Travelers 2004 Annual Report Download - page 63

PART II
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Company’s common stock is traded on the New York Stock Exchange, where it is assigned the symbol
“STA.” Prior to the merger of SPC and TPC, SPC’s common stock traded on the New York Stock Exchange
under the symbol “SPC.” The number of holders of record, including individual owners, of the Company’s
common stock was 101,243 as of March 8, 2005. This is not the actual number of beneficial owners of the
Company’s common stock, as shares are held in “street name” by brokers and others on behalf of individual
owners. The following table sets forth the amount of cash dividends declared per share and the high and low
closing sales prices of the Company’s common stock for each quarter during the last two fiscal years. SPC
historical data is presented in the table for all of 2003 and the first quarter of 2004, as SPC common stock was
issued to effect the merger, and SPC, as renamed, was the continuing public company registrant following the
merger.
High Low
Cash
Dividend
Declared
2004
First Quarter ......................................................... $43.35 $39.20 $0.50
Second Quarter ....................................................... 42.99 39.18 0.22
Third Quarter ........................................................ 39.70 32.53 0.22
Fourth Quarter ........................................................ 37.54 30.99 0.22
2003
First Quarter ......................................................... $36.66 $29.33 $0.29
Second Quarter ....................................................... 38.02 32.32 0.29
Third Quarter ........................................................ 38.49 34.30 0.29
Fourth Quarter ........................................................ 39.65 35.15 0.29
Cash dividends paid per share were $1.16 in both 2004 and 2003. The Company paid a special cash
dividend of $0.21 per share and a regular dividend $0.22 per share in the second quarter of 2004. The special
dividend was declared by SPC prior to the closing of the merger and was designed to result in the holders of
SPC’s common stock prior to the merger receiving aggregate dividends with record dates in 2004 of $1.16 per
share, which was SPC’s indicated annual dividend rate prior to the merger. Future dividend decisions will be
based on and affected by a number of factors, including the operating results and financial requirements of the
Company and the impact of dividend restrictions. For information on dividends, including dividend restrictions
included in certain long-term loan or credit agreements of the Company and its subsidiaries, as well as
restrictions on the ability of certain of the Company’s subsidiaries to transfer funds to the Company in the form
of cash dividends or otherwise, see Item 7, “Management’s Discussion and Analysis of Financial Condition and
Results of Operations—Liquidity and Capital Resources.” Dividends will be paid by the Company only if
declared by its Board of Directors out of funds legally available, and subject to any other restrictions that may be
applicable to the Company.
ISSUER PURCHASES OF EQUITY SECURITIES
The table below sets forth information regarding repurchases by the Company of its common stock during
the periods indicated.
Period Beginning Period Ending
(a)
Total number of
shares (or units)
purchased
(b)
Average price paid
per share (or unit)
(c)
Total number of
shares or (units)
purchased as part of
publicly announced
plans or programs
(d)
Maximum number
(or approximate
dollar value) of
shares (or units)
that may yet be
purchased under the
plans or programs
Oct. 1, 2004 Oct. 31, 2004 25,235 $33.75 — —
Nov. 1, 2004 Nov. 30, 2004 25,280 37.63 — —
Dec. 1, 2004 Dec. 31, 2004 18,554 36.71 — —
Total 69,069 $35.97 — —
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