NetSpend 2014 Annual Report Download - page 78

Note 20 Treasury Stock
The following table summarizes shares held as treasury stock and their related carrying value as of December 31:
(in thousands)
Number of
Treasury
Shares Treasury Shares Cost
2014 ..................................................................... 17,836 $453,230
2013 ..................................................................... 15,073 326,996
2012 ..................................................................... 15,440 287,301
Stock Repurchase Plan
On April 20, 2010, TSYS announced a stock repurchase plan to purchase up to 10 million shares of TSYS stock.
The shares may be purchased from time to time over the next two years at prices considered attractive to the
Company. On May 3, 2011, TSYS announced that its Board had approved an increase in the number of shares
that may be repurchased under its current share repurchase plan from up to 10 million shares to up to 15 million
shares of TSYS stock. On July 24, 2012, TSYS announced that its Board had approved an increase in the number
of shares that may be repurchased under its current share repurchase plan from up to 15 million shares to up to
20 million shares of TSYS stock. The expiration date of the plan was also extended to April 30, 2014. During
2014, the Company purchased 5.2 million shares for approximately $165.3 million, at an average price of $31.79.
During 2013, the Company purchased 3.1 million shares for approximately $97.6 million, at an average price of
$31.48. During 2012, the Company purchased 3.2 million shares for approximately $74.6 million, at an average
price of $23.31. In January 2014, the TSYS Board approved an increase in the number of shares that may be
repurchased under its current share repurchase plan from up to 20 million shares to up to 28 million shares of
TSYS stock. With the increase, TSYS had 12.0 million shares available to be repurchased. In addition, the
expiration date of the plan was extended to April 30, 2015.
On January 27, 2015, TSYS announced that its Board had approved a new stock repurchase plan to purchase up
to 20 million shares of TSYS stock. The shares may be purchased from time to time at prices considered
appropriate. There is no expiration date for the plan. The plan discussed in the preceding paragraph was
terminated.
The following table sets forth information regarding the Company’s purchases of its common stock on a monthly
basis during the three months ended December 31, 2014:
(in thousands, except per share data)
Total Number
of Shares
Purchased Average Price Paid per Share
Total Number of
Cumulative shares Purchased
as Part of Publicly
announced Plans or
Programs
Maximum
Number of
Shares That
May Yet Be
Purchased
Under the Plans
or Programs
October 2014 ................. — $ — 19,693 8,307
November 2014 ............... 850 32.88 20,543 7,457
December 2014 ............... 650 33.35 21,193 6,807
Total ...................... 1,500 $33.08
Treasury Shares
In 2008, the Compensation Committee approved “share withholding for taxes” for all employee nonvested
awards, and also for employee stock options under specified circumstances. The dollar amount of the income tax
liability from each exercise is converted into TSYS shares and withheld at the statutory minimum. The shares are
added to the treasury account and TSYS remits funds to the Internal Revenue Service to settle the tax liability.
During 2014 and 2013, the Company acquired 162,489 shares for approximately $5.2 million and acquired
264,383 shares for approximately $6.3 million, respectively, as a result of share withholding for taxes.
75