Westjet 2015 Annual Report Download - page 38

WestJet Annual Report 2015 | 36
Share Capital
Outstanding share data
Our issued and outstanding voting shares, along with voting shares potentially issuable, are as follows:
January 31
2016
December 31
2015
Issued and outstanding:
Common voting shares 109,315,014 109,089,643
Variable voting shares
13,774,935
13,996,834
Total voting shares issued and outstanding 123,089,949 123,086,477
Stock options 5,683,259
5,706,547
RSUs – Key employee plan
278,139
278,139
RSUs – Executive share unit plan 222,720
222,720
PSUs – Executive share unit plan 302,887
302,887
Total voting shares potentially issuable
6,487,005
6,510,293
Total outstanding and potentially issuable voting shares 129,576,954
129,596,770
Quarterly dividend policy
Our dividend is reviewed against the Corporation’s dividend policy on a quarterly basis in light of our financial position,
financing policies, cash flow requirements and other factors deemed relevant. On February 1, 2016, the Board of Directors
declared our 2016 first quarter dividend of $0.14 per common voting share and variable voting share payable on March 31,
2016 to shareholders of record on March 16, 2016, which remains consistent with the $0.14 per common voting share
declared and paid quarterly throughout 2015. We believe this demonstrates our confidence in delivering continued profitable
results and is consistent with our objective of creating and returning value to our shareholders.
Normal course issuer bid
On May 8, 2015, as previously disclosed, the Toronto Stock Exchange (TSX) accepted our notice to make a normal course
issuer bid to purchase up to 2,000,000 Common Voting Shares and Variable Voting Share (the Shares) on the open market in
accordance with TSX rules (representing approximately 1.6 per cent of our then issued and outstanding Shares) during the
period of May 13, 2015 to May 12, 2016 or until such time as the bid is completed or terminated at our option. On July 28,
2015, the TSX approved an amendment to the 2015 bid to increase the maximum number of Shares authorized for
repurchase from 2,000,000 to 4,000,000 Shares (representing approximately 3.2 per cent of our issued and outstanding
Shares at the time of the original notice). Subsequent to December 31, 2015, on February 1, 2016, the TSX approved another
amendment to the 2015 bid to increase the maximum number of Shares authorized for repurchase from 4,000,000 to
6,000,000 Shares (representing approximately 4.8 per cent of our issued and outstanding Shares at the time of the original
notice) (collectively, the 2015 bid). Any Shares purchased under the 2015 bid will be purchased on the open market through
the facilities of the TSX at the prevailing market price at the time of the transaction. Shares acquired under the 2015 bid will
be cancelled. In the three months ended December 31, 2015, we repurchased and cancelled 200,000 Shares under the 2015
bid, for total consideration of $4.0 million.
During 2015, we repurchased and cancelled a total of 3,200,000 Shares, equal to 53.3 per cent of the maximum number of
shares we are authorized to repurchase under the 2015 bid, for total consideration of $78.7 million. This is in addition to
repurchasing and cancelling 1,519,690 Shares under a 2014 normal course issuer bid, which expired on May 7, 2015, for total
consideration of $45.1 million. These Shares were purchased on the open market through the facilities of the TSX at the
prevailing market price at the time of the transaction. As of the date of this MD&A, there are 2,800,000 Shares remaining for
purchase under the 2015 bid.
A shareholder of WestJet may obtain a copy of the notice filed with the TSX in relation to the 2015 bid, free of charge, by
contacting the Corporate Secretary of WestJet at 22 Aerial Place N.E., Calgary, Alberta T2E 3J1.