TCF Bank 2015 Annual Report Download - page 33

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18
Repurchases of TCF Stock
The following table summarizes share repurchase activity for the quarter ended December 31, 2015.
Period
Total Number
of Shares
Purchased
Average
Price Paid
Per Share
Total Number of Shares
Purchased as Part of
Publicly Announced Plan
Maximum Number of
Shares that May Yet be
Purchased Under the Plan
October 1 to October 31, 2015
Share repurchase program(1) — $ — — 5,384,130
Employee transactions(2) 4,761 $15.12 N.A. N.A.
November 1 to November 30, 2015
Share repurchase program(1) — $ — — 5,384,130
Employee transactions(2) — $ — N.A. N.A.
December 1 to December 31, 2015
Share repurchase program(1) — $ — — 5,384,130
Employee transactions(2) — $ — N.A. N.A.
Total
Share repurchase program(1) — $ — — 5,384,130
Employee transactions(2) 4,761 $15.12 N.A. N.A.
N.A. Not Applicable
(1) The current share repurchase authorization was approved by the Board of Directors on April 14, 2007 and was announced in a press release dated April 16, 2007.
The authorization was for a repurchase of up to an additional 5% of TCF's common stock outstanding at the time of the authorization, or 6.5 million shares. TCF
has not repurchased shares since October 2007. Future repurchases will be based upon capital levels, growth expectations and market opportunities and may
be subject to regulatory approval. The ability to repurchase shares in the future may be adversely affected by new legislation or regulations or by changes in
regulatory policies. This authorization does not have an expiration date.
(2) Represents restricted stock withheld pursuant to the terms of awards granted on or prior to April 22, 2015 under the TCF Financial Incentive Stock Program to
offset tax withholding obligations that occur upon vesting and release of restricted stock. The TCF Financial Incentive Stock Program provides that the value of
shares withheld shall be the average of the high and low prices of common stock of TCF Financial Corporation on the date the relevant transaction occurs.