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Consolidated Financial Statements (Continued)
CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) AND COMPREHENSIVE INCOME
(In thousands, except share amounts)
 
     Common Stock
Shares Outstanding		    Common Stock
Amount		    Additional Paid-in-capital    Accumulated Other
Comprehensive Income (Loss)		    Deferred Compensation    Treasury Stock    Comprehensive Income    Retained
Earnings		    Total
Balance as of December 31, 1999   53,833,911   $ 538   $52,386   $ 1,205   $(1,937)   $(108,294)       $121,718   $ 65,616
Comprehensive income
                                    
Net income   —   —   —   —   —   —   $42,445   42,445   42,445
   Other comprehensive income:                                    
     Foreign currency translation        adjustments   —   —   —   —   —   —   (1,786)   —   (1,786)
     Unrealized gain on securities,
       net of taxes, net of
       reclassification adjustment
       (Note 15) 		  —   —   —   —   —   —   527   —   527
     Other comprehensive loss   —   —   —   (1,259)   —   —   (1,259)   —   —
Comprehensive income                           $41,186        
Exercise of stock options/grants, net   288,634   3   3,362   —   —   —       —   3,365
Issuance of restricted stock   14,052   —   182   —   (182)   —       —   —
Amortization of deferred                                    
compensation   —   —   —   —   819   —       —   819
Treasury purchases   (1,575,029)   (15)   —   —   —   (20,878)       —   (20,893)
Liquidation of foreign subsidiaries   —   —   (685)   —   —   —       685   —
Balance as of December 31, 2000   52,561,568   $ 526   $55,245   $ (54)   $(1,300)   $(129,172)       $164,848   $ 90,093
Comprehensive income
                                    
Net income   —   —   —   —   —   —   14,327   14,327   14,327
   Other comprehensive income:                                    
     Foreign currency translation        adjustments   —   —   —   —   —   —   (414)   —   (414)
     Unrealized loss on securities,
       net of taxes, net of
       reclassification adjustment
       (Note 15)		   —   —   —   —   —   —   (310)   —   (310)
     Other comprehensive loss   —   —   —   (724)   —   —   (724)   —   —
Comprehensive income                           $13,603        
Deferred gain on hedge   —   —   —   424   —   —       —   424
Exercise of stock options/grants, net   1,287,454   13   14,885   —   —   1,503       —   16,401
Issuance of restricted stock   155,515   1   —   —   (2,304)   2,303       —   —
Amortization of deferred compensation   —   —   —   —   747   —       —   747
Treasury purchases   (12,006,900)   (120)   —   —   —   (185,687)       —   (185,807)
Balance as of December 31, 2001   41,997,637   $ 420   $70,130   $ (354)   $(2,857)   $(311,053)       $179,175   $ (64,539)
Comprehensive income
                           60,844   60,844   60,844
Net income   —   —   —   —   —   —   341   —   341
   Other comprehensive income:                           (67)   —   (67)
     Foreign currency translation        adjustments   —   —   —   —   —   —            
     Amortization of deferred gain                                    
     Unrealized loss on securities,
       net of taxes, net of
       reclassification adjustment
       (Note 15)		   —   —   —   —   —   —   122   —   122
     Other comprehensive income   —   —   —   396   —   —   396   —   —
Comprehensive income                           $61,240        
Exercise of stock options/grants, net   442,869   4   1,762   —   —   5,768       —   7,534
Issuance of restricted stock   109,894   1   —   —   (2,301)   2,300       —   —
Stock compensation related restructuring   —   —   1,208   —   —   —       —   1,208
Amortization of deferred      compensation   —   —   —   —   1,666   —       —   1,666
Treasury purchases   (5,387,184)   (54)   —   —   —   (120,854)       —   (120,908)
Balance as of December 31, 2002   37,163,216   371   $73,100   $ 42   $(3,492)   $(423,839)       $240,019   $(113,799)
 
The accompanying notes are an integral part of these consolidated financial statements.
 
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