Pier 1 2016 Annual Report Download - page 22

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ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.
PART II
Item 5. Market for the Registrant’s Common
Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
Market Prices of Common Stock
The following table shows the high and low closing sale prices of the Company’s common stock on the New York Stock
Exchange (“NYSE”), as reported in the consolidated transaction reporting system for each quarter of fiscal 2016 and 2015.
Market Price
Fiscal 2016 High Low
First quarter $14.22 $11.92
Second quarter 13.18 9.99
Third quarter 10.24 6.31
Fourth quarter 6.76 3.78
Fiscal 2015 High Low
First quarter $19.70 $17.28
Second quarter 18.26 14.95
Third quarter 15.69 11.68
Fourth quarter 17.44 11.85
Number of Holders of Record
The Company’s common stock is traded on the NYSE under the symbol “PIR.” As of April 25, 2016, there were approximately
6,500 shareholders of record of the Company’s common stock.
Dividends
The Company declared cash dividends on its outstanding shares of common stock of $0.07 per share in each of the quarters of
fiscal 2016, which totaled $23.7 million in cash dividends paid during fiscal 2016. The Company declared cash dividends on its
outstanding shares of common stock of $0.06 per share in each of the quarters of fiscal 2015, which totaled $21.6 million in
cash dividends paid during fiscal 2015. On April 13, 2016, subsequent to year end, the Company announced a $0.07 per share
quarterly cash dividend on the Company’s outstanding shares of common stock. The $0.07 per share quarterly cash dividend
will be paid on May 11, 2016, to shareholders of record on April 27, 2016. The Company’s decision to pay a cash dividend
depends upon the earnings, financial condition and capital needs of the Company and other factors deemed relevant by the
Company’s Board of Directors.
As of February 27, 2016, the Company was not precluded from paying cash dividends or repurchasing the Company’s common
stock under the secured revolving credit facility (“Revolving Credit Facility”) or the senior secured term loan facility (“Term Loan
Facility”). The Company’s Revolving Credit Facility may limit certain investments and, in some instances, limit payment of cash
dividends and repurchases of the Company’s common stock. The Company will not be restricted from paying dividends unless
credit extensions on the Revolving Credit Facility line result in availability over a specified period of time that is projected to be less
than 17.5% of the lesser of either $350.0 million or the calculated borrowing base, subject to the Company meeting a fixed
charge coverage requirement when availability over the same specified period of time is projected to be less than 30.0% of the
lesser of either $350.0 million or the calculated borrowing base. Additionally, the Term Loan Facility includes restrictions on the
Company’s ability to, among other things, incur or guarantee additional indebtedness, pay dividends on, or redeem or
16 PIER 1 IMPORTS, INC. 2016 Form 10-K