Home Shopping Network 2011 Annual Report Download - page 20

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PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock trades on the NASDAQ Global Select Market under the symbol HSNI. The table below
sets forth the high and low per share sales prices of our common stock for the periods indicated, as reported by
the NASDAQ Global Select Market.
Sales Price
Fiscal 2011 High Low
Fourth Quarter ...................................................... $38.45 $30.38
Third Quarter ....................................................... $37.80 $27.55
Second Quarter ..................................................... $36.36 $29.69
First Quarter ....................................................... $32.55 $27.01
Fiscal 2010
Fourth Quarter ...................................................... $31.99 $25.50
Third Quarter ....................................................... $31.49 $23.40
Second Quarter ..................................................... $34.66 $22.03
First Quarter ....................................................... $30.99 $17.93
Holders
As of February 1, 2012, there were 1,885 shareholders of record of our common stock. Because many of our
shares of common stock are held by brokers and other institutions on behalf of shareholders, we are not able to
estimate the total number of beneficial shareholders represented by these record holders.
Dividends
On September 27, 2011, our Board of Directors approved our first cash dividend. The $0.125 per share
dividend was paid on November 16, 2011 to shareholders of record as of November 2, 2011. We currently expect
to continue to declare and pay quarterly dividends of an amount similar to our past declaration. However, any
determination to pay cash dividends will be at the discretion of our Board of Directors and will depend upon our
operating results, financial condition and capital requirements, general business conditions and such other factors
that the Board of Directors considers relevant. Our credit agreement and indenture limit the amount of and our
ability to pay cash dividends.
Issuer Purchases of Equity Security
On September 27, 2011, our Board of Directors authorized us to repurchase up to 10 million shares of our
common stock. Under the terms of the share repurchase program, HSNi will repurchase its common stock from
time to time through privately negotiated or open market transactions, including pursuant to a trading plan in
accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended, or by any
combination of such methods. The timing of any repurchases and actual number of shares repurchased will
depend on a variety of factors, including the stock price, corporate and regulatory requirements, restrictions
under the company’s debt obligations and other market and economic conditions. The repurchase program may
be suspended or discontinued by HSNi at any time.
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