Sears 2013 Annual Report Download - page 20

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20
Purchase of Equity Securities
During the quarter ended February 1, 2014, we did not repurchase any shares of our common stock under our
common share repurchase program. At February 1, 2014, we had approximately $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
November 3, 2013 to November 30, 2013 . . . . . . 1,090 $ 59.93 — $ —
December 1, 2013 to January 4, 2014. . . . . . . . . . 4,077 59.07 — —
January 5, 2014 to February 1, 2014. . . . . . . . . . . 16,470 39.98 — —
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,637 $ 44.58 — $ — $ 504,000,000
__________________
(1) Consists entirely of 21,637 shares acquired from associates to meet withholding tax requirements from the
vesting of restricted stock.
(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 domestic credit agreement (described in the “Uses and Sources of Liquidity” section below) limits our
ability to make restricted payments, including dividends and share repurchases, subject to specified exceptions that
are available if, in each case, no event of default under the credit facility exists immediately before or after giving
effect to the restricted payment. These include exceptions that require that projected availability under the credit
facility, as defined, is at least 15% and an exception that requires that the restricted payment is funded from cash on
hand and not from borrowings under the credit facility. The Domestic Credit Agreement 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 be not less than 1.0 to 1.0.