Discover 2009 Annual Report Download - page 53

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Part II. |Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
Common Stock Market Prices and Dividends
Our common stock began trading “regular way” on the NYSE (ticker symbol DFS) on July 2, 2007. The approximate
number of record holders of our common stock at January 15, 2010 was 91,422.
The following table sets forth the quarterly high and low stock prices as reported by the NYSE and the dividends
declared by us during the quarter indicated:
Quarter Ended: Stock Price Cash Dividends
Declared2007 High Low
August 31 ....................................................................................................................................................... $29.15 $20.35 —
November 30 .................................................................................................................................................. $24.00 $15.72 $0.06
2008
February 29 .................................................................................................................................................... $17.99 $10.94 $0.06
May 31 .......................................................................................................................................................... $19.87 $13.00 $0.06
August 31 ....................................................................................................................................................... $17.16 $12.51 $0.06
November 30 .................................................................................................................................................. $18.15 $ 6.59 $0.06
2009
February 28 .................................................................................................................................................... $11.47 $ 5.05 $0.06
May 31 .......................................................................................................................................................... $11.65 $ 4.73 $0.02
August 31 ....................................................................................................................................................... $14.24 $ 8.58 $0.02
November 30 .................................................................................................................................................. $17.36 $12.87 $0.02
During our second quarter of 2009, we reduced our common stock dividend from $.06 per share to $.02 per share
and we have maintained a $.02 per share dividend for the remaining quarters of 2009. We expect to continue our
policy of paying regular cash dividends, although there is no assurance as to future dividends because they are subject to
board approval and depend on future earnings, capital requirements and financial condition. Our participation in the
U.S. Treasury’s Capital Purchase Program subjects us to restrictions limiting our ability to pay dividends on our common
stock. For a description of these restrictions, see “Management’s Discussion and Analysis of Financial Condition and
Results of Operations – Liquidity and Capital Resources – U.S. Treasury Capital Purchase Program.” In addition, as a
result of applicable banking regulations and provisions that may be contained in our borrowing agreements or the
borrowing agreements of our subsidiaries, our ability to pay dividends to our stockholders may be further limited.
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