Big Lots 2014 Annual Report Download - page 134
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56
A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted earnings per
share computations is as follows:
(In thousands) 2014 2013 2012
Weighted-average common shares outstanding:
Basic 54,935 57,415 59,852
Dilutive effect of share-based awards 617 543 624
Diluted 55,552 57,958 60,476
Share Repurchase Programs
On March 5, 2014, our Board of Directors authorized a share repurchase program providing for the repurchase of $125 million
of our common shares (“March 2014 Repurchase Program”). The March 2014 Repurchase Program was exhausted during the
second quarter of 2014.
On August 28, 2014, our Board of Directors authorized a new share repurchase program providing for the repurchase of $125
million of our common shares (“August 2014 Repurchase Program”). The August 2014 Repurchase Program was exhausted
during the fourth quarter of 2014.
During the fourth quarter of 2014, we acquired approximately 0.2 million of our outstanding common shares for $10.2 million.
During 2014, we acquired approximately 6.1 million of our outstanding common shares for $250 million, which is comprised
of 3.3 million common shares for $125 million under the March 2014 Repurchase Program and 2.8 million common shares for
$125 million under the August 2014 Repurchase Program.
Common shares acquired through the repurchase programs are held in treasury at cost and are available to meet obligations
under equity compensation plans and for general corporate purposes.
Dividends
In the second quarter of 2014, our Board of Directors commenced a cash dividend program on our common shares. The
Company declared and paid cash dividends per common share during the periods presented as follows:
Dividends
Per Share Amount
Declared Amount Paid
2014: (in thousands) (in thousands)
Fourth quarter $ 0.17 $ 9,230 $ 9,005
Third quarter 0.17 9,718 9,457
Second quarter 0.17 9,585 9,366
Total $ 0.51 $ 28,533 $ 27,828
The amount of dividends declared may vary from the amount of dividends paid in a period based on certain instruments with
restrictions on payment, including restricted stock awards, restricted stock units, and performance share units. Future dividends
are subject to the discretion of the Board of Directors and will depend on our financial conditions, results of operations, capital
requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of
Directors.