Bank of America 2006 Annual Report Download - page 135

Note 14 – Shareholders’ Equity and Earnings Per Common Share
Common Stock
The following table presents share repurchase activity for the three months and years ended December 31, 2006, 2005 and 2004, including total common
shares repurchased under announced programs, weighted average per share price and the remaining buyback authority under announced programs.
Share Repurchase Activity
Number of Common
Shares Repurchased
under Announced
Programs
(1)
Weighted
Average
Per Share
Price
Remaining Buyback Authority
under Announced Programs
(2)
(Dollars in millions, except per share information; shares in thousands) Amounts Shares
Three months ended March 31, 2006 88,450 $ 46.02 $ 5,847 65,738
Three months ended June 30, 2006 83,050 48.16 11,169 182,688
Three months ended September 30, 2006 59,500 51.51 8,104 123,188
October 1-31, 2006 16,000 53.82 7,243 107,188
November 1-30, 2006 22,100 54.33 6,042 85,088
December 1-31, 2006 22,000 53.16 4,873 63,088
Three months ended December 31, 2006 60,100 53.77
Year ended December 31, 2006 291,100 49.35
Number of Common
Shares Repurchased
under Announced
Programs
(3)
Weighted
Average
Per Share
Price
Remaining Buyback Authority
under Announced Programs
(2)
(Dollars in millions, except per share information; shares in thousands) Amounts 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 11,865 197,111
Three months ended September 30, 2005 10,673 43.32 11,403 186,438
October 1-31, 2005 – – 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
Number of Common
Shares Repurchased
under Announced
Programs
(4)
Weighted
Average
Per Share
Price
Remaining Buyback Authority
under Announced Programs
(2)
(Dollars in millions, except per share information; shares in thousands) Amounts 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
(1) Reduced Shareholders’ Equity by $14.4 billion and increased diluted earnings per common share by $0.10 in 2006. These repurchases were partially offset by the issuance of approximately 118.4 million shares of common
stock under employee plans, which increased Shareholders’ Equity by $4.8 billion, net of $39 million of deferred compensation related to restricted stock awards, and decreased diluted earnings per common share by $0.05
in 2006.
(2) On April 26, 2006, our Board of Directors (the Board) authorized a 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 12 to 18 months. On March 22, 2005, the Board authorized a 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. This repurchase plan was completed during the second quarter of 2006. 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 second quarter of 2005. 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.
(3) 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.
(4) 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 121.1 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.
The Corporation will continue to repurchase shares, from time to
time, in the open market or in private transactions through the Corpo-
ration’s approved repurchase program. The Corporation expects to con-
tinue to repurchase a number of shares of common stock at least equal to
any shares issued under the Corporation’s employee stock plans.
Effective for the third quarter dividend, the Board increased the quar-
terly cash dividend on common stock from $0.50 to $0.56. In October
2006, the Board declared a fourth quarter cash dividend, which was paid
on December 22, 2006 to common shareholders of record on
December 1, 2006.
Bank of America 2006 133