Pottery Barn 2010 Annual Report Download - page 37

DIVIDEND POLICY
During fiscal 2010, total cash dividends declared were approximately $62,574,000, or $0.13 per common share,
in the first quarter of fiscal 2010 and $0.15 per common share in each subsequent quarter. During fiscal 2009,
total cash dividends declared were approximately $51,424,000, or $0.12 per common share per quarter.
Subsequent to year end, in March 2011, our Board of Directors authorized an increase in our quarterly cash
dividend from $0.15 to $0.17 per common share, subject to capital availability. Our quarterly cash dividend may
be limited or terminated at any time.
STOCK REPURCHASE PROGRAM
In May 2010, our Board of Directors authorized a stock repurchase program to purchase up to $60,000,000 of our
common stock, and in September 2010, our Board of Directors authorized another stock repurchase program to
purchase up to $65,000,000 of our common stock. We completed the $60,000,000 stock repurchase program by
repurchasing 2,317,962 shares of our common stock at a weighted average cost of $25.88 per share in fiscal
2010. We completed the $65,000,000 stock repurchase program by repurchasing 1,945,501 shares of our
common stock at a weighted average cost of $33.41 per share in fiscal 2010.
The following table summarizes our repurchases of shares of our common stock during the fourth quarter of
fiscal 2010:
Fiscal period
Total Number
of Shares
Purchased
Average
Price Paid
per Share
Total Number of
Shares Purchased as
Part of a Publicly
Announced Program
Maximum
Dollar Value of
Shares that May
Yet Be Purchased
Under the Program
November 1, 2010 – November 28, 2010 395,105 $34.35 395,105 $30,714,000
November 29, 2010 – December 26, 2010 390,349 $34.77 390,349 $17,143,000
December 27, 2010 – January 30, 2011 505,184 $33.93 505,184 $ —
Total 1,290,638 $34.31 1,290,638 $ —
In January 2011, our Board of Directors authorized a new stock repurchase program to purchase up to
$125,000,000 of our common stock through open market and privately negotiated transactions, at times and in
such amounts as management deems appropriate. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and regulatory requirements, capital availability and
other market conditions. This stock repurchase program does not have an expiration date and may be limited or
terminated at any time without prior notice.
We did not repurchase any shares of our common stock during fiscal 2009 and fiscal 2008.
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Form 10-K