Ross 2015 Annual Report Download - page 60

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58
In addition, the Company has certain individuals who receive or will receive post-employment medical benefits. The
estimated liability for these benefits of $13.2 million and $9.7 million is included in Accrued expenses and other in the
accompanying Consolidated Balance Sheets as of January 30, 2016 and January 31, 2015, respectively.
Note H: Stockholders' Equity
Common stock. In February 2015, the Company’s Board of Directors approved a two-year $1.4 billion stock repurchase
program for fiscal 2015 and 2016.
The following table summarizes the Company’s stock repurchase activity in fiscal 2015, 2014, and 2013:
Fiscal Year
Shares repurchased
(in millions)
Average repurchase
price
Repurchased
(in millions)
2015
13.7
$51.27
$700
2014
14.8
$37.15
$550
2013
16.4
$33.62
$550
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. On March 1, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.1350 per
common share, payable on March 31, 2016. The Company’s Board of Directors declared cash dividends of $0.1175 per
common share in February, May, August, and November 2015, cash dividends of $0.1000 per common share in February,
May, August, and November 2014, and cash dividends of $0.0850 per common share in May, August, and November 2013.
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 33.0 million shares of the Company’s common stock,
of which 24.0 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 30, 2016, there were 12.7 million shares that remained available for grant under the 2008 Plan.
A summary of the stock option activity for fiscal 2015 is presented below:
(000, except per share data)
Number of
shares
Weighted
average
exercise
price
Weighted
average
remaining
contractual
term
Aggregate
intrinsic
value
Outstanding at January 31, 2015
1,038
$7.05
Granted
—
—
Exercised
(728
)
6.92
Forfeited
—
—
Outstanding at January 30, 2016, all vested
310
$7.34
0.55
$15,168