Callaway 2012 Annual Report Download - page 38

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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
In November 2007, the Company’s Board of Directors authorized a share repurchase program of a
maximum cost to the Company of $100.0 million (the “November 2007 repurchase program”). Under this
program, the Company is authorized to repurchase shares of its common stock in the open market or in private
transactions, subject to the Company’s assessment of market conditions and buying opportunities. The November
2007 repurchase program supersedes all prior stock repurchase authorizations and will remain in effect until
completed or otherwise terminated by the Board of Directors.
During 2012, the Company repurchased 122,276 shares of its common stock under the November 2007
repurchase program at an average cost per share of $6.40 for a total cost of $0.8 million. The Company acquired
these shares to satisfy the Company’s tax withholding obligations in connection with the vesting and settlement
of employee restricted stock unit awards. The Company’s repurchases of shares of common stock are recorded at
cost and result in a reduction of shareholders’ equity. As of December 31, 2012, the Company remained
authorized to repurchase up to an additional $72.8 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 2012 (in thousands, except per share data):
Three Months Ended December 31, 2012
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, 2012—October 31, 2012 ............... 2 $5.46 2 $72,795
November 1, 2012—November 30, 2012 ........... — $— — $72,795
December 1, 2012—December 31, 2012 ............ — $— — $72,795
Total .................................... 2 $5.46 2 $72,795
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