Chipotle 2009 Annual Report Download - page 24

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As of February 5, 2010, there were approximately 1,331 holders of our common stock, as determined by
counting our record holders and the number of participants reflected in a security position listing provided to us
by the Depository Trust Company. We estimate that there are approximately 54,000 beneficial owners of our
common stock.
Purchases of Equity Securities by the Issuer
The table below reflects shares of common stock we repurchased during the fourth quarter of 2009.
Total Number of
Shares Purchased(1)
Average Price Paid
Per Share
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 .......................... — — — —
November ........................ 93,462 $83.74 93,462 $92,173,497
Purchased 11/19 through 11/30
December ........................ 73,056 $85.65 73,056 $85,916,184
Purchased 12/1 through 12/31
Total ............................ 166,518 $84.58 166,518 $85,916,184
(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 publicly announced on November 11, 2009.
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 our common
stock or our previously-outstanding shares of class B common stock, and our unsecured revolving credit facility
prohibits us from paying cash dividends on any outstanding class of 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.
22
Annual Report