2 unchanged sentences
As of January 31, 2024, there were 220,349,715 shares of our common stock outstanding and 246 holders of record.
−Removed: We paid quarterly cash dividends on our common stock of $0.11 per share for each quarter of 2022.
+Added: We paid quarterly cash dividends on our common stock of $0.11 per share for each quarter of 2023 and 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.
Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors.
11 unchanged sentences
or Programs (2)(3)
−Removed: Approximate Dollar
−Removed: of Shares That
−Removed: Purchased Under
−Removed: Publicly Announced
+Added: Approximate Dollar Value
+Added: of Shares That May Yet Be
+Added: Purchased Under Publicly Announced Plans or
+Added: at December 31, 2023 (2)
October 1 - October 31, 2023 3 $ 12.86 — $326,000
10 unchanged sentences
The 2019 Share Repurchase Program expired on January 22, 2021 and permitted us to repurchase from time to time shares of our common stock up to an aggregate repurchase price not to exceed $200 million.
−Removed: We utilized all capacity under the 2019 Share Repurchase Program, having repurchased 17 million and 3 million shares of common stock for $167 million and $33 million in the years ended December 31, 2019 and 2020, respectively.
+Added: We utilized all capacity under the 2019 Share Repurchase Program, having repurchased 3 million shares of common stock for $33 million in the year ended December 31, 2020.
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.
1 unchanged sentence
On March 11, 2020, the third-party financial institution delivered to us approximately 44.9 million shares.
−Removed: 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
+Added: 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 Nasdaq during the term of the ASR.
+Added: 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.
2023 Form 10-K — SLM CORPORATION 43
−Removed: 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.
2 unchanged sentences
We have utilized all capacity under the 2020 Share Repurchase Program.
−Removed: For additional information, see Notes to Consolidated Financial Statements, Note 14, “Stockholders’ Equity.”
−Removed: In October 2020, we initiated a cash tender offer to purchase up to 2,000,000 shares of our Series B Preferred Stock.
−Removed: 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.
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.
−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 expired on January 26, 2023.
+Added: In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that could be repurchased under our 2021 Share Repurchase Program, which expired on January 26, 2023.
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.
2 unchanged sentences
We have utilized all capacity under the 2021 Share Repurchase Program.
−Removed: 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.
−Removed: 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: On January 26, 2022, we announced the 2022 Share Repurchase Program, which was effective upon announcement and expired on January 25, 2024, and 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: Under the 2022 Share Repurchase Program, we repurchased 22.3 million shares of common stock at an average price per share of $15.64, for $349 million in the year ended December 31, 2023, and 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.
There was $236 million of capacity remaining under the 2022 Share Repurchase Program at December 31, 2023.
−Removed: 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 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.
+Added: Any capacity remaining unused under the 2022 Share Repurchase Program on January 25, 2024 expired on that date pursuant to the terms of the 2022 Share Repurchase Program.
+Added: On January 24, 2024, we announced the 2024 Share Repurchase Program, which became effective on January 26, 2024 and expires on February 6, 2026, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $650 million.
+Added: Under the 2024 Share Repurchase Program, repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions.
+Added: The timing and volume of any repurchases will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program or at all.
Common Stock Tender Offer
5 unchanged sentences
Share Repurchases under our Rule 10b5-1 Trading Plans
−Removed: 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.
+Added: During the years ended December 31, 2023, 2022, and 2021, we repurchased 22 million, 40 million, and 57 million shares, respectively, of our common stock at a total cost of $349 million, $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.
19 unchanged sentences
Net interest income $ 1,562 $ 1,489 $ 1,395 $ 1,480 $ 1,623
−Removed: Non-interest income (loss) 335 632 331 49 (52)
+Added: Non-interest income 247 335 632 331 49
Total revenue 1,809 1,824 2,027 1,811 1,672
18 unchanged sentences
We may change our common stock dividend policy at any time.
−Removed: We did not pay common stock dividends in fiscal year 2018.
46 SLM CORPORATION — 2023 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.