Nordstrom 2015 Annual Report Download - page 55

NOTE 13:€€SHAREHOLDERS’ EQUITY
In February 2013, our Board of Directors authorized a program to repurchase up to $800 of our outstanding common stock, through March 1,
2015. There was•$73•of unused capacity upon program expiration. In September 2014, our Board of Directors authorized a program to
repurchase up to $1,000 of our outstanding common stock, through March 1, 2016. As of January•30, 2016, there is no capacity remaining
on the September 2014 authorization. On•October•1, 2015, our Board of Directors authorized a program to repurchase up to•$1,000•of our
outstanding common stock, through March 1, 2017.•The following is a summary of the activity related to our share repurchase programs in
2013, 2014 and 2015:
Shares
Average€price
per share Amount
Capacity at February 2, 2013 $393
February 2013 authorization (ended March 1, 2015) 800
Shares repurchased 9.1 $57 (523)
Capacity at February 1, 2014 670
September 2014 authorization (ends March 1, 2016) 1,000
Shares repurchased 8.9 $66 (595)
Capacity at January 31, 2015 1,075
October 2015 authorization (ends March 1, 2017) 1,000
Shares repurchased 19.1 $63 (1,191)
Expiration of unused capacity in March 2015 (73)
Capacity at January 30, 2016 $811
The actual number, price, manner and timing of future share repurchases, if any, will be subject to market and economic conditions and
applicable SEC rules.
We paid dividends of $6.33 per share in 2015, $1.32 per share in 2014 and $1.20 per share in 2013. Dividends paid in 2015 included a
special cash dividend of $905, or $4.85 per share of outstanding common stock, in addition to our recurring quarterly dividend of $0.37 per
share. The special dividend was authorized by our Board of Directors on October 1, 2015 and was paid using proceeds from the sale of our
credit card receivables (see Note 2: Credit Card Receivable Transaction).
In February 2016, subsequent to year end, we declared a quarterly dividend of $0.37 per share, which will be paid on March•22, 2016.
NOTE 14:€€STOCK-BASED COMPENSATION
We currently grant stock-based awards under our 2010 Equity Incentive Plan, 2002 Nonemployee Director Stock Incentive Plan and Trunk
Club Value Creation Plan, and employees may purchase our stock at a discount under our Employee Stock Purchase Plan.
In 2010, our shareholders approved the adoption of the 2010 Plan, which replaced the 2004 Equity Incentive Plan (‚2004 Planƒ). The 2010
Plan authorizes the grant of stock options, performance share units, restricted stock units, stock appreciation rights and both restricted and
unrestricted shares of common stock to employees. The aggregate number of shares to be issued under the 2010 Plan may not exceed 27.6
plus any shares currently outstanding under the 2004 Plan that are forfeited or expire during the term of the 2010 Plan. No future grants will
be made under the 2004 Plan. As of January•30, 2016, we have 70.4 shares authorized, 42.6 shares issued and outstanding and 13.5 shares
remaining available for future grants under the 2010 Plan.
The 2002 Nonemployee Director Stock Incentive Plan authorizes the grant of stock awards to our nonemployee directors. These awards may
be deferred or issued in the form of restricted or unrestricted stock, non-qualified stock options or stock appreciation rights. As of January•30,
2016, we had 0.9 shares authorized and 0.5 shares available for issuance under this plan. In 2015, total expense on deferred shares was
less than $1.
Under the ESPP, employees may make payroll deductions of up to 10% of their base and bonus compensation. At the end of each six-month
offering period, participants may apply their accumulated payroll deductions toward the purchase of shares of our common stock at 90% of
the fair market value on the last day of the offer period. As of January•30, 2016, we had 12.6 shares authorized and 3.0 shares available for
issuance under the ESPP.
Table of Contents
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and per unit amounts
Nordstrom, Inc. and subsidiaries 55