Mercury Insurance 2015 Annual Report Download - page 38

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26
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
Market Information
The Company's common shares are listed on the New York Stock Exchange (Symbol: MCY). The following table presents
the high and low sales prices per share (as reported on the New York Stock Exchange) during the last two years.
2015 High Low
1st Quarter $ 60.31 $ 52.28
2nd Quarter $ 59.25 $ 53.87
3rd Quarter $ 57.19 $ 48.78
4th Quarter $ 54.18 $ 45.12
2014 High Low
1st Quarter $ 49.72 $ 41.70
2nd Quarter $ 49.08 $ 44.14
3rd Quarter $ 52.58 $ 46.00
4th Quarter $ 59.68 $ 48.25
The closing price of the Company’s common stock on February 2, 2016 was $45.49.
Holders
As of February 2, 2016, there were approximately 122 holders of record of the Company’s common stock.
Dividends
Since the public offering of its common stock in November 1985, the Company has paid regular quarterly dividends on its
common stock. During 2015 and 2014, the Company paid dividends on its common stock of $2.4725 and $2.4625 per share,
respectively. On February 5, 2016, the Board of Directors declared a $0.62 quarterly dividend payable on March 31, 2016 to
shareholders of record on March 17, 2016.
For financial statement purposes, the Company records dividends on the declaration date. The Company intends to continue
paying quarterly dividends; however, the continued payment and amount of cash dividends will depend upon the Company’s
operating results, overall financial condition, capital requirements, and general business conditions.
Holding Company Act
Pursuant to the Holding Company Act, the Insurance Companies are required to notify their respective DOIs of any dividend
after declaration, but prior to payment. There are similar limitations imposed by other states on the Insurance Companies’ ability
to pay dividends. As of December 31, 2015, the Insurance Companies are permitted to pay in 2016, without obtaining DOI approval
for extraordinary dividends, $163.7 million in dividends to Mercury General, of which $136.4 million may be paid by the California
Companies.
For a discussion of certain restrictions on the payment of dividends to Mercury General by some of its insurance subsidiaries,
see Note 12. Dividends, of the Notes to Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary
Data."