Citibank 2009 Annual Report Download - page 277

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UNREGISTERED SALES OF EQUITY; PURCHASES OF EQUITY SECURITIES; DIVIDENDS
For so long as the U.S. government holds any Citigroup common stock or
trust preferred securities acquired pursuant to the preferred stock exchange
offers consummated in 2009, Citigroup has agreed not to acquire, repurchase
or redeem any Citigroup equity or trust preferred securities, other than
pursuant to administrating its employee benefit plans or other customary
exceptions, or with the consent of the U.S. government.
Unregistered Sales of Equity Securities
None.
Share Repurchases
Under its long-standing repurchase program, Citigroup may buy 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 Citigroup’s share repurchases
during 2009:
In millions, except per share amounts
Total shares
purchased (1)
Average
price paid
per share
Approximate dollar
value of shares that
may yet be purchased
under the plan or
programs
First quarter 2009
Open market repurchases (1) 0.2 $3.03 $6,741
Employee transactions (2) 10.7 3.56 N/A
Total first quarter 2009 10.9 $3.55 $6,741
Second quarter 2009
Open market repurchases (1) 0.2 $3.27 $6,740
Employee transactions (2) 4.4 3.67 N/A
Total second quarter 2009 4.6 $3.65 $6,740
Third quarter 2009
Open market repurchases (1) 0.5 $3.21 $6,739
Employee transactions (2) 1.3 3.22 N/A
Total third quarter 2009 1.8 $3.22 $6,739
October 2009
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 0.2 4.65 N/A
November 2009
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 10.3 4.11 N/A
December 2009
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 9.3 3.34 N/A
Fourth quarter 2009
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 19.8 3.76 N/A
Total fourth quarter 2009 19.8 $3.76 $6,739
Year-to-date 2009
Open market repurchases (1) 0.9 $3.20 $6,739
Employee transactions (2) 36.2 3.67 N/A
Total year-to-date 2009 37.1 $3.66 $6,739
(1) All open market repurchases were transacted under an existing authorized share repurchase plan. Since 2000, the Board of Directors has authorized the repurchase of shares in the aggregate amount of $40 billion
under Citi’s existing share repurchase plan. All shares repurchased during 2009 relate to customer fails/errors.
(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 Citi’s employee restricted
or deferred stock program, where shares are withheld to satisfy tax requirements.
N/A Not applicable