Big Lots 2010 Annual Report Download - page 89

15
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “BIG.” The
following table reflects the high and low sales prices per common share for our common shares as reported on
the NYSE composite tape for the fiscal periods indicated:
2010 2009
High Low High Low
First Quarter ................................ $ 41.42 $ 28.51 $ 28.36 $ 12.62
Second Quarter .............................. 38.92 31.27 28.50 19.49
Third Quarter ............................... 35.25 30.02 28.18 22.47
Fourth Quarter .............................. $32.78 $27.82 $31.39 $23.04
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, our Board of Directors authorized a share repurchase program providing for the
repurchase of up to $150.0 million of our common shares. On March 2, 2010, our Board of Directors authorized
a $250.0 million increase to our repurchase program bringing the total authorization to $400.0 million
(collectively the “2010 Repurchase Program”).
On March 10, 2010, we utilized $150.0 million of the authorization under the 2010 Repurchase Program to
execute an accelerated share repurchase transaction (“ASR”) which reduced our common shares outstanding
by 4.5 million. The total number of shares repurchased under the ASR was based upon the volume weighted
average price per share of our stock from the inception of the transaction through December 30, 2010, when our
counterparty exercised its option to settle the transaction. The counterparty provided us with 3.6 million shares
at the inception of the transaction and then an additional 0.9 million shares at the final settlement. In addition
to the ASR, we acquired approximately 6.0 million shares for $192.2 million of the remaining $250.0 million
authorized under the 2010 Repurchase Program.
Our remaining repurchase authorization under the 2010 Repurchase Program was approximately $57.8 million
at January 29, 2011, and is available to be utilized to repurchase shares in the open market and/or in privately
negotiated transactions at our discretion, subject to market conditions and other factors.
The repurchased common shares were placed into treasury and may be used for general corporate purposes
including the issuance of shares related to equity compensation plans.
The following table sets forth information regarding our repurchase of our common shares during the fourth
fiscal quarter of 2010:
(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
October 31, 2010 - November 27, 2010 ... — $— — $57,832
November 28, 2010 - December 25, 2010 . — — — 57,832
December 26, 2010 - January 29, 2011 ... 922(1) — 922 57,832
Total ........................... 922 $— 922 $57,832