Citibank 2014 Annual Report Download - page 320

303
UNREGISTERED SALES OF EQUITY, PURCHASES
OF EQUITY SECURITIES, DIVIDENDS
Unregistered Sales of Equity Securities
None.
Equity Security Repurchases
The following table summarizes Citi’s equity security repurchases, which
consisted entirely of common stock repurchases, during the three months
ended December 31, 2014:
In millions, except per share amounts
Total shares
purchased
Average
price paid
per share
Approximate dollar
value of shares that
may yet be purchased
under the plan or
programs
October 2014
Open market repurchases (1) 2.8 $50.82 $532
Employee transactions (2) — — N/A
November 2014
Open market repurchases (1) 1.0 53.73 479
Employee transactions (2) — — N/A
December 2014
Open market repurchases (1) 3.4 53.86 297
Employee transactions (2) — — N/A
Amounts as of December 31, 2014 7.2 $52.65 $297
(1) Represents repurchases under the $1.2 billion 2014 common stock repurchase program (2014 Repurchase Program) that was approved by Citigroup’s Board of Directors and announced on April 23, 2014, which was
part of the planned capital actions included by Citi in its 2014 Comprehensive Capital Analysis and Review. The 2014 Repurchase Program extends through the first quarter of 2015. Shares repurchased under the
2014 Repurchase Program are treasury stock.
(2) Consisted of shares added to treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s
employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements.
N/A Not applicable
Dividends
In addition to Board of Directors’ approval, Citi’s ability to pay common
stock dividends substantially depends on regulatory approval, including an
annual regulatory review of the results of the Comprehensive Capital Analysis
and Review (CCAR) process required by the Federal Reserve Board and the
supervisory stress tests required under the Dodd-Frank Act. See “Risk Factors-
Business and Operational Risks” above. For information on the ability of
Citigroup’s subsidiary depository institutions and non-bank subsidiaries to
pay dividends, see Note 19 to the Consolidated Financial Statements. Any
dividend on Citi’s outstanding common stock would also need to be made in
compliance with Citi’s obligations to its outstanding preferred stock.