Morgan Stanley 2015 Annual Report Download - page 40

The table below sets forth the information with respect to purchases made by or on behalf of the Company of its common
stock during the fourth quarter of the year ended December 31, 2015.
Issuer Purchases of Equity Securities
(dollars in millions, except per share amounts)
Period
Total
Number of
Shares
Purchased
Average Price
Paid per
Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs(1)
Approximate Dollar
Value of Shares
That May Yet Be
Purchased under
the Plans or
Programs
Month #1 (October 1, 2015-October 31, 2015)
Share Repurchase Program(2) ................. 2,448,000 $ 32.17 2,448,000 $ 1,796
Employee transactions(3) .................... 83,738 $ 32.06 — —
Month #2 (November 1, 2015-November 30, 2015)
Share Repurchase Program(2) ................. 7,985,128 $ 33.99 7,985,128 $ 1,525
Employee transactions(3) .................... 243,334 $ 34.58 — —
Month #3 (December 1, 2015-December 31, 2015)
Share Repurchase Program(2) ................. 8,210,166 $ 33.47 8,210,166 $ 1,250
Employee transactions(3) .................... 72,712 $ 33.87 — —
Quarter ended at December 31, 2015
Share Repurchase Program(2) ................. 18,643,294 $ 33.52 18,643,294 $ 1,250
Employee transactions(3) .................... 399,784 $ 33.92 — —
(1) Share purchases under publicly announced programs are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions
(including with employee benefit plans) as market conditions warrant and at prices the Company deems appropriate and may be suspended at any time.
(2) The Company’s Board of Directors has authorized the repurchase of the Company’s outstanding stock under a share repurchase program (the “Share Repurchase
Program”). The Share Repurchase Program is a program for capital management purposes that considers, among other things, business segment capital needs, as
well as stock-based compensation and benefit plan requirements. The Share Repurchase Program has no set expiration or termination date. Share repurchases by
the Company are subject to regulatory approval. In March 2015, the Company received no objection from the Federal Reserve to repurchase up to $3.1 billion of
the Company’s outstanding common stock during the period that began April 1, 2015 through June 30, 2016 under the Company’s 2015 capital plan. During the
quarter ended December 31, 2015, the Company repurchased approximately $625 million of the Company’s outstanding common stock as part of its Share
Repurchase Program. For further information, see “Liquidity and Capital Resources—Capital Management” in Part II, Item 7.
(3) Includes shares acquired by the Company in satisfaction of the tax withholding obligations on stock-based awards and the exercise price of stock options granted
under the Company’s stock-based compensation plans.
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