Big Lots 2007 Annual Report Download - page 103

15
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Effective August 18, 2006, our common shares were listed on the New York Stock Exchange (“NYSE”) under
the symbol “BIG.” Prior to the August 18, 2006 change, our symbol on the NYSE was “BLI.” The following
table reflects the high and low sales prices per common share for our common shares as reported on the NYSE
composite tape for the fiscal periods indicated:
2007 2006
High Low High Low
First Quarter ............................ $34.55 $23.43 $14.95 $12.40
Second Quarter .......................... 36.15 24.72 17.20 13.25
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.98 22.37 21.18 15.70
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . $22.95 $12.40 $26.36 $20.03
Our Board of Directors historically has authorized reinvesting available cash in capital expenditures for various
maintenance and growth opportunities and in share repurchase programs. We historically have not paid
dividends and our Board of Directors is currently not considering any change in this policy. In the event that we
change our policy, any future cash dividend payments would be determined by our Board of Directors taking
into account business conditions then existing, including our earnings, financial requirements and condition,
opportunities for reinvesting cash, and other factors.
On March 9, 2007, we announced our $600.0 million March 2007 Repurchase Program commencing upon
authorization by our Board of Directors and continuing until exhausted. On November 30, 2007, we announced
our $150.0 million November 2007 Repurchase Program commencing upon the completion of the March 2007
Repurchase Program and continuing until exhausted. On December 3, 2007, we completed the March 2007
Repurchase Program. During the fourth quarter of 2007, we acquired $112.5 million of our common shares
under the November 2007 Repurchase Program. In the first quarter of 2008, we completed the November 2007
Repurchase Program. Common shares acquired through the repurchase programs will be available to meet
obligations under equity compensation plans and for general corporate purposes. During 2007, as part of these
announced repurchase programs, we purchased 30.0 million common shares having an aggregate cost of $712.5
million with an average price paid per share of $23.76.
The following table sets forth information regarding our repurchase of our common shares during the fourth
quarter of 2007:
(In thousands, except price per share data)
Period
(a) Total
Number
of Shares
Purchased (1)(2)
(b) Average
Price Paid
per Share (3)
(c) Total
Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
(d) Approximate
Dollar Value
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs
November 4, 2007 — December 1, 2007 ........ 5,429 $20.65 5,429 $155,905
December 2, 2007 — December 29, 2007 ....... 5,069 15.96 5,069 75,000
December 30, 2007 — February 2, 2008 ........ 2,662 14.10 2,660 37,501
Total ................................... 13,160 $17.52 13,158 $ 37,501
(1) Included in the total number of shares purchased during the fourth quarter of 2007 are approximately two
thousand shares which were withheld for tax payments with respect to share-based compensation. All
other shares purchased in the fourth quarter of 2007 were made pursuant to the March 2007 Repurchase
Program and November 2007 Repurchase Program.