Pier 1 2015 Annual Report Download - page 23

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.
repurchase shares of the Company’s capital stock, make certain acquisitions or investments, materially change the business of
the Company, incur or permit to exist certain liens, enter into transactions with affiliates or sell the Company’s assets to, or merge
or consolidate with or into, another company, in each case subject to certain exceptions. See Note 4 of the Notes to
Consolidated Financial Statements for additional discussion regarding the Company’s secured Revolving Credit Facility and Term
Loan Facility.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
November 30, 2014 through February 28, 2015 — The following table provides information with respect to purchases of
common stock of the Company made during the three months ended February 28, 2015, by Pier 1 Imports, Inc. or any “affiliated
purchaser” of Pier 1 Imports, Inc., as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934.
Period
Total
Number of
Shares
Purchased (1)
Average
Price Paid
per Share
(including
fees) (2)
Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs (3)
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans
or Programs (3)
Nov. 30, 2014 through Jan. 3, 2015 418,200 $13.70 418,200 $122,551,377
Jan. 4, 2015 through Jan. 31, 2015 25,200 14.88 25,200 122,176,217
Feb. 1, 2015 through Feb. 28, 2015 64,453 — — 122,176,217
507,853 $13.77 443,400 $122,176,217
(1) Totals include 64,453 shares of the Company’s common stock acquired during the fourth quarter of fiscal 2015 from associates to satisfy tax withholding obligations that arose upon vesting
of restricted stock granted pursuant to approved plans.
(2) Excludes average price paid per share for 64,453 shares identified in footnote 1 above. Average price per share of those shares equals the fair market value of the shares on the date of vesting
of the restricted stock.
(3) On April 10, 2014, the Company announced a $200 million share repurchase program. There was no expiration date on the program and during the period covered by the table, no
determination was made by the Company to suspend or cancel purchases under the program.
Fiscal years 2015, 2014 and 2013 —The following table summarizes the Company’s total share repurchases during fiscal
2015, 2014 and 2013:
Shares Purchased
Date Program Announced Authorized Amount Date Completed
Fiscal
Year
2015
Fiscal
Year
2014
Fiscal
Year
2013
Weighted
Average
Cost
Remaining
Available as of
February 28, 2015
Oct. 14, 2011 $100,000,000 Dec. 14, 2012 — — 5,822,142 $17.18 $ —
Dec. 13, 2012 100,000,000 Sep. 30, 2013 — 4,525,805 — 22.10 —
Oct. 18, 2013 200,000,000 Apr. 10, 2014 5,071,812 5,262,452 — 19.35 —
Apr. 10, 2014 200,000,000 5,208,500 — — 14.94 122,176,217
During fiscal 2015, the Company acquired 200,657 shares of its common stock from associates to satisfy tax withholding
obligations that arose upon vesting of restricted stock granted pursuant to approved plans.
During fiscal 2015, the Company repurchased shares for a total cost of $173.9 million. Subsequent to year end, through
April 24, 2015, under the April 2014 $200 million program, the Company utilized a total of $5.1 million to repurchase 383,000
shares of the Company’s common stock at a weighted average price per share of $13.26 and $117.1 million remained available
for further share repurchases of common stock under that program.
PIER 1 IMPORTS, INC. 2015 Form 10-K 17