CDW 2015 Annual Report Download - page 25

Table of Contents
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock has been listed on the NASDAQ Global Select Market since June 27, 2013 under the symbol “CDW.” Prior to that date, there was no public
market for our common stock. Shares sold in our initial public offering (“IPO”) were priced at $17.00 per share on June 26, 2013. The following table sets forth the ranges of
high and low sales prices per share of our common stock as reported on the NASDAQ Global Select Market and the cash dividends per share of common stock declared for
the two most recent fiscal years.
Year Ended December 31,
2015
2014
High
Low
Dividends
Declared per Share
High
Low
Dividends
Declared per Share
Fourth quarter
$ 46.92
$ 40.07
$ 0.1075
$ 36.08
$ 27.59
$ 0.0675
Third quarter
$ 41.99
$ 33.01
$ 0.0675
$ 33.80
$ 30.07
$ 0.0425
Second quarter
$ 39.32
$ 34.19
$ 0.0675
$ 32.41
$ 26.70
$ 0.0425
First quarter
$ 38.44
$ 33.21
$ 0.0675
$ 27.53
$ 22.72
$ 0.0425
Holders
As of February 19, 2016 , there were 59 holders of record of our common stock. The number of beneficial stockholders is substantially greater than the number of
holders of record because a portion of our common stock is held through brokerage firms.
Dividends
On February 9, 2016 , we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.1075 per share. The dividend will
be paid on March 10, 2016 to all stockholders of record as of the close of business on February 25, 2016 .
We expect to continue to pay quarterly cash dividends on our common stock in the future, but such payments remain at the discretion of our Board of Directors and
will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions, any potential indebtedness we may incur,
restrictions imposed by applicable law, tax considerations and other factors that our Board of Directors deems relevant. In addition, our ability to pay dividends on our
common stock will be limited by restrictions on our ability to pay dividends or make distributions to our stockholders and on the ability of our subsidiaries to pay dividends
or make distributions to us, in each case, under the terms of our current and any future agreements governing our indebtedness. For a discussion of our cash resources and
needs and restrictions on our ability to pay dividends, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital
Resources” included elsewhere in this report. For additional discussion of restrictions on our ability to pay dividends, see Note 8 (Long-Term Debt) to the accompanying
Consolidated Financial Statements.
Issuer Purchases of Equity Securities
Information relating to our purchases of our common stock during the quarter ended December 31, 2015 is as follows:
Period
Total Number of Shares
Purchased (in millions)
Average Price Paid per
Share
Total Number of Shares Purchased
as Part of a Publicly Announced
Program (1) (in millions)
Maximum Dollar Value of Shares
that May Yet be Purchased Under
the Program (2) (in millions)
October 1 through October 31, 2015
—
$ —
—
$ 306.7
November 1 through November 30, 2015
1.1
$ 43.77
1.1
$ 258.7
December 1 through December 31, 2015
—
$ —
—
$ 258.7
Total
1.1
$ 43.77
1.1
(1) On November 30, 2015 , we completed a public offering of 9.2 million shares of our common stock by certain selling stockholders, which included 1.2 million
shares sold by the selling stockholders to the underwriters pursuant to the grant of an option that was exercised in full. We did not receive any proceeds from the
sale of these shares. Subsequent to the
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