Big Lots 2009 Annual Report Download - page 131

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Our Board of Directors historically has authorized reinvesting available cash in capital expenditures for
various maintenance and growth opportunities and in share repurchase programs. We historically have not paid
dividends and our Board of Directors is not currently considering any change in this policy. In the event that we
change our policy, any future cash dividend payments would be determined by our Board of Directors taking
into account business conditions then existing, including our earnings, financial requirements and condition,
opportunities for reinvesting cash, and other factors.
On December 4, 2009, we announced that our Board of Directors authorized the repurchase of up to $150.0
million of our common shares, which commenced immediately and will continue until exhausted. No shares
were repurchased under this program in 2009. On March 2, 2010, our Board of Directors authorized a $250.0
million increase to our $150.0 million share repurchase program bringing the total authorization to $400.0
million (collectively the “2010 Repurchase Program”). On March 10, 2010, we executed a $150.0 million
accelerated share repurchase (“ASR”). See note 14 to the accompanying consolidated financial statements
for a more detailed discussion regarding the ASR. We expect the remaining $250.0 million purchases under
the 2010 Repurchase Program to be made from time to time in the open market and/or in privately negotiated
transactions at our discretion, subject to market conditions and other factors.
In 2007, we announced our $600.0 million March 2007 and $150.0 million November 2007 Repurchase
Programs which we completed in the fourth fiscal quarter 2007 and first fiscal quarter 2008, respectively.
During 2008, as part of these announced repurchased programs, we purchased 2.2 million common shares
having an aggregate cost of $37.5 million with an average price paid per share of $17.28. During 2007, as part
of these announced repurchase programs, we purchased 30.0 million common shares having an aggregate cost
of $712.5 million with an average price paid per share of $23.76. The repurchased common shares were placed
into treasury and are used for general corporate purposes including the issuance of shares related to employee
benefit plans.
The following table sets forth information regarding our repurchase of our common shares during the fourth
fiscal quarter of 2009:
(In thousands, except price per share data)
Period
(a) Total Number
of Shares
Purchased
(b) Average
Price Paid per
Share
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
(d) Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans or
Programs
November 1, 2009 - November 28, 2009... — $— — $150,000
November 29, 2009 - December 26, 2009.. — — — 150,000
December 27, 2009 - January 30, 2010 .... — — — 150,000
Total ............................ — $— — $150,000
At the close of trading on the NYSE on March 22, 2010, there were approximately 996 registered holders of
record of our common shares.