires 15% or more of our outstanding
rcise) will be able common to stock, holders of the rights (other than the person or group triggering their exercise) will be able to
f any company purchase, into in exchange for the $100 exercise price, shares of our common stock or of any company into
less extended by which our we are merged having a value of $200. The rights expire on August 5, 2012 unless extended by our
or group attempting Directors. Because the rights may substantially dilute the stock ownership of a person or group attempting
e difficult for a third to take us over without the approval of our Directors, our rights plan could make it more difficult for a third
irst negotiating party with to acquire us (or a significant percentage of our outstanding capital stock) without first negotiating with
our Directors regarding such acquisition.
0 billion in shares Under in our share repurchase program, management is authorized to repurchase up to $1.0 billion in shares in
. On September the 9, open market or through privately negotiated transactions until December 31, 2008. On September 9,
common stock until 2008 the Directors authorized the repurchase of an additional $1.0 billion of outstanding common stock until
of common stock December 31, 2011. During fiscal 2008 and 2007, we repurchased $307.7 million of common stock
11,076,960 shares, representing 6,040,727 shares and $499.7 million of common stock, representing 11,076,960 shares,
respectively.
shares, payable On on November 15, 2005 our Directors declared a three-for-two split of our common shares, payable on
with the stock split, December 12, 2005 to shareholders of record on November 28, 2005. In connection with the stock split,
stock for each each two holder of Joy Global common stock received one share of Joy Global common stock for each two
ares were issued shares by of such stock owned. Cash was distributed in lieu of fractional shares. New shares were issued by
basis on December our transfer agent, and began trading on the Nasdaq National Market on a split-adjusted basis on December
13, 2005.
13. Operating Leases
processing and other We lease certain plant, office and warehouse space as well as machinery, vehicles, data processing and other
requiring us to equipment. pay Certain of the leases have renewal options at reduced rates and provisions requiring us to pay
leases is included maintenance, in property taxes and insurance. Amortization of assets reported as capital leases is included in
ations under capital depreciation expense. Generally, all rental payments are fixed. Our assets and obligations under capital
lease arrangements are not significant.
, was $23.1 million,
Total rental expense under operating leases, excluding maintenance, taxes and insurance, was $23.1 million,
$17.7 million, and $16.7 million for fiscal 2008, 2007, and 2006, respectively.
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