Sears 2015 Annual Report Download - page 21

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Purchase of Equity Securities
During the quarter ended January€30, 2016, we did not repurchase any shares of our common stock under our
common share repurchase program. At January€30, 2016, 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 1, 2015 to November 28,
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,048 $19.96 — $—
November 29, 2015 to January 2, 2016.— — — —
January 3, 2016 to January 30, 2016 . . . — — — —
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,048 $19.96 — $—$503,907,832
__________________
(1) Consists entirely of 1,048 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 Amended 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%, exceptions that may be subject to certain maximum amounts and an exception that requires
that the restricted payment is funded from cash on hand and not from borrowings under the credit facility. Further,
the Amended Domestic Credit Agreement includes customary covenants that restrict our ability to make
dispositions, prepay debt, and make investments, subject, in each case, to various exceptions. The Amended
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.
21