Seagate 2010 Annual Report Download - page 46

Table of Contents
Dividends
Our ability to pay dividends in the future will be subject to, among other things, general business conditions within the disk drive industry,
our financial results, the impact of paying dividends on our credit ratings and legal and contractual restrictions on the payment of dividends by
our subsidiaries to us or by us to our ordinary shareholders, including restrictions imposed by covenants in our debt instruments.
In 2009, we adopted a policy of no longer paying a dividend to our shareholders to enhance liquidity. In 2011, we reinstated our dividend
policy and declared a dividend of $0.18 per share that was paid on June 1, 2011 to our shareholders of record as of May 2, 2011. Since the
closing of our initial public offering in December 2002 up to 2011, we have paid dividends, pursuant to our dividend policy then in effect,
totaling approximately $1.0 billion in the aggregate. The following were dividends paid in the last two fiscal years:
Repurchases of Our Equity Securities
On January 27, 2010, our Board of Directors authorized an Anti-Dilution Share Repurchase Program, which was publicly announced on
February 1, 2010. The repurchase program authorizes us to repurchase our shares to offset increases in diluted shares, such as those caused by
employee stock plans and convertible debt, used in the determination of diluted net income per share. The timing and number of shares to be
repurchased by us will be dependent on general business and market conditions, cash flows generated by future operations, the price of our
shares, cash requirements for other investing and financing activities, and maintaining compliance with our debt covenants. Repurchases may be
made through open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means, such as by
way of an accelerated share repurchase program, through block trades or through the purchase of call options or the sale of put options.
Additionally, there is no minimum or maximum number of shares to be repurchased under the program and the authority for the Anti-Dilution
Share Repurchase Program will continue until terminated by our Board of Directors.
On November 29, 2010, the Company's Board of Directors authorized repurchases of up to an additional $2 billion of the Company's
outstanding ordinary shares.
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Record Date
Paid Date
Dividend
per Share
May 2,
2011
June 1,
2011
$
0.18