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16
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Market and Dividend 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, as reported by the NASDAQ Global Select Market, and the dividends
declared for the periods indicated.
Sales Price
Fiscal 2015 High Low Dividends
Fourth Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63.44 $ 49.43 $ 0.35
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75.43 $ 57.17 $ 0.35
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 71.46 $ 61.74 $ 0.35
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79.80 $ 64.13 $ 10.35 (a)
Fiscal 2014
Fourth Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 77.82 $ 59.67 $ 0.35
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62.32 $ 54.40 $ 0.25
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 61.40 $ 52.93 $ 0.25
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62.59 $ 53.00 $ 0.25
(a) In January 2015, our Board of Directors approved a special cash dividend of $10.00 per share payable February 19, 2015 to shareholders of record as of
February 9, 2015.
In February 2016, our Board of Directors approved a quarterly cash dividend of $0.35 per share payable March 23, 2016
to shareholders of record as of March 9, 2016. We currently expect to continue to declare and pay quarterly dividends of an
amount similar to our past quarterly 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 limits the
amount of and our ability to pay cash dividends.
Holders
As of January 26, 2016, there were approximately 1,400 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.
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.
In July 2014, HSNi completed the 10 million share repurchase program at an aggregate cost of $451.0 million, representing an
average cost of $45.10 per share.
On January 27, 2015, our Board of Directors authorized a new share repurchase program allowing us to repurchase up to
4 million shares of our common stock, principally to offset dilution related to HSNi's equity compensation programs. 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.