Sears 2011 Annual Report Download - page 18

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Purchase of Equity Securities
The following table provides information about shares of common stock we acquired during the fourth
quarter of 2011. During the quarter ended January 28, 2012, we repurchased 0.6 million of our common shares at
a total cost of $20 million under our common share repurchase program. At January 28, 2012, we had $504
million of remaining authorization under the program.
Total
Number of
Shares
Purchased(1)
Average
Price Paid
per Share
Total Number of
Shares
Purchased
as Part of
Publicly
Announced
Program(2)
Average Price
Paid per Share
for Publicly
Announced
Program
Approximate
Dollar Value of
Shares that
May Yet Be
Purchased
Under the
Program
October 30, 2011 to November 26, 2011 .... 2,795 $69.98 — $ —
November 27, 2011 to December 31, 2011 . . 613,758 33.17 613,000 33.15
January 1, 2012 to January 28, 2012 ....... 955 31.59 — —
Total ................................ 617,508 $33.33 613,000 $33.15 $504,000,000
(1) Includes 4,508 shares acquired from associates to meet withholding tax requirements from the vesting of
restricted stock. These shares were acquired during the quarter as follows:
October 30, 2011 to November 26, 2011 ................................... 2,795
November 27, 2011 to December 31, 2011 ................................. 758
January 1, 2012 to January 28, 2012 ...................................... 955
Total ............................................................... 4,508
(2) Our common share repurchase program was initially announced on September 14, 2005 and has a total
authorization since inception of the program of $6.5 billion, including the authorizations to purchase up to
an additional $500 million of common stock on each of December 17, 2009 and May 2, 2011. The program
has no stated expiration date.
The Amended Domestic Credit Agreement limits our ability to make restricted payments, including
dividends and share repurchases, if availability under the credit facility, as defined, is less than 15%. It also
imposes various other requirements, which take effect if availability falls below designated thresholds, including
a cash dominion requirement and a requirement that the fixed charge ratio at the last day of any quarter not be
less than 1.0 to 1.0. Based on availability, none of these requirements were in effect at January 28, 2012.
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