Whole Foods 2011 Annual Report Download - page 24

18
Dividends
On December 8, 2010, the Company’ s Board of Directors reinstated a $0.10 quarterly cash dividend to shareholders.
Following is a summary of dividends declared per common share during fiscal year 2011 (in thousands, except per share
amounts):
Date of Dividend per Date of Date of Total
declaration common share record payment amount
December 8, 2010 $ 0.10 January 10, 2011 January 20, 2011 $ 17,348
February 27, 2011 0.10 April 12, 2011 April 22, 2011 17,572
June 7, 2011 0.10 June 24, 2011 July 5, 2011 17,700
September 8, 2011 0.10 September 19, 2011 September 29, 2011 17,827
1
1 Dividend accrued at September 25, 2011
On November 1, 2011, the Company’ s Board of Directors approved a 40% increase in the Company’ s quarterly dividend to
$0.14 per common share, payable on January 24, 2012 to shareholders of record on January 13, 2012. The Company will pay
future dividends at the discretion of the Board of Directors. The continuation of these payments, the amount of such
dividends, and the form in which the dividends are paid (cash or stock) depend on many factors, including the results of
operations and the financial condition of the Company. Subject to these qualifications, the Company currently expects to pay
dividends on a quarterly basis.
Treasury Stock
On November 8, 2009, the Company’ s stock repurchase program, with approximately $200 million in remaining
authorization, expired and was not renewed. On November 1, 2011, the Company’ s Board of Directors authorized a new
$200 million stock repurchase program through November 1, 2013. The specific timing and repurchase of future amounts
will vary based on market conditions, securities law limitations and other factors and will be made using the Company’ s
available resources. The repurchase program may be suspended or discontinued at any time without prior notice.
Redeemable Preferred Stock
On December 2, 2008, the Company issued 425,000 shares of Series A 8% Redeemable, Convertible Exchangeable
Participating Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”) to affiliates of Leonard Green &
Partners, L.P., for approximately $413.1 million, net of approximately $11.9 million in closing and issuance costs. On
October 23, 2009, the Company announced its intent to call all 425,000 outstanding shares of the Series A Preferred Stock
for redemption in accordance with the terms governing such Series A Preferred Stock. Subject to conversion of the Series A
Preferred Stock by its holders, the Company planned to redeem such Series A Preferred Stock on November 27, 2009, at a
price per share equal to $1,000 plus accrued and unpaid dividends. In accordance with the terms governing the Series A
Preferred Stock, at any time prior to the redemption date, the Series A Preferred Stock could be converted to common stock
by the holders thereof. On November 26, 2009, the holders of the Company’ s Series A Preferred Stock converted all
outstanding shares into approximately 29.7 million shares of Company common stock. The shares of common stock were
issued using a transaction exempt from registration pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended.
During fiscal year 2010, the Company paid cash dividends on the Series A Preferred Stock totaling $8.5 million.