MasterCard 2013 Annual Report Download - page 51

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47
Dividends and Share Repurchases
MasterCard has historically paid quarterly dividends on its outstanding Class A common stock and Class B common
stock. Subject to legally available funds, we intend to continue to pay a quarterly cash dividend. However, the declaration
and payment of future dividends is at the sole discretion of our Board of Directors after taking into account various
factors, including our financial condition, operating results, available cash and current and anticipated cash needs. The
following table summarizes the annual, per share dividends paid in the years reflected:
Years Ended December 31,
2013 2012 2011
(in millions, except per share data)
Cash dividend, per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.210 $ 0.105 $ 0.060
Cash dividends paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 255 $ 132 $ 77
On December 10, 2013, our Board of Directors declared a quarterly cash dividend of $0.11 per share paid on February
10, 2014 to holders of record on January 9, 2014 of our Class A common stock and Class B common stock. The
aggregate amount of this dividend was $131 million.
On February 4, 2014, our Board of Directors declared a quarterly cash dividend of $0.11 per share payable on May 9,
2014 to holders of record on April 9, 2014 of our Class A common stock and Class B common stock. The aggregate
amount of this dividend is estimated to be $131 million.
Shares in the Company's common stock that are repurchased are considered treasury stock. The timing and actual
number of additional shares repurchased will depend on a variety of factors, including the operating needs of the
business, legal requirements, price, and economic and market conditions. On December 10, 2013, our Board of Directors
approved a new share repurchase program authorizing the Company to repurchase up to $3.5 billion of its Class A
common stock. During January 2014, the Company exhausted its purchases under the February 2013 Share Repurchase
Program and began purchasing shares under the December 2013 Share Repurchase Program. As of January 24, 2014,
the cumulative repurchases by the Company under both the February 2013 Share Repurchase Program and December
2013 Share Repurchase Program in 2014 totaled approximately 4.2 million shares of Class A common stock for an
aggregate cost of approximately $351 million, at an average price of $83.00 per share of Class A common stock. As
of January 24, 2014, the Company had approximately $3.3 billion remaining under the December 2013 Share Repurchase
Program.
The following table summarizes the Company's share repurchase authorizations of its Class A common stock through
December 31, 2013, as well as historical purchases:
Authorization Dates
December
2013 February
2013 June
2012 April
20111Total
(in millions, except average price data)
Board authorization . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,500 $ 2,000 $ 1,500 $ 2,000 $ 9,000
Remaining authorization at December 31, 2012 . . . . . ** ** $ 604 $ — $ 604
Dollar-value of shares repurchased in 2013. . . . . . . . . $ — $ 1,839 $ 604 $ — $ 2,443
Remaining authorization at December 31, 2013 . . . . . $ 3,500 $ 161 $ — $ — $ 3,661
Shares repurchased in 2013 . . . . . . . . . . . . . . . . . . . . . — 29.2 11.7 — 40.9
Average price paid per share in 2013. . . . . . . . . . . . . . $ — $ 63.01 $ 51.72 $ — $ 59.78
** Not applicable
1 The initial authorization in September 2010 for $1 billion was amended in April 2011 to increase the authorization to $2 billion.