Southwest Airlines 2013 Annual Report Download - page 50

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Issuer Repurchases
Issuer Purchases of Equity Securities (1)
(a) (b) (c) (d)
Period
Total number
of shares
purchased
Average
price
paid per
share
Total number of
shares purchased
as part of publicly
announced plans
or programs
Maximum dollar
value of shares that
may yet be
purchased
under the plans
or programs
October 1, 2013 through October 31,
2013 ............................. — $ — — $ 374,515,838
November 1, 2013 through November 30,
2013 ............................. — $ — — $ 374,515,838
December 1, 2013 through December 31,
2013 ............................. — $ — (2) — $ 334,859,846(2)
Total ............................... — —
(1) In January 2008, the Company’s Board of Directors authorized the repurchase of up to $500 million of the
Company’s common stock. Through February 15, 2008, the Company had repurchased 4.4 million shares
for a total of approximately $54 million, at which time repurchases under the program were suspended. On
August 5, 2011, the Company’s Board of Directors authorized the Company to resume a share repurchase
program and approved the Company’s repurchase, on a discretionary basis, of a total of up to $500 million
of the Company’s common stock following such authorization. On May 16, 2012, the Company’s Board of
Directors increased the previous share repurchase authorization by an additional $500 million to a total of
$1.0 billion. On May 15, 2013, the Company’s Board of Directors further increased the previous share
repurchase authorization by an additional $500 million to a total of $1.5 billion. Repurchases are made in
accordance with applicable securities laws in open market, private, or in accelerated repurchase transactions
from time to time, depending on market conditions, and may be discontinued at any time.
(2) Under an accelerated share repurchase program entered into by the Company with a third party financial
institution in third quarter 2013 (“ASR Program”), the Company paid $150 million and received an initial
delivery of 11,459,129 shares during third quarter 2013. Final settlement of this ASR Program occurred in
December 2013 and was determined based generally on a discount to the volume-weighted average price
per share of the Company’s common stock during a calculation period completed in December 2013. At
settlement, the Company had the option to deliver shares of its common stock or to make a cash payment to
the third party financial institution, and elected to make a cash payment of approximately $40 million. In
total, the average purchase price per share for the 11,459,129 shares repurchased under the ASR Program,
upon completion of the ASR Program in December 2013, was $16.55.
42