DSW 2014 Annual Report Download - page 19

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Table of Contents
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  

Our Class A Common Shares are listed for trading under the ticker symbol “DSW” on the NYSE. There is currently no public market for DSW Class B
Common Shares, but the Class B common shares can be exchanged for Class A Common Shares at the election of the holder. As of March 20, 2015, there
were 173 holders of record of our Class A Common Shares and 28 holders of record of our Class B Common Shares. The number of holders of record is based
upon the actual number of holders registered at such date and does not include holders of shares in “street names” or persons, partnerships, associates,
corporations, or other entities identified in security position listings maintained by depositories. The following table provides the quarterly market prices of
our Class A Common Shares as reported on the NYSE and cash dividends per share for fiscal 2014 and fiscal 2013:
Market Price
Cash Dividends per
Share
High
Low

First Quarter $ 34.86
$ 30.13
$ —
Second Quarter 39.80
32.27
0.125 (a)
Third Quarter 44.37
38.43
0.125
Fourth Quarter 47.55
36.99
0.125

First Quarter $ 41.11
$ 32.40
$ 0.1875 (b)
Second Quarter 35.00
23.45
0.1875
Third Quarter 32.67
26.59
0.1875
Fourth Quarter 38.10
29.32
0.1875
Dividends- The payment of any future dividends is at the discretion of our Board of Directors and is based on our future earnings, cash flow, financial
condition, capital requirements, changes in taxation laws, general economic condition and any other relevant factors. It is anticipated that dividends will be
declared on a quarterly basis. Our Credit Facility allows the payment of dividends by us or our subsidiaries provided that we meet the minimum cash and
short-term investments requirement, as defined in our Credit Facility, of $125 million.
(a) In March 2013, our Board of Directors increased our quarterly dividend from $0.09 per share to $0.125 per share.
(b) In March 2014, our Board of Directors increased our quarterly dividend from $0.125 per share to $0.1875 per share. On
February 17, 2015, DSW's Board of Directors increased the Company's quarterly cash dividend from $0.1875 per
share to $0.20 per share.
Share Repurchase Program- On May 29, 2013, we announced that our Board of Directors authorized the extension of the share repurchase program to
repurchase up to $100 million of DSW Common Shares. On November 21, 2014, the Board of Directors authorized the repurchase of up to an additional $50
million of DSW Common Shares under the Company's share repurchase program. The repurchase program will be funded using our available cash, and we
have no obligation to repurchase any amount of our common shares under the program. As of January 31, 2015, we have repurchased a total of 3.0 million
Class A Common Shares at a cost of $86.9 million, with a remainder of $63.1 million that may yet be purchased under the program. The shares withheld and
repurchased during the fourth quarter of fiscal 2014 are summarized in the table below (in thousands, except per share amounts):
15
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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