Callaway 2007 Annual Report Download - page 37

Download and view the complete annual report

Please find page 37 of the 2007 Callaway 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 109

  • 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

Promotion Plan. Under the Promotion Plan, the Company granted stock options to golf professionals and
other endorsers of the Company’s products. Such grants were generally made at prices that were equal to the fair
market value of the Company’s Common Stock on the date of grant.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
In June 2007, the Board of Directors authorized a new repurchase program (the “June 2007 repurchase
program”) for the Company to repurchase shares of its common stock up to a maximum cost to the Company of
$100.0 million, which would remain in effect until completed or otherwise terminated by the Board of Directors.
In November 2007, the Board of Directors authorized a new repurchase program (“the November 2007
repurchase program”) for the Company to repurchase shares of its common stock up to a maximum cost to the
Company of $100.0 million. The November 2007 repurchase program supersedes the June 2007 stock repurchase
authorization and will remain in effect until completed or otherwise terminated by the Board of Directors. See
Note 10—“Capital Stock” to the Notes to Consolidated Financial Statements.
Under the June 2007 repurchase program, during the three months ended December 31, 2007, the Company
repurchased 0.7 million shares of its common stock at a weighted average cost per share of $16.61 for a total cost
of $11.1 million. As of December 31, 2007, there were no repurchases made under the November 2007
repurchase program and the Company remained authorized to repurchase up to the maximum authorization of
$100.0 million of its common stock under this program.
The following table summarizes the purchases by the Company under its repurchase programs during the
fourth quarter of 2007 (in thousands, except per share data):
Three Months Ended December 31, 2007
Total Number
of Shares
Purchased
Weighted
Average Price
Paid per Share
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Programs
Maximum
Dollar
Value that
May Yet Be
Purchased
Under the
Programs
October 1, 2007—October 31, 2007 .............. 667 $16.61 667 $ 11,104
November 1, 2007—November 30, 2007 .......... — $ — — $100,000
December 1, 2007—December 31, 2007 .......... — $ — — $100,000
Total ................................... 667 $16.61 667 $100,000
24