Thrifty Car Rental 2011 Annual Report Download - page 30

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PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
DTG’s common stock is listed on the New York Stock Exchange under the trading symbol “DTG.”
The high and low closing sales prices for the common stock for each quarterly period during 2011
and 2010 were as follows:
First Second Third Fourth
Quarter Quarter Quarter Quarter
2011
High 66.73$ 83.74$ 74.26$ 70.43$
Low 47.70$ 66.60$ 56.30$ 53.83$
2010
High 34.60$ 51.55$ 52.34$ 50.00$
Low 23.84$ 32.09$ 41.06$ 45.76$
The 28,141,936 shares of common stock outstanding at February 22, 2012 were held by
approximately 2,600 registered and beneficial holders. The Company has not paid cash dividends
since completion of its initial public offering in December 1997. The declaration of any dividends will
be subject to the approval of the Board. The payment of cash dividends is subject to limitations
under the New Revolving Credit Facility.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On September 26, 2011, the Company announced that its Board of Directors had increased the
authorization of the share repurchase program previously announced on February 24, 2011 of up to
$100 million to up to $400 million. The share repurchase program is discretionary and has no
expiration date. Subject to applicable law, the Company may repurchase shares through forward
stock repurchase agreements, accelerated stock buyback programs, directly in the open market, in
privately negotiated transactions, or pursuant to derivative instruments or plans complying with SEC
Rule 10b5-1, among other types of transactions and arrangements. The New Revolving Credit
Facility entered into on February 16, 2012, contains limitations on share repurchases. See Item 8 -
Note 8 of Notes to Consolidated Financial Statements for further discussion. Although payments
were funded in 2011 for share repurchases under the forward stock repurchase agreement
described below, no shares were repurchased under the share repurchase program as of December
31, 2011.
On November 3, 2011, the Company entered into and pre-funded a forward stock repurchase
agreement with Goldman Sachs & Co. (“Goldman”) under which the Company agreed to acquire
$100 million of Company common stock. The repurchase was settled in February 2012, and the
Company acquired 1,451,193 shares of its common stock at an average share price of
approximately $68.91. The Company currently expects to repurchase shares in 2012 under the
remaining authorization of the share repurchase program. The share repurchase program may be
increased, suspended or discontinued at any time.