Pitney Bowes 2010 Annual Report Download - page 27

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8
PART II
ITEM 5. – MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
Pitney Bowes common stock is traded under the symbol “PBI”. The principal market is the New York Stock Exchange (NYSE). Our
stock is also traded on the Boston, Chicago, Philadelphia, Pacific and Cincinnati stock exchanges. At January 31, 2011, we had
21,844 common stockholders of record.
The following table sets forth, for the periods indicated, the high and low sales prices, as reported on the NYSE, and the cash
dividends paid per share of common stock.
Stock Price Dividend
High Low Per Share
For the year ended December 31, 2010
First Quarter $ 24.76 $20.80 $0.365
Second Quarter $ 26.00 $21.28 0.365
Third Quarter $ 25.00 $19.06 0.365
Fourth Quarter $ 24.79 $21.19 0.365
$1.46
For the year ended December 31, 2009
First Quarter $ 27.46 $ 17.62 $0.36
Second Quarter $ 26.25 $ 20.71 0.36
Third Quarter $ 25.57 $ 20.38 0.36
Fourth Quarter $ 26.41 $ 22.44 0.36
$ 1.44
In February 2011, our Board of Directors authorized a half-cent increase in our quarterly common stock dividend to $0.37 per share,
marking the 29th consecutive year that we have increased the dividend on our common stock. This represents a one percent increase
and applies to the common stock dividend with a record date of February 18, 2011. We expect to continue to pay quarterly cash
dividends. There are no material restrictions on our ability to declare dividends.
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.
Share Repurchases
We periodically repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans
and for other purposes in the open market. In May 2010, the Board of Directors approved an expansion of our share repurchase
authorization to $150 million. During 2010, we repurchased 4.7 million shares at a total cost of $100 million and at December 31,
2010, had $50 million of authorization remaining under this program. The following table summarizes our share repurchase activity
under active programs during 2010. There were no share repurchases during the fourth quarter of 2010.
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)
Beginning balance $150,000
July 2010 1,248,943 $23.39 1,248,943 $120,786
August 2010 1,770,826 $20.21 1,770,826 $85,000
September 2010 1,667,535 $20.99 1,667,535 $50,000
4,687,304 $21.33 4,687,304
In February 2011, our Board of Directors approved an increase of $100 million in our share repurchase authorization to $150 million.