2 unchanged sentences
As of January 31, 2023, there were 241,188,972 shares of our common stock outstanding and 250 holders of record.
+Added: We paid quarterly cash dividends on our common stock of $0.11 per share for each quarter of 2022.
We paid quarterly cash dividends on our common stock of $0.03 per share for the first, second, and third quarters of 2021, respectively, and $0.11 per share for the fourth quarter of 2021.
−Removed: We paid quarterly cash dividends on our common stock of $0.03 per share for each quarter of 2020 and 2019.
+Added: We paid quarterly cash dividends on our common stock of $0.03 per share for each quarter of 2020.
Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors.
22 unchanged sentences
(2) In the first quarter of 2022, we utilized all capacity then remaining under the 2021 Share Repurchase Program.
−Removed: On January 27, 2021, our Board of Directors authorized us to repurchase shares of our common stock up to an aggregate repurchase price not to exceed $1.25 billion under the 2021 Share Repurchase Program.
−Removed: In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program, which expires on January 26, 2023.
+Added: As of December 31, 2022, we had $581 million of capacity remaining under the 2022 Share Repurchase Program.
(3) In the fourth quarter of 2022, we repurchased 9.5 million common shares under our 10b5-1 trading plans.
4 unchanged sentences
The 2020 Share Repurchase Program expired on January 21, 2022 and permitted us to repurchase shares of common stock from time to time up to an aggregate repurchase price not to exceed $600 million.
−Removed: 44 SLM CORPORATION — 2021 Form 10-K
Under the authority of the 2020 Share Repurchase Program, on March 10, 2020, we entered into an ASR with a third-party financial institution under which we paid $525 million for an upfront delivery of our common stock and a forward agreement.
1 unchanged sentence
The final total actual number of shares of common stock delivered to us pursuant to the forward agreement was based generally upon a volume-weighted average price at which the shares of our common stock traded during the regular trading sessions on the NASDAQ Global Select Market during the term of the ASR.
−Removed: The transactions were accounted for as equity transactions and were included in treasury stock when the shares were received, at which time there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share.
+Added: The transactions were accounted for as equity transactions and were included in treasury stock when the shares were received, at
+Added: 2022 Form 10-K — SLM CORPORATION 47
+Added: which time there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share.
On January 26, 2021, we completed the ASR and upon final settlement on January 28, 2021, we received an additional 13 million shares.
1 unchanged sentence
Under the 2020 Share Repurchase Program, we also repurchased an additional 4 million shares of common stock for $75 million in the three months ended March 31, 2021.
−Removed: We have now utilized all capacity under the 2020 Share Repurchase Program.
+Added: We have utilized all capacity under the 2020 Share Repurchase Program.
For additional information, see Notes to Consolidated Financial Statements, Note 14, “Stockholders’ Equity.”
−Removed: On January 27, 2021, we announced the 2021 Share Repurchase Program, which was effective upon announcement and expires on January 26, 2023, and originally permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion.
−Removed: On October 20 2021, we announced a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program, which expires on January 26, 2023.
−Removed: This is in addition to the original $1.25 billion of authorization announced on January 27, 2021, for a total 2021 Share Repurchase Program authorization of $1.5 billion.
+Added: In October 2020, we initiated a cash tender offer to purchase up to 2,000,000 shares of our Series B Preferred Stock.
+Added: On November 30, 2020, we accepted for purchase 1,489,304 shares of the Series B Preferred Stock at a purchase price of $45 per share plus an amount equal to accrued and unpaid dividends, for an aggregate purchase price of approximately $68 million.
+Added: On January 27, 2021, we announced the 2021 Share Repurchase Program, which was effective upon announcement and expired on January 26, 2023, and originally permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion.
+Added: On October 20, 2021, we announced a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program, which expired on January 26, 2023.
+Added: This was in addition to the original $1.25 billion of authorization announced on January 27, 2021, for a total 2021 Share Repurchase Program authorization of $1.5 billion.
Of the total $1.5 billion 2021 Share Repurchase Program authorization, we repurchased 81.1 million shares of common stock at an average price per share of $18.07, for $1.46 billion in the year ended December 31, 2021.
−Removed: (Those amounts include the shares repurchased under the Tender Offer described below.) There was $38 million of capacity remaining under the 2021 Share Repurchase Program at December 31, 2021.
+Added: (Those amounts include the shares repurchased under the Tender Offer described below.) We also repurchased 2.0 million shares of common stock under the 2021 Share Repurchase Program for $38 million in the three months ended March 31, 2022.
+Added: We have utilized all capacity under the 2021 Share Repurchase Program.
On January 26, 2022, we announced the 2022 Share Repurchase Program, which was effective upon announcement and expires on January 25, 2024, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion.
+Added: Under the 2022 Share Repurchase Program, we repurchased 38.2 million shares of common stock at an average price per share of $17.52, for $669 million in the year ended December 31, 2022.
+Added: There was $581 million of capacity remaining under the 2022 Share Repurchase Program at December 31, 2022.
So long as there is unexpired capacity under a given repurchase program, repurchases under the programs may occur from time to time and through a variety of methods, including tender offers, open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, or other similar transactions.
−Removed: The timing and volume of any repurchases under the 2021 Share Repurchase Program and the 2022 Share Repurchase Program will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the programs or at all.
+Added: The timing and volume of any repurchases under the 2022 Share Repurchase Program will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the program or at all.
Common Stock Tender Offer
5 unchanged sentences
Share Repurchases under our Rule 10b5-1 Trading Plans
−Removed: During the year ended December 31, 2021, we repurchased 57 million shares of our common stock at a total cost of $1.1 billion under Rule 10b5-1 trading plans authorized under our share repurchase programs.
+Added: During the years ended December 31, 2022 and 2021, we repurchased 40 million and 57 million shares, respectively, of our common stock at a total cost of $708 million and $1.1 billion, respectively, under Rule 10b5-1 trading plans authorized under our share repurchase programs.
In addition to any repurchases that we may make under the share repurchase programs, we expect to repurchase common stock acquired as a result of taxes withheld in connection with award exercises and vesting under our employee stock-based compensation plans.
−Removed: 2021 Form 10-K — SLM CORPORATION 45
+Added: 48 SLM CORPORATION — 2022 Form 10-K
Stock Performance
7 unchanged sentences
Bloomberg Total Return Analysis
−Removed: 46 SLM CORPORATION — 2021 Form 10-K
+Added: 2022 Form 10-K — SLM CORPORATION 49
Selected Financial Data.
21 unchanged sentences
Total education loans held for investment portfolio, net $ 19,627 $ 20,318 $ 19,172 $ 23,680 $ 21,143
−Removed: Total Personal Loans held for investment, net — — 984 1,128 394
−Removed: Total Credit Cards held for investment, net 23 11 4 — —
Total assets 28,811 29,222 30,770 32,686 26,638
5 unchanged sentences
We may change our common stock dividend policy at any time.
−Removed: We did not pay common stock dividends in fiscal years 2018 and 2017.
−Removed: 2021 Form 10-K — SLM CORPORATION 47
+Added: We did not pay common stock dividends in fiscal year 2018.
+Added: 50 SLM CORPORATION — 2022 Form 10-K
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.