JCPenney 2004 Annual Report Download - page 49

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J.C. PENNEY COMPANY, INC.2 004 ANNUAL REPORT
Notes to the Consolidated Financial Statements
47
Common Stock Repurchases
From January 30, 2005 through March 18, 2005, the Company
repurchased an additional 1.7 million shares of common stock at a
cost of approximately $82 million, bringing the total repurchases for
the 2004 Capital Structure Repositioning Program to date up to
51.8 million shares at a cost of approximately $2,034 million. This
represents approximately 68% of the total planned common stock
repurchases under this program.
2005 Equity Compensation Plan
In February 2005, the Company’s Board of Directors approved
the 2005 Equity Compensation Plan (2005 Plan), which, if
approved by the Company’s stockholders at the May 2005 Annual
Meeting, will reserve 14.4 million shares of common stock for
issuance to certain associates and non-employee directors, plus
2.8 million shares reserved but not subject to awards under the
2001 Plan. Further description of the 2005 Plan can be found in the
2005 J. C. Penney Company, Inc. Notice of Annual Meeting and
Proxy Statement.