Big Lots 2007 Annual Report Download - page 104
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16
(2) As part of the March 2007 Repurchase Program, we received 2.8 million of our outstanding common shares
during the first quarter of 2007, representing the minimum number of shares purchased under a $100.0
million guaranteed share repurchase transaction (“GSR”). Upon receipt, the 2.8 million shares were removed
from our basic and diluted weighted average common shares outstanding. The GSR included a forward
contract indexed to the average market price of our common shares that subjected the GSR to a future share
settlement based on the average share price between the contractually specified price inception date of the
GSR and the final settlement date. The forward contract effectively placed a collar around the minimum and
maximum number of our common shares that we purchased under the GSR. We were not required to make
any additional payments to the counterparty under the GSR. We received 0.4 million additional common
shares from the counterparty in settlement of the GSR in the fourth quarter of 2007 based on the average
market price of our common shares during the period specified by the GSR.
(3) This amount represents the weighted-average price paid per common share in the fourth quarter of 2007
and includes a per share commission paid for all repurchases.
On February 22, 2006, our Board of Directors authorized the repurchase of up to $150.0 million of our common
shares (“2006 Repurchase Program”). During 2006, we purchased 9.4 million common shares having an
aggregate cost of $150.0 million with an average price paid per share of $15.90.
In June 2006, in accordance with the 2006 Repurchase Program, we paid $14.7 million to enter into a structured
share repurchase transaction which settled in cash on its maturity date in September 2006. Because the market
price of our common shares was above $15.34 on the maturity date, we received $15.3 million on the maturity
date, representing our original investment of $14.7 million and a $0.6 million return on our investment. The
initial cash disbursement and subsequent receipt of cash were recorded in additional paid-in capital on the
consolidated balance sheet.
The repurchased common shares in 2006 and 2007 were placed into treasury and are used for general corporate
purposes including the issuance of shares related to employee benefit plans.
At the close of trading on the NYSE on March 28, 2008, there were approximately 1,127 registered holders of
record of our common shares.