Bank of America 2005 Annual Report Download - page 170

BANK OF AMERICA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements—(Continued)
Note 14—Shareholders’ Equity and Earnings Per Common Share
The following table presents share repurchase activity for the three months and years ended December 31, 2005,
2004 and 2003, including total common shares repurchased under announced programs, weighted average per share
price and the remaining buyback authority under announced programs.
(Dollars in millions, except per share
information; shares in thousands)
Number of Common
Shares Repurchased
under Announced
Programs(1)
Weighted
Average
Per
Share
Price(1)
Remaining Buyback Authority
under Announced Programs(2)
Dollars Shares
Three months ended March 31, 2005 ............................... 43,214 $46.05 $14,688 237,411
Three months ended June 30, 2005 ................................ 40,300 45.38 12,859 197,111
Three months ended September 30, 2005 .......................... 10,673 43.32 11,403 186,438
October 1-31, 2005 ................................................. 0 0.00 11,403 186,438
November 1-30, 2005 ............................................... 11,550 45.38 10,879 174,888
December 1-31, 2005 ................................................ 20,700 46.42 9,918 154,188
Three months ended December 31, 2005 ......................... 32,250 46.05
Year ended December 31, 2005 ................................ 126,437 45.61
(Dollars in millions, except per share
information; shares in thousands)
Number of Common
Shares Repurchased
under Announced
Programs(3)
Weighted
Average
Per
Share
Price(3)
Remaining Buyback Authority
under Announced Programs(4)
Dollars Shares
Three months ended March 31, 2004 ............................... 24,306 $40.03 $12,378 204,178
Three months ended June 30, 2004 ................................ 49,060 41.07 7,978 155,118
Three months ended September 30, 2004 .......................... 40,430 43.56 6,217 114,688
October 1-31, 2004 ................................................. 16,102 44.24 5,505 98,586
November 1-30, 2004 ............................................... 11,673 45.84 4,969 86,913
December 1-31, 2004 ................................................ 6,288 46.32 4,678 80,625
Three months ended December 31, 2004 ......................... 34,063 45.17
Year ended December 31, 2004 ................................ 147,859 42.52
(Dollars in millions, except per share
information; shares in thousands)
Number of Common
Shares Repurchased
under Announced
Programs(5)
Weighted
Average
Per
Share
Price(5)
Remaining Buyback Authority
under Announced Programs(6)
Dollars Shares
Three months ended March 31, 2003 ............................... 36,800 $34.24 $13,930 270,370
Three months ended June 30, 2003 ................................ 60,600 37.62 10,610 209,770
Three months ended September 30, 2003 .......................... 50,230 40.32 8,585 159,540
October 1-31, 2003 ................................................. 13,800 40.28 8,029 145,740
November 1-30, 2003 ............................................... 64,212 37.68 5,610 81,528
December 1-31, 2003 ................................................ 33,044 38.10 4,351 48,484
Three months ended December 31, 2003 ......................... 111,056 38.13
Year ended December 31, 2003 ................................ 258,686 37.88
(1) Reduced Shareholders’ Equity by $5.8 billion and increased diluted earnings per common share by $0.05 in 2005. These repurchases were partially
offset by the issuance of approximately 79.6 million shares of common stock under employee plans, which increased Shareholders’ Equity by $3.1
billion, net of $145 million of deferred compensation related to restricted stock awards, and decreased diluted earnings per common share by $0.04 in
2005.
(2) On January 28, 2004, the Board authorized a stock repurchase program of up to 180 million shares of the Corporation’s common stock at an aggregate
cost not to exceed $9.0 billion. This repurchase plan was completed during the third quarter of 2005. On March 22, 2005, the Board authorized an
additional stock repurchase program of up to 200 million shares of the Corporation’s common stock at an aggregate cost not to exceed $12.0 billion and
to be completed within a period of 18 months.
(3) Reduced Shareholders’ Equity by $6.3 billion and increased diluted earnings per common share by $0.06 in 2004. These repurchases were partially
offset by the issuance of approximately 121 million shares of common stock under employee plans, which increased Shareholders’ Equity by $3.9
billion, net of $127 million of deferred compensation related to restricted stock awards, and decreased diluted earnings per common share by $0.06 in
2004.
(4) On January 22, 2003, the Board authorized a stock repurchase program of up to 260 million shares of the Corporation’s common stock at an aggregate
cost of $12.5 billion. This repurchase plan was completed during the second quarter of 2004. On January 28, 2004, the Board authorized a stock
repurchase program of up to 180 million shares of the Corporation’s common stock at an aggregate cost not to exceed $9.0 billion. This repurchase plan
was completed during the third quarter of 2005.
(5) Reduced Shareholders’ Equity by $9.8 billion and increased diluted earnings per common share by $0.11 in 2003. These repurchases were partially
offset by the issuance of approximately 139 million shares of common stock under employee plans, which increased Shareholders’ Equity by $4.2
billion, net of $123 million of deferred compensation related to restricted stock awards, and decreased diluted earnings per common share by $0.08 in
2003.
(6) On December 11, 2001, the Board authorized a stock repurchase program of up to 260 million shares of the Corporation’s common stock at an
aggregate cost of up to $10.0 billion. This repurchase plan was completed during the second quarter of 2003. On January 22, 2003, the Board
authorized a stock repurchase program of up to 260 million shares of the Corporation’s common stock at an aggregate cost of $12.5 billion. This
repurchase plan was completed during the second quarter of 2004.
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