MoneyGram 2011 Annual Report Download - page 29

Table of Contents
PART II
Item 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
OF EQUITY SECURITIES
Our common stock is traded on the New York Stock Exchange under the symbol “MGI”. No dividends on our common stock were declared by our Board of
Directors in 2011 or 2010. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Mezzanine Equity and
Stockholders’ Deficit” and Note 12 — Stockholders’ Deficit of the Notes to Consolidated Financial Statements. As of February 28, 2012, there were 10,482
stockholders of record of our common stock. On November 14, 2011, we effected a one−for−eight reverse stock split of our issued and outstanding common
stock. All share and per share amounts have been retroactively adjusted to reflect the stock split with the exception of the Company’s treasury stock, which
was not a part of the reverse stock split.
The high and low sales prices for our common stock for the periods presented were as follows:
2011 2010
Fiscal Quarter High Low High Low
First $27.44 $19.44 $31.28 $20.24
Second $33.12 $25.12 $32.08 $18.72
Third $29.28 $16.72 $23.20 $15.92
Fourth $23.04 $15.90 $23.52 $18.00
The Board of Directors has authorized the repurchase of a total of 12,000,000 shares, as announced publicly in our press releases issued on November 18,
2004, August 18, 2005 and May 9, 2007. The repurchase authorization is effective until such time as the Company has repurchased 12,000,000 common
shares. The Company may consider repurchasing shares from time−to−time, subject to limitations in our debt agreements. Shares of MoneyGram common
stock tendered to the Company in connection with the exercise of stock options or vesting of restricted stock are not considered repurchased shares under
the terms of the repurchase authorization. As of December 31, 2011, we have repurchased 6,795,017 shares of our common stock under this authorization
and have remaining authorization to repurchase up to 5,204,983 shares. The Company repurchased 17 shares in the fourth quarter of 2011. The following
table summarizes the share repurchases during the three months ended December 31, 2011:
Period
(a)
Total number
of
shares
purchased
(b)
Average price
paid
per share
(c)
Total number of
shares purchased as
part of publicly
announced plans or
programs
(d)
Maximum
number of shares
that may yet be
purchased
under the plans or
programs (1)
October 1 – October 31
November 1 – November 30
December 1 – December 31 17 16.28 17 5,204,983
Total 17 — 17 5,204,983
The terms of our debt agreements place significant limitations on the amount of restricted payments we may make, including dividends on our common
stock. With certain exceptions, we may only make restricted payments in an aggregate amount not to exceed $25.0 million, subject to an incremental
build−up based on our consolidated net income in future periods. As a result, our ability to declare or pay dividends or distributions to the stockholders of
the Company’s common stock is materially limited at this time. No dividends were paid on our common stock in 2011 and 2010.
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