Consolidated Statements of Shareholders’ Equity Dollars in thousands, note 2 The accompanying notes are an integral part of these statements. Preferred  Common  Stock  Stock  Balance at December 31, 2000 $ 538,684 $  18 Series A Preferred stock conversion (46,355 Common Shares)  (1,558 )  Common stock issued as dividend (442 Common Shares)  Conversion of preferred stock of subsidiary (Note 10)  340,000 Conversion of Limited Partner Units (958,997 Common Shares, Note 10)  Stock options exercised (400,026 Common Shares)  Series E and Series G Preferred stock accretion  342 Stock incentive program (454,726 Common Shares, net)  Amortization of stock incentive  Other  Adjustment to limited partners’ interest from increased ownership in the Operating Partnership  Distributions  Other comprehensive income  Net income  Balance at December 31, 2001 $ 877,468 $  18 Series A Preferred stock conversion (1,893,651 Common Shares)  (63,688 )  Common stock issued as dividend (19,375 Common Shares)  Conversion of Limited Partner Units (173,442 Common Shares, Note 10)  Common stock issued (9,000,000 Common Shares)  1 Stock options exercised (671,836 Common Shares)  Series E and Series G Preferred Stock accretion  474 Stock incentive program (-21,070 Forfeited Common Shares)  Amortization of stock incentive  Other  Adjustment to limited partners’ interest from increased ownership in the Operating Partnership  Distributions  Other comprehensive income  Net income  Balance at December 31, 2002 $ 814,254 $  19 Conversion of Limited Partner Units (2,880,810 Common Shares, Note 10)  1 Series B Preferred stock conversion (12,443,195 Common Shares)   (447,485 )  1 Series B Preferred stock redemption for cash (18,340 Preferred Shares)  (1,711 )  Series H Variable Rate Preferred stock issuance (3,328,540 preferred shares)  83,213 Series H Variable Rate Preferred stock repurchase (3,250,528 net preferred shares)  (81,263 )  Stock options exercised (733,617 Common Shares)  Series E and Series G Preferred stock accretion  475 Stock incentive program (380,835 Common Shares, Net)  Amortization of stock incentive  Acquisition of minority interest in Management Company  Other  Adjustment to limited partners’ interest from increased ownership in the Operating Partnership  Distributions  Other comprehensive income  Net income  Balance at December 31, 2003 $ 367,483 $  21 simon property group, inc. 48