United Airlines 2011 Annual Report Download - page 31

Table of Contents
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UAL’s 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 through the third quarter
of 2010 and as reported by the NYSE thereafter:
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 
   
1st quarter $27.72 $21.65 $20.59 $12.13
2nd quarter 26.84 19.32 24.59 16.39
3rd quarter 23.28 15.92 25.00 18.42
4th quarter 21.45 15.51 29.75 23.10
Based on reports by the Company’s transfer agent for UAL common stock, there were approximately 30,337 record holders of UAL common stock as of
February 16, 2012. There is no trading market for the common stock of United or Continental.
UAL, United and Continental did not pay any dividends in 2011 or 2010. Under the provisions of the Amended and Restated Revolving Credit, Term Loan
and Guaranty Agreement, dated as of February 2, 2007 (the “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 United’s 9.875% Senior Secured Notes
due 2013 (the “United Senior Secured Notes”) and 12.0% Senior Second Lien Notes due 2013 (the “United Senior Second Lien Notes”) (collectively the
“United Senior Notes”) and together with the indenture governing Continental’s 6.75% Senior Secured Notes due 2015 (the “6.75% Notes”) (collectively the
“Senior Notes”), the ability of United and Continental to pay dividends is restricted. 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. We do not anticipate paying any dividends on our
common stock for the foreseeable future.
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