Avis 2011 Annual Report Download - page 32

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26
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Market Price of Common Stock
Our common stock is currently traded on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “CAR.” Prior
to December 31, 2010, our common stock was listed on the New York Stock Exchange (“NYSE”), and the following table
sets forth the quarterly high and low sales prices per share of our common stock as reported by NASDAQ for 2011 and on
the NYSE for 2010. At January 31, 2012, the number of stockholders of record was approximately 4,627.
2011 High Low
First Quarter $ 18.26 $ 13.69
Second Quarter 19.20 15.70
Third Quarter 17.73 9.67
Fourth Quarter 14.62 8.89
2010 High Low
First Quarter $ 13.63 $ 9.66
Second Quarter 16.85 9.76
Third Quarter 12.89 8.57
Fourth Quarter 15.64 10.78
Dividend Policy
We neither declared nor paid any cash dividend on our common stock in 2011 and 2010, and we do not anticipate paying
dividends on our common stock for the foreseeable future. Our ability to pay dividends to holders of our common stock is
limited by the Company’s senior credit facilities, the indentures governing our senior notes and our vehicle financing
programs, insofar as we may seek to pay dividends out of funds made available to Avis Budget by Avis Budget Car Rental
and/or its subsidiaries. The declaration and payment of future dividends to holders of our common stock will be at the
discretion of our Board of Directors and will depend upon many factors, including our financial condition, earnings, capital
requirements of our businesses, covenants associated with certain debt obligations, legal requirements, regulatory constraints,
industry practice and other factors that the Board of Directors deems relevant.
Securities Authorized for Issuance under Equity Compensation Plans
The following table provides information about shares of our common stock that may be issued upon the exercise of options,
stock settled stock appreciation rights and restricted stock units under all of our existing equity compensation plans as of
December 31, 2011. The table excludes 2.5 million shares of our common stock available for issuance pursuant to the 2009
Employee Stock Purchase Plan, approved by stockholders.