DSW 2013 Annual Report Download - page 20

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Table of Contents
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  

Our Class A Common Shares are listed for trading under the ticker symbol “DSW” on the NYSE. There is currently no public market for DSW Class B
Common Shares, but can be exchanged for Class A Common Shares at the election of the holder. As of March 22, 2014, there were 159 holders of record of
our Class A Common Shares and 29 holders of record of our Class B Common Shares. The number of holders of record is based upon the actual number of
holders registered at such date and does not include holders of shares in “street names” or persons, partnerships, associates, corporations, or other entities
identified in security position listings maintained by depositories. The following table provides the quarterly market prices of our Class A Common Shares as
reported on the NYSE and cash dividends per share for 2013 and 2012:
Market Price
Cash Dividends per
Share
High
Low

First Quarter $29.19
$24.05
$0.075
Second Quarter 31.00
25.58
0.090
Third Quarter 34.58
28.88
1.090 (a)
Fourth Quarter 36.00
28.64
0.180 (b)

First Quarter $34.86
$30.13
$ —
Second Quarter 39.80
32.27
0.125 (c)
Third Quarter 44.37
38.43
0.125
Fourth Quarter 47.55
36.99
0.125
Dividends. The payment of any future dividends is at the discretion of our Board of Directors and is based on our future earnings, cash flow, financial
condition, capital requirements, changes in U.S. taxation, general economic condition and any other relevant factors. It is anticipated that dividends will be
declared on a quarterly basis. Our Credit Facility allows the payment of dividends by us or our subsidiaries provided that we meet the minimum cash and
short-term investments requirement, as defined in our Credit Facility, of $125 million.
(a) In September 2012, our Board of Directors declared a special dividend of $1.00 per share.
(b) In December 2012, our Board of Directors accelerated payment of the next quarterly dividend.
(c) In March 2013, our Board of Directors increased our quarterly dividend from $0.09 per share to $0.125 per share.
In March 2014, our Board of Directors increased our quarterly dividend from $0.125 per share to $0.1875 per share.
$100 Million Share Repurchase Program. On May 29, 2013, we announced that our Board of Directors authorized the extension of the share repurchase
program to repurchase up to $100 million of DSW Common Shares. The repurchase program will be funded using our available cash, and we have no
obligation to repurchase any amount of our common shares under the program .
2-for-1 Stock Split. On October 14, 2013, the shareholders of DSW approved a two-for-one stock split of DSW's Common Shares. The stock split became
effective on November 4, 2013 and provided for the issuance of one Class A Common Share for each Class A and Class B Common Share outstanding.
16
Source: DSW Inc., 10-K, March 27, 2014 Powered by Morningstar® Document Research℠
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