Big Lots 2014 Annual Report Download - page 94

Download and view the complete annual report

Please find page 94 of the 2014 Big Lots annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 170

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170

16
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 for our common shares as reported on the NYSE composite tape for the fiscal periods
indicated:
2014 2013
High Low High Low
First Quarter $ 40.24 $ 25.50 $ 37.81 $ 32.07
Second Quarter 46.39 36.76 39.22 31.17
Third Quarter 48.52 41.23 37.98 31.56
Fourth Quarter $ 51.75 $ 38.15 $ 39.02 $ 26.49
In June 2014, we announced that our Board of Directors commenced a cash dividend program. Since the commencement of
the program, we have declared and paid three quarterly cash dividends of $0.17 per common share for a total paid amount of
approximately $27.8 million. In the first quarter of 2015, our Board of Directors declared a dividend payable on April 3, 2015
to holders of record on March 20, 2015 and increased the amount of the dividend from $0.17 to $0.19 per share. Although it is
the present intention of our Board of Directors to continue to pay a quarterly cash dividend in the future, the determination to
pay future dividends will be at the discretion of our Board of Directors and will depend on our financial condition, results of
operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by
our Board.
After making such investments and paying declared dividends, the Company has utilized its excess cash for share repurchase
programs. Any future decisions on the uses of excess cash will 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.
The following table sets forth information regarding our repurchase of our common shares during the fourth fiscal quarter of
2014:
(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 2, 2014 - November 29, 2014 225 $ 45.22 225 $ —
November 30, 2014 - December 27, 2014 — — — —
December 28, 2014 - January 31, 2015 — — — —
Total 225 $ 45.22 225 $ —
On August 28, 2014, our Board of Directors authorized a program for the repurchase of up to $125.0 million of our common
shares (“August 2014 Repurchase Program”). The August 2014 Repurchase Program was exhausted during the fourth quarter
of 2014.
On March 4, 2015, our Board of Directors authorized a program for the repurchase of up to $200.0 million of our common
shares (“2015 Repurchase Program”). The 2015 Repurchase Program has no scheduled termination date.
At the close of trading on the NYSE on March 27, 2015, there were approximately 798 registered holders of record of our
common shares.