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Table of Contents
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock has been listed on the NASDAQ Global Select Market since June 27, 2013 under the symbol “CDW.” Prior to that
date, there was no public market for our common stock. Shares sold in our initial public offering ("IPO") were priced at $17.00
per share on June
26, 2013. The following table sets forth the ranges of high and low sales prices per share of our common stock as reported on the NASDAQ
Global Select Market and the cash dividends per share of common stock declared for the periods indicated.
Holders
As of February 20, 2015 , there were 71 holders of record of our common stock. The number of beneficial stockholders is substantially
greater than the number of holders of record because a portion of our common stock is held through brokerage firms.
Dividends
On February 10, 2015 , we announced that our board of directors declared a quarterly cash dividend on our common stock of $0.0675
per share. The dividend will be paid on March 10, 2015 to all stockholders of record as of the close of business on February 25, 2015 .
We expect to continue to pay quarterly cash dividends on our common stock in the future, but such payments remain at the discretion of
our board of directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual
restrictions, any potential indebtedness we may incur, restrictions imposed by applicable law, tax considerations and other factors that our board
of directors deems relevant. In addition, our ability to pay dividends on our common stock will be limited by restrictions on our ability to pay
dividends or make distributions to our stockholders and on the ability of our subsidiaries to pay dividends or make distributions to us, in each
case, under the terms of our current and any future agreements governing our indebtedness. For a discussion of our cash resources and needs and
restrictions on our ability to pay dividends, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—
Liquidity and Capital Resources” included elsewhere in this report. For additional discussion of restrictions on our ability to pay dividends, see
Note 7 to the accompanying audited consolidated financial statements included elsewhere in this report.
Issuer Purchases of Equity Securities
On November 6, 2014, we announced that the board of directors approved a $500 million share repurchase program, which became
effective immediately, under which we may repurchase shares of our common stock in the open market or through privately negotiated
transactions, depending on share price, market conditions and other factors. The share repurchase program does not obligate us to repurchase any
dollar amount or number of shares, and repurchases may be commenced or
25
Year ended December 31, 2014 High Low
Dividends
declared per
share
Fourth quarter
$
36.08
$
27.59
$
0.0675
Third quarter
$
33.80
$
30.07
$
0.0425
Second quarter
$
32.41
$
26.70
$
0.0425
First quarter
$
27.53
$
22.72
$
0.0425
Year ended December 31, 2013 High Low
Dividends
declared per
share
Fourth quarter
$
23.56
$
20.50
$
0.0425
Third quarter
$
24.51
$
18.26
$
—
Second quarter (beginning June 27, 2013)
$
19.17
$
17.38
$
—