Fannie Mae 2007 Annual Report Download - page 66

Purchases of Equity Securities by the Issuer
The following table shows shares of our common stock we repurchased during the fourth quarter of 2007.
Total
Number of
Shares
Purchased
(1)
Average
Price Paid
per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced
Program
(2)
Maximum Number of
Shares that
May Yet be
Purchased Under
the Program
(3)(4)
(Shares in thousands)
2007
October 1-31 . . . . . . . . . . . . . . . . . . . . . . . . . 170 $64.09 — 58,960
November 1-30 . . . . . . . . . . . . . . . . . . . . . . . 28 53.64 — 56,490
December 1-31 . . . . . . . . . . . . . . . . . . . . . . . . 20 36.81 — 56,254
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 60.30 — 56,254
(1)
These shares consist of: (a) 51,573 shares of common stock reacquired from employees to pay an aggregate of
approximately $2.6 million in withholding taxes due upon the vesting of restricted stock; (b) 13,618 shares of common
stock reacquired from employees to pay an aggregate of approximately $0.9 million in withholding taxes due upon the
exercise of stock options; (c) 151,885 shares of common stock repurchased from employees and members of our
Board of Directors to pay an aggregate exercise price of approximately $9.6 million for stock options; and
(d) 625 shares of common stock repurchased from employees in a limited number of instances relating to employees’
financial hardship.
(2)
On January 21, 2003, we publicly announced that the Board of Directors had approved a share repurchase program
(the “General Repurchase Authority”) under which we could purchase in open market transactions the sum of (a) up to
5% of the shares of common stock outstanding as of December 31, 2002 (49.4 million shares) and (b) additional
shares to offset stock issued or expected to be issued under our employee benefit plans. No shares were repurchased
during the fourth quarter of 2007 pursuant to the General Repurchase Authority. The General Repurchase Authority
has no specified expiration date.
(3)
Consists of the total number of shares that may yet be purchased under the General Repurchase Authority as of the
end of the month, including the number of shares that may be repurchased to offset stock that may be issued pursuant
to awards outstanding under the Plans. Repurchased shares are first offset against any issuances of stock under our
employee benefit plans. To the extent that we repurchase more shares in a given month than have been issued under
our plans, the excess number of shares is deducted from the 49.4 million shares approved for repurchase under the
General Repurchase Authority. Because of new stock issuances and expected issuances pursuant to new grants under
our employee benefit plans, the number of shares that may be purchased under the General Repurchase Authority
fluctuates from month to month. See “Notes to Consolidated Financial Statements—Note 13, Stock-Based
Compensation Plans,” for information about shares issued, shares expected to be issued, and shares remaining available
for grant under our employee benefit plans. Shares that remain available for grant under our employee benefit plans
are not included in the amount of shares that may yet be purchased reflected in the table above.
(4)
On May 9, 2006, we announced that the Board of Directors authorized a stock repurchase program (the “Employee
Stock Repurchase Program”) under which we could repurchase up to $100 million shares of common stock from non-
officer employees. The amount for October 1-31 in this column also includes the remaining 1,622,435 shares that
could have been repurchased under the Employee Stock Repurchase Program at the end October, based on a common
stock price of $57.14 per share, which is the average of the high and low stock prices of Fannie Mae common stock
on October 31, 2007. The Employee Stock Repurchase Program was terminated in November 2007.
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