8-K 1 cb5932.htm FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  May 18, 2006

CORUS BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 0-6136

Minnesota

 

41-0823592

(State or other jurisdiction of incorporation)

 

(I.R.S. Employer Identification No.)

 

 

 

3959 N. Lincoln Ave., Chicago, Illinois

 

60613

(Address of principal executive offices)

 

(Zip Code)

(773) 832-3088
(Registrant’s telephone number)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 8.01:

Other Events

On April 18, 2006, the Board of Directors of Corus Bankshares, Inc. (the “Company”) declared a two-for-one stock split to be effected in the form of a 100 percent stock dividend.  The additional shares were distributed on May 18, 2006 to shareholders of record at the close of business on May 1, 2006.  The Company is filing this Form 8-K to retroactively show the effect of the stock dividend on basic and diluted net income per share.

The following tables illustrate the effect of the split on the three months ended March 31, 2006 and 2005, as well as the years ended December 31, 2005, 2004, 2003, 2002 and 2001.

 

 

Three Months Ended
March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per-share data)

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

  

 

  

 

  

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

55,858

 

 

55,612

 

  

 

 

 

 

 

 

 

 

Effect of dilutive potential common shares

 

 

2,160

 

 

2,110

 

 

 

 

 

 

 

 

 

 
 

 

 

 

  

 

 

 

 

 

 

 

 

Denominator for Diluted Earnings Per Share

 

 

58,018

 

 

57,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

Numerator: Net income attributable to common shares

 

$

43,389

 

$

28,120

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

Basic

 

$

0.78

 

$

0.51

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.75

 

$

0.49

 

  

 

 

 

 

 

 

 

 

 

 

Year Ended December 31

 

 

 

 

(in thousands, except per-share data)

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

55,688

 

 

55,792

 

 

56,204

 

 

56,596

 

 

56,584

 

Effect of dilutive potential common shares

 

 

2,022

 

 

1,844

 

 

1,202

 

 

584

 

 

654

 

 

 

 

 

 

 

 

Denominator for Diluted Earnings Per Share

 

 

57,710

 

 

57,636

 

 

57,406

 

 

57,180

 

 

57,238

 

 

 

 

 

 

 

 

Numerator: Net income attributable to common shares

 

$

137,229

 

$

97,939

 

$

58,410

 

$

49,314

 

$

54,183

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.46

 

$

1.76

 

$

1.04

 

$

0.87

 

$

0.96

 

Diluted

 

$

2.38

 

$

1.70

 

$

1.02

 

$

0.86

 

$

0.95

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CORUS BANKSHARES, INC.

 

(Registrant)

 

 

 

May 19, 2006

By: 

/s/ Michael E. Dulberg

 

 

 

 

Michael E. Dulberg

 

 

Senior Vice President and Chief Accounting Officer

 

 

(Principal Accounting Officer and duly authorized

 

 

Officer of Registrant)