Citibank 2008 Annual Report Download - page 242
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Share Repurchases
Under its long-standing repurchase program, the Company buys back common shares in the market or otherwise from time to time. This program is used for
many purposes, including offsetting dilution from stock-based compensation programs.
The following table summarizes the Company’s share repurchases during 2008:
In millions, except per share amounts
Total shares
repurchased
Average
price paid
per share
Dollar
value of
remaining
authorized
repurchase
program
First quarter 2008
Open market repurchases (1) 0.2 $27.19 $6,743
Employee transactions (2) 5.0 25.26 N/A
Total first quarter 2008 5.2 $25.31 $6,743
Second quarter 2008
Open market repurchases (3) — $ — $6,743
Employee transactions 0.8 22.91 N/A
Total second quarter 2008 0.8 $22.91 $6,759
Third quarter 2008
Open market repurchases (3) 0.1 $20.27 $6,742
Employee transactions 1.5 17.94 N/A
Total third quarter 2008 1.6 $17.96 $6,742
October 2008
Open market repurchases (3) — $ — $6,742
Employee transactions 0.2 18.96 N/A
November 2008
Open market repurchases (3) 0.1 $ 8.06 $6,741
Employee transactions 0.4 15.20 N/A
December 2008
Open market repurchases (3) — $ — $6,741
Employee transactions 0.6 8.37 N/A
Fourth quarter 2008
Open market repurchases (3) 0.1 $ 9.72 $6,741
Employee transactions 1.2 12.63 N/A
Total fourth quarter 2008 1.3 $12.42 $6,741
Year-to-date 2008
Open market repurchases 0.4 $21.30 $6,741
Employee transactions 8.5 21.94 N/A
Total year-to-date 2008 8.9 $21.91 $6,741
(1) All open market repurchases were transacted under an existing authorized share repurchase plan. On April 17, 2006, the Board of Directors authorized up to an additional $10 billion in share repurchases.
(2) Consists of shares added to treasury stock related to activity on employee stock option program exercises, where the employee delivers existing shares to cover the option exercise, or under the Company’s employee
restricted or deferred stock program, where shares are withheld to satisfy tax requirements.
(3) Represents repurchases recorded related to customer fails/errors.
N/A Not applicable.
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