Redbox 2012 Annual Report Download - page 74

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The following repurchases were made during the past three years, dollars in thousands except per share price:
Year Ended December 31,
# of shares
Repurchased
Average
Price
per Share
Total
Purchase
Price
2010 ....................................... 1,072,037 $45.94 $ 49,245
2011 ....................................... 1,374,036 46.10 63,349
2012 ....................................... 2,799,115 49.92 139,724
Total .................................. 5,245,188 $252,318
Repurchased shares become a part of treasury stock. The shares tendered for tax withholding on vesting of
restricted stock awards are excluded from the repurchase program approved by our Board.
Board Authorization
On January 31, 2013, our Board of Directors approved an additional repurchase program of up to $250.0 million
of our common stock plus the cash proceeds received from the exercise of stock options by our officers,
directors, and employees.
Credit Facility Requirements
Under our Credit Facility, we are permitted to repurchase shares of our common stock without limitation,
provided that we are in compliance with certain covenants required under the terms of the Credit Facility. See
Note 8: Debt and Other Long-Term Liabilities for additional information about the terms of the Credit Facility.
ASR Agreement
On November 1, 2012 we entered into an ASR Agreement with Morgan Stanley & Co at a notional amount of
$75.0 million. The ASR Agreement was concluded on December 28, 2012. The total number of shares received
under the ASR Agreement was determined based on the arithmetic mean of the daily volume weighted average
price of our common stock minus discount over the term of the ASR Agreement.
Share repurchase and amounts in thousands
Shares
Delivered
Total Shares delivered from ASR program ............................... 1,539
Average price per share less discount ................................... $ 48.74
Total Repurchase amount from ASR program ............................ $75,000
As the ASR Agreement was concluded, the total shares received were recorded as treasury shares, resulting in a
reduction of shares for our earnings per share calculations.
NOTE 10: SHARE-BASED PAYMENTS
We currently grant share-based awards to our employees, non-employee directors and consultants under our 2011
Incentive Plan (the “Plan”). The Plan permit the granting of stock options, restricted stock, restricted stock units,
and performance-based restricted stock.
The following is the summary of grant information:
Shares in thousands
December 31,
2012
Unissued common stock reserved for issuance under all plans ..... 2,282
Shares available for future grants ............................ 1,613
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