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Shareholders' Equity
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6 Months Ended |
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Jun. 30, 2011
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| Shareholders' Equity [Abstract] | |
| Shareholders' Equity |
NOTE 12 – Shareholders’ Equity
Common Stock
In May 2011, the Corporation’s Board of Directors (the Board) declared a second quarter
cash dividend of $0.01 per common share which was paid on June 24, 2011 to common shareholders of
record on June 3, 2011. In January 2011, the Board declared a first quarter cash dividend of $0.01
per common share which was paid on March 25, 2011 to common shareholders of record on March 4,
2011.
There is no existing Board authorized share repurchase program. In connection with employee
stock plans, the Corporation issued approximately 48 million shares and repurchased approximately
28 million shares to satisfy tax withholding obligations during the six months ended June 30,
2011. At June 30, 2011, the Corporation had reserved 1.5 billion unissued shares of common stock
for future issuances under employee stock plans, common stock warrants, convertible notes and
preferred stock.
During the six months ended June 30, 2011, the Corporation issued approximately 196 million
RSUs to certain employees under the Key Associate Stock Plan and the Merrill Lynch Employee Stock
Compensation Plan. The majority of these awards generally vest in three equal annual installments
beginning one year from the grant date; however, certain awards are earned based on the
achievement of specified performance criteria. Vested RSUs may be settled in cash or in shares of
common stock depending on the terms of the applicable award. In early 2011, approximately 129
million of these RSUs were authorized to be settled in shares of common stock. Certain awards
contain clawback provisions which permit the Corporation to cancel all or a portion of the award
under specified circumstances. The compensation cost for cash-settled awards and awards subject to
certain clawback provisions is accrued over the vesting period and adjusted to fair value based
upon changes in the share price of the Corporation’s common stock. The compensation cost for the
remaining awards is fixed and based on the share price of the Corporation’s common stock on the
date of grant, or the date upon which settlement in common stock has been authorized. The
Corporation hedges a portion of its exposure to variability in the expected cash flows for certain
unvested awards using a combination of economic and cash flow hedges as described in Note 4 –
Derivatives.
Preferred Stock
During the three months ended March 31, 2011 and June 30, 2011, the dividends declared
on preferred stock were $310 million and $301 million or a total of $611 million for the six
months ended June 30, 2011.
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- Details
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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