Sony 2001 Annual Report Download - page 120

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Sony Corporation Annual Report 2001
118
15. Stockholders’ equity
Changes in the number of shares issued and outstanding during the years ended March 31, 1999, 2000 and 2001
have resulted from the following:
Number of shares
Balance at March 31, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,195,271
Exercise of stock purchase warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,774
Conversion of convertible bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,217,066
Balance at March 31, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,439,111
Exercise of stock purchase warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192,162
Conversion of convertible bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,028,119
Stock issued under exchange offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,979,771
Balance at March 31, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453,639,163
Stock split . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453,639,163
Exercise of stock purchase warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,209
Conversion of convertible bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,145,253
Stock issued under exchange offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,346
Balance at March 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919,617,134
At March 31, 2001, 78,130,252 shares of common stock would be issued upon conversion or exercise of all
convertible bonds and warrants outstanding.
On May 19, 2000, Sony Corporation completed a two-for-one stock split. The number of shares issued was
453,639,163 shares. There was no increase in the common stock account because the new shares were distributed
from the portion of previously issued shares accounted for as excess of par value in the common stock account in
accordance with the Japanese Commercial Code.
On November 20, 1991, Sony Corporation made a free share distribution of 33,908,621 shares in ratios of one
share for each ten shares held for which no accounting entry was required in Japan. Had the distribution been
accounted for in the manner adopted by companies in the United States of America, ¥201,078 million would have
been transferred from retained earnings to the appropriate capital accounts. This has been the only free distribution
of common stock where no accounting entry was required in Japan.
Conversions of convertible bonds into common stock are accounted for in accordance with the provisions of the
Japanese Commercial Code by crediting approximately one-half of the conversion proceeds to the common stock
account and the remainder to the additional paid-in capital account.
The amount of statutory retained earnings of Sony Corporation available for the payments of dividends to share-
holders as of March 31, 2001 was ¥635,530 million ($5,084 million). The appropriation of retained earnings for the
year ended March 31, 2001, which has been incorporated in the accompanying consolidated financial statements,
will be proposed for approval at the Ordinary General Meeting of Shareholders to be held on June 21, 2001 and will
be recorded in the statutory books of account, in accordance with the Japanese Commercial Code, after share-
holders’ approval. The above statutory amount available for dividends includes cash dividends for the six-month
period ended March 31, 2001, which has been incorporated in the accompanying consolidated financial statements.
Retained earnings include Sony’s equity in undistributed earnings of affiliated companies accounted for by
the equity method in the amount of ¥7,699 million and ¥9,617 million ($77 million) at March 31, 2000 and
2001, respectively.