MBS bonds 28 304 382 807 Dividend equivalent rights
87 87 337
The non-cash charge resulted from the issuance of 244,391 shares of the company's common stock in connection with the elimination of dividend equivalent rights pursuant to an amendment to the company's stock option plan approved by the company's shareowners at their 1996 annual meeting.
2) One-time non-cash charge from the issuance of 244,391 shares of the company's common stock in exchange for the elimination of dividend equivalent rights under outstanding stock options.
The $1,745,000 increase was offset by $966,000 in expense due to a one-time non-cash charge resulting from the issuance of 157,413 shares of the company's common stock pursuant to the elimination of all dividend equivalent rights under the company's stock option plan.
The increase in GAAP income also resulted primarily from the early bond redemption offset by the expense related to the issuance of shares in connection with the elimination of dividend equivalent rights.
In addition, shareowners approved an amendment to the company's stock option plan to eliminate the right of a holder of options under the plan to receive dividend equivalent rights
non-agency MBS bonds 484 269 FFO(b) from ongoing operations 2,887 1,214 Principal collections on non-agency MBS bonds 769 411 Dividend equivalent rights
87 75 FADR(c) from ongoing operations 3,743 1,700 FADR from liquidating operations -- 5,088 Total FADR $3,743 $6,788
The Company anticipates that these top two employees will continue to be compensated primarily with stock option awards and related dividend equivalent rights
and will continue to receive salary and bonus awards substantially below market-based rates as determined from a third-party analysis of compensation practices at comparable companies.