DIRECTV 2010 Annual Report Download - page 51

DIRECTV
the development of our businesses or other corporate purposes, which may include
PART II
share repurchases.
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY,
Information regarding compensation plans under which our equity securities
RELATED STOCKHOLDER MATTERS AND ISSUER
may be issued is included in Item 12 through incorporation by reference to our
PURCHASES OF EQUITY SECURITIES Proxy Statement for the Annual Meeting of Stockholders scheduled to be held on
Common Stock Price April 28, 2011.
Our Class A common stock is publicly traded on The NASDAQ Global Select Share Repurchase Programs
Market under the symbol ‘‘DTV.’’ The following table sets forth for the quarters
indicated the high and low sales prices for our Class A common stock, as reported During 2010, our Board of Directors approved up to $5.2 billion to
on the NASDAQ Global Select Market. Amounts reported from January 1, 2009 repurchase shares of our DIRECTV Class A common stock, which has been
through November 18, 2009, are based on the stock of our predecessor, The completed. During the first quarter of 2011, our Board of Directors authorized
DIRECTV Group, Inc. On November 19, 2009, we completed our merger with repurchases of up to $6 billion of DIRECTV Class A common stock. The
Liberty Entertainment Inc., and from that date, the stock traded on the NASDAQ authorizations allow us to repurchase our Class A common stock from time to time
is the Class A common stock of DIRECTV. through open market purchases and negotiated transactions or otherwise. The
timing, nature and amount of such transactions will depend on a variety of factors,
2010 High Low
including market conditions and the program may be suspended, discontinued or
Fourth Quarter .................................. $44.61 $39.12 accelerated at any time. The sources of funds for the purchases are our existing cash
Third Quarter ................................... 42.61 33.25 on hand, cash from operations and potential additional borrowings. Purchases are
Second Quarter .................................. 39.87 33.87
made on the open market, through block trades and other negotiated transactions.
First Quarter .................................... 35.18 29.83
Repurchased shares are retired but remain authorized for registration and issuance
2009 High Low in the future.
Fourth Quarter .................................. $34.25 $25.16 All purchases were made in accordance with Rule 10b-18 of Securities
Third Quarter ................................... 27.99 22.81
Second Quarter .................................. 26.00 21.47 Exchange Act of 1934. A summary of the repurchase activity for the three months
First Quarter .................................... 24.28 18.81 ended December 31, 2010 is as follows:
As of the close of business on February 18, 2011, there were 55,257 holders Maximum
Total Number of Dollar
of record of our Class A common stock. Our Class B common stock is not Shares Purchased Value that May
Total Number as Part of Publicly Yet Be Purchased
registered and there were no shares outstanding as of December 31, 2010. of Shares Average Price Announced Plans Under the Plans
Period Purchased Paid Per Share or Programs or Programs
Dividend Rights and Other Stockholder Matters (Amounts in Millions, Except Per Share Amounts)
October 1 - 31, 2010 ..... 11 $42.46 11 $1,383
Holders of our common stock are entitled to such dividends and other November 1 - 30, 2010 .... 12 42.34 12 878
distributions in cash, stock or property as may be declared by our Board of December 1 - 31, 2010 .... 14 40.03 14 322
Directors in its sole discretion, subject to the preferential and other dividend rights Total ................ 37 41.51 37 322
of any outstanding series of our preferred stock. There were no shares of our
preferred stock outstanding at December 31, 2010. For additional information regarding our share repurchases see Note 13 of the
Notes to the Consolidated Financial Statements in Part II, Item 8 of this Annual
No dividends on our common stock have been declared by our Board of
Report.
Directors for more than five years. We have no current plans to pay any dividends
on our common stock. We currently expect to use our future earnings, if any, for ***
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