Dollar Rent A Car 2011 Annual Report Download - page 29

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PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Table of Contents
DTG’s common stock is listed on the New York Stock Exchange under the trading symbol “DTG.” The high and low closing sales prices for the common
stock for each quarterly period during 2011 and 2010 were as follows:
First Second Third Fourth
Quarter Quarter Quarter Quarter
2011
High $ 66.73 $ 83.74 $ 74.26 $ 70.43
Low $ 47.70 $ 66.60 $ 56.30 $ 53.83
2010
High $ 34.60 $ 51.55 $ 52.34 $ 50.00
Low $ 23.84 $ 32.09 $ 41.06 $ 45.76
The 28,141,936 shares of common stock outstanding at February 22, 2012 were held by approximately 2,600 registered and beneficial holders. The
Company has not paid cash dividends since completion of its initial public offering in December 1997. The declaration of any dividends will be subject to
the approval of the Board. The payment of cash dividends is subject to limitations under the New Revolving Credit Facility.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On September 26, 2011, the Company announced that its Board of Directors had increased the authorization of the share repurchase program previously
announced on February 24, 2011 of up to $100 million to up to $400 million. The share repurchase program is discretionary and has no expiration
date. Subject to applicable law, the Company may repurchase shares through forward stock repurchase agreements, accelerated stock buyback programs,
directly in the open market, in privately negotiated transactions, or pursuant to derivative instruments or plans complying with SEC Rule 10b5-1, among
other types of transactions and arrangements. The New Revolving Credit Facility entered into on February 16, 2012, contains limitations on share
repurchases. See Item 8 - Note 8 of Notes to Consolidated Financial Statements for further discussion. Although payments were funded in 2011 for share
repurchases under the forward stock repurchase agreement described below, no shares were repurchased under the share repurchase program as of December
31, 2011.
On November 3, 2011, the Company entered into and pre-funded a forward stock repurchase agreement with Goldman Sachs & Co. (“Goldman”) under
which the Company agreed to acquire $100 million of Company common stock. The repurchase was settled in February 2012, and the Company acquired
1,451,193 shares of its common stock at an average share price of approximately $68.91. The Company currently expects to repurchase shares in 2012
under the remaining authorization of the share repurchase program. The share repurchase program may be increased, suspended or discontinued at any time.
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