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EQR » Topics » The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred StockThis excerpt taken from the EQR 8-K filed Dec 2, 2005. The Effect on the Calculation of Earnings per Share for the Redemption
or Induced Conversion of Preferred Stock. Under the SEC’s revised interpretation, in
connection with the redemption of preferred shares/units, the original issuance
costs of these shares/units must be treated in a manner similar to preferred
distributions and deducted from net income in arriving at net income available
to Common Shares. The clarification of
EITF Topic D-42 was required to be adopted effective July 1, 2003 on a
retroactive basis by restating prior periods included in the current financial
statements. The Company recorded an $8.3
million cash premium and $11.9 million in original issuance costs as a premium
on the redemption of its Series G Preferred Shares in December 2003. In addition, the Company recorded $1.1
million in original issuance costs as a premium on the redemption of its Series A
Preference Interests in September 2004.
The Company had no recorded original issuance costs associated with, nor
did it incur any cash redemption premium upon redemption of, its Series L
Preferred Shares redeemed in 2003.
In April 2002, the FASB issued SFAS No. 145, This excerpt taken from the EQR 8-K filed Aug 22, 2005. The Effect on the Calculation of Earnings per Share
for the Redemption or Induced Conversion of Preferred Stock. Under the SEC’s revised interpretation, in
connection with the redemption of preferred shares/units, the original issuance
costs of these shares/units must be treated in a manner similar to preferred
distributions and deducted from net income in arriving at net income available
to Common Shares. The clarification of
EITF Topic D-42 was required to be adopted effective July 1, 2003 on a
retroactive basis by restating prior periods included in the current financial
statements. The Company recorded an $8.3
million cash premium and $11.9 million in original issuance costs as a premium
on the redemption of its Series G Preferred Shares in December 2003. In addition, the Company recorded $1.1
million in original issuance costs as a premium on the redemption of its Series
A Preference Interests in September 2004.
The Company had no recorded original issuance costs associated with, nor
did it incur any cash redemption premium upon redemption of, its Series L
Preferred Shares redeemed in 2003.
In April 2002, the FASB issued SFAS No. 145, This excerpt taken from the EQR 10-K filed Mar 14, 2005. The Effect on the Calculation of Earnings per Share
for the Redemption or Induced Conversion of Preferred Stock. Under the SEC’s revised interpretation, in
connection with the redemption of preferred shares/units, the original issuance
costs of these shares/units must be treated in a manner similar to preferred
distributions and deducted from net income in arriving at net income available
to Common Shares. The clarification of
EITF Topic D-42 was required to be adopted effective July 1, 2003 on a
retroactive basis by restating prior periods included in the current financial
statements. The Company recorded an $8.3
million cash premium and $11.9 million in original issuance costs as a premium
on the redemption of its Series G Preferred Shares in December 2003. In addition, the Company recorded $1.1
million in original issuance costs as a premium on the redemption of its Series
A Preference Interests in September 2004.
The Company had no recorded original issuance costs associated with, nor
did it incur any cash redemption premium upon redemption of, its Series L
Preferred Shares redeemed in 2003.
In April 2002, the FASB issued SFAS No. 145, | EXCERPTS ON THIS PAGE:
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