Callaway 2014 Annual Report Download - page 36

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20
Performance Graph
The following graph presents a comparison of the cumulative total shareholder return of the Company’s common stock
since December 31, 2009 to two indices: the Standard & Poor’s 500 Index (“S&P 500”) and the Standard & Poor’s 600
Smallcap Index (“S&P 600”). The S&P 500 tracks the aggregate price performance of equity securities of 500 large-cap
companies that are actively traded in the United States, and is considered to be a leading indicator of U.S. equity securities.
The S&P 600 is a market value-weighted index that tracks the aggregate price performance of equity securities from a broad
range of small-cap stocks traded in the United States. The graph assumes an initial investment of $100 at December 31, 2009
and reinvestment of all dividends in ELY stock on the dividend payable date.
2009 2010 2011 2012 2013 2014
Callaway Golf (NYSE: ELY)............................ $ 100.00 $ 107.07 $ 73.41 $ 86.32 $ 112.00 $ 102.34
S&P 500............................................................. $ 100.00 $ 112.78 $ 112.78 $ 127.90 $ 165.76 $ 184.64
S&P 600 Smallcap............................................. $ 100.00 $ 124.98 $ 124.78 $ 143.33 $ 200.08 $ 208.96
The Callaway Golf Company cumulative total shareholder return is based upon the closing prices of Callaway Golf
Company common stock on December 31, 2009, 2010, 2011, 2012, 2013 and 2014 of $7.54, $8.07, $5.53, $6.50, $8.43 and
$7.70, respectively.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
In August 2014, the Company's Board of Directors authorized a $50.0 million share repurchase program under which
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 repurchases will be made consistent with the
terms of the Company's credit facility which defines the amount of stock that can be repurchased. The repurchase program
will remain in effect until completed or until terminated by the Board of Directors.
During 2014, the Company repurchased approximately 133,000 shares of its common stock under the 2014 repurchase
program at an average cost per share of $7.62 for a total cost of $1.0 million. There were no share repurchases during the
fourth quarter of 2014. The Company’s repurchases of shares of common stock are recorded at cost and result in a reduction
of shareholders’ equity.