Pottery Barn 2011 Annual Report Download - page 37

DIVIDEND POLICY
In January 2012, our Board of Directors authorized an increase in our quarterly cash dividend from $0.17 to
$0.22 per common share, subject to capital availability. During fiscal 2011, total cash dividends declared were
approximately $76,308,000, or $0.17 per common share in each of the first three quarters of fiscal 2011 and
$0.22 per common share in the fourth quarter. During fiscal 2010, total cash dividends declared were
approximately $62,574,000, or $0.13 per common share in the first quarter and $0.15 per common share per
quarter thereafter. Our quarterly cash dividend may be limited or terminated at any time.
STOCK REPURCHASE PROGRAM
In January 2011, our Board of Directors authorized a stock repurchase program to purchase up to $125,000,000
of our common stock, and in January 2012, our Board of Directors authorized a new stock repurchase program to
purchase up to $225,000,000 of our common stock. During fiscal 2011, we repurchased 5,384,036 shares of our
common stock at an average cost of $36.11 per share and a total cost of approximately $194,429,000. As of
January 29, 2012, we had completed our $125,000,000 stock repurchase program authorized by our Board of
Directors in January 2011, and had $155,571,000 remaining under the $225,000,000 stock repurchase program
authorized by our Board of Directors in January 2012.
The following table summarizes our repurchases of shares of our common stock during the fourth quarter of
fiscal 2011:
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
October 31, 2011 – November 27, 2011 251,250 $37.27 251,250 $ 21,650,000
November 28, 2011 – December 25, 2011 258,500 $38.04 258,500 $ 11,815,000
December 26, 2011 – January 29, 2012 2,344,078 $34.66 2,344,078 $155,571,000
Total 2,853,828 $35.20 2,853,828 $155,571,000
Stock repurchases under this program may be made 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. The stock repurchase program does not have an expiration date and may
be limited or terminated at any time without prior notice.
During fiscal 2010, we repurchased $125,000,000, or 4,263,463 shares of our common stock, at an average cost
of $29.32 per share under programs previously authorized by our Board of Directors. We did not repurchase any
shares of our common stock during fiscal 2009.
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Form 10-K