Ross 2011 Annual Report Download - page 53

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51
Note H: Stockholders’ Equity
Common stock. The Company repurchased 11.3 million, 13.4 million, and 14.8 million shares of common stock for aggregate
purchase prices of approximately $450 million, $375 million, and $300 million in fiscal 2011, 2010, and 2009, respectively. In
January 2011, the Company’s Board of Directors approved a two-year $900 million stock repurchase program for fiscal 2011
and 2012.
The following table summarizes the Company’s stock repurchase activity in fiscal 2011, 2010, and 2009:
Shares repurchased Average repurchase Repurchased
Fiscal Year (in millions) price (in millions)
2011 11.3 $ 39.95 $ 450
2010 13.4 $ 27.86 $ 375
2009 14.8 $ 20.34 $ 300
Preferred stock. The Company has four million shares of preferred stock authorized, with a par value of $.01 per share. No
preferred stock is issued or outstanding.
Dividends. In January 2012, the Company’s Board of Directors declared a quarterly cash dividend of $.14 per common share,
payable on March 30, 2012. The Company’s Board of Directors declared quarterly cash dividends of $.11 per common share in
January, May, August, and November 2011, cash dividends of $.08 per common share in January, May, August, and November
2010, and cash dividends of $.055 per common share in January, May, August, and November 2009.
2008 Equity Incentive Plan. In 2008, the Company’s stockholders approved the adoption of the Ross Stores, Inc. 2008 Equity
Incentive Plan (the “2008 Plan”) with an initial share reserve of 16.5 million shares of the Company’s common stock, of which
12.0 million shares can be issued as full value awards. The 2008 Plan provides for various types of incentive awards, which may
potentially include the grant of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses,
restricted stock units, performance shares, performance units, and deferred compensation awards. As of January 28, 2012, there
were 7.8 million shares that remained available for grant under the 2008 Plan.
A summary of the stock option activity for fiscal 2011 is presented below.
Weighted
Weighted average
average remaining Aggregate
Number of exercise contractual intrinsic
(000, except per share data) shares price term value
Outstanding at January 29, 2011 3,218 $ 12.76
Granted — —
Exercised (793) 11.33
Forfeited (7) 10.98
Outstanding at January 28, 2012, all vested 2,418 $ 13.24 2.77 $ 91,536