Cousins Properties Incorporated 2006 Annual Report - SNL Financial
Cousins Properties Incorporated 2006 Annual Report - SNL Financial
Cousins Properties Incorporated 2006 Annual Report - SNL Financial
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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES<br />
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ INVESTMENT<br />
Years Ended December 31, <strong>2006</strong>, 2005 and 2004<br />
(In thousands, except share amounts)<br />
Preferred<br />
Stock<br />
Common<br />
Stock<br />
Additional<br />
Paid-In<br />
Capital<br />
Treasury<br />
Stock<br />
Unearned<br />
Compensation<br />
Cumulative<br />
Undistributed<br />
Net Income Total<br />
Balance, December 31, 2003 ............. $100,000 $51,527 $298,542 $(64,894) $ (5,803) $ 199,405 $ 578,777<br />
Net income, 2004 .....................<br />
Preferred stock issued pursuant to 4,000,000 share<br />
407,784 407,784<br />
Series B stock offering, net of expenses .....<br />
Common stock issued pursuant to:<br />
100,000 (3,529) 96,471<br />
Exercise of options and director stock plan . . .<br />
Restricted stock grant and related amortization,<br />
1,062 8,058 9,120<br />
net of forfeitures . . ................ 195 5,876 (4,357) 1,714<br />
Income tax benefit from stock options . . ...... 2,996 2,996<br />
Preferred dividends paid . ................ (7,750) (7,750)<br />
Common dividends paid . ................ (429,362) (429,362)<br />
Balance, December 31, 2004 ............. 200,000 52,784 311,943 (64,894) (10,160) 170,077 659,750<br />
Net income, 2005 .....................<br />
Common stock issued pursuant to:<br />
49,741 49,741<br />
Exercise of options and director stock plan . . .<br />
Restricted stock grant and related amortization,<br />
522 7,025 7,547<br />
net of forfeitures . . ................<br />
Gain on stock issuance at equity method<br />
51 1,416 1,665 3,132<br />
investee .......................... 354 354<br />
Income tax benefit from stock options . . ...... 1,009 1,009<br />
Preferred dividends paid . ................ (14,604) (14,604)<br />
Common dividends paid . ................<br />
Balance, December 31, 2005 — As previously<br />
(74,649) (74,649)<br />
reported .........................<br />
Cumulative effect of adjustments resulting from<br />
the adoption of Staff Accounting<br />
200,000 53,357 321,747 (64,894) (8,495) 130,565 632,280<br />
Bulletin No. 108 .................... 2,354 2,354<br />
Balance December 31, 2005 — As adjusted . . . 200,000 53,357 321,747 (64,894) (8,495) 132,919 634,634<br />
Net income, <strong>2006</strong> .....................<br />
Transfer of unearned compensation to<br />
232,691 232,691<br />
additional paid-in capital. .............<br />
Common stock issued pursuant to:<br />
Exercise of options and director stock<br />
(8,495) 8,495 —<br />
plan ..........................<br />
Shares withheld for taxes related to stock<br />
1,189 16,717 17,906<br />
grants .........................<br />
Amortization of stock options and restricted<br />
(90) (3,135) (3,225)<br />
stock, net of forfeitures ...............<br />
Gain on stock issuance at equity method<br />
(17) 7,044 7,027<br />
investee ..........................<br />
Income tax benefit from stock-based<br />
453 453<br />
compensation ...................... 2,643 2,643<br />
Preferred dividends paid ............... (15,250) (15,250)<br />
Common dividends paid ................ (250,964) (250,964)<br />
Balance December 31, <strong>2006</strong>. ............. $200,000 $54,439 $336,974 $(64,894) $ — $ 99,396 $ 625,915<br />
See notes to consolidated financial statements.<br />
F-5