STOCKHOLDERS' EQUITY. As at any date of determination, the sum of (a) the capital accounts including common stock and preferred stock, but excluding treasury stock of the Borrower plus (b) the earned surplus and capital surplus of the Borrower (excluding adjustments to translate foreign assets and liabilities for changes in foreign exchange rates made in accordance with Financial Accounting Standards Board Statement No. 52), as determined in accordance with GAAP.
STOCKHOLDERS' EQUITY. The Company will not, at any time, permit Stockholders' Equity to be less than the sum of (a) $170,000,000, plus (b) an aggregate amount equal to 25% of its Consolidated Net Income (but, in each case, only if a positive number) for each completed fiscal year beginning with the fiscal year ended January 3, 1998.
STOCKHOLDERS' EQUITY the average of the amounts outstanding for the Company (as determined under Section 5(c)) at the end of each fiscal quarter for which the computation is being made (quarterly average basis).
STOCKHOLDERS' EQUITY. Stock Option Plans and Other Employee Option Grants -- In June 1989, Isis adopted a stock option plan which provides for the issuance of incentive and non-qualified stock options for the purchase of up to 10,200,000 shares of common stock to its employees and certain other individuals. In addition to the options issued under the terms of the 1989 plan, non-qualified options to purchase 319,000 shares of common stock have been granted to certain employees. The plan also includes provisions for the issuance of stock pursuant to restricted stock purchases and bonuses. Typically options expire 10 years from the date of grant. Options granted after December 31, 1995 vest over a 4 year period, with 25% exercisable at the end of 1 year from the date of the grant and the balance vesting ratably thereafter. Options granted before January 1, 1996 generally 44 ISIS PHARMACEUTICALS, INC. NOTES TO FINANCIAL STATEMENTS -- (CONTINUED) DECEMBER 31, 1998 vest over a 5 year period. At December 31, 1998, a total of 4,347,000 shares were exercisable, and 1,903,000 were available for future grant. In July 1992, Isis adopted the 1992 Non-Employee Directors' Stock Option Plan which provides for the issuance of non-qualified stock options for the purchase of up to 300,000 shares of common stock to its non-employee directors. Options under this plan expire 10 years from the date of grant. Options granted after December 31, 1995 become exercisable in 4 equal annual installments beginning 1 year after the date of grant. Options granted before January 1, 1996 vest over a 5 year period. At December 31, 1998, 139,000 shares issued under this plan were exercisable and 58,000 shares were available for future grant. The following table summarizes stock option activity for the years ended December 31, 1998 and 1997 (in thousands, except per share data): NUMBER OF SHARES PRICE PER SHARE WEIGHTED AVG. PRICE/SHARE Outstanding at December 31, 1995.......... 5,446 $ .14 to $19.75 Granted................................... 1,337 11.38 to 20.00 Exercised................................. (468) .14 to 17.88 Terminated................................ (222) 4.00 to 18.63 Outstanding at December 31, 1996.......... 6,093 .14 to 20.00 $ 8.48 Granted................................... 1,071 13.19 to 19.88 Exercised................................. (395) .14 to 16.00 Terminated................................ (327) 3.75 to 18.25 Outstanding at December 31, 1997.......... 6,442 .14 to 20.00 9.80 Granted......
STOCKHOLDERS' EQUITY. CAPITAL CHANGES Effective in December 1995, the Company amended its Certificate of Incorporation which effected the authorization of a total of 46,305,095 shares of common stock and 21,065,000 shares of Class C convertible preferred stock, each having a par value of $.01 per share. Effective in June 1996, the Company restated its Certificate of Incorporation which effected the authorization of a total of 52,005,095 shares of common stock and 2,000,000 shares of Class D convertible preferred stock, each having a par value of $.01 per share.
STOCKHOLDERS' EQUITY. Permit Stockholders' Equity, as of the last day of any Fiscal Quarter, to be less than the sum of (a) $832,500,000 plus (b) 35% of Net Income in the Fiscal Quarter ending September 30, 1998 and each Fiscal Quarter thereafter (with no deduction for a net loss in any such Fiscal Quarter) plus (c) 50% of the proceeds of any issuance by Borrower of equity securities (except to employees or former employees of Borrower pursuant to an employee stock option plan maintained by Borrower) subsequent to the Reference Date.
STOCKHOLDERS' EQUITY. Common Stock At December 31, 2009 and 2008, the Company was authorized to issue 50,000 shares of $0.1282 par value common stock. There were 50,000 common shares issued and outstanding as of December 31, 2009 and 2008.
STOCKHOLDERS' EQUITY the Borrower will not, at any time, permit the ratio of (i) Stockholders Equity to (ii) non-current assets to be less than 30%.
STOCKHOLDERS' EQUITY. The Company's redeemable preferred stock carries a 12% cumulative dividend payable quarterly, is convertible into common stock at any time for $12.50 per share, carries a preference on liquidation or dissolution of the Company, and has equal voting rights with the Company's outstanding common stock. The Company is obligated to pay $1.00 per share plus accrued but unpaid dividends upon redemption of the redeemable preferred stock. As of December 31, 1998, the redemption value of the preferred stock ($160,000) plus accrued but unpaid dividends ($88,000) totaled $247,744. The preferred shares are callable by the Company at any time with 60 days' written notice, and all outstanding shares must be redeemed by 2002. The Company has no obligation to redeem the preferred stock prior to 2002. In 1996, the Company redeemed 25,000 shares of preferred stock for total consideration of $22,500. The dividend payable to officer/shareholder is evidenced primarily by a note payable to the Company's majority stockholder and Chairman. The Company paid approximately $200,000 of this dividend during 1998 and approximately $200,000 in 1997. The note is noninterest-bearing, due on demand and subordinated to the revolving line of credit. Pursuant to the debt subordination agreement, the Company can only make payments up to $200,000 in a calendar year. STOCK SUBSCRIPTION RECEIVABLE The Company advanced $469,500 to an employee which was used to purchase shares of common stock. The balance is due in full by September 2000. During 1998, the employee repaid $185,500 of the loan, and 142,000 shares of common stock are held by the Company as collateral on the note at December 31, 1998.
STOCKHOLDERS' EQUITY. Holdings and its Restricted Subsidiaries will maintain its Stockholders' Equity in an amount at all times not less than the sum of (A) One Hundred Eight Million Dollars ($108,000,000.00) plus (B) fifty percent (50%) of the Consolidated Net Income of Holdings for each fiscal quarter beginning with the fiscal quarter ended March 31, 1998, plus (c) seventy-five percent (75%) of the cash proceeds (less reasonable and customary fees and expenses and underwriter's discounts) of any sales of Capital Stock of Holdings on or after the Closing Date. If Consolidated Net Income of Holdings for any fiscal year is negative, no adjustment to the requisite level of Stockholders' Equity shall be made.
