Shares
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss) Total
Balance, January 1, 2001    7,518 $4,817 $ 55,873 $5,645 $ 66,335
Comprehensive income:
Net income         - - 16,372 - 16,372
Net unrealized change in
   securities available-for-sale, net
   of tax of $3,482 - -             -  (5,603) (5,603)
Total comprehensive income $ 10,769
Dividends declared ($0.35 per share) - -  (2,635)
-
 (2,635)
Common stock issued through
   exercise of incentive stock options 12 133             - - 133
Balance, December 31, 2001 7,530 $4,950 $ 69,610 $ 42 $ 74,602
Comprehensive income: -         - 4,519 - 4,519
Net income
Net unrealized change in
   securities available-for-sale, net
   of tax of $29 - - - (46) (46)
Total comprehensive income $ 4,473
Dividends declared ($0.37 per share) - - (2,794) - (2,794)
Common stock issued through
   exercise of incentive stock
   options and stock grants 22 296 - - 296
Balance, December 31, 2002 7,552 $5,246 $ 71,335 $ (4) $ 76,577
Comprehensive income
Net income 32,074 32,074
Net unrealized change in
   securities available-for-sale, net
   of tax of $(18) 30 30
Total comprehensive income $ 32,104
Dividends declared ($0.39 per share) - - (2,960) (2,960)
Common stock issued through
     exercise of incentive stock
     options 41 487 - - 487
Balance, December 31, 2003 7,593 $5,733 $100,449 $ 26 $106,208
15 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME
Years Ended December 31, 2003, 2002 and 2001
in thousands, except per share amounts
See accompanying notes to consolidated financial statements.
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