Tyson Foods 2011 Annual Report Download - page 15

Download and view the complete annual report

Please find page 15 of the 2011 Tyson Foods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

15
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
We have issued and outstanding two classes of capital stock, Class A stock and Class B stock. Holders of Class B stock may convert
such stock into Class A stock on a share-for-share basis. Holders of Class B stock are entitled to 10 votes per share while holders of
Class A stock are entitled to one vote per share on matters submitted to shareholders for approval. As of October 29, 2011, there were
approximately 29,000 holders of record of our Class A stock and 9 holders of record of our Class B stock, excluding holders in the
security position listings held by nominees.
DIVIDENDS
Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per
share amount of the cash dividend paid to holders of Class B stock cannot exceed 90% of the cash dividend simultaneously paid to
holders of Class A stock. We have paid uninterrupted quarterly dividends on common stock each year since 1977 and expect to
continue our cash dividend policy during fiscal 2012. In both fiscal 2011 and 2010, the annual dividend rate for Class A stock was
$0.16 per share and the annual dividend rate for Class B stock was $0.144 per share.
MARKET INFORMATION
Our Class A stock is traded on the New York Stock Exchange under the symbol “TSN.” No public trading market currently exists for
our Class B stock. The high and low closing sales prices of our Class A stock for each quarter of fiscal 2011 and 2010 are represented
in the table below.
Fiscal 2011
Fiscal 2010
High
Low
High
Low
First Quarter
$17.74
$14.84
$13.19
$12.02
Second Quarter
19.82
16.25
19.50
12.24
Third Quarter
19.92
17.12
20.40
16.25
Fourth Quarter
19.24
15.68
18.06
15.22
ISSUER PURCHASES OF EQUITY SECURITIES
The table below provides information regarding our purchases of Class A stock during the periods indicated.
Period
Total
Number of
Shares
Purchased
Average
Price Paid
per Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Number of
Shares that May Yet Be
Purchased Under the Plans
or Programs (1)
July 3 to July 30, 2011
191,102
$18.98
-
18,071,095
July 31 to Sept. 3, 2011
2,919,607
16.97
2,807,479
15,263,616
Sept. 4 to Oct. 1, 2011
2,524,152
17.16
2,469,800
12,793,816
Total
(2)
5,634,861
$17.12
(3) 5,277,279
12,793,816
(1) On February 7, 2003, we announced our Board of Directors approved a plan to repurchase up to 25 million shares of Class A
common stock from time to time in open market or privately negotiated transactions. The plan has no fixed or scheduled
termination date. On May 11, 2011, the Board of Directors reactivated the program, effective immediately, to repurchase up
to the remaining 22.5 million shares of the Company’s Class A common stock.
(2) We purchased 357,582 shares during the period that were not made pursuant to our previously announced stock repurchase
plan, but were purchased to fund certain Company obligations under our equity compensation plans. These transactions
included 325,835 shares purchased in open market transactions and 31,747 shares withheld to cover required tax
withholdings on the vesting of restricted stock.
(3) We purchased 5,277,279 shares during the period pursuant to our previously announced stock repurchase plan of
approximately 25 million shares.