Tyson Foods 2014 Annual Report Download - page 21

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 and holders of Class A stock are
entitled to one vote per share on matters submitted to shareholders for approval. As of October 25, 2014 , there were approximately 24,000
holders of record of our Class A stock and seven 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. In fiscal 2014
, the annual dividend rate
for Class A stock was $0.30 per share and the annual dividend rate for Class B stock was $0.27 per share. In fiscal 2013 , the annual dividend
rate for Class A stock was $0.20 per share and the annual dividend rate for Class B stock was $0.18 per share. On November 13, 2014, the
Board of Directors increased the quarterly dividend previously declared on July 30, 2014, to $0.10 per share on our Class A stock and $0.09 per
share on our Class B stock. The increased quarterly dividend is payable on December 15, 2014, to shareholders of record at the close of
business on December 1, 2014.
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 sales prices of our Class A stock for each quarter of fiscal 2014 and 2013 are represented in the table below.
ISSUER PURCHASES OF EQUITY SECURITIES
The table below provides information regarding our purchases of Class A stock during the periods indicated.
19
2014
2013
High
Low
High
Low
First Quarter
$
34.38
$
27.33
$
19.91
$
15.93
Second Quarter
43.45
33.03
24.85
19.08
Third Quarter
44.24
34.90
26.00
22.47
Fourth Quarter
41.88
36.12
32.40
25.69
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)
Jun. 29, 2014 to Jul. 26, 2014
81,199
$
39.01
—
32,054,771
Jul. 27, 2014 to Aug. 30, 2014
107,377
38.41
—
32,054,771
Aug. 31, 2014 to Sept. 27, 2014
40,859
38.35
—
32,054,771
Total
229,435
(2)
$
38.61
—
(3)
32,054,771
(1)
On February 7, 2003, we announced our Board of Directors approved a program to repurchase up to 25 million shares of Class A stock
from time to time in open market or privately negotiated transactions. On May 3, 2012, our Board of Directors approved an increase of 35
million shares authorized for repurchase under this program. On January 30, 2014, our Board of Directors approved an increase of 25
million shares authorized for repurchase under this program. The program has no fixed or scheduled termination date.
(2)
We purchased 229,435 shares during the period that were not made pursuant to our previously announced stock repurchase program, but
were purchased to fund certain Company obligations under our equity compensation plans. These transactions included 176,258 shares
purchased in open market transactions and 53,177 shares withheld to cover required tax withholdings on the vesting of restricted stock.
(3)
There were no shares purchased during the period pursuant to our previously announced stock repurchase program.