United Airlines 2010 Annual Report Download - page 37

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
UAL common stock was listed on the New York Stock Exchange (“NYSE”) beginning on October 1, 2010
under the symbol “UAL.” Prior to October 1, 2010, UAL common stock was listed on the NASDAQ Global
Select Market (“NASDAQ”) under the symbol “UAUA.” The following table sets forth the ranges of high and
low sales prices per share of UAL common stock during the last two fiscal years, as reported by the NASDAQ
for 2009 through the third quarter of 2010 and as reported by the NYSE thereafter.
UAL
2010 2009
High Low High Low
1st quarter ..................................................... $20.59 $12.13 $12.88 $3.45
2nd quarter ..................................................... 24.59 16.39 6.90 3.08
3rd quarter ..................................................... 25.00 18.42 9.77 3.07
4th quarter ..................................................... 29.75 23.10 13.33 6.23
There is no trading market for the common stock of United. Following the effective date of the Merger,
Continental became a wholly owned subsidiary of UAL and there is no longer a trading market for the common
stock of Continental. UAL, United and Continental did not pay any dividends in 2010 or 2009. Under the
provisions of the UAL and United Amended Credit Facility and the terms of certain of the Company’s other debt
agreements, UAL’s ability to pay dividends on or repurchase UAL’s common stock is restricted. However, UAL
may undertake $243 million in stockholder dividends or other distributions without any additional prepayment of
the Amended Credit Facility, provided that all covenants within the Amended Credit Facility are met. The
Amended Credit Facility provides that UAL and United can carry out further stockholder dividends or other
distributions in an amount equal to future term loan prepayments, provided the covenants are met. In addition,
under the provisions of the indentures governing the United Senior Notes and the 6.75% Notes, the ability of
United and Continental to pay dividends is restricted. See Note 14 to the financial statements for more
information related to dividend restrictions under the Amended Credit Facility, the United Senior Notes and the
6.75% Notes. Any future determination regarding dividend or distribution payments will be at the discretion of
the Board of Directors, subject to applicable limitations under Delaware law.
Based on reports by UAL’s transfer agent for its common stock, there were approximately 28,600 record
holders of its common stock as of February 15, 2011.
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