United Airlines 2015 Annual Report Download - page 27

The stock price performance shown in the graph above should not be considered indicative of potential future stock price performance. The foregoing
performance graph is being furnished as part of this report solely in accordance with the requirement under Rule 14a-3(b)(9) to furnish our stockholders with
such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act or the
Exchange Act.
The following table presents repurchases of UAL common stock made in the fourth quarter of 2015:
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October 1, 2015 through October 31, 2015 6,212,103 $ 57.09 6,212,103 $ 2,552
November 1, 2015 through November 30, 2015 1,905,963 58.49 1,905,963 2,502
December 1, 2015 through December 31, 2015 925,099 58.18 925,099 2,448
Total 9,043,165 9,043,165
(a) In 2014, UAL’s Board of Directors authorized a share repurchase program to acquire up to $1 billion of UAL’s common stock (the “2014 Program”). On July 21, 2015, UAL’s Board of Directors authorized a
$3 billion share repurchase program, which the Company expects to complete substantially earlier than its original expected completion date of December 31, 2017 (the “2015 Program”). Under the programs,
UAL may repurchase shares through the open market, privately negotiated transactions, block trades, or accelerated share repurchase transactions from time to time in accordance with applicable securities laws.
UAL will repurchase shares of common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. In October, 2015, pursuant to the 2015 Program, the Company entered
into agreements to repurchase approximately $300 million of shares of UAL common stock through an accelerated share repurchase program (the “ASR Program”). The ASR Program was completed in November
2015 and in total, United purchased approximately 5 million shares at an average price of $58.14 under the program. The aggregate number of shares repurchased by UAL under the ASR Program was based on
the volume-weighted average price per share of UAL’s common stock during the calculation period, less a discount. In addition to the ASR Program, UAL spent $932 million to repurchase approximately
16 million shares of UAL common stock in open market transactions in the year ended December 31, 2015. As of December 31, 2015, the Company had completed purchases under the 2014 Program and had
$2.4 billion remaining to spend under the 2015 Program.
(b) UAL made open market purchases of approximately 4 million shares of UAL common stock at an average price of $56.65 per share in the fourth quarter of 2015.
(c) Average price paid per share is calculated on a settlement basis and excludes commission.
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Source: United Continental Holdings, Inc., 10-K, February 18, 2016 Powered by Morningstar® Document Research℠
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