Chipotle 2008 Annual Report Download - page 24

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Purchases of Equity Securities by the Issuer
The table below reflects shares of class B common stock we repurchased during 2008.
Total Number of
Shares Purchased(1)
Average Price Paid
Per Share
Cumulative Total
Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under the
Plans or Programs(2)
October .......................... 188,894 $42.17 188,894 $92,035,228
Purchased 10/24 through 10/31
November ........................ 334,969 $39.98 523,863 $78,643,233
Purchased 11/03 through 11/28
December ........................ 167,910 $51.67 691,773 $69,966,830
Purchased 12/1 through 12/31
(1) —All shares were purchased in open-market transactions under an agreement with a broker intended to
comply with Exchange Act Rule 10b5-1(c).
(2) —Shares were repurchased pursuant to a repurchase program announced on October 22, 2008. Repurchases
under the program are limited to $100 million in total repurchase price, and there is no expiration date.
Authorization of the repurchase program may be modified, suspended, or discontinued at any time.
Dividend Policy
We are not required to pay any dividends and have not declared or paid any cash dividends on either class of
our common stock. We intend to continue to retain earnings for use in the operation and expansion of our
business and therefore do not anticipate paying any cash dividends on our common stock in the foreseeable
future.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table presents information regarding options and rights outstanding under our equity
compensation plan as of December 31, 2008. All awards reflected are options to purchase or rights to class A
common stock.
(a)
Number of Securities
to be Issued Upon
Exercise of Outstanding
Options and Rights(1)
(b)
Weighted-Average
Exercise Price of
Outstanding Options and
Rights(1)
(c)
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation Plans
(excluding securities
reflected in column (a))
Equity Compensation Plans
Approved by Security Holders:
Chipotle 2006 Incentive Plan ....... 1,323,117 $52.49 2,848,802
Equity Compensation Plans Not
Approved by Security Holders:
None.
(1) Includes shares issuable in connection with performance share rights and non-employee director restricted
stock units. The weighted-average exercise price in column (b) includes the weighted-average exercise price
of stock options and stock appreciation rights only.
22
Annual Report