Frontier Communications 2009 Annual Report Download - page 28

Download and view the complete annual report

Please find page 28 of the 2009 Frontier Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 107

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
PRICE RANGE OF COMMON STOCK
Our common stock is traded on the New York Stock Exchange under the symbol FTR. The following
table indicates the high and low intra-day sales prices, as reported by the New York Stock Exchange, per share
during the periods indicated.
High Low High Low
2009 2008
First Quarter ........................................... $8.87 $5.32 $12.84 $ 9.75
Second Quarter . ....................................... $8.16 $6.62 $11.96 $10.01
Third Quarter . . . ....................................... $7.60 $6.43 $12.94 $11.14
Fourth Quarter . . ....................................... $8.57 $7.12 $11.80 $ 6.35
As of February 16, 2010, the approximate number of security holders of record of our common stock was
23,341. This information was obtained from our transfer agent, Computershare Inc.
DIVIDENDS
The amount and timing of dividends payable on our common stock are within the sole discretion of our
Board of Directors. Since the third quarter of 2004, we have paid a regular annual cash dividend of $1.00 per
share of common stock to be paid quarterly. On May 13, 2009, we announced that concurrent with the closing
of the Verizon Transaction we intend to reduce our annual cash dividend from $1.00 per share to $0.75 per
share, to be paid quarterly, subject to applicable law and within the discretion of our Board of Directors. Cash
dividends paid to shareholders were approximately $312.4 million, $318.4 million and $336.0 million in 2009,
2008 and 2007, respectively. There are no material restrictions on our ability to pay dividends, except for the
period leading up to the merger, during which time pursuant to the merger agreement we may not pay
dividends other than quarterly dividends in an amount not to exceed $0.25 per share. The table below sets forth
dividends paid per share during the periods indicated.
2009 2008 2007
First Quarter............................................... $0.25 $0.25 $0.25
Second Quarter . ........................................... $0.25 $0.25 $0.25
Third Quarter. . . ........................................... $0.25 $0.25 $0.25
Fourth Quarter. . ........................................... $0.25 $0.25 $0.25
26
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES