Pottery Barn 2012 Annual Report Download - page 37

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DIVIDENDS
In March 2013, we announced that our Board of Directors had authorized a 41% increase in our quarterly cash
dividend, from $0.22 to $0.31 per common share, subject to capital availability. Total cash dividends declared
were approximately $88,452,000, or $0.88 per common share, $76,308,000, or $0.73 per common share, and
$62,574,000, or $0.58 per common share, in fiscal 2012, fiscal 2011 and fiscal 2010, respectively. Our quarterly
cash dividend may be limited or terminated at any time.
STOCK REPURCHASE PROGRAMS
In January 2012, our Board of Directors authorized a stock repurchase program to purchase up to $225,000,000
of our common stock. During fiscal 2012, we repurchased 3,962,034 shares of our common stock at an average
cost of $39.14 per share and a total cost of approximately $155,080,000. In addition, in March 2013, we
announced that our Board of Directors had authorized a new stock repurchase program to purchase up to
$750,000,000 of our common stock, which we intend to execute over the next three years.
The following table summarizes our repurchases of shares of our common stock under the January 2012 program
during the fourth quarter of fiscal 2012:
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 29, 2012 – November 25, 2012 193,262 $45.86 193,262 $22,421,000
November 26, 2012 – December 30, 2012 253,399 $44.18 253,399 $11,225,000
December 31, 2012 – February 3, 2013 237,295 $45.21 237,295 $ 496,000
Total 683,956 $45.01 683,956 $ 496,000
Stock repurchases under these programs 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. These stock repurchase programs do not have an expiration date and
may be limited or terminated at any time without prior notice.
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. During fiscal 2010, we repurchased 4,263,463 shares of our
common stock at an average cost of $29.32 per share and a total cost of approximately $125,000,000.
23
Form 10-K