XRX » Topics » Note 18 - Common Stock

This excerpt taken from the XRX 10-K filed Feb 13, 2009.

Common Stock

We have 1.75 billion authorized shares of common stock, $1 par value. At December 31, 2008, 90 million shares were reserved for issuance under our incentive compensation plans, 48 million shares were reserved for debt to equity exchanges and 2 million shares were reserved for the conversion of convertible debt.

 

This excerpt taken from the XRX 10-K filed Feb 16, 2007.

Note 18 – Common Stock

 

We have 1.75 billion authorized shares of common stock, $1 par value. At December 31, 2006, 106 million shares were reserved for issuance under our incentive compensation plans, 48 million shares were reserved for debt to equity exchanges, 15 million shares were reserved for the conversion of the Series C Mandatory Convertible Preferred Stock and 2 million shares were reserved for the conversion of convertible debt. The 15 million shares reserved for the conversion of the Series C Mandatory Convertible Preferred Stock are expected to be released in 2007, since conversion was completed in 2006.

Stock-Based Compensation: We have a long-term incentive plan whereby eligible employees may be granted restricted stock units (“RSUs”), performance shares (“PSs”) and non-qualified stock options.

In January 2005, we implemented changes in our stock-based compensation programs designed to help us continue to attract and retain employees and to better align employee interests with those of our shareholders. With these changes, in lieu of stock options we began granting PSs and expanded the use of RSUs. Each of these awards is subject to settlement with newly issued shares of our common stock. At December 31, 2006 and 2005, 25.0 million and 38.9 million shares, respectively, were available for grant of awards.

Total compensation related to these programs was $64, $40 and $22 for the years ended December 31, 2006, 2005 and 2004, respectively. The related income tax benefit recognized was $25, $16 and $8 for 2006, 2005 and 2004, respectively. A description of each of our stock-based compensation programs follows:


EXCERPTS ON THIS PAGE:

10-K
Feb 13, 2009
10-K
Feb 16, 2007

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