Dow Chemical 2014 Annual Report Download - page 52

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The Dow Chemical Company and Subsidiaries
PART II, Item 5. Market for Registrant’s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
The principal market for the Company’s common stock is the New York Stock Exchange, traded under the symbol “DOW.”
Quarterly market and dividend information can be found in Quarterly Statistics at the end of Part II, Item 8. Financial
Statements and Supplementary Data.
At December 31, 2014, there were 65,500 registered common stockholders. The Company estimates that there were an
additional 653,636 stockholders whose shares were held in nominee names at December 31, 2014. At January 31, 2015, there
were 65,319 registered common stockholders.
On November 12, 2014, the Board of Directors declared a quarterly dividend of $0.42 per share, payable January 30, 2015, to
stockholders of record on December 31, 2014. On February 12, 2015, the Board of Directors announced the declaration of a
quarterly dividend of $0.42 per share, payable April 30, 2015, to stockholders of record on March 31, 2015. Since 1912, the
Company has maintained or increased the amount of the quarterly dividend, adjusted for stock splits, with the exception of
February 12, 2009. During this 103-year period, Dow has increased the amount of the quarterly dividend 51 times
(approximately 12 percent of the time), reduced the dividend once and maintained the amount of the quarterly dividend
approximately 88 percent of the time.
See Part III, Item 11. Executive Compensation for information relating to the Company’s equity compensation plans.
Issuer Purchases of Equity Securities
The following table provides information regarding purchases of the Company’s common stock by the Company during the
three months ended December 31, 2014:
Issuer Purchases of Equity Securities
Average price paid
per share
Total number of
shares purchased as
part of the Company's
publicly announced
share repurchase
program (1)
Approximate dollar
value of shares that
may yet be purchased
under the Company's
publicly announced
share repurchase
program (1)
(In millions)
Period
Total number of
shares purchased
October 2014 6,210,326 $ 47.06 6,210,326 $ 801
November 2014 9,814,627 $ 48.90 9,814,627 $ 5,321
December 2014 6,506,047 $ 49.37 6,506,047 $ 5,000
Fourth quarter 2014 22,531,000 $ 48.53 22,531,000 $ 5,000
(1) On February 13, 2013, the Board of Directors approved a share buy-back program, authorizing up to $1.5 billion to be spent on the
repurchase of the Company’s common stock. Purchases under this program began in May 2013. On January 29, 2014, the Board of
Directors announced an expansion of the Company's share buy-back authorization, authorizing an additional amount not to exceed
$3 billion. On November 12, 2014, the Board of Directors announced a new $5 billion tranche to its share buy-back program, with
the repurchase of the Company's common stock timed to proceeds received from portfolio management actions and increases in
operating cash flows. As a result of these actions, the total authorized amount of the share repurchase program is $9.5 billion.