Pier 1 2015 Annual Report Download - page 22

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ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.
PART II
Item 5. Market for the Registrant’s Common
Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
Market Prices of Common Stock
The following table shows the high and low closing sale prices of the Company’s common stock on the New York Stock
Exchange (“NYSE”), as reported in the consolidated transaction reporting system for each quarter of fiscal 2015 and 2014.
Market Price
Fiscal 2015 High Low
First quarter $19.70 $17.28
Second quarter 18.26 14.95
Third quarter 15.69 11.68
Fourth quarter 17.44 11.85
Fiscal 2014 High Low
First quarter $25.20 $21.69
Second quarter 24.70 20.73
Third quarter 23.60 19.02
Fourth quarter 23.47 18.34
Number of Holders of Record
The Company’s common stock is traded on the NYSE under the symbol “PIR.” As of April 27, 2015, there were approximately
7,000 shareholders of record of the Company’s common stock.
Dividends
The Company declared cash dividends of $0.06 per share in each of the quarters of fiscal 2015, which totaled $21.6 million in
cash dividends paid during fiscal 2015. The Company declared cash dividends of $0.05 per share in each of the first three
quarters of fiscal 2014, and declared a cash dividend of $0.06 per share in the fourth quarter of fiscal 2014, which totaled $21.7
million in cash dividends paid during fiscal 2014. On April 8, 2015, subsequent to year end, the Company announced a $0.07
per share quarterly cash dividend on the Company’s outstanding shares of common stock. The $0.07 per share quarterly cash
dividend will be paid on May 6, 2015, to shareholders of record on April 22, 2015. The Company’s decision to pay a cash
dividend depends upon the earnings, financial condition and capital needs of the Company and other factors deemed relevant
by the Company’s Board of Directors.
As of February 28, 2015, the Company was not precluded from paying cash dividends or repurchasing the Company’s common
stock under the secured revolving credit facility (“Revolving Credit Facility”) or the senior secured term loan facility (“Term Loan
Facility”). The Company’s Revolving Credit Facility may limit certain investments and, in some instances, limit payment of cash
dividends and repurchases of the Company’s common stock. The Company will not be restricted from paying dividends unless
credit extensions on the Revolving Credit Facility line result in availability over a specified period of time that is projected to be less
than 17.5% of the lesser of either $350.0 million or the calculated borrowing base, subject to the Company meeting a fixed
charge coverage requirement when availability over the same specified period of time is projected to be less than 30.0% of the
lesser of either $350.0 million or the calculated borrowing base. Additionally, the Term Loan Facility includes restrictions on the
Company’s ability to, among other things, incur or guarantee additional indebtedness, pay dividends on, or redeem or
16 PIER 1 IMPORTS, INC. 2015 Form 10-K