Ross 2014 Annual Report Download - page 56

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In addition, the Company has certain individuals who receive or will receive post-employment medical benefits. The estimated
liability for these benefits of $9.7 million and $6.8 million is included in Accrued expenses and other in the accompanying
Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014, respectively.
Note H: Stockholders’ Equity
Common stock. In February 2015, the Company’s Board of Directors approved a two-year $1.4 billion stock repurchase
program for fiscal 2015 and 2016.
The following table summarizes the Company’s stock repurchase activity in fiscal 2014, 2013, and 2012:
Shares repurchased Average repurchase Repurchased
Fiscal Year (in millions) price (in millions)
2014 7.4 $ 74.30 $ 550
2013 8.2 $ 67.24 $ 550
2012 7.5 $ 60.34 $ 450
Preferred stock. The Company has four million shares of preferred stock authorized, with a par value of $.01 per share. No
preferred stock is issued or outstanding.
Dividends. In February 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.235 per common
share, payable on March 31, 2015. The Company’s Board of Directors declared cash dividends of $0.20 per common share
in February, May, August, and November 2014, cash dividends of $0.17 per common share in January, May, August, and
November 2013, and cash dividends of $0.14 per common share in January, May, August, and November 2012.
In March 2015, the Company’s Board of Directors approved a two-for-one stock split in the form of a 100 percent stock
dividend, to be paid on June 11, 2015 to stockholders of record as of April 22, 2015. The stock split will not have an impact on
the Company’s consolidated financial position or results of operations. Share and per share amounts have not been restated to
reflect the pending stock split.
2008 Equity Incentive Plan. In 2008, the Company’s stockholders approved the adoption of the Ross Stores, Inc. 2008
Equity Incentive Plan (the “2008 Plan”) with an initial share reserve of 16.5 million shares of the Company’s common stock, of
which 12.0 million shares can be issued as full value awards. The 2008 Plan provides for various types of incentive awards,
which may potentially include the grant of stock options, stock appreciation rights, restricted stock purchase rights, restricted
stock bonuses, restricted stock units, performance shares, performance units, and deferred compensation awards. As of
January 31, 2015, there were 6.6 million shares that remained available for grant under the 2008 Plan.
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