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Common stock
 12 Months Ended
Dec. 31, 2011
Common stock
15. Common stock

 

The Bank’s common stock is divided into four categories:

 

1) “Class A”; shares may only be issued to Latin American Central Banks or banks in which the state or other government agency is the majority shareholder.
2) “Class B”; shares may only be issued to banks or financial institutions.
3) “Class E”; shares may be issued to any person whether a natural person or a legal entity.

4) “Class F”; can only be issued to state entities and agencies of non-Latin American countries, including, among others, central banks and majority state-owned banks in those countries, and multilateral financial institutions either international or regional institutions.

 

 

The holders of “Class B” shares have the right to convert or exchange their “Class B” shares, at any time, and without restriction, for “Class E” shares, at a rate of one to one.

 

The following table provides detailed information on the Bank’s common stock activity per class for each of the years in the three-year period ended December 31, 2011:

 

(Share units)   “Class A”     “Class B”     “Class E”     “Class F”     Total  
                               
Authorized     40,000,000       40,000,000       100,000,000       100,000,000       280,000,000  
                                         
Outstanding at January 1, 2009     6,342,189       2,617,784       27,453,115       -       36,413,088  
Conversions     -       (32,902 )     32,901       -       (1 )
Restricted stock issued     -       -       37,934       -       37,934  
Exercised stock options - compensation plans     -       -       82,180       -       82,180  
Restricted stock units - vested     -       -       12,415       -       12,415  
Outstanding at December 31, 2009     6,342,189       2,584,882       27,618,545       -       36,545,616  
Conversions     -       (42,861 )     42,860       -       (1 )
Repurchase of common stock     -       -       (200 )     -       (200 )
Restricted stock issued     -       -       38,115       -       38,115  
Exercised stock options - compensation plans     -       -       82,106       -       82,106  
Restricted stock units - vested     -       -       44,904       -       44,904  
Outstanding at December 31, 2010     6,342,189       2,542,021       27,826,330       -       36,710,540  
Conversions     -       (10,095 )     10,095       -       -  
Restricted stock issued     -       -       25,541       -       25,541  
Exercised stock options - compensation plans     -       -       325,996       -       325,996  
Restricted stock units - vested     -       -       69,865       -       69,865  
Outstanding at December 31, 2011     6,342,189       2,531,926       28,257,827       -       37,131,942  

 

The following table presents information regarding shares repurchased but not retired by the Bank and accordingly classified as treasury stock:

 

(In thousands, except for share data)   “Class A”     “Class B”     “Class E”     Total  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  
Outstanding at January 1, 2009     318,140       10,708       568,010       15,655       4,680,604       106,400       5,566,754       132,763  
Restricted stock issued     -       -       -       -       (37,934 )     (905 )     (37,934 )     (905 )
Exercised stock options – compensation plans     -       -       -       -       (82,180 )     (1,960 )     (82,180 )     (1,960 )
Restricted stock units - vested     -       -       -       -       (12,415 )     (296 )     (12,415 )     (296 )
Outstanding at December 31, 2009     318,140       10,708       568,010       15,655       4,548,075       103,239       5,434,225       129,602  
Repurchase of common stock     -       -       -       -       200       3       200       3  
Restricted stock issued     -       -       -       -       (38,115 )     (909 )     (38,115 )     (909 )
Exercised stock options – compensation plans     -       -       -       -       (82,106 )     (1,958 )     (82,106 )     (1,958 )
Restricted stock units - vested     -       -       -       -       (44,904 )     (1,071 )     (44,904 )     (1,071 )
Outstanding at December 31, 2010     318,140       10,708       568,010       15,655       4,383,150       99,304       5,269,300       125,667  
Restricted stock issued     -       -       -       -       (25,541 )     (609 )     (25,541 )     (609 )
Exercised stock options – compensation plans     -       -       -       -       (325,996 )     (7,775 )     (325,996 )     (7,775 )
Restricted stock units - vested     -       -       -       -       (69,865 )     (1,666 )     (69,865 )     (1,666 )
Outstanding at December 31, 2011     318,140       10,708       568,010       15,655       3,961,748       89,254       4,847,898       115,617