Baker Hughes 2007 Annual Report Download - page 100

2007 Form 10-K 17
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock, $1.00 par value per share, is principally traded on the New York Stock Exchange. Our common stock is also
traded on the SWX Swiss Exchange. As of February 19, 2008, there were approximately 295,000 stockholders and approximately
15,800 stockholders of record.
For information regarding quarterly high and low sales prices on the New York Stock Exchange for our common stock during
the two years ended December 31, 2007, and information regarding dividends declared on our common stock during the two years
ended December 31, 2007, see Note 17 of the Notes to Consolidated Financial Statements in Item 8 herein.
The following table contains information about our purchases of equity securities during the fourth quarter of 2007.
Issuer Purchases of Equity Securities
Maximum Number
Total Total Number of Total Number (or Approximate Dollar
Number Average Shares Purchased Average of Shares Value) of Shares that
of Shares Price Paid as Part of a Publicly Price Paid Purchased in May Yet Be Purchased
Period Purchased(1) Per Share(1) Announced Program(2) Per Share(3) the Aggregate Under the Program (4)
October 1–31, 2007 13,336 $ 91.56 1,200 $ 85.01 14,536 $ –
November 1–30, 2007 – – 1,551,300 81.36 1,551,300 –
December 1–31, 2007 – – 1,401,546 82.18 1,401,546 –
Total 13,336 $ 91.56 2,954,046 $ 81.75 2,967,382 $ 823,958,000
(1) Represents shares purchased from employees to pay the option exercise price related to stock-for-stock exchanges in option exercises or to satisfy the tax withholding
obligations in connection with the vesting of restricted stock awards and restricted stock units.
(2) Repurchases were made under Stock Purchase Plans with an agent that complied with the requirements of Rule 10b5-1 of the Exchange Act (the “Plans”) as well as
open market purchases that complied with Rule 10b-18 of the Exchange Act. On August 31, 2007, we entered into a Plan that ran from September 4, 2007 through
October 31, 2007. On December 7, 2007, we entered into a Plan that ran from December 10, 2007 through February 20, 2008. Under the Plans, the agent repur-
chased a number of shares of our common stock determined under the terms of the Plan each trading day based on the trading price of the stock on that day. Shares
were repurchased under the Plans by the agent at the prevailing market prices, in open market transactions which complied with Rule 10b-18 of the Exchange Act.
(3) Average price paid includes commissions.
(4) In April 2006, the Board of Directors authorized the repurchase of an additional $1.8 billion of common stock which was in addition to the balance remaining from
the Board of Directors’ previous authorization. On July 26, 2007, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock,
from time to time, in addition to the existing stock repurchase plan. During the fourth quarter of 2007, we repurchased 3.0 million shares of our common stock at
an average price of $81.75 per share, for a total of $241.5 million with authorization remaining to repurchase up to a total of $824.0 million of our common stock
as of the end of 2007. Stock repurchases in 2008 (through February 19, 2008) were 8.0 million shares of common stock at an average price of $68.95 per share for
a total of $551.8 million. As of February 19, 2008, we have authorization remaining to repurchase up to a total of $272.2 million of our common stock.