eTrade 2007 Annual Report Download - page 21

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Price Range of Common Stock
The following table shows the high and low sale prices of our common stock as reported by the NASDAQ,
except where noted, for the periods indicated:
High Low
2007:
First Quarter $26.08 $21.11
Second Quarter $25.79 $20.82
Third Quarter $23.63 $ 9.92
Fourth Quarter $14.26 $ 3.15
2006(1):
First Quarter $27.12 $20.41
Second Quarter $27.76 $18.81
Third Quarter $25.00 $20.11
Fourth Quarter $25.50 $20.85
(1) On December 27, 2006 we moved from the NYSE to the NASDAQ under the symbol ETFC.
The closing sale price of our common stock as reported on the NASDAQ on February 22, 2008 was $4.79
per share. At that date, there were 1,910 holders of record of our common stock.
Dividends
We have never declared or paid cash dividends on our common stock. Although we do not currently have
any plans to do so, we may pay dividends in the future.
Equity Compensation Plan Information
Refer to Note 20—Employee Shared-Based Payments and Other Benefits in Item 8. Financial Statements
and Supplementary Data for equity compensation plan information.
Repurchase Plans
In 2004, our Board approved a repurchase plan on December 15th (“December 2004 Plan”) for
$200.0 million. On April 18, 2007, the Company announced that its Board of Directors authorized an additional
$250.0 million common stock repurchase program (“April 2007 Plan”). Our Board determined that the use of
cash to reduce outstanding debt and outstanding common stock was likely to create long-term value for our
shareholders. We completed the December 2004 Plan in April of 2007 and there are no amounts remaining
available under those plans. As of December 31, 2007, $158.5 million remained available under the April 2007
Plan for additional repurchases.
The April 2007 Plan is open-ended and allows for the repurchase of common stock on the open market, in
private transactions or a combination of both. During 2007, we repurchased a total of $148.6 million or nearly
7.2 million shares of common stock under the December 2004 Plan and April 2007 Plan. During 2006, we
repurchased a total of $122.6 million or nearly 5.3 million shares of common stock under the December 2004
Plan. There were no repurchases during the three months ended December 31, 2007.
Sale of Unregistered Shares
In connection with the Citadel Investment, on November 29, 2007, we issued 10,000,000 shares of common
stock to Citadel and 4,840,430 shares of common stock to certain affiliates of BlackRock, Inc. On
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