Sallie Mae 2013 Annual Report Download - page 124

Common Stock
The following table summarizes our common share repurchases and issuances.
Years Ended December 31,
2013 2012 2011
Common stock repurchased(1) .................. 26,987,043 58,038,239 19,054,115
Average purchase price per share(2) .............. $ 22.26 $ 15.52 $ 15.77
Shares repurchased related to employee stock-based
compensation plans(3) ....................... 6,365,002 4,547,785 3,024,662
Average purchase price per share ................ $ 21.76 $ 15.86 $ 15.71
Common shares issued(4) ...................... 9,702,976 6,432,643 3,886,217
(1) Common shares purchased under our share repurchase program, of which $200 million remained available as of
December 31, 2013.
(2) Average purchase price per share includes purchase commission costs.
(3) Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding
obligations and shares tendered by employees to satisfy option exercise costs.
(4) Common shares issued under our various compensation and benefit plans.
The closing price of our common stock on December 31, 2013 was $26.28.
Our shareholders have authorized the issuance of 1.125 billion shares of common stock (par value of $.20).
At December 31, 2013, 429 million shares were issued and outstanding and 31 million shares were unissued but
encumbered for outstanding stock options for employee compensation and remaining authority for stock-based
compensation plans. The stock-based compensation plans are described in Note 11, “Stock-Based Compensation
Plans and Arrangements.”
In March 2011, we retired 70 million shares of common stock held in treasury. This retirement decreased
the balance in treasury stock by $1.9 billion, with corresponding decreases of $14 million in common stock and
$1.9 billion in additional paid-in capital. There was no impact to total equity from this transaction.
Dividend and Share Repurchase Program
In 2013, we increased the quarterly dividend on our common stock to $.15 per share, up from $.125 per
share in the prior year. In 2013, we authorized the repurchase of up to $800 million of outstanding common stock
in open market transactions and we repurchased 27 million shares for an aggregate purchase price of
$600 million. In 2012, we authorized the repurchase of up to $900 million of outstanding common stock in open
market transactions and we repurchased 58 million shares for an aggregate purchase price of $900 million. In
2011, we authorized the repurchase of up to $300 million of outstanding common stock in open market
transactions and we repurchased 19 million shares for an aggregate purchase price of $300 million.
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