FairPoint Communications 2005 Annual Report Download - page 33

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Our common stock began trading on the New York Stock Exchange under the symbol “FRP” on February 4, 2005. Prior to that time, there was no
trading market for our common stock.
The following table shows the high and low closing sales prices per share of the Company’s Common Stock as reported on the New York Stock
Exchange for the periods indicated:
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First quarter $ 18.05 $ 14.97
Second quarter 16.55 14.49
Third quarter 16.66 14.32
Fourth quarter 14.30 10.36
The following table shows the dividends which have been declared and/or paid on our common stock during 2005:
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  
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First quarter(1) $0.22543 March 3, 2005 March 31, 2005 April 15, 2005
Second quarter 0.39781 June 16, 2005 June 30, 2005 July 19, 2005
Third quarter 0.39781 September 21, 2005 October 3, 2005 October 19, 2005
Fourth quarter 0.39781 December 14, 2005 December 30, 2005 January 18, 2006
(1) The Company’s initial public offering occurred in February 2005 and therefore, the Company paid a partial quarterly dividend in the first quarter of
2005.
As of March 6, 2006, there were approximately 80 holders of record of our common stock.
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General
Our board of directors has adopted a dividend policy under which a substantial portion of the cash generated by our business in excess of operating
needs, interest and principal payments on our indebtedness, dividends on our future senior classes of capital stock, if any, capital expenditures, taxes and
future reserves, if any, would in general be distributed as regular quarterly dividend payments to the holders of our common stock, rather than retained by us
and used for other purposes, including to finance growth opportunities. This policy reflects our judgment that our stockholders would be better served if we
distributed to them such substantial portion of the excess cash generated by our business instead of retaining it in our business. However, our stockholders
may not receive any dividends as a result of the following factors:
· nothing requires us to pay dividends;
· while our current dividend policy contemplates the distribution of a substantial portion of our cash in excess of operating needs, interest and principal
payments on our indebtedness, dividends on our future senior classes of capital stock, if any, capital expenditures, taxes and future reserves, if any,
this policy could be modified or revoked by our board of directors at any time;
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