Bank of America 2008 Annual Report Download - page 164
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Note 14 – Shareholders’ Equity and Earnings
Per Common Share
During the first quarter of 2009, the Corporation issued preferred stock
and warrants to purchase common stock. For additional information, see
Note 25 – Subsequent Events to the Consolidated Financial Statements.
In January 2009, the Corporation issued common stock in connection
with its acquisition of Merrill Lynch. For additional information, see Note 2
– Merger and Restructuring Activity to the Consolidated Financial State-
ments.
Common Stock
In October 2008, the Corporation issued 455 million shares of common
stock at $22.00 per share which resulted in proceeds of $9.9 billion, net
of underwriting expenses. In July 2008, the Corporation issued 107 million
shares in connection with the Countrywide acquisition. Also during the
year, the Corporation issued 17.8 million shares under employee stock
plans. Additionally, the Corporation may repurchase shares, subject to
certain restrictions including those imposed by the U.S. government, from
time to time, in the open market or in private transactions through the
Corporation’s approved repurchase program. In 2008, the Corporation did
not repurchase any shares of common stock. As discussed further below,
the declaration of common stock dividends and the repurchase of common
shares are subject to certain restrictions in connection with the Troubled
Asset Relief Program (TARP) Capital Purchase Program.
In October 2008, the Board declared a fourth quarter cash dividend of
$0.32 per common share which was paid on December 26, 2008 to
common shareholders of record on December 5, 2008. In July 2008, the
Board declared a third quarter cash dividend of $0.64 per common share
which was paid on September 26, 2008 to common shareholders of
record on September 5, 2008. In April 2008, the Board declared a sec-
ond quarter cash dividend of $0.64 per common share which was paid on
June 27, 2008 to shareholders of record on June 6, 2008. In January
2008, the Board declared a first quarter cash dividend of $0.64 per
common share which was paid on March 28, 2008 to shareholders of
record on March 7, 2008.
In addition, in January 2009, the Board declared a regular quarterly
cash dividend on common stock of $0.01 per share, payable on
March 27, 2009 to common shareholders of record on March 6, 2009.
162
Bank of America 2008