WeightWatchers 2011 Annual Report Download - page 45

PART II
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of
Equity Securities
Our common stock is listed on the NYSE. Our common stock trades on the NYSE under the symbol
“WTW.”
The following table sets forth, for the periods indicated, the high and low sales prices per share for our
common stock as reported on the NYSE composite price history.
Fiscal 2011 (Year ended December 31, 2011)
High Low
First Quarter ....................................................... $72.00 $36.63
Second Quarter ..................................................... $86.97 $67.25
Third Quarter ....................................................... $81.38 $51.28
Fourth Quarter ...................................................... $77.00 $54.47
Fiscal 2010 (Year ended January 1, 2011)
High Low
First Quarter ....................................................... $30.41 $24.39
Second Quarter ..................................................... $28.72 $24.91
Third Quarter ....................................................... $32.03 $24.47
Fourth Quarter ...................................................... $37.89 $31.08
On October 9, 2003, our Board of Directors authorized, and we announced, a program to repurchase up to
$250.0 million of our outstanding common stock. On each of June 13, 2005, May 25, 2006 and October 21, 2010,
our Board of Directors authorized, and we announced, adding $250.0 million to this program. The repurchase
program allows for shares to be purchased from time to time in the open market or through privately negotiated
transactions. No shares will be purchased from Artal Holdings and its parents and subsidiaries under this
program. The repurchase program currently has no expiration date. We repurchased no shares of our common
stock during the fourth quarter of fiscal 2011. As of the end of fiscal 2011, $208.9 million remained available to
purchase shares of our common stock under the repurchase program.
On February 23, 2012, we commenced the Pending Tender Offer in which we are seeking to acquire up to
$720 million of our common stock at a price between $72.00 and $83.00 per share. Prior to the Pending Tender
Offer, we entered into an agreement with Artal Holdings whereby Artal Holdings agreed to sell us, at the same
price as determined in the Pending Tender Offer, the number of its shares of our common stock necessary to keep
its current percentage ownership in us at substantially the same level after the Pending Tender Offer. Artal
Holdings also agreed not to participate in the Pending Tender Offer so that it would not affect the determination
of the price in the Pending Tender Offer. The Pending Tender Offer will expire at midnight, New York time, on
March 22, 2012, unless we extend it. We have reserved the right to purchase up to an additional 2% of our shares
outstanding without amending or extending the Pending Tender Offer. We expect to fund the purchases in the
Pending Tender Offer and the Pending Share Repurchase through new borrowings under an amended and
extended version of our existing credit facilities that we are currently negotiating. Shares of our common stock
purchased pursuant to the Pending Tender Offer and the Pending Share Repurchase will not reduce our existing
repurchase program.
Holders
The approximate number of holders of record of our common stock as of January 31, 2011 was 336. This
number does not include beneficial owners of our securities held in the name of nominees.
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