2.0.0.10
false
Stockholders' Equity
0213 - Disclosure - Stockholders' Equity
true
false
false
false
1
usd
$
false
false
USD
Standard
http://www.xbrl.org/2003/iso4217
USD
iso4217
0
USDEPS
Divide
http://www.xbrl.org/2003/iso4217
USD
iso4217
http://www.xbrl.org/2003/instance
shares
xbrli
0
2
0
us-gaap_StockholdersEquityNoteAbstract
us-gaap
true
na
duration
string
No definition available.
false
false
false
false
false
true
false
false
false
false
false
false
|
1
false
false
false
false
0
0
false
false
false
|
No definition available.
false
3
1
us-gaap_StockholdersEquityNoteDisclosureTextBlock
us-gaap
true
na
duration
string
No definition available.
false
false
false
false
false
false
false
false
false
false
false
verboselabel
false
|
1
false
false
false
false
0
0
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 13 - us-gaap:StockholdersEquityNoteDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>13     Stockholders’ equity</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Each holder of common and preferred class A stock is entitled to one vote for each
share on all matters brought before stockholders’ meetings, except for the election of the Board
of Directors, which is restricted to the holders of common stock. The Brazilian Government holds
twelve preferred special shares which confer permanent veto rights over certain matters.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Both common and preferred stockholders are entitled to receive a mandatory minimum dividend
of 25% of annual adjusted net income under Brazilian GAAP, once declared at the annual
stockholders’ meeting. In the case of preferred stockholders, this dividend cannot be less than
6% of the preferred capital as stated in the statutory accounting records or, if greater, 3% of
the Brazilian GAAP equity value per share.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In April 2010 (subsequent period) we paid US$1,250 as a first installment of the dividend
to stockholders. The distribution was made in the form of interest on stockholders’ equity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In October 2009 the Board of Directors approved the payment of the second tranche of the
minimum dividend, and an amount of additional dividends to be distributed, totaling US$1,500.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In April 2009, we paid US$1,250 as a first installment of the dividend to stockholders. The
distribution was made in the form of dividends.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In July 2008, we issued 80,079,223 common ADS, 176,847,543 common shares, 63,506,751
preferred ADS and 100,896,048 preferred shares through a Global equity offering. Our capital
increased by US$11,666, upon subscription of preferred stock of US$4,146 corresponding to
164,402,799 shares and common stock of US$7,520 corresponding to 256,926,766 shares. In August,
2008, we issued an additional 24,660,419 preferred shares, representing an increase of US$628.
After the closing of the operation, our capital stock increased by US$12,294 in 2008; the
transaction costs of US$105 were recorded as a reduction of the additional paid-in capital
account.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Vale Issued mandatory convertible notes, as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Date</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Value</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Headings</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Emission</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Expiration</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Gross</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net of charges</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Coupon</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches Rio and Rio P
</div></td>
<td> </td>
<td colspan="3" align="center">June/2007</td>
<td> </td>
<td colspan="3" align="center">June/2010</td>
<td> </td>
<td> </td>
<td align="right">1,880</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,869</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5.50% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches Vale and Vale P — 2012
</div></td>
<td> </td>
<td colspan="3" align="center">July/2009</td>
<td> </td>
<td colspan="3" align="center">June/2012</td>
<td> </td>
<td> </td>
<td align="right">942</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">934</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6.75% p.a.</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The notes pay a coupon quarterly and are entitled to an additional remuneration equivalent
to the cash distribution paid to ADS holders. These notes were classified as a capital
instrument, mainly due to the fact that neither the Company nor the holders have the option to
settle the operation, whether fully or partially, with cash, and the conversion is mandatory;
consequently, they were recognized as a specific component of shareholders’ equity, net of
financial charges.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The funds linked to future mandatory conversion, net of charges are equivalent to the maximum of
common shares and preferred shares, as follows. All the shares are currently held in treasury.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Maximum amount of action</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Value</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Headings</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Common</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Preferred</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Common</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Preferred</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches Rio and Rio P
</div></td>
<td> </td>
<td align="right"></td>
<td align="right">56,582,040</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,295,456</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,296</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">584</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches Vale and Vale P — 2012
</div></td>
<td> </td>
<td> </td>
<td align="right">18,415,859</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,284,800</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">293</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">649</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In April, 2010 (subsequent period), we paid to holders of mandatorily convertible
notes additional interest: series RIO and RIO P, US$0.417690 and US$0.495742 per note,
respectively and series VALE-2012 and VALE.P-2012, US$0.602336 and US$0.696668 per note,
respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">On October 30, 2009, we paid additional interest to holders of the mandatorily convertible
notes of series RIO and of series RIO P, equal to the US dollar equivalent of R$0.857161 and
R$1.017334 per notes, respectively, and to the holders of the mandatorily convertible notes of
series VALE-2012 and VALE.P-2012, equal to the US dollar equivalent of R$1.236080 and R$1.429662
per notes, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In April 2009 we paid to holders of the mandatorily convertible notes of series RIO and of
series RIO P, the US dollar equivalent of US$0.490922 and US$0.582658, respectively.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>Basic and diluted earnings per share</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Basic and diluted earnings per share amounts have been calculated as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income from continuing operations attributable to Company’s
stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,749</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,363</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations, net of tax</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(145</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income attributable to Company’s stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,604</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,363</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest attributed to preferred convertible notes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest attributed to common convertible notes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income for the period adjusted</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,562</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,477</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,337</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Basic and diluted earnings per share</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to preferred stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">591</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">559</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">512</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to common stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">926</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">876</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">803</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to convertible notes linked to preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to convertible notes linked to common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">2,030,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,030,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,031,027</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">3,181,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181,732</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury preferred shares linked to mandatorily convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">77,580</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,580</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,295</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury common shares linked to mandatorily convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">74,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">56,582</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,365,303</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,365,303</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,299,636</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.25</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.25</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">0.54</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.53</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">0.60</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.57</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Continuous operations</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">0.57</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">0.63</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Basic earnings per share only, as dilution assumes conversion</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">If the conversion of the convertible notes had been included in the calculation of diluted
earnings per share they would have generated the following dilutive effect as shown below:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to preferred stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">633</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">599</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">528</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to common stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">971</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">920</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">835</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">2,108,578</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,108,578</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,061,322</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">3,256,725</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,256,725</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,238,314</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.26</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.26</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Continuous operations </b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">0.33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations </b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note
false
false
false
|
Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (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
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C, E
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4
false
false
1
2
false
UnKnown
UnKnown
UnKnown
false
true