Henry Schein 2009 Annual Report Download - page 37

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25
Purchases of Equity Securities by the Issuer
Our current share repurchase program, announced on June 21, 2004, originally allowed us to repurchase
up to $100.0 million of shares of our common stock, which represented approximately 3.5% of the shares
outstanding at the commencement of the program. On both October 31, 2005 and March 28, 2007, our Board
of Directors authorized an additional $100.0 million, for a total of $300.0 million, of shares of our common
stock to be repurchased under this program. As of December 26, 2009, we had repurchased $242.3 million of
common stock (5,633,952 shares) under this initiative, with $57.7 million available for future common stock
share repurchases.
During the fiscal quarter ended December 26, 2009, we did not repurchase any of our common stock.
The maximum number of shares that may yet be purchased under this program, as shown below, is
determined at the end of each month based on the closing price of our common stock at that time.
Maximum Number
of Shares that May Yet
Fiscal Month Be Purchased Under Our Program
09/27/09 through 10/31/09 1,092,852
11/01/09 through 11/28/09 1,146,226
11/29/09 through 12/26/09 1,089,142
Dividend Policy
We have not declared any cash dividends on our common stock during fiscal years 2009 or 2008. We
currently do not anticipate declaring any cash dividends on our common stock in the foreseeable future. We
intend to retain earnings to finance the expansion of our business and for general corporate purposes,
including our stock repurchase program. Any declaration of dividends will be at the discretion of our Board
of Directors and will depend upon the earnings, financial condition, capital requirements, level of
indebtedness, contractual restrictions with respect to payment of dividends and other factors. The agreements
governing our senior notes limit the distribution of dividends without the prior written consent of the lenders
(limited to $25.0 million, plus 80% of cumulative net income, plus net proceeds from the issuance of
additional capital stock). As of December 26, 2009, the amount of retained earnings free of restrictions was
$962.6 million.