Classmates.com 2006 Annual Report Download - page 26

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PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Our common stock has been quoted on the Nasdaq Stock Market (“NASDAQ”) under the symbol “UNTD”
since September 26, 2001. Prior
to that, NetZero common stock had been quoted on the NASDAQ under the symbol “NZRO”
since September 23, 1999. The following table sets
forth, for the quarters indicated, the high and low prices per share of our common stock as reported on the NASDAQ.
On February 23, 2007, there were 844 holders of record of our common stock.
Dividends
In May 2005, August 2005 and October 2005, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share of
common stock. The quarterly dividends were paid on May 31, 2005, August 31, 2005 and November 30, 2005 and totaled $12.6 million,
$12.7 million and $12.8 million, respectively.
The Company’s Board of Directors declared quarterly dividends of $0.20 per share in February 2006, May 2006, August 2006 and
November 2006 which were paid on February 28, 2006, May 31, 2006, August 31, 2006 and November 30, 2006 and totaled $12.9 million,
$13.4 million, $13.5 million and $13.7 million, respectively.
In February 2007, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share of common stock. The record
date for the dividend was February 14, 2007 and the dividend, which totaled $13.7 million, was paid on February 28, 2007.
The payment of future dividends is discretionary and will be subject to determination by the Board of Directors each quarter following its
review of the Company’
s financial performance. Dividends are declared and paid out of our surplus, as defined and computed in accordance with
the General Corporation Law of the State of Delaware.
Common Stock Repurchases
Our Board of Directors authorized a common stock repurchase program that allows us to repurchase shares of our common stock through
open market or privately negotiated transactions based on prevailing market conditions and other factors. From time to time, the Board of
Directors has increased the amount authorized for repurchase under this program. On April 22, 2004, the Board of Directors authorized us to
purchase up to an additional $100 million of our common stock through May 31, 2005 under the program, bringing the total amount authorized
under the program to $200 million. On April 29, 2005, the Board of Directors extended the program through December 31, 2006. In
January 2007, the Board further extended the program through December 31, 2007. At December 31, 2006, we had repurchased $139.2 million
of our common stock under the program, leaving $60.8 million remaining under the program.
Shares withheld from restricted stock units (“RSUs”) awarded to employees upon vesting to pay applicable withholding taxes on their
behalf are considered common stock repurchases, but are not
25
2005
2006
High
Low
High
Low
First Quarter
$
11.85
$
9.75
$
15.40
$
11.22
Second Quarter
13.08
8.51
13.68
10.79
Third Quarter
14.05
10.70
12.37
10.05
Fourth Quarter
15.03
12.57
14.04
12.02