Morgan Stanley 2014 Annual Report Download - page 55

The table below sets forth the information with respect to purchases made by or on behalf of the Company of its
common stock during the fourth quarter of the year ended December 31, 2014.
Issuer Purchases of Equity Securities
(dollars in millions, except per share amounts)
Period
Total
Number
of
Shares
Purchased
Average
Price
Paid Per
Share
Total Number of
Shares Purchased
As Part of Publicly
Announced Plans
or Programs(C)
Approximate Dollar
Value of Shares
that May Yet Be
Purchased Under
the Plans or
Programs
Month #1 (October 1, 2014—October 31, 2014)
Share Repurchase Program(A) ................ 1,372,885 $33.87 1,372,885 $534
Employee Transactions(B) ................... 83,415 $34.12 — —
Month #2 (November 1, 2014—November 30, 2014)
Share Repurchase Program(A) ................ 2,563,394 $35.32 2,563,394 $443
Employee Transactions(B) ................... 71,601 $35.50 — —
Month #3 (December 1, 2014—December 31, 2014)
Share Repurchase Program(A) ................ 3,628,350 $36.69 3,628,350 $310
Employee Transactions(B) ................... 254,550 $35.87 — —
Total
Share Repurchase Program(A) ................ 7,564,629 $35.71 7,564,629 $310
Employee Transactions(B) ................... 409,566 $35.45 — —
(A) The Company’s Board of Directors has authorized the repurchase of the Company’s outstanding stock under a share repurchase program
(the “Share Repurchase Program”). The Share Repurchase Program is a program for capital management purposes that considers, among
other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. The Share Repurchase
Program has no set expiration or termination date. Share repurchases by the Company are subject to regulatory approval. In March 2014,
the Company received no objection from the Federal Reserve to repurchase up to $1 billion of the Company’s outstanding common stock
beginning in the second quarter of 2014 through the end of the first quarter of 2015 under the Company’s 2014 capital plan. During the
quarter ended December 31, 2014, the Company repurchased approximately $271 million of the Company’s outstanding common stock
as part of its Share Repurchase Program. For further information, see “Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Liquidity and Capital Resources—Capital Management” in Part II, Item 7.
(B) Includes: (1) shares delivered or attested in satisfaction of the exercise price and/or tax withholding obligations by holders of employee
and director stock options (granted under employee and director stock compensation plans) who exercised options; (2) shares withheld,
delivered or attested (under the terms of grants under employee and director stock compensation plans) to offset tax withholding
obligations that occur upon vesting and release of restricted shares; (3) shares withheld, delivered and attested (under the terms of grants
under employee and director stock compensation plans) to offset tax withholding obligations that occur upon the delivery of outstanding
shares underlying restricted stock units; and (4) shares withheld, delivered and attested (under the terms of grants under employee and
director stock compensation plans) to offset the cash payment for fractional shares. The Company’s employee and director stock
compensation plans provide that the value of the shares withheld, delivered or attested, shall be valued using the fair market value of the
Company’s common stock on the date the relevant transaction occurs, using a valuation methodology established by the Company.
(C) Share purchases under publicly announced programs are made pursuant to open-market purchases, Rule 10b5-1 plans or privately
negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Company deems
appropriate and may be suspended at any time.
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