Pitney Bowes 2008 Annual Report Download - page 27

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8
On February 3, 2009, our Board of Directors authorized a one-cent increase of our quarterly common stock dividend to $0.36 per
share, marking the 27th consecutive year that we have increased the dividend on our common stock. This represents a 3 percent
increase and applies to the dividend with a record date of February 20, 2009.
See Equity Compensation Plan Information Table in Item 12 of this Form 10-K for information regarding securities for issuance under
our equity compensation plans.
Stock Information
Dividends per common share:
Quarter 2008 2007
First $ 0.35 $0.33
Second 0.35 0.33
Third 0.35 0.33
Fourth 0.35 0.33
Total $ 1.40 $1.32
Quarterly price ranges of common stock as reported on the NYSE:
2008 2007
Quarter High Low High Low
First $ 38.35 $32.64 $48.95 $ 44.61
Second $ 39.39 $33.56 $49.70 $ 45.22
Third $ 39.98 $31.20 $48.91 $ 43.04
Fourth $ 33.44 $20.83 $47.07 $ 36.40
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 2008 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. During the first nine months of 2008, we
repurchased 9.2 million shares at a total price of $333.2 million. No shares were purchased during the fourth quarter of 2008, leaving
$73.4 million available for future repurchases under this program at December 31, 2008.
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.