| A | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
1 | Year | Holding period return (CRSP) | Price at start of year | Shares outstanding start of year (1000s) | Market cap start of year ($m) | Shareholder value added ($m) | Required return | Required value added | Created shareholder value ($m) |
2 | 1993 | 64.39% | 78.625 | 60,692 | 4,772 | 3,073 | 11.70% | 558 | 2,514 |
3 | 1994 | 8.70% | 64.625 | 126,155 | 8,153 | 710 | 10.40% | 848 | -138 |
4 | 1995 | 112.46% | 35.125 | 261,560 | 9,187 | 10,332 | 12.80% | 1,176 | 9,156 |
5 | 1996 | 70.52% | 74.625 | 276,365 | 20,624 | 14,544 | 9.90% | 2,042 | 12,502 |
6 | 1997 | 31.43% | 63.625 | 657,416 | 41,828 | 13,148 | 11.00% | 4,601 | 8,547 |
7 | 1998 | 149.72% | 55.75 | 1,012,215 | 56,431 | 84,488 | 9.60% | 5,417 | 79,071 |
8 | 1999 | 130.84% | 92.8125 | 1,573,000 | 145,994 | 191,021 | 8.10% | 11,826 | 179,196 |
9 | 2000 | -28.59% | 107.125 | 3,271,171 | 350,424 | -100,179 | 10.60% | 37,145 | -137,324 |
10 | 2001 | -52.65% | 38.25 | 7,197,150 | 275,291 | -144,952 | 9.10% | 25,051 | -170,003 |
11 | 2002 | -27.66% | 18.11 | 7,334,912 | 132,835 | -36,748 | 9.00% | 11,955 | -48,703 |
12 | 2003 | 84.96% | 13.1 | 7,225,133 | 94,649 | 80,416 | 7.80% | 7,383 | 73,033 |
13 | 2004 | -20.26% | 24.23 | 6,903,338 | 167,268 | -33,895 | 8.30% | 13,883 | -47,778 |
14 | 2005 | -11.39% | 19.32 | 6,584,739 | 127,217 | -14,486 | 8.00% | 10,177 | -24,664 |
15 | 2006 | 59.64% | 17.12 | 6,142,547 | 105,160 | 62,715 | 8.40% | 8,833 | 53,882 |
16 | 2007 | -0.95% | 27.33 | 6,072,719 | 165,967 | -1,580 | 8.90% | 14,771 | -16,351 |
17 | 2008 | -39.79% | 27.0699 | 6,066,967 | 164,232 | -65,341 | 8.00% | 13,139 | -78,480 |
18 | 2009 | 46.87% | 16.3 | 5,855,087 | 95,438 | 44,733 | 6.30% | 6,013 | 38,720 |
19 | 2010 | -15.50% | 23.94 | 5,752,585 | 137,717 | -21,342 | 7.80% | 10,742 | -32,084 |
20 | Sum | 86,656 | 185,560 | -98,905 |