Cousins Properties Incorporated 2006 Annual Report - SNL Financial

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
As of December 31, 2006, the Company had recorded approximately $13.2 million of unrecognized
compensation related to RSUs, which will be recognized over a weighted average period of 3.6 years. The total
fair value of RSUs and dividends paid in 2006 was $1.1 million. The following table summarizes RSU activity for
2006 (in thousands):
Outstanding at December 31, 2005 ............................................. 87
Granted ................................................................. 418
Vested .................................................................. (20)
Forfeited ................................................................ (8)
Outstanding at December 31, 2006 ............................................. 477
Stock Repurchase Plan:
In 2006, the Board of Directors of the Company authorized a stock repurchase plan, which expires May 9,
2009, which allows the Company to purchase up to five million shares of its common stock. This replaces the 2004
authorization, which expired April 15, 2006 and was also for up to five million shares of the Company’s common
stock. No common stock was repurchased in 2006. Prior to 2006, the Company purchased 2,691,582 shares of its
common stock for an aggregate price of approximately $64,894,000 under previous plans.
Ownership Limitations:
In order to maintain Cousins’ qualification as a REIT, Cousins’ Articles of Incorporation include certain
restrictions on the ownership of more than 3.9% of the Company’s total common and preferred stock.
Distribution of REIT Taxable Income:
The following is a reconciliation between dividends paid and dividends applied in 2006, 2005 and 2004 to meet
REIT distribution requirements ($ in thousands):
2006 2005 2004
Common and preferred dividends paid. ...................
That portion of dividends declared in current year, and paid in
current year, which was applied to the prior year distribution
$266,214 $ 89,253 $437,112
requirements .....................................
That portion of dividends declared in subsequent year, and paid
— (4,621) (5,577)
in subsequent year, which will apply to current year ........
Dividends in excess of current year REIT distribution
— — 4,621
requirements .....................................
Dividends applied to meet current year REIT distribution
— (23,691) —
requirements ..................................... $266,214 $ 60,941 $436,156
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