Lexmark 2013 Annual Report Download - page 26

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Part II
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Information
Lexmark’s Class A Common Stock is traded on the New York Stock Exchange under the symbol “LXK.” As of February 14, 2014,
there were 1,761 holders of record of the Class A Common Stock and there were no holders of record of the Class B Common Stock.
Information regarding the market prices of the Company’s Class A Common Stock appears in Part II, Item 8, Note 22 of the Notes to
Consolidated Financial Statements.
Dividend Policy
A dividend of $0.25 per common share was declared on February 23, 2012. Dividends of $0.30 per common share were declared on
April 26, 2012, July 26, 2012, October 25, 2012, February 21, 2013, April 25, 2013, July 25, 2013, October 24, 2013 and February 20,
2014. Refer to Part II, Item 8, Notes 15 and 21 of the Notes to Consolidated Financial Statements for more information regarding
dividends.
Lexmark is continuing to execute on its stated capital allocation framework of returning, on average, more than 50 percent of free cash
flow (net cash flows provided by operating activities minus purchases of property, plant and equipment plus proceeds from sale of
fixed assets) to its shareholders through dividends and share repurchases while pursuing acquisitions and organic investments that
support the strengthening and growth of the Company. The Company anticipates paying dividends quarterly, though future
declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions
change.
Issuer Purchases of Equity Securities
Period
Total Number of
Shares Purchased
(2)
Average Price
Paid per Share
(2)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (2)
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans or
Programs (in
millions) (1)(2)
October 1-31, 2013 479,955 $ 35.42 479,955 $ 171.9
November 1-30, 2013 79,416 37.78 79,416 168.9
December 1-31, 2013 – – – 168.9
Total 559,371 $ 35.75 559,371
(1) Information regarding the Company’s share repurchases can be found in Part II, Item 8, Note 15 of the Notes to Consolidated Financial
Statements.
(2) On October 24, 2013, the Company entered into an Accelerated Share Repurchase (“ASR”) Agreement with a financial institution counterparty.
Under the terms of the ASR Agreement, the Company paid $20.0 million targeting approximately 0.6 million shares based on the closing price
of the Company’s Class A Common Stock on October 24, 2013. On October 29, 2013, the Company took delivery of 85% of the shares, or
approximately 0.5 million shares at a cost of $17 million. On November 27, 2013, the counterparty delivered approximately 0.1 million
additional shares in final settlement of the agreement, bringing the total shares repurchased under the ASR to approximately 0.6 million shares
at an average price per share of $35.75.
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