Pitney Bowes 2007 Annual Report Download - page 26

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8
Stock Information
Dividends per common share:
Quarter 2007
2006
First.............................................................$ 0.33 $ 0.32
Second ........................................................ 0.33 0.32
Third ........................................................... 0.33 0.32
Fourth ......................................................... 0.33 0.32
Total............................................................$ 1.32 $ 1.28
Quarterly price ranges of common stock as reported on the NYSE:
2007 2006
Quarter High Low
High Low
First............................................................ $ 48.95 $ 44.61
$ 44.63 $ 41.01
Second ....................................................... $ 49.70 $ 45.22
$ 44.24 $ 40.18
Third .......................................................... $ 48.91 $ 43.04
$ 45.12 $ 40.38
Fourth ........................................................ $ 47.07 $ 36.40
$ 47.97 $ 44.19
Share Repurchases
We repurchase shares of our common stock under a systematic program to manage the dilution created by shares issued
under employee stock plans and for other purposes. This program authorizes repurchases in the open market. We have not
repurchased or acquired any other shares of our common stock during 2007 in any other manner.
In March 2006, our Board of Directors authorized $300 million for repurchases of outstanding shares of our common stock in
the open market of which $141.2 million remained for future purchases at December 31, 2006. We repurchased 3.0 million
shares during the first five months of 2007 under this program for a total price of $141.2 million. There are no further funds
available under this authorization for the repurchase of outstanding shares.
In March 2007, our Board of Directors authorized $300 million for repurchases of outstanding shares of our common stock in
the open market. In November 2007, our Board of Directors increased this share repurchase authorization by $365.4 million.
We repurchased 6.1 million shares at a total price of $258.8 million during 2007 under this program. As of December 31,
2007, there was $406.6 million available for future repurchases under this program.
For the combined 2006 and 2007 programs, we repurchased a total of 9.1 million shares for a total price of $400.0 million
during 2007.
The following table summarizes our share repurchase activity during the fourth quarter for the 2007 program:
Total number
of shares
purchased
Average price
paid per share
Total number of
shares purchased as part
of a publicly
announced plan
Approximate dollar value of
shares that may yet be
purchased under the plan (in
thousands)
March 2007 Program
October 2007 .................... 597,400 $44.54 597,400 $134,596
November 2007 ................ 832,000 $37.97 832,000 $468,413
December 2007................. 1,620,900 $38.13 1,620,900 $406,607
Total repurchases ............. 3,050,300 3,050,300