Big Lots 2011 Annual Report Download - page 132

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Robert S. Segal is responsible for merchandising in the furniture, home, and seasonal categories. Mr. Segal
joined us in 2004 as Vice President, Divisional Merchandise Manager, Furniture, and was promoted to Senior
Vice President, General Merchandise Manager for the furniture and home categories in January 2008. He
assumed responsibility for the seasonal category in March 2010. Prior to joining us, Mr. Segal served as
Divisional Vice President, Housewares and Home of Shopko Operating Co., LLC, a discount retailer, from 1995
to 2004.
Steven R. Smart is responsible for merchandising in the consumables, play n’ wear and hardlines & other
categories. Mr. Smart joined us in May 2003 as Vice President, Divisional Merchandise Manager, Consumables
and was promoted to his current role in March 2010. Prior to joining us, Mr. Smart served as Senior Vice
President, Retail of Fleming, a wholesaler, which filed for bankruptcy in 2003.
Paul A. Schroeder is responsible for internal and external financial reporting and accounting operations
including payroll, accounts payable, and inventory control. Mr. Schroeder joined us as Director, Accounting
Operations in April 2005, and was promoted to Vice President, Controller in September 2005. Prior to joining
us, Mr. Schroeder was Director of Finance of American Signature, Inc., a furniture retailer, and held various
finance positions with Limited Brands, Inc., a retailer.
PART II. OTHER INFORMATION
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “BIG.” 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:
2011 2010
High Low High Low
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $44.44 $31.57 $41.42 $28.51
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.42 30.83 38.92 31.27
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.91 28.89 35.25 30.02
Fourth Quarter ............................... $41.81 $35.65 $32.78 $27.82
Our Board of Directors historically has authorized reinvesting available cash in capital expenditures for growth
opportunities, improving the Company’s information systems, and maintaining our assets. After making such
investments, the Company has utilized its excess cash for share repurchase programs. We historically have not
paid dividends and our Board of Directors is not currently 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 December 4, 2009, our Board of Directors authorized a share repurchase program providing for the
repurchase of up to $150.0 million of our common shares. On March 2, 2010, our Board of Directors authorized
a $250.0 million increase to our repurchase program bringing the total authorization to $400.0 million
(collectively the “2010 Repurchase Program”). On May 25, 2011, our Board of Directors authorized a share
repurchase program providing for the repurchase of up to $400.0 million of our common shares (“2011
Repurchase Program”). During the 2011, we purchased 11.0 million common shares having an aggregate cost
of $359.3 million with a volume weighted average price paid per share of $32.79. As a result of the repurchases
during 2011, the 2010 Repurchase Program was exhausted.
Our remaining repurchase authorization under the 2011 Repurchase Program was approximately $98.5 million
at January 28, 2012, and is available to be utilized to repurchase shares in the open market and/or in privately
negotiated transactions at our discretion, subject to market conditions and other factors.
The repurchased common shares were placed into treasury and may be used for general corporate purposes
including the issuance of shares related to equity compensation plans.