Comfort Inn 2013 Annual Report Download - page 60

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Table of Contents
Regular Quarterly Dividends
The Company currently maintains the payment of a quarterly dividend on its common shares outstanding, however, the declaration of future dividends
are subject to the discretion of our board of directors. During the year ended December 31, 2013, the Company declared and paid cash dividends at a quarterly
rate of $0.185 per share. The Company's quarterly dividend rate declared during the year ended December 31, 2013 has remained unchanged from the
previous quarterly declarations.
During the year ended December 31, 2013, 2012 and 2011, the Company paid regular quarterly cash dividends totaling $32.8 million, $53.4 million
and $43.7 million, respectively. Dividend payments during the years ended December 31, 2013 and 2012, reflect the Company's board of directors decision to
pay the regular quarterly dividend initially scheduled to be paid in the first quarter of 2013 in December 2012. As a result, the dividends paid during 2013
reflect three quarterly payments as compared to five payments in the prior year. We expect that cash dividends will continue to be paid in the future, subject to
declaration by our board of directors, future business performance, economic conditions, changes in tax regulations and other matters. Based on our present
dividend rate and outstanding share count, aggregate annual regular dividends for 2014, would be approximately $43.1 million.
Special Cash Dividend
On July 26, 2012, the Company's board of directors declared a special cash dividend in the amount of $10.41 per share or approximately $600.7
million in the aggregate, which was paid on August 23, 2012. The Company utilized the proceeds from the 2012 Senior Notes and the New Credit Facility for
payment of the special cash dividend.
Share Repurchases
No shares of common stock were purchased by the Company under the share repurchase program during the year ended December 31, 2013. Since the
program's inception through December 31, 2013, we have repurchased 45.3 million shares (including 33.0 million prior to the two-for-one stock split effected
in October 2005) of common stock at a total cost of $1.1 billion. Considering the effect of the two-for-one stock split, the Company has repurchased 78.3
million shares at an average price of $13.89 per share through December 31, 2013. At December 31, 2013 the Company had approximately 1.4 million shares
remaining under the current share repurchase authorization. Upon completion of the current authorization, our board of directors will evaluate the advisability
of additional share repurchases.
Other items
Approximately $157.4 million of the Company's cash and cash equivalents at December 31, 2013 pertains to undistributed earnings of the Company's
consolidated foreign subsidiaries. Since the Company's intent is for such earnings to be reinvested by the foreign subsidiaries, the Company has not provided
additional United States income taxes on these amounts. While the Company has no intention to utilize these cash and cash equivalents in its domestic
operations, any change to this policy would result in the Company incurring additional United States income taxes on any amounts utilized domestically.
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