DSW 2015 Annual Report Download - page 18

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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 the Class B common shares can be exchanged for Class A Common Shares at the election of the holder. As of March 18, 2016, there
were 176 holders of record of our Class A Common Shares and 28 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 fiscal 2015 and 2014:
Market Price
Cash Dividends per
Share
High
Low

First Quarter $ 41.11
$ 32.40
$ 0.1875
Second Quarter 35.00
23.45
0.1875
Third Quarter 32.67
26.59
0.1875
Fourth Quarter 38.10
29.32
0.1875

First Quarter $ 39.58
$ 34.04
$ 0.20 (a)
Second Quarter 36.92
30.75
0.20
Third Quarter 33.81
23.61
0.20
Fourth Quarter 25.46
21.23
0.20
(a) On February 17, 2015, DSW Inc.'s Board of Directors increased the Company's quarterly cash dividend from $0.1875 per
share to $0.20 per share.
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 taxation laws, 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
investments requirement, as defined in our Credit Facility, of $125 million.
Share Repurchase Program- On November 2, 2015, the Board of Directors approved an additional $200 million share repurchase program after the Company
completed its prior $150 million authorization during the third quarter of fiscal 2015. The share repurchase program may be suspended, modified or
discontinued at any time, and the Company has no obligation to repurchase any amount of its common shares under the program. Shares will be repurchased
in the open market at times and in amounts considered appropriate by the Company based on price and market conditions. Through the life of the programs,
we have repurchased a total of 10.2 million Class A Common Shares at a cost of $266.5 million, with a remainder of $83.5 million that may yet be purchased
under the program. During the fourth quarter of fiscal 2015, we repurchased 5.0 million Class A Common Shares at a cost of $116.5 million. The shares
withheld and repurchased during the fourth quarter of fiscal 2015 are summarized in the table below (in thousands, except per share amounts):
14
Source: DSW Inc., 10-K, March 24, 2016 Powered by Morningstar® Document Research℠
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