Whole Foods 2014 Annual Report Download - page 29

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The following table outlines the share repurchase program authorized by the Company’s Board of Directors, and the related
repurchase activity as of September 28, 2014 (in millions):
Effective date Expiration date Amount authorized Cost of repurchases Authorization available
August 1, 2014 August 1, 2016 $ 1,000 $ 100 $ 900
Under the share repurchase program, purchases can be made from time to time using a variety of methods, which may include
open market purchases. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic
and market conditions, and other considerations. Purchases may be made through a Rule 10b5-1 plan pursuant to pre-determined
metrics set forth in such plan. The Board’s authorization of the share repurchase program does not obligate the Company to
acquire any particular amount of common stock, and the program may be suspended or discontinued at any time at the Company’s
discretion.
Subsequent to fiscal year end, the Company repurchased approximately 0.9 million shares of the Company’s common stock at
an average price per share of $47.39 for a total of approximately $43 million bringing the total current available authorization
to approximately $857 million.
During the first quarter of fiscal year 2014, the Company’s Board of Directors declared a 20% increase in the quarterly dividend
to $0.12 per common share. The following table provides a summary of dividends declared per common share during fiscal
years 2014 and 2013 (in millions, except per share amounts):
Date of declaration Dividend per
common share Date of record Date of payment Total amount
Fiscal year 2014:
November 1, 2013 $ 0.12 January 17, 2014 January 28, 2014 $ 45
February 24, 2014 0.12 April 11, 2014 April 22, 2014 44
June 12, 2014 0.12 July 3, 2014 July 15, 2014 44
September 11, 2014 (1) 0.12 September 26, 2014 October 7, 2014 43
Fiscal year 2013:
November 29, 2012 $ 1.00 December 10, 2012 December 21, 2012 $ 371
November 7, 2012 0.10 January 18, 2013 January 29, 2013 37
March 15, 2013 0.10 April 12, 2013 April 23, 2013 37
June 12, 2013 0.10 July 5, 2013 July 16, 2013 37
September 10, 2013 0.10 September 27, 2013 October 8, 2013 37
(1) Dividend accrued at September 28, 2014
On November 4, 2014, the Company’s Board of Directors authorized an increase in the Company’s quarterly dividend to $0.13
per common share from $0.12 per common share. The Company will pay future dividends at the discretion of the Company’s
Board of Directors. The continuation of these payments, the amount of such dividends, and the form in which 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.
Net proceeds to the Company from the exercise of stock options by team members are driven by a number of factors, including
fluctuations in our stock price, and totaled approximately $42 million, $81 million and $370 million in fiscal years 2014, 2013
and 2012, respectively. The Company intends to keep its broad-based stock option program in place, but also intends to limit
the number of shares granted in any one year so that annual earnings dilution from share-based payment expense will not exceed
10%. The Company believes this strategy is best aligned with its stakeholder philosophy because it limits future earnings dilution
from options and at the same time retains the broad-based stock option plan, which the Company believes is important to team
member morale, its unique corporate culture and its success. At September 28, 2014, September 29, 2013 and September 30,
2012 approximately 37.6 million shares, 42.3 million shares and 16.8 million shares of our common stock, respectively, were
available for future stock incentive grants.