AbbVie 2014 Annual Report Download - page 96
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13NOV201221352027
value per share of RSAs and RSUs granted in 2012 was $56.07. Such amounts have not been adjusted to
reflect the separation from Abbott.
As of December 31, 2014, $192 million of unrecognized compensation cost related to RSAs and RSUs is
expected to be recognized as expense over approximately the next two years.
Cash Dividends
On December 12, 2013, the board of directors declared a quarterly cash dividend of $0.40 per share
of common stock for stockholders of record on January 15, 2014, which was paid on February 14, 2014.
Additionally, the quarterly cash dividend declared by the board of directors on February 20, 2014 of $0.42
per share, which represented an increase of 5 percent over the previous quarterly rate of $0.40 per share
was paid on May 15. On June 18 and September 19, 2014, the board of directors declared quarterly cash
dividends of $0.42 per share which were paid on August 15 and November 17, 2014, respectively.
Additionally, on October 20, 2014, the board of directors declared an increase in the company’s quarterly
cash dividend from $0.42 per share to $0.49 per share of common stock, for stockholders of record on
January 15, 2015, which was paid on February 13, 2015.
Stock Repurchase Program
On February 15, 2013, AbbVie’s board of directors authorized a $1.5 billion stock repurchase program.
On October 20, 2014, AbbVie’s board of directors authorized a new $5.0 billion stock repurchase program,
which was effective immediately and supersedes the previous authorization, and is expected to be executed
over the next several years. The stock repurchase authorization permits purchases of AbbVie shares from
time to time in open market or private transactions at management’s discretion depending on the
company’s cash flows, net debt level and market conditions. The plan has no time limit and can be
discontinued at any time.
During 2014 and 2013, AbbVie repurchased approximately 9 million shares and 4 million shares for
$550 million and $223 million, respectively, in the open market. Shares repurchased under this program are
recorded at acquisition cost, including related expenses, and are available for general corporate purposes.
AbbVie’s remaining share repurchase authorization was $4.7 billion as of December 31, 2014.
90 2014 Form 10-K