Sears 2014 Annual Report Download - page 20

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20
Purchase of Equity Securities
During the quarter ended January 31, 2015, we did not repurchase any shares of our common stock under our
common share repurchase program. At January 31, 2015, 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 2, 2014 to November 29, 2014 . . . . . . 1,090 $ 36.45 — $ —
November 30, 2014 to January 3, 2015. . . . . . . . . 346 33.31 — —
January 4, 2015 to January 31, 2015. . . . . . . . . . . — — — —
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436 $ 35.69 — $ — $ 503,907,832
__________________
(1) Consists entirely of 1,436 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 Management's Discussion and Analysis of Financial Condition
and Results of Operation - "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.