Pier 1 2016 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 Revolving Credit Facility and Term Loan
Facility.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
November 29, 2015 through February 27, 2016 — The following table provides information with respect to purchases of
common stock of the Company made during the three months ended February 27, 2016, 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
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans
or Programs
Nov. 29, 2015 through Jan. 2, 2016 157,737 $6.77 157,737 $47,176,224
Jan. 3, 2016 through Jan. 30, 2016 — — — 47,176,224
Jan. 31, 2016 through Feb. 27, 2016 49,228 — — 47,176,224
206,965 $6.77 157,737 $47,176,224
(1) Totals include 49,228 shares of the Company’s common stock withheld during the fourth quarter of fiscal 2016 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 49,228 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.
The share repurchases in the table above were made under the board approved share repurchase program announced on
April 10, 2014 (“April 2014 program”), and as of February 27, 2016, $47.2 million remained available for further purchases under
the program. There is no expiration date on the current authorization and no determination has been made by the Company to
suspend or cancel the program.
Fiscal years 2016, 2015 and 2014 — The following table summarizes the Company’s total share repurchases of its common
stock during fiscal 2016, 2015 and 2014:
Shares Purchased
Date Program Announced Authorized Amount Date Completed Fiscal 2016 Fiscal 2015 Fiscal 2014
Weighted
Average
Cost
Remaining
Available as of
February 27, 2016
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 — 7,460,935 5,208,500 — 12.06 47,176,224
During fiscal 2016, the Company withheld 87,760 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 2016, the Company repurchased shares of the Company’s common stock for a total cost of $75.0 million.
Subsequent to year end, through April 20, 2016, under the April 2014 program, the Company utilized a total of $0.8 million to
repurchase 120,000 shares of the Company’s common stock at a weighted average price per share of $7.01 and $46.3 million
remained available for further share repurchases of common stock under that program.
PIER 1 IMPORTS, INC. 2016 Form 10-K 17